-EU approves of 2 year delay in Spain reaching 3 % deficit target, now 2016
-USA Q1 GDP 2.5 % y/y,(prior .4 %,)versus 3.1 %e; GDP Deflater 1.2 %,
-Berlusconi is back!
-Germans (Asmussen) try and douse rate cut fire with hot air.
-Bundesbank (Weidmann) takes the gloves off and punches Draghi in the mouth, and whacks the Eurogroup leadership in the head. KO.
-Preliminary USA Q1 GDP Report Today
-Japan plans to purchase bonds of ASEAN nations with FX funds to diversify away from USTs, and the $
-BOJ leaves policy unchanged ahead of semiannual report; Japan national inflation lower than expected; Yen gains against major currencies, Nikkei225 sinks.
-Burger King (Brazilian -Zionist firm) said Friday its net income rose to $35.8 million, or 10 cents per share, in the quarter that ended March 31. That’s up from $14.3 million, or 4 cents per share, in the previous year’s quarter when it was still private.The company previously said adjusted earnings, which don’t count certain one-time expenses, totaled 17 cents per share in the most recent quarter.Revenue fell about 42 percent to $327.7 million. Analysts expected $305.8 million, according to FactSet.Total restaurant expenses, which include things like food costs and payroll expenses, fell nearly 70 percent in the quarter to $108.1 million.The Miami-based company had warned earlier this month that sales at established restaurants were expected to fall during the quarter, and they wound up declining 1.4 percent. That includes a 3 percent drop in the United States and Canada.Burger King said competition and a strong first quarter last year hurt U.S. and Canadian sales comparisons to this year’s quarter. But it said sales from those countries rallied in March due in part to promotions like the $1.29 Whopper J.
Are people starving as even low cost dog food costs more than Burger kind. I just paid $3.00 a lb for organic dog salami.
- Obama: Syrian chemical-weapons use would be ‘game changer’
London has told him to ‘just do it’ it appears
-I was ‘gummed’ up with a virus attack today, almost right on schedule. I had no idea the obscure ZGR was considered to be such a heavyweight in the infowars. However, maybe it is merely London freaks out over people not in the thought control corral. I have many enemies that is for sure. It is worthless to post things until you eradicate the virus. We have one motto at the ZGR, strive to tell the whole truth and nothing but the truth. The truth is very damning and damaging to the enemies of Peace.
Gold was sold by the London based gold Cartel on thin Friday from a high of 1483 to 1447 as the ESF clearly algorithmically intervened to suppress gold in the face of another weak GDP report from the USA below the 3. 1 % prediction. At some point the physical demand will destroy the destroyers in London at the LBMA unless the British can say put their Jew stooge in power in Venezuela through a revolution and ship that gold back the LBMA. The British have five hundred years and running of piracy in addition to their 1400 year history of being human cannibals and satanists and druids. They are not going to give that up without a fight. Look at the London bankers getting a hellish English court to force the Germans to pay them for losing a lot of money for their banks. The English and the Jews have the world by the throat and few are honest enough to admit it. They are the same tribe spiritually and now genetically, at least among the 5000 royal families of England, and their Royal Kin like John Kerry (Kohn), W. Bush, and Al Gore, and their knighted Jewish bankers like Sir Alan Greenspan.
A big jump in imports and declines in government spending impaired GDP from being faked to a higher number, while inventory growth and especially farm inventories were strong points, largely due to price inflation in the inventories, and housing added .3 % to the report. Clearly if we were seeing real economic growth USA centric firms would not be reporting flat to declining same store sales and flat to declining revenue y/y and q/q, or if perchance a firm that was growing in line with the economy reported positive revenue growth y/y and q/q, would it be below the real inflation rate which is at least 4 % . While better than the revised up . 4 % report of Q4, all you can say is that the FEDs monetary inflation flowed into prices and the top line GDP number grew as a result of Bernanke finally starting QE4 in earnest in Q1. A stunner in the report and it explains the tepid sales and declining sales being reported by many house hold staple firm was Inflation-adjusted disposable income declined. 5.3% in the first quarter; given that number is rigged to look much better than it is, in reality we saw a 10 % type of decline in real disposable income.
IBD made the case for us, that Obama is deliberately pursing (London’s) strategy of shipping high value jobs to Asia ,and Americans are being reduced to working in big box stores and other low wage jobs. At least Japan PM Abe gets it, keep mfg and r&d and force companies to raise wages. Obama gets it too, Prince Charles and the London gang simply want to destroy the American people and enslave them. We only had to look at these freaks in Boston cheering the coppers on for staging a false flag, putting the City under marshal law, and cheering all these fake stories of their heroism for the bombing the police state conducted and the assassination and assassination attempt to see at least the people in Boston are delusional. The Bible speaks of a great end time delusion as people won’t accept the truth. Boston is largely all WASP and Jew and their Irish slaves in the Cop and Fire Departments and running the plumbing , engineering and construction industries and Boston demographics are not USA demographics. Boston is sort of a mini London town.
