- Hollande Faces Europe’s Glass-Half-Empty Test on Budget Plan. President Francois Hollande’s government sought to show the European Commission it’s serious about public-spending cuts with its 2014 budget today, after changes to the pension system failed to impress. “There’s always the question of whether the glass is half full or half empty” with France, European Economic Affairs Commissioner Olli Rehn said at a Sept. 13 meeting of euro-area finance ministers. “France is going in the right direction in terms of economic reforms but there is still much more to do.”
- Jain Says Deutsche Bank’s Debt-Trading Revenue Falls. Deutsche Bank AG (DBK) co-Chief Executive Officer Anshu Jain said third-quarter revenue from trading debt probably slumped at Germany’s largest bank. “We currently anticipate debt sales and trading revenues in the third quarter to decline significantly from last year,” Jain, 50, told investors at a conference in London today. “Market activity was substantially lower which has affected our corporate banking and securities revenues.”
- Most European Stocks Drop as Nordea, Carnival Decline. Most European stocks fell amid concern over budget talks in the world’s largest economy and as a report showed U.S. durable-goods orders excluding transportation unexpectedly dropped. Nordea Bank AB slid 2.6 percent as Sweden sold its remaining stake in the Nordic region’s largest lender. Carnival Corp. (CCL), the world’s biggest cruise-ship operator, slumped 6.7 percent for the biggest drop in the Stoxx Europe 600 Index. ThyssenKrupp AG rallied 3.7 percent as Cevian Capital AB boosted its holding in the German steelmaker. The Stoxx 600 dropped 0.1 percent to 313.02 at the close of trading, as three shares retreated for every two that gained.
- Iron Ore Seen Supported by Morgan Stanley as Citi Is Bearish. Iron ore will be supported through the final quarter and into the first half of next year as a global surplus emerges only later in 2014, Morgan Stanley said in a forecast that contrasts with Citigroup Inc. (C)’s outlook.
- Wal-Mart(WMT) Cutting Orders as Unsold Merchandise Piles Up. Wal-Mart Stores Inc. (WMT) is cutting orders it places with suppliers this quarter and next to address rising inventories the company flagged in last month’s earnings report. Last week, an ordering manager at the company’s Bentonville, Arkansas, headquarters described the pullback in an e-mail to a supplier, who said others got similar messages. “We are looking at reducing inventory for Q3 and Q4,” said the Sept. 17 e-mail, which was reviewed by Bloomberg News. “Wal-Mart’s inventory is well above their goal,” said Poonam Goyal, an analyst at Bloomberg Industries. “Most of the inventory increase was because of missed sales.”
- Demand for U.S. Capital Goods Climbs Less Than Forecast. Bookings (CGNOXAI%) for non-military capital equipment excluding aircraft increased 1.5 percent after a 3.3 percent drop in July, the Commerce Department reported today in Washington. The median forecast of economists surveyed by Bloomberg projected a 2 percent gain. Sales were down 3.3 percent over the past three months at an annualized rate, compared with a 0.9 percent decline at the end of the second quarter, indicating business investment will take time to rebound.
- Gold, Silver Advance as U.S. Budget Concerns Escalate. Gold futures for delivery in December rose 1.5 percent to settle at $1,336.20 an ounce at 1:52 p.m. on the Comex in New York. The price declined 3.9 percent in the previous three sessions.
- Senate Clears Hurdle on Spending Bill. Measure Targets Funding for Health Law; Unanimous Vote Means Debate Will Start.
- Kerry signs UN arms treaty, senators threaten to block it. Secretary of State John Kerry on Wednesday signed a controversial U.N. treaty on arms regulation, riling U.S. lawmakers who vow the Senate will not ratify the agreement. As he signed the document, Kerry called the treaty a "significant step" in addressing illegal gun sales, while claiming it would also protect gun rights.
- The Fed's 'hidden agenda' behind money-printing. One thing is clear: Based on CBO projections, if interest rates just rise to their 20-year average, we will have an untenable, unacceptable interest rate bill whose beneficiaries are China, Japan, and others who own our bonds. And if Americans find out that the lion's share of their income tax payments are going to service the debt, prepare for a new American revolution.
- Do You Believe In European Miracles? (graph)
- Median New Home Price Drops To Lowest Since January 2013. (graph)
The Big-Picture Economy, Part 3: Scarcity, Risk And Debt. Manipulating rates to near-zero and opening the credit floodgates has incentivized everything sound economic policy avoids: moral hazard, speculation, leverage and reliance on marginal credit expansion for profits and "growth." "Growth" that depends on manipulated interest rates and easy credit is a sand castle awaiting the rising tide; its destruction is assured.
