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The Best And Worst Performing Assets In July And YTD
submitted by mephisto 18 hours ago (via zerohedge.com)
Up until the last day of July, everything was going great: stocks were solidly up for the month, the DJIA was on the verge of 17,000, and the wealth effect was flourishing, if not the economy. Then yesterday happened, and everything changed: not only did the S&P turn red for the month, but the DJIA slid to red for 2014. So what is the best performing asset class in July? With the PBOC now open
Frontrunning: August 1
submitted by mephisto 18 hours ago (via zerohedge.com)
As we predicted yesterday, the "big" Gaza ceasefire lasted all of a few hours (Reuters)To Lift Sales, G.M. Turns to Discounts (NYT)Espirito Santo Family’s Swift Fall From Grace Jolts Portugal (BBG)Argentine Debt Feud Finds Much Fault, Few Fixes (WSJ)Fiat Says Ciao to Italy as Merger With Chrysler Ends Era (BBG)Euro zone factory growth eases in July as inflation fades away (Reuters)CIA concedes i
Futures Tumble Again On Global Equity Weakness
submitted by mephisto 18 hours ago (via zerohedge.com)
If yesterday's selloff catalysts were largely obvious, if long overdue, in the form of the record collapse of Espirito Santo coupled with the Argentina default, German companies warning vocally about Russian exposure, the ongoing geopolitical escalations, and topped off by a labor costs rising and concerns this can accelerate a hiking cycle, overnight's latest dump, which started in Europe and has
US Manufacturing PMI Misses By Most In 11 Months, Employment Plunges, Blames Russia & Gaza
submitted by mephisto 18 hours ago (via zerohedge.com)
US Manufacturing PMI in July dropped to 3-month lows at 55.8, missing expectations by the most since Augiust 2013 as employment growth moderated to its slowest in 13 months. The 'excuse' this time - Russia and Gaza. PMI tumbled... and employment plunged... Don't worry, we have an excuse for that:“The one area of concern is the slacking pace of employment growth sig
Old Workers Hit New Record High As Jobs For Key 25-54 Age Group Slide By 142K
submitted by mephisto 18 hours ago (via zerohedge.com)
Another month, another case where the primary age group of the US work force, those aged 25-54, gets shafted. According to the BLS' household survey, while overall July jobs rose, if modestly less than the 209K revealed by the establishment survey, there was no joy for those aged 25-54: historically the most important and highest earning age group (in case anyone is wondering where all that missin
Banco Espirito Santo Plunges 20% As Goldman Cuts Stake
submitted by mephisto 18 hours ago (via zerohedge.com)
As we noted yesterday, Goldman Sachs (and its muppeted clients) bought Banco Espirito Santo bonds and stocks at around 50c. Having lost more than two-thirds of their money on that trade, this happened...*BANCO ESPIRITO SANTO SAYS GOLDMAN SACHS CUTS STAKE TO BELOW 2%BES stocks is down over 20% this morning to fresh record lows. So much for the short-selling ban - maybe time for a 'selling' ban.&nbs
Consumer Spending Rose By Most In 3 Months Driven By Higher Energy Costs
submitted by mephisto 18 hours ago (via zerohedge.com)
For the third month in a row, personal spending missed Bloomberg's median expectation. However, as incomes rose 0.4% in June so spending also rose 0.4% - its best MoM rise in 3 months. The biggest MoM rise was in energy goods and services (+1.67% MoM - the biggest rise this year) - hardly the things sustainable recoveries are built on.  The personal savings rate was flat MoM at 5.3% - the sam
July Payrolls: 209K, Below Estimate; Unemployment Rate Rises To 6.2%; Wage Growth Below Estimate
submitted by mephisto 18 hours ago (via zerohedge.com)
If today's market desperately needed some bad news, it got it moments ago when the July payrolls printed at 209K, below the 230K expected, and far below the June upward revised 298K (was 288K). Of note is that this is the 6th month in a row of 200K+ job gains, the longst since 1998 . Away from the establishment survey, the household survey showed an even worse print, with just 131K job growth in J
Russia And Germany Allegedly Working On Secret "Gas For Land" Deal
submitted by mephisto 1 day ago (via zerohedge.com)
While many were amused by this photo of Putin and Merkel during the world cup final showing Europe's two most important leaders siding side by side, some were more curious by just what the two were scheming: Thanks to the Independent, we may know the answer, and it is a doozy, because according to some it is nothing shy of a sequel to the Molotov-Ribbentrop pact: allegedly Germany and Russia
The Coming Slump
submitted by mephisto 1 day ago (via zerohedge.com)
Submitted by Alasdair Macleod via The Cobden Centre blog,Governments and central banks have made little or no progress in recovering from the Lehman crisis six years ago. The problem is not helped by dependence on statistics which are downright misleading. This is particularly true of real GDP, comprised of nominal GDP deflated by an estimate of price inflation. First, we must discuss the inflatio

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