The earnings and preannouncements in Asia have been very good, especially in currency rigging and government funded industry Korea and Japan, yet their markets declined today. Europe was largely a big fat stinking disappointment in the earnings department, no matter how you spin it and Eurostats pretty much fakes its econometric data like the UK and USA, and European markets went down somewhat in line with market realities. I suspect the ESM run by the City of London /IMF boy Regling and his Jewish side kick was struggling with their limited cash to keep Weidmann from crashing the bond markets as the ECB and Eurogroup got the thrashing of their lives over their money printing and bailout deals of the slimy Greek pols and other deadbeats in the south
Spain chose,probably deliberately, to release its budget blowout and triumph the EU approval of it, as the USA GDP figure hit the wire, hoping I suppose to blame them for crashing the EU markets. Bond and CDS in Europe were about as crazy and disconnected to the market news as anything I have seen since 2007. Today was I suppose a victory of the EU superstate and ECB/EM over the Bundesbank ,and Europeans are going to regret approving that ESM.
The NYT told us the Eurotrash want to continue destroy the USA banking and finance systems but not providing capital buffer and derivative gearing and moving speculation to the USA or London for fun and profit. I suppose Bernanke was told to ‘sit on it’ by London until European bank capital could be rebuilt. Even Zionist controlled www.antiwar.com was forced to admit the European nations were forcing the USA to pay and die in a war they all want for oil and power in the middle east in Syria. Maybe Germans hate Americans as they love Obama there and he is dismantling the US economy. Europe is running out of oil and they want to preserve their 4-9 weeks of vacation a year, cheap oil and have Americans die for it. At least Peggy Noonan, the Irish sellout to the Anglo elite said the entire nation is wearying of Obama and Obamanomics. The NYT caught him red handed , handing out billions of dollar to negro inner city people who had no basis to claims of being discriminated against in farm loans. If you’re not a WASP or a Jew, let me tell you everyone else has been discriminated in a home loan or a farm loan, etc.
In the USA it was a day for the news fakers, economic liars (economists), and market riggers as USA markets failed to break on the GDP with the PPT manipulating some key DOW stocks to keep that index aloft and later in the day did the same thing with the SP with individual stock futures. I need more shorts although I took some profit on the DAX short I put on today, so I was adding onto the Dow short in the Green.
Like Exxon, Chevron saw revenue under pressure from falling revenue and lower oil prices. The firm’s production levels was flat and earnings widely topped expectations, although net income still fell y/y, despite the high oil prices of Q1. Oil services firm National Oilwell Varco is off 2.5% after Q1 earnings and revenue missed expectations. The firms earnings fell 17% y/y and margins declined sharply. Executives warned that the North America market was softer than anticipated.
Amzn was down 6% as the IBD/momentum crowd dumped it as sales did not accelerate. As gas got more expensive, people made fewer trips and payed AMZNs outrageous prices as they gouged on pricing to take advantage of the oil and gasoline price spike. AMZN has a very smart IT department and literally can can correlate price changes daily there to the price of oil. It used to be you could find made in the USA goods there, but those get pushed way down, or simply suppressed deliberately by the search engine to pushing high margin made in China junk that force buyers to come back like a Heroin user is an annuity to the global Crown govt of England. A greedy and satanic Crypto Jew, Jeff Bezos runs AMZN. I’m somewhat of a gentile expert on the Greek Jews, like Jamie Dimon, Sarkozy, Bezos, etc.
2:57 p.m. EDT 04/26/13Major Stock Indexes
Economic Release Summary
(US) Q1 Advanced GDP Q/Q Annualized: 2.5% v 3.1%e; Personal Consumption: 3.2% v 2.8%e
(US) Q1 Advanced GDP Price Index: 1.2% v 1.3%e; Core PCE Q/Q: 1.2% v 1.1%e
(US) Apr Final University of Michigan Confidence: 76.4 v 73.5e
(MX) Mexico Mar Preliminary Trade Balance: $1.7B v $0.4Be
(MX) Mexico Central Bank (Banxico) leaves Overnight Rate unchanged at 4.00%; as expected
(BR) Brazil Mar Total Outstanding Loans (BRL): 2.427T v 2.384T prior; M/M: 1.8% v 0.7% prior; Private Banks Lending: 1.246T v 1.231T prior; Personal Loan Default Rate: 7.6% v 7.7% prior
(BR) Brazil Mar Manufacturing PPI M/M: 0.0% v -0.4% prior; Y/Y: 6.6% v 7.7% prior
Late Europe Releases
(IE) Ireland Mar Retail Sales M/M: -1.9% v 0.0% prior; Y/Y: -3.6% v 0.1% prior
(FI) Finland Apr Business Confidence: -7 v -9 prior
(IN) India Forex Reserves w/e Apr 19th: $294.8B v $295.2B prior
-Eurotrash want to continue to Loot the American Taxpayers and Crash markets for fun and cash
Stunning when you think about it the Rothschilds controlled banks that looted the USA and TARP funds are still at it 6 years later. As Dr. Murray Rothbard said, ‘the case against the FED’.
“Modern finance is complex, perhaps too complex. Regulation of modern finance is complex, almost certainly too complex. That configuration spells trouble. As you do not fight fire with fire, you do not fight complexity with complexity. Because complexity generates uncertainty, not risk, it requires a regulatory response grounded in simplicity, not complexity.”
Andrew G. Haldane, Bank of England
-Japan Authorities approved fixes to the planes’ batteries and authorized All Nippon Airways and Japan Airlines, which own about half of the 50 Dreamliners delivered, to resume flight.
