Despite all the discontinuities that the lunar new year causes in China’s macro data, the global synchronous recovery narrative is fading fast, but while retail sales missed, China’s Industrial Production surged in February (thanks to Steel production up 5.9% YoY).
China’s macro data has been disappointing for a couple of months…
A solar storm caused by an X-Class solar flare facing directly towards earth is likely to hit tomorrow. The brunt of the activity will be in the higher latitudes, however the aurora it generates could result in Northern Lights as far south as Michigan and Maine, as well as parts of Scotland and Northern England.
When the director of the CIA, an unelected public servant, publicly demonizes a publisher such as WikiLeaks as a “fraud,” “coward” and “enemy,” it puts all journalists on notice, or should. Pompeo’s next talking point, unsupported by fact, that WikiLeaks is a “non-state hostile intelligence service,” is a dagger aimed
Elon Musk has a secret project and has hired several former top staffers and writers of satirical news site The Onion to work on it, according to The Daily Beast.
Former Onion editor in chief Cole Bolton and executive editor Ben Berkley left the publication last year due to differences with the company’s management. Since then, the two have been in Los Angeles working on the Musk project, and they recently poached three of the site’s writers and
Update: With 98% of precincts reporting, Tuesday night’s special election looks like it will come down to a margin of 1,000 votes or less. Democrat Conor Lamb has maintained a steady lead all night, though it has narrowed as totals from some of the more rural districts have trickled in.
According to the New York Times, Lamb has a 0.3% lead:
“There are generally two events that happen every year – somebody forgets their coat, goggles or some other article of clothing needed for skiing, and someone visits the emergency clinic with a minor injury.”
The tradition continues as my wife fell and tore her ACL. The good news is she tore the right one three years
Last month, the National Rifle Association (NRA) CEO Wayne LaPierre issued a critical warning to the Conservative Political Action Conference (CPAC): socialists are on the verge of taking over this country.
LaPierre’s comment was in response to the recent surge in membership of the Democratic Socialists of America (DSA), the largest socialist organization in the United States, with some 32,000
Baltimore ranks high on the “shithole” list for its widespread death and destruction. The city’s population hit a 100-year low in 2017, as residents are fleeing neighborhoods to escape the violent crime. The federal government stepped in last year at the request of the mayor to get the city under control. Intelligent agencies are circling above with light aircraft using optics and other spy-tech to monitor residents, meanwhile, a network of cameras on the city
President Trump told a crowd of U.S. Marines at Miramar Air Station in San Diego of a proposal to expand the U.S. military’s reach into space in order to engage in warfare, which would require a, drumroll…. “space force.”
The President also said we’re going to Mars “very soon.”
“We are finally going to lead again,” Trump said. “You see
Last week we noted that in what was a radical U-turn to what other public pension funds have been doing in recent years – most notably Calpers – the struggling New Jersey public pension system decided that instead of lowering its expected rate of return, it would raise it, from 7% to 7.5%.
The simple reason behind this odd increase in projected returns was an accounting sleight of hand which would allow the state of
The total debt of American non-financial corporations as a percentage of GDP has reached a record high of 73.3%.
America’s companies have been powering ahead for years. Amid growing profits, the recession that began in 2007 seems an increasingly distant memory. Yet the situation has a dark side: companies have binged on debt. For now, as
When it comes to measuring Americans’ income and wages, one can use the brute, seasonally-adjusted shotgun approach applied by the BLS which takes aggregate data and applies statistical analysis to infer monthly data, or one can actually go bottoms-up and look at credit and debit card spending data coupled with changes in bank deposits to determine net changes in household wealth with near Swiss-watch precision.
The latter is precisely what Bank of America has done:
Nearly 40 years ago, Lawrence Reed published “Seven Fallacies of Economics” in The Freeman in which he noted that much of what the public believes about economics is fallacious because most people fail to understand simple opportunity cost. Given the current trends in political economy, it is a sad certainty that most if not all of the fallacies Reed listed are still taken as economic truths
President Donald Trump is traveling to California Tuesday for his first visit to the US’s most populous state since taking office. But back in Washington, the administration has launched its latest salvo in its battle with the Sunshine State.
Per Bloomberg, the Environmental Protection Agency on Tuesday signaled that it won’t dictate the future of ambitious automobile fuel economy regulations adopted during the Obama administration.
“California is not the arbiter of these issues,” Environmental
Acting Director of Immigration and Customs Enforcement (ICE) Tom Homan says his agency does not arrest law abiding people, following recent criticisms from House Minority Leader Nancy Pelosi (D-CA), Senator Dianne Feinstein (D-CA) and California governor Jerry Brown.
“How dare she say we are terrorizing communities,” Homan said in response to March 7 comments by Nancy Pelosi following a series
It is generally well known in economic circles and in the general public that precious metals, including gold, tend to be the go-to investment during times of fiscal uncertainty. There is a good reason for this. Precious metals have foundation qualities that provide trade stability; these include inherent rarity (rather than artificially engineered rarity such as that associated with cryptocurrencies), tangibility (you can hold gold in your hand,
Anxiety over Rexit and growing concerns that global demand might not absorb swelling US supplies sent WTI/RBOB notably lower today but prices rebounded modestly after API showed notable product draws and smaller than expected crude build.
“The EIA report yesterday about the expected increase in shale output next month certainly weighed on things,” John Kilduff, founding partner at Again Capital, said in a phone interview to Bloomberg.
In Taleb’s universe, the fieriest circle of hell is reserved for bankers and neoconservatives.
