Let them eat blini. Wealthy Muscovites will have to forgo favorite dishes such as Australian steak and sushi with Norwegian salmon and will pay more for substitutes because of President Vladimir Putin’s import ban. Putin decreed that imports of meat, fish, vegetables, cheese and dairy products…
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Richest Russians Deprived of Luxury Foods by Putin’s Ban
In recent hours the AUD/USD is easing back a little after dropping so sharply in the last 24 hours from above 0.9350 down to a two week low at 0.9260. In the last 48 hours the Australian dollar had surged higher to a one week high near 0.9375, before easing back and then falling sharply. It had…
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AUD/USD – Drops to Two Month Low Near 0.9250
The 1 percent is literally rich beyond measure, depriving nations of billions in tax revenue and obscuring shifts in global inequality. Research conducted separately by European Central Bank economist Philip Vermeulen and London School of Economics’ Gabriel Zucman show the wealth of the super-aff…
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The 1% May Be Richer Than You Think, Research Shows
Okay I’ve probably been boring people with my take on market instability lately but last night was just another snowflake on the mountain. No avalanche yet but things aren’t looking great in global stocks even if they aren’t exactly crashing. It’s Europe which is providing the bulk of the warning…
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Stocks are telling us something Forex traders haven’t yet picked up
Okay I’ve probably been boring people with my take on market instability lately but last night was just another snowflake on the mountain. No avalanche yet but things aren’t looking great in global stocks even if they aren’t exactly crashing. It’s Europe which is providing the bulk of the warning…
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Stocks are telling us something Forex traders haven’t yet picked up
The Bank of Japan is set to continue its massive asset purchases and retain its rosy view on the outlook on Friday despite a series of weak data, underscoring its conviction that the world’s third biggest economy can withstand the pain from a tax hike without further stimulus. Some BOJ policymak…
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BOJ to stick to optimistic economic view, debate weak exports
The Bank of Japan is set to continue its massive asset purchases and retain its rosy view on the outlook on Friday despite a series of weak data, underscoring its conviction that the world’s third biggest economy can withstand the pain from a tax hike without further stimulus. Some BOJ policymak…
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BOJ to stick to optimistic economic view, debate weak exports
The big indexes — the Dow, the S&P 500 and the Nasdaq — all started the day in positive territory, but ended the day in the red. The Dow closed down 75 points, or 0.46%. The Dow is more than 1% lower since the start of August. More stock market jitters: In another sign of stock market queasiness…
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Another down day on Wall St
The big indexes — the Dow, the S&P 500 and the Nasdaq — all started the day in positive territory, but ended the day in the red. The Dow closed down 75 points, or 0.46%. The Dow is more than 1% lower since the start of August. More stock market jitters: In another sign of stock market queasiness…
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Another down day on Wall St
EUR/USD’s correction higher failed to penetrate the cloud on the 240 minute chart although it looks not quite ready to resume its downmove yet, notes Commerzbank. “Provided that rebound is contained by the 3 month downtrend this will have no impact whatsoever on the bearish chart,” CB argues. …
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EUR/USD: Base Of Monthly Cloud; AUD/USD: Into 200d AVG – Commerzbank
Investors who buy the DAX on its recent lows could see the stock index rally 50 percent over the next year, one analyst told CNBC. The DAX has seen a 9 percent drop from its June 20th intraday high of 10,050.98, trading at 9,124.86 this morning, providing a buying opportunity for traders. Wednesd…
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Buy the DAX, it’s going to rally 50%: Analyst
After Argentina’s July win in the semifinals of the World Cup, fans jumped for joy across the country and climbed wobbly stoplights to belt out patriotic songs. On the streets of at least one city, Rosario, Argentina’s third-largest, they also took the opportunity to taunt a U.S. hedge fund manager….
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Paul Singer Will Make Argentina Pay
U.S. consumer credit growth increased sharply in June, a possible sign spending could ramp up in coming months. Consumers increased their debt in June by a seasonally adjusted $17.3 billion, down only slightly from a $19.6 billion gain in the prior month, the Federal Reserve said Thursday. The…
A top banker at Standard Chartered, which was warned on Wednesday that it was facing its second fine in two years for money laundering, has complained that bankers are being treated “like criminals” when money laundering rules are broken. “Banks have been asked to play the role of policing anti-m…
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Standard Chartered director says bankers are being treated like criminals
Faced with daunting levels of public debt, it may be tempting to inflate away the burden. Some recent research has endorsed such a policy, but this column argues that it is infeasible. The rule of thumb that suggests an inflation rate four percentage points higher would reduce debt by 20% ignores…
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Will the US inflate away its public debt?
The US reported a June trade deficit that was smaller than expected. The $41.5 bln shortfall was the smallest since January. Imports were off 1.2%, which is a bit unusual as the rebound in the US economy is traditionally associated with more imports. The may be some seasonal distortion. It is t…
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US-Russian Trade
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 6.04 percent of all loans outstanding at the end of the second quarter of 2014. The delinquency rate decreased for the fifth consecutive quarter and reached the lowest level…
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US Delinquency and Foreclosure Rates Decrease in Second Quarter
In the movie “Groundhog Day,” a television weatherman, played by Bill Murray, awakes every morning at 6:00 to relive the same day. A similar sense of déjà vu has pervaded economic forecasting since the global economic crisis began a half-decade ago. Yet policymakers remain convinced that the…
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The Global Economy’s Groundhog Day
US Treasury Undersecretary Cohen says the US is prepared to levy additional sanctions on Russia if it doesn’t not change course on Ukraine. USD/JPY, stocks and yields all at session lows.
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More risk aversion as US says more sanctions coming if Russia doesn’t change course
Reports circulated earlier that Donetsk people’s republic leader Alexander Borodai would resign and that’s proven true. He’s Russian and will surely head home as soon as possible as Kiev inches closer to downtown Donetsk. He will be replaced by Alexander Zakharchenko, who is a Ukrainian native. …
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Donetsk people’s republic leader resigns, militant Ukranian named replacement