-Drones and robots in the Garden
-Obama and Gang Looting the American people in a shameless manner
Just like Africa now!!
-Senate and Congress put up Token bill against Obama administration (it won’t pass)
WASHINGTON, D.C. – U.S. Sen. Jim Inhofe (R-Okla.) and Congressman Frank Lucas (R-OK-3) today introduced in their respective chambers the Ammunition Management for More Obtainability (AMMO) Act of 2013. The legislation would require the Government Accountability Office (GAO) to conduct a report on the purchasing of ammunition by federal agencies, except the Department of Defense, and its effect on the supply of ammunition available to the public. The AMMO Act would restrict agencies from obtaining additional ammunition for a six-month period if current agency stockpiles are higher than its monthly averages prior to the Obama Administration.
“President Obama has been adamant about curbing law-abiding Americans’ access and opportunities to exercise their Second Amendment rights,” said Inhofe. ”One way the Obama Administration is able to do this is by limiting what’s available in the market with federal agencies purchasing unnecessary stockpiles of ammunition. As the public learned in a House committee hearing this week, the Department of Homeland Security has two years worth of ammo on hand and allots nearly 1,000 more rounds of ammunition for DHS officers than is used on average by our Army officers. The AMMO Act of 2013 will enforce transparency and accountability of federal agencies’ ammunition supply while also protecting law-abiding citizens access to these resources.”
“After hearing from my constituents about the shortage of ammunition in Oklahoma and the Department of Homeland Security’s profligate purchases of ammunition,” said Lucas. “We have introduced the AMMO Act of 2013 to curtail these purchases so Americans can exercise their Second Amendment rights without being encumbered by the federal government. I was surprised to find out the DHS has the right to buy up to 750 million rounds of ammunition over the next five years, while it already has two years worth of ammo already. This is an issue that must be addressed, and I am pleased this legislation provides us the opportunity to do so.”
-The House passed a bill to ease air-travel delays caused by the furlough of air-traffic controllers, resolving an issue that had re-ignited debate over federal spending cuts that took effect earlier this year. WSJ
-That’s my contribution for the day. Have a good weekend! Will post closing and economic release summary at some point.
-Either the Bundesbank died, or the ESM was hyper -active as even Spanish bond yields were kept under control . Normally after the Bundesbank harangue of the money printing Jews at the ECB, spreads would have been blown out although they were initially moving in the right direction, soon they came under control. Maybe today was the death Knell for the power and influence of the Bundesbank and the triumph of Rothschilds market riggers and their family and the Royal crowns of Europe over the people.
-The Spanish government has forecast that the economy will contract by more than expected in 2013, but will return to growth next near.The country’s deputy prime minister said its gross domestic product (GDP) would contract by 1.3% in 2013 – down from the 0.5% previously forecast; insisted that the eurozone’s fourth-biggest economy did not need any new major reforms or taxes.Spain’s economy is expected to return to growth of 0.5% in 2014, and will expand by 0.9% in 2015, she said.The economy minister, Luis de Guindos, said Spain’s deficit-reduction plan had been agreed with the European Commission and other eurozone officials.He said the deficit is now forecast to reach 6.3% of GDP in 2013 – well above earlier targets – but would fall to 2.7% by 2016.The unemployment rate – which hit a record high of 27.2% in the first quarter of this year – is expected to fall back to 26.7% in 2014, and 25% in 2015.
-Just typical BEA garbage. They greatly understate the real inflation rate by using a 1.2 pc GDP deflator (when iT should be at least 4 pc) to get a ‘real’ 2.5 % GDP that is ‘really’ closer to -2.5 %, much closer, than 2.5 %. Inflation-adjusted disposable income, or the money left over after taxes, tumbled 5.3% in the first quarter after a 6.2% gain in the fourth quarter reflecting the higher withholding taxes.
|SPX 500 Futures||1576.65||-5.10||-0.32%|
|NQ 100 Futures||2834.20||-9.80||-0.34%|
|France: CAC 40||3804.94||-35.53||-0.93|
|Italy: FTSE MIB||16514.05||-135.70||-0.82|
|Spain: IBEX 35||8261.00||-104.10||-1.24|
|Stoxx Europe 600||295.17||-1.71||-0.58|
-0830 USA Q1 GDP 2.5 %
Final sales of U.S. product increases 1.5%
Quarterly inventories rise estimated $50.3 billion
Military spending drops 11.5% in first quarter
Government spending decreases 4.1%
Home-construction investment jumps 12.6%
Business fixed investment up 4.1% in quarter
Spending on equipment, software rises 3.0%
U.S. exports increase 2.9% after 2.8% decline
U.S. imports jump 5.4% after 4.2% drop
US GDP Price Index 1.20% vs. 1.30% (Exp.) 1.00% (Prev.)
8:23 a.m. EDT 04/26/13Major Stock Indexes
-Lew the Jews team is ready to go at PPT and Commerce has cooked the books.