- The 3 Big Lies Right Now. (graph)
CNN:
- Syrian rebels reject interim government, embrace Sharia. A collection of some of Syria's most powerful rebel brigades have rejected a Western-backed opposition group that announced the creation of an interim government in exile this month. The 13 rebel groups, led by the al Qaeda-linked al-Nusra Front, also called on supporters of the Syrian opposition to embrace Sharia law "and make it the sole source of legislation."
- Shanghai Zone Facebook(FB) Ban Lift Report Incorrect. A media report that Shanghai free-trade zone will lift a ban on Facebook Internet access is incorrect, citing a person familiar with the matter. Internet management rules in the Shanghai pilot free-trade zone won't change.
2 comments:
It was a relatively quiet day on Wall Street, largely due to reflection on the rollout of Obamacare.
Please consider that the business cycle is now showing nascent signs of completion, with the weekly jobless report indicating that the economy is failing to provide new jobs, and the PMI is in downturn, and that an investment bubble is apparent ... presenting both short selling opportunities, as well as the opportunity for investing in physical possession of gold bullion.
Fiat money died Friday September 20, 2013, with World Stocks, VT, Major World Currencies, DBV, and Emerging Market Currencies, CEW, trading lower as Jesus Christ is operating in dispensation, presented by the Apostle Paul in Ephesians 1:10, that is in administrative oversight of all things economic and political, pivoting the world out of liberalism and into authoritarianism, and as such the stock market is turning from bull to bear; those ETF sectors which rallied over the last year and countries which rallied from late June 2013 to late September, 2013, seen in this Finviz Screener ... http://tinyurl.com/m5zadum ,,, will be trading lower on competitive currency devaluation and on the exhaustion of the world central banks’ monetary authority as investors come to greater realization that the US Fed’s monetary policies have crossed the Rubicon of sound monetary policy, and have made “money good” investments bad.
And please consider Corollary #8 from the Dispensation Economics Manifest ... http://theyenguy.wordpress.com/about/ ... The nontaper rally of September 18, 2013, in World Stocks, Major World Currencies, DBV, and Emerging Market Currencies, was Liberalism’s peak event, terminating the Creature Jekyll Island and birthing the Beast Regime of Revelation 13:1-4. and pivoted the world from a policy of investment choice ... consisting of credit schemes, such as, free trade agreements, financial deregulation, leveraged buyouts, nation investment, currency carry trade investing, securitization of debt, dollarization, financialization of stocks and ETFs, such as corporate bonds which convert into stocks, all of which created capital for corporations to operate and revenue for governments to operate ... to a policy of diktat ... consisting of debt servitude schemes, such as, regional framework agreements, bank deposits bailins, new taxes, privatizations, capital controls, austerity measures, and statist vitalizations where banks and other corporations are given charter to operate as public private partnerships for regional economic security, regional stability and regional sustainability.
I thought it important to come back and make a second comment.
Shares of Deutsche Bank, DB, traded 2.4%, lower as Bloomberg reports Jain Says Deutsche Bank’s Debt-Trading Revenue Falls. Deutsche Bank AG, DB, co-Chief Executive Officer Anshu Jain said third-quarter revenue from trading debt probably slumped at Germany’s largest bank. “We currently anticipate debt sales and trading revenues in the third quarter to decline significantly from last year,” Jain, 50, told investors at a conference in London today. “Market activity was substantially lower which has affected our corporate banking and securities revenues.”
Deutsche Bank, DB, has been an Eurozone Financials, EUFN, Germany, EWG, and Eurozone, EZU, stalwart, as is seen in the combined ongoing Yahoo Finance chart of EUFN, EWG, and EZU. The trade lower in DB, heralds a soon coming trade lower in Eurozone Financials, Germany and Eurozone stock.
The profitability of Deutsche bank and trade in Eurozone Financials has been predicated upon trading in Eurozone Debt, EU. Jesus Christ, acting in Dispensation, that is in the administration of all things economic and political, for the completion and fulfillment of every age, era, epoch and time period, is terminated trade in Eurozone debt, as part of the process of ending the sovereignty and seigniorage, of Liberalism, and introducing a the sovereignty and seigniorage of Authoritarianism.
A new sovereignty is occuring, specifically from that of the Milton Friedman Free to Choose floating currency Banker Regime of democratic nation states, to the Nannycrat Diktat Beast Regime of statist regional governance, Revelation 13:1-4, where eventually there will be ten regional kings ruling in the world’s ten regions, Revelation 17:12.
A new seigniorage is occuring, that is a new moneyness, is happening, from the seigniorage of investment choice, to the seigniorage of diktat.
The change of sovereignty and seigniorage comes largely through Jesus Christ releasing the First Horseman of the Apocalypse, Revelation 6:1-2, where The Rider on the White Horse, who has a bow but no arrows, symbolizes a non-bloody economic and political coup d'etat, where the baton of sovereignty and seigniorage is being passed from democratic nation states to nannycrats in statist regional governance and totalitarian collectivism.
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