Nassim Nicholas Taleb is an intellectual brawler, a philosophical pugilist. His new book, Skin in the Game, put me in mind of the final scene of The Godfather or Reservoir Dogs: everybody gets whacked. Bankers and bureaucrats, warmongers and wonks – all are targeted by Taleb.
This is the time to be alert for any signs of a failure in the S&P 500. Why? There are two really good historical precedents to the current market configuration.
The set-up is as follows: stocks suffer a rather quick correction, bounce back, take out the previous lows and experience a waterfall decline. The period of time from the bounce-back high to a new low was
Just when investors thought President Trump might be easing up on his protectionist push following the uproar caused by his decision to slap tariffs on steel and aluminum imports, Politico is reporting that Trump’s next trade salvo will be explicitly directed at China.
After a year of delivering President Trump’s daily intelligence briefing, CIA Director Mike Pompeo is finally getting his shot at the big chair.
Assuming Pompeo’s nomination sails through the Senate (in January 2017, he was easily confirmed as CIA director in a 66-32 vote), he cold officially take over for Tillerson as soon as the first or second week
A study released by GoBankingRates reveals that older people planning their retirement have cause for concern. Forty-two percent of Americans are facing their golden years with less than $10,000 in savings. A lack of savings and planning has reduced what should be an enjoyable time in seniors’ lives to a period of stress and worries for many.
When Rex Tillerson was appointed Secretary of State in late 2016, there were howls of indignation from the “resistance” accusing Trump of adding yet another pro-Russian to his closest circle: after all, why else would Tillerson have been awarded the 2013 Russian Order of Friendship award, if not to further promote the Russian agenda, or so the thinking went. The WaPo even penned “What is the Russian Order of Friendship, and why does Rex Tillerson
A branch of journalism that might be called, “don’t worry, be happy, because this time is different” tends to pop up at the peak of cycles when imbalances that caused past crashes start to reemerge. Eager to keep the gravy train going, business publications send reporters out to interview industry experts (who are making fortunes from the ongoing expansion) on why this batch of imbalances is actually no problem
It is that time of year when the markets play second fiddle to debates about which twelve seed could be this year’s Cinderella in the NCAA basketball tournament. For college basketball fans, this particular time of year has been dubbed March Madness. The widespread popularity of the NCAA tournament is not just about the games, the schools, and the players, but just as importantly, it
Following yesterday’s strong 3Y and 10Y auction in a day of supply deluge, moments ago the Treasury sold $13 Billion in 30Y paper in the latest strong auction, which stopped at a high yield of 3.109%, stopping through the when issued 3.114% by 0.5bps. The Bid to Cover also showed a marked improvement, rising from 2.26 to 2.38, if just below the 6 month auction average.
Once again, refuting the incorrect narrative that foreigners are
For an election in a district that won’t exist in a few months, pundits are claiming that the outcome of Tuesday’s special election in Pennsylvania’s seventeenth district could be a harbinger of the November midterms.
As Politico explains, the traditionally blue-collar district in Southwestern Pennsylvania is “ancestrally Democratic” – the party has a six-point voter registration advantage thanks to the coal mines and steelworks that dot Allegheny County and the surrounding area. But over the
Just hours after news broke that Secretary of State Rex Tillerson was let go on Wednesday morning, the White House also fired his top deputy, Under Secretary Steve Goldstein – who earlier disputed the terms of Tillerson’s firing – amid what appears to be an unprecedented State Department purge.
According to CBS, the White House called Goldstein to tell him he is no longer needed. Goldstein was then called up to Tillerson’s office for a
It’s becoming increasingly perilous for Russians living in the UK.
Just days after a chemical toxin was used in an attempted murder on former Russian double agent Sergey Skripal, an attack which has since been blamed on Moscow, this morning a close associate of the late oligarch Boris Berezovsky has been found dead in Britain.
Nikolai Glushkov, a former deputy director of Aeroflot, died at the age of 69, Russia’s Business FM radio station said,
Two weeks after Dick’s Sporting Goods infuriated First Amendment supporters when the sporting goods retailer announced it would end sales of assault rifles, its stock is plunging and conservatives will hardly shed a tear.
In early trading, shares of Dick’s tumbled as much as 7.3% to just above $30.19, its biggest intraday decline since mid-November, slashing in half the
While mystery still surrounds the statement by now-former Secretary of State Rex Tillerson who on Monday – when he already knew he was fired – said that Moscow is “clearly” behind the poisoning of Russian double-agent Skripal in the UK and that the Russian action would “trigger a response”, and whether this was a tacit defiance of Trump as he no longer had anything to lose, it is clear that relations between Russia and the
The headlines from The White House continue their chaotic path as The Wall Street Journal reports that President Trump’s personal assistant, John McEntee, was fired and escorted out of the White House on Monday.
The cause of the firing was an unspecified security issue, said a third White House official with knowledge of the situation.
For the third time in 24 hours, a ‘Kudlow’ headline is sending stocks higher (for now) as President Trump told reporters that he ios looking at Larry Kudlow “very strongly” and Kudlow “has a very good chance” of taking over Gary Cohn’s job.
Stocks liked the news (after falling on Tillerson)
Trump ousts Rex Tillerson as secretary of state (WaPo) Stock futures jump after data dims fears of inflation overheating (Reuters) Bond Market’s Most Feared Traders Threaten Treasuries Once Again (BBG) Russian military says will respond if U.S. strikes Syria (Reuters) Murder and Protests Rock a Small European Nation (BBG) A Sea Change Is Underway in Money Markets (BBG) Roger Stone claimed contact with WikiLeaks’s founder in 2016, two associates say (WaPo) New York financier Lynn