-Goodyear eported first-quarter net income available to common shareholders of $26 million, or 10 cents a share, compared with a year-earlier loss of $11 million, or 5 cents a share.Excluding a 37-cent loss resulting from the devaluation of the Venezuelan currency and other one-time items, Goodyear earned 45 cents a share. That was 15 cents above what analysts polled by Thomson Reuters had expected.Sales fell 12 percent to $4.85 billion, below the $5.1 billion analysts had expected.Goodyear affirmed its full-year outlook, saying it expected segment operating income – the combined results of its four business units – to come in at $1.4 billion to $1.5 billion. In February, the Akron, Ohio-based company cut that forecast from $1.6 billion, citing weakness in the Europe automotive market and the currency devaluation in Venezuela.
-Honda Motor Co. said Friday that its net profit rose a moderate 5.8% in the fiscal fourth quarter, but projects a 58% surge for the current fiscal year, in the latest sign that Japan’s powerful automakers, buoyed by a weak yen, are rebounding from years of troubles.Japan’s third biggest car maker by volume posted a net profit of 75.75 billion yen ($765 million) in the three months ended March 31, up from Y71.59 billion in the same quarter last year. The figure undershot FactSet’s median forecast of a Y99.51 billion profit.Sales grew 14% to Y2.745 trillion from Y2.405 trillion and operating profit rose 21% to Y135.99 billion from Y111.98 billion.The maker of the Civic and Accord sedans as well as upscale Acura vehicles expect net profit to rise to Y580 billion for this fiscal year.Sales are seen at Y12.1 trillion, up 22.5%.The result at Honda, the first to report earnings among Japan’s Big Three, bodes well for rivals that will release earnings in the coming weeks.Toyota Motor Corp. and Nissan Motor Co. are slated to report earnings on May 8 and 10 respectively. MW
-More filth from the Greedy English Banksters
Commerzbank, the German lender, has lost a high-profile appeal against a UK court ruling that forces it to pay 104 London-based bankers around €52m (£44m) in bonuses, plus costs.
-Dubai Sheiks and concubines infected with London Ideals
Adultery, Divorce, illegitimate babies, drugs, money, easy life as a pick pocket=London!!
This is a stoning offense. Everyone in the Arab world will regard this woman as a whore.
The English /Jews don’t need to fight the Arabs, they have already conquered them!
-Tyco reported a profit of $72 million, or 16 cents a share, compared with $323 million, or 69 cents a share, a year earlier. Excluding one-time items, adjusted earnings from continuing operations were up at 42 cents from 30 cents.Net revenue rose 2.6% to $2.61 billion.Tyco had said it expected earnings of 37 cents to 39 cents a share on revenue between $2.55 billion to $2.6 billion.North America Systems Installation & Services revenue was flat from a year ago, while Rest of World Systems Installation & Services revenue edged up 0.7%. Meanwhile, revenue from the Global Products segment rose 11%.The operating margin narrowed to 4.7% from 9% a year ago.
European equity markets are broadly lower, ahead of the USA GDP, like Asian markets, as Italian and Spanish bonds took a hit. Disappointing bank earnings reports are weighing down Spain’s IBEX again today, as BBVA impairments on financial assets continued to widen in the quarter, to 1.376 billion euros from 1.085 billion euros a year ago, and the bank’s bad loan ratio also rose to 5.3 percent from 5.1 percent in the fourth quarter. Other European earnings were mixed. Banking stocks in general were lower, lead by the German banks; copper and gold were hit in the European market and miners declined along with them.Alcatel-Lucent is back to another loss in Q1; PPR’s revenue missed analyst expectations. BASF reported better than expected results; Total’s quarterly earnings were in- line.
Asmussen (Germany) reiterated that the impact of further rate cuts would be limited in the peripheral countries (while posing a big inflation risk to Germany).
The Italians had a weak auction of short term paper.
US firms due to report earnings today include, Goodyear and Tyco .
Goldman Sachs analysts now forecast a 25bps cut in refi rate by ECB in May; GS cuts forecast for 2013 EZ GDP to -0.7% from -0.5%.ECB’s Asmussen commented that the road to recovery to remained uneven, but was important to understand that ECB had already done enough ; that Euro would emerge stronger from the crisis but delay in fiscal consolidation was not a free lunch; and the (much touted and never officially used) OMT has helped normalize funding conditions. He noted that an interest rate cut impact was limited for EMU periphery ; that rates too low for too long could eventually lead to distortions; ECB cannot target unemployment and return on bank lending hinged on balance sheet repair. ECB’s Provopoulos (Greece)commented that worst of debt crisis was over; ECB might never need to use OMT bond-buying program? Europe was making good progress in rebalancing its economy and growth could come sooner if reforms were maintained (seriously this deadbeat said that, even as the Greeks are trying to threaten the Germans to extort $162 bln in war reparations for even more debt forgiveness and money). ECB’s Constancio (Portugal) said financial market sentiment remains fragile; better market conditions not reflected in economy.
The Bundesbank has criticized the bond-buying program designed by the ECB (OMT) to save the euro, questioning whether it is really necessary and suggesting it represents a large risk to taxpayers. Jens Weidmann, Bubba’s President has been open from the outset of the opposition of the Bundesbank to the OMT program, announced by the ECB in September when Draghi loudly proclaim the ECB would “whatever it takes” to save the euro. In an opinion written by the Bundesbank for the German High Court are a series of detailed objections to the plan. The German newspaper Handelsblatt said it obtained the document, dated Dec 21, recently.
Basically the Bundesbank crucified the EU rescue plan and Draghi’s and the Euro-groups actions in what could be termed a very harsh manner. which starkly contrasts and belies the diplomatic language Weidmann used in his public discourse during the crisis. Don’t worry Draghi is on the phone to Jacob Rothschilds as the ZGR types. Maybe he will call Berlusconi and have his mafia pals whack him?
Berlusconi commented that the PDL party had no real problems to form govt lead by PM Letta ; he was encouraged after Letta meeting; Berlusconi did rule out joining the cabinet.
Delayed Deficit Target of 3 % by 2 years
Europe Economic Release Summary
(EU) Euro Zone Mar M3 Money Supply Y/Y: 2.7% v 3.0%e; M3 three-month Avg: 3.0% v 3.2%e
(EU) ECB: €2.0B borrowed in overnight loan facility vs. €5.30B prior; €111.5B parked in deposit facility vs. €114.1B prior
(DE) Germany Mar Import Price Index M/M: -0.1% v -0.1%e; Y/Y: -2.3% v -2.3%e
(RU) Russia Narrow Money Supply w/e Apr 22nd (RUB): 7.65T v 7.53T prior
(FI) Finland Q1 House Prices: +0.7% v -0.6% prior; Y/Y: 1.9% v 2.7% prior
(FR) France Apr Consumer Confidence: 84 v 83e
(HU) Hungary Mar Unemployment Rate: 11.8% v 11.7%e
(CH) Swiss Apr KOF Swiss Leading Indicator: 1.02 v 0.98e
(SE) Sweden Apr Consumer Confidence: 5.2 v 3.9e; Manufacturing Confidence: -8 v -9e; Economic Tendency Survey: 94.1 v 96.1e
(SE) Sweden Mar Trade Balance (SEK): 6.8B v 7.1B prior
(SE) Sweden Mar Household Lending Y/Y: 4.6% v 4.6%e
(GR) Greece Central Bank: Mar Greece household and business bank deposits €164.1B vs. €164.0B m/m
|Country: Index||Last||Change||% Chg|
|Stoxx Europe 50||2707.22||-15.80||-0.58|
|Stoxx Europe 600||294.95||-1.93||-0.65|
|Euro Stoxx 50||2674.81||-29.60||-1.09|
|Austria: ATX Index||2403.24||-34.78||-1.43|
|Denmark: OMX Copenhagen 20*||537.94||1.81||0.34|
|Estonia: OMX Tallinn||827.67||1.45||0.18|
|Finland: OMX Helsinki||6069.36||-59.07||-0.96|
|France: CAC 40||3797.92||-42.55||-1.11|
|Greece: Athex Composite Share Price||963.60||-7.33||-0.75|
|Greece: DJ Greece TSM||723.31||-3.20||-0.44|
|Greece: FTSE/ATHEX 20||321.30||-1.79||-0.55|
|Iceland: OMX Iceland All-Share||776.52||5.17||0.67|
|Ireland: ISEQ Overall||3886.10||-15.83||-0.41|
|Italy: FTSE MIB||16525.26||-124.49||-0.75|
|Latvia: OMX Riga||409.58||11.99||3.02|
|Lithuania: OMX Vilnius||392.13||-0.03||-0.01|
|Norway: OSE All-Share||523.26||-0.61||-0.12|
|Portugal: PSI 20||6159.88||-80.71||-1.29|
|Russia: DJ Russia Titans||6025.07||-32.58||-0.54|
|Spain: IBEX 35||8261.10||-104.00||-1.24|
|Sweden: OMX Stockholm||371.63||-1.42||-0.38|
|Switzerland: Swiss Market||7847.55||-53.69||-0.68|
|UK: FTSE 100||6409.33||-33.26||-0.52|
|UK: FTSE 250||13941.53||-64.60||-0.46|
|UK: FTSE AIM All-Share||706.93||-0.44||-0.06|
Bank of Japan (BOJ) Gov Kuroda post rate decision press conference stated that it would keep easing until stable 2% inflation target was achieved. He noted that there were no discussions for further policy easing at this time. Board members Sato and Kiuchi dissented to forecast Japan will see 2% inflation towards Mar 2016. . Kuroda had no comment on whether Yen correction was over or would continue but the easing was having impact on portfolio rebalancing, stock prices and bank lending already reflected effects. He was not expecting rise in nominal long-term interest rates anytime soon and had no political pressure to extend forecast period by 1 year. He did expect Japanese govt to create proper fiscal reform plan by mid-year .
BOJ’s Semi Annual Outlook on Economic Activity upgraded its FY14/15 CORE CPI forecast to 1.4% vs. 1.5%e and extended GDP/CPI forecast period by 1 year . The BOJ forecasted FY15/16 Core CPI +1.9% and raised its GDP growth outlook for FY13/14 and FY14/15 to +2.9% and +1.4% respectively (from +2.3% and +0.8%)
Japan PM Govt adviser Honda commented that Japan would achieve the 2% price target and BOJ would ease further if not met;hyperinflation was not a realistic outcome from BOJ easing; JPY currency weakness due to a correction from over-appreciation. Japan Vice Fin Min Nakao said FX intervention for excessive moves cannot be ruled out.
Late Econ Releases
(SG) Singapore Mar Industrial Production M/M: 6.2% v 7.1%e; Y/Y: -4.1% v -3.0%e
(TW) Taiwan Mar Leading Index M/M: 0.4 v 0.5% prior; Coincident Index M/M: -0.3% v -0.2% prior
|Country: Index||Last||Change||% Chg|
|DJ Asia-Pacific TSM||1427.18||-2.19||-0.15|
|Australia: All Ordinaries*||5082.70||-1.50||-0.03|
|China: DJ CBN China 600*||20448.29||-217.31||-1.05|
|China: DJ Shanghai*||278.22||-2.98||-1.06|
|China: Shanghai Composite*||2177.91||-21.39||-0.97|
|China: Shenzhen Composite*||912.62||-15.18||-1.64|
|China: Shanghai 50*||1766.04||-12.26||-0.69|
|Hong Kong: Hang Seng*||22547.71||146.47||0.65|
|India: BSE Sensex||19280.27||-126.58||-0.65|
|India: S&P CNX Nifty||5869.10||-47.20||-0.80|
|Indonesia: JSX Index*||4978.51||-16.02||-0.32|
|Indonesia: JSX BISNIS 27*||428.03||-3.29||-0.76|
|Indonesia: JSX Islamic*||664.64||-7.21||-1.07|
|Indonesia: JSX LQ-45*||841.93||-5.89||-0.69|
|Japan: DJ Japan TSM*||724.32||-7.11||-0.97|
|Japan: Nikkei 225*||13884.13||-41.95||-0.30|
|Japan: TOPIX Index*||1161.19||-11.59||-0.99|
|Malaysia: DJ Malaysia TSM*||3202.28||8.58||0.27|
|Malaysia: FTSE Bursa Malaysia KLCI||1711.29||4.95||0.29|
|New Zealand: NZX 50*||4548.71||9.73||0.21|
|S. Korea: KOSPI*||1944.56||-7.04||-0.36|
|S. Korea: KOSPI 50*||1649.10||-11.07||-0.67|
|S. Korea: KOSPI 100*||1913.70||-12.23||-0.64|
|S. Korea: KOSPI 200 Composite*||253.04||-1.45||-0.57|
|Singapore: FTSE Straits Times||3348.87||11.16||0.33|
-301 Eurotrashed Markets are open!!
German DAX 30 index flat at 7,832.25
French CAC 40 index down 0.5% to 3,822.59
FTSE 100 index flat at 6,437.10
U.S. 10y 1.70-0.01,0.58%
German 10y 1.23-0.01, 0.88%
Italy 10y 4.11+0.071, -.71%
Spain 10y 4.35+0.02, -0.41%
-Japan’s Nikkei ends down 0.3% at 13,884.13
-The US Commerce Department is set to report the first-quarter gross domestic product (GDP) at 8:30 a.m. EDT on Friday morning. Bloomberg is calling for GDP to come in at 3.1% and its economist’s predictions range is 2.3% to 3.3%. The GDP price index is expected to come in lower at 1.4%. Dow Jones is calling for a reading of 3.2% on the headline GDP and 1.3% on the chain-weighted price index. Look for a lot of action from the ESF (PPT) but If we get a bad number I intend to short the Lew’s/Bernanke’s market theatrics despite Bloomberg’s revelation the CB were buying stocks yesterday. Depending on the number I may be delayed trying to make more money or bailing my programmed trades out. In general on the monthly Jobs report and the GDP report, the ZGR tends to see very heavy hacking.
-FED Weekly Balance sheet and Monetary Aggregates
3,318,649 mln + 23,540 mln w/w + 452,088 mln y/y
Monetary velocity shows real economy is flatlined or DOA.
|Futures Index||Value||% Change||Open||High||Low||Time|
|DJIA INDEX FUTURE Jun13||14,645.00||-0.05%||14,654.00||14,666.00||14,629.00||02:21:56|
|S&P 500 FUTURE Jun13||1,579.60||-0.13%||1,581.10||1,582.20||1,577.30||02:21:16|
|NASDAQ 100 FUTURE Jun13||2,838.50||-0.19%||2,840.00||2,844.00||2,836.00||02:20:21|
|EURO STOXX 50 Jun13||2,638.00||-0.45%||2,639.00||2,641.00||2,636.00||02:16:38|
|FTSE 100 IDX FUT Jun13||6,377.50||-0.15%||6,382.00||6,391.00||6,374.00||02:16:16|
|DAX INDEX FUTURE Jun13||7,821.50||-0.17%||7,820.00||7,825.50||7,816.50||02:17:09|
-The European Central Bank will publish data today showing how much money savers withdrew from the euro region’s banks after a botched attempt to tax Cypriot savers as part of a European Union-led bailout.The ECB will publish data for euro-area bank deposits including Cyprus after 10 a.m. in Frankfurt. In February, the month before the rescue, Cypriot deposits decreased 2.2 percent to 46.4 billion euros, down from 47.4 billion the previous month. It was the ninth straight decline.
Despite the USA stock markets ‘robust’ finish with the Dow regaining 14,700, Asian markets did not follow through on weak USA earnings and top lines ahead of tomorrow’s Key USA GDP report, markets are mixed but the trend is down in Asia today.
The BOJ left the target rate unchanged between 0.0-0.1%. The board voted unanimously to keep the policy unchanged. BOJ reiterated it will conduct money market operations so that monetary base increases at annual pace of ¥60-70T. The key factor for today’s decision remains with the semiannual outlook report, in which the BOJ is speculated to extend to a 2-yr time frame, and potentially raise its core CPI projections by the Nikkei news service. Japanese March monthly inflation continued to decline for the fifth straight month with the core consumer price index declining 0.5% from a year earlier and worse than the -0.4%expected, suggesting little progress in BOJ achieving its inflation target of 2%. The Nikkei dropped and Y/D fell on the inflation news where it had traded higher ahead of the Statistics Bureau release.
China should maintain steady macroeconomic policies while being more flexible with microeconomic policy, the Standing Committee of the Political Bureau of the Communist Party of China Central Committee said on Thursday, chaired by President Xi.The most serious challenge to China’s economy was identified as a lack of growth momentum — partly affected by the sluggish world economy, compounded by liquidity in some developed economies and flagging confidence over the recurrence of European sovereign debt crises. It vowed to continue using government-financed public projects to boost growth, and at the same time controlling the overall money supply.Economists noted that the weaker than expected growth came as China pumped considerably more money into the economy in the first quarter.
China’s financial and capital account surplus surged in the first quarter as looser monetary policies in developed economies and expectations of yuan gains spurred inflows of funds.The US$101.8 billion figure has been the biggest since the three months through December 2010 and up from US$56.1 billion in the same period of last year, according to preliminary data released by the State Administration of Foreign Exchange yesterday. The account returned to a US$20 billion surplus in the fourth quarter of 2012, reversing two quarters of deficits.Capital inflows are being driven by speculation that the People’s Bank of China will tolerate more yuan appreciation and by quantitative easing in Europe, the US and Japan that’s spurring investors to seek higher returns.The central bank and financial institutions bought a record net 683.7 billion yuan (US$111 billion) of foreign currency from customers in January, as companies and individuals offloaded dollars to buy yuan in expectation of appreciation. They bought 295.4 billion yuan in February and 236.3 billion yuan in March. The currency climbed to a 19-year high yesterday as the central bank set a record reference rate.
China has rejected the reports that border tensions with India have flared up and said the border troops are still coordinating through existing channels.
Beijing and Paris signed 18 deals on Thursday, including deals for 60 Airbus planes and a nuclear project, as President Xi Jinping hosted his first head of state from a major Western country, French President Francois Hollande.The trip by Hollande, described by many in the French media as “a sales tour” since he brought along a planeload of businessmen, also saw the two countries agree to establish an economic and financial high-level dialogue to further promote economic cooperation.
Shanghai’s GDP grew 7.8 percent in the first quarter, faster than China’s 7.7 percent GDP growth in the same period, according to data from Shanghai Statistics Bureau.
Tomorrow declared ‘day of mourning’ in Sichuan, devastated by the recent quake.
Three China vessels entered waters near the disputed Senkaku Islands.
Japan Chief Cabinet Sec Suga said PM Abe plans to compile growth strategy prior to G8 Summit in June at a press conference. Japan Transport Min Ohta said Japan govt to approve domestic resumption of 787 Dreamliner as early as tonight!
Japan and ASEAN to launch a new financial cooperation framework; Japan proposes using its FX reserves to purchase govt bonds of ASEAN nations!
Shiseido : Reports FY12/13 Net loss ¥14.7B v profit ¥3.5Be, Op Profit ¥26.1B v ¥25Be, Rev ¥677.7B v ¥678Be
Tokuyama : Raises FY12/13 Op guidance by 67% to ¥6.7B, Rev by 1% to ¥1.91T
Fuji Heavy : Raises FY12/13 guidance Net to ¥119.0B from ¥76.0B prior, Lowers Op profit to ¥120.0B from ¥170.0B prior
Denso : Reports FY12/13 Net ¥181.7B v ¥169Be, Op Profit ¥262.4B v ¥250Be, Rev ¥3.6T v ¥3.5Te
Kobe Steel Reports FY12/13 Net loss ¥26.9B v loss ¥34Be, Op Profit ¥11.2B v ¥11Be, Rev ¥1.69T v ¥1.70Te
Mitsubishi Heavy Reports FY12/13 Net ¥97.3B v ¥73Be, Op Profit ¥163.5B v ¥151Be, Rev ¥2.82T v ¥2.99Te
Samsung pretty much is Korea, the govt owns so much of it in one form or another.
Samsung Electronics : Reports Q1 consolidated Net KRW7.2T v KRW6.7Te, Op profit KRW8.8T v KRW8.7Te, Rev KRW52.9T v KRW52.0Te
Samsung Electronics Co. said Friday its first quarter profit jumped to a record high as smartphone sales remained strong despite the impending launch of an updated version of its flagship Galaxy phone.Samsung began sales of the S4 in its home South Korean market Friday and starts U.S. sales on Saturday. Analysts expect Samsung’s profits to reach new highs in the second and third quarters if S4 sales are strong.Samsung said January-March net profit surged 42 percent to 7.2 trillion won ($6.5 billion) from 5 trillion won a year earlier. That increase was despite booking a one-time charge against earnings related to settlement of its intellectual property battle with Apple. Analysts estimated the charge at $600 million.Sales rose 17 percent to 52.9 trillion won. Operating profit was up 54 percent to 8.8 trillion won, in line with its preliminary results released earlier this month.
North Korea rejected South Korea offer on discussing reopening the Kaesong industrial park Bank of Korea Gov Kim: Household debt constrains consumption
Australia and New Zealand
Returned from a Holiday to the markets today. Statistics New Zealand said the country’s trade balance unexpectedly rose last month to NZD718 million from NZD414 million. Analysts expected the trade balance to decline to NZD373 million. The data revealed that China has surpassed Australia as New Zealand’s top trading partner. New Zealand’s exports to China have tripled since the two countries signed a free trade pact five years ago. New Zealand’s total March exports rose 5.1% to NZD4.4 billion. Imports fell 7.9% to NZD3.7 billion. In seasonally adjusted terms, New Zealand’s exports rose 0.8% while imports fell 0.7%.
Asia Economic Release Summary
(JP) BANK OF JAPAN (BOJ) LEAVES TARGET RATE RANGE UNCHANGED BETWEEN 0.0-0.1% (as expected); vote was unanimous
(JP) JAPAN APR TOKYO CPI Y/Y: -0.7% V -0.8%E; TOKYO CPI EX-FRESH FOOD: -0.3% V -0.4%E (1-year high)
(JP) JAPAN MAR NATIONAL CPI Y/Y: -0.9% V -0.8%E; NATIONAL CPI EX-FRESH FOOD: -0.5% V -0.4%E (5th straight decline; biggest decline since Nov 2010)
(KR) SOUTH KOREA APR SK CONSUMER CONFIDENCE: 102 V 104 PRIOR
(NZ) NEW ZEALAND MAR TRADE BALANCE (NZ$): 718M V 470ME (biggest surplus since Apr 2011); EXPORTS: 4.42B V 4.28BE; IMPORTS: 3.70B V 3.82BE
(TH) Thailand Mar Manufacturing Production Index: Y/Y: 0.5% v -1.2% prior; Total Capacity Utilization: % v 62.9 prior
|Country: Index||Last||Change||% Chg|
|DJ Asia-Pacific TSM||1430.50||1.13||0.08|
|Australia: All Ordinaries||5089.50||5.30||0.10|
|China: DJ CBN China 600||20571.39||-94.21||-0.46|
|China: DJ Shanghai||279.80||-1.40||-0.50|
|China: Shanghai Composite||2191.05||-8.26||-0.38|
|China: Shenzhen Composite||920.98||-6.82||-0.74|
|China: Shanghai 50||1778.12||-0.18||-0.01|
|Hong Kong: Hang Seng||22604.72||203.48||0.91|
|India: BSE Sensex||19323.39||-83.46||-0.43|
|India: S&P CNX Nifty||5882.10||-34.20||-0.58|
|Indonesia: JSX Index||5000.80||6.28||0.13|
|Indonesia: JSX BISNIS 27||430.75||-0.57||-0.13|
|Indonesia: JSX Islamic||669.43||-2.42||-0.36|
|Indonesia: JSX LQ-45||847.68||-0.15||-0.02|
|Japan: DJ Japan TSM||724.03||-7.40||-1.01|
|Japan: Nikkei 225||13890.84||-35.24||-0.25|
|Japan: TOPIX Index||1160.97||-11.81||-1.01|
|Malaysia: DJ Malaysia TSM||3208.49||14.79||0.46|
|Malaysia: FTSE Bursa Malaysia KLCI||1715.07||8.73||0.51|
|New Zealand: NZX 50*||4548.71||9.73||0.21|
|S. Korea: KOSPI||1947.55||-4.05||-0.21|
|S. Korea: KOSPI 50||1651.87||-8.30||-0.50|
|S. Korea: KOSPI 100||1916.67||-9.26||-0.48|
|S. Korea: KOSPI 200 Composite||253.36||-1.13||-0.44|
|Singapore: FTSE Straits Times||3343.82||6.11||0.18|
GLD: SPDR Gold Trust ETF daily holdings fall by 2.7 tons to 1,090.3 ton (lowest since 1,086.5 in Sept of 2009
|US Cotton No.2||83.69||+0.27||+0.32%|
|US Coffee C||137.68||-1.40||-1.01%|
Japan 10y 0.59+0.00
U.S. 10yr 1.70-0.010
US senate approves bill to end air traffic controller furloughs; House vote likely take place on Friday.
US FED said to be scrutinizing largest US banks to ensure ability to handle rate increases – financial press. WSJ
US Senate sets May 6th as the date for vote on the online sales tax
Amazon (AMZN) reported much-better-than-expected first-quarter earnings late Thursday, but shares retreated 2.5% as sales fell short and heavy spending continued on fulfillment centers and other investments. The Q2 revenue outlook also was light.The Seattle-based online seller of books, electronics and more earned 18 cents a share, down 36% from a year earlier, but 10 cents above the average estimate of 41 analysts polled by Thomson Reuters. The profit excludes one-time costs but includes stock-based compensation.Revenue of $16.07 billion just missed analyst views of $16.144 billion. The 22% jump matched the gain in Q4 2012, showing that Amazon’s sales growth isn’t accelerating after decelerating in the five prior quarters.Amazon’s gross margin was 26.6% vs. the 25.2% consensus. Operating income fell 6% to $181 million vs. $192 million in Q1 of 2012
(hard to justify current price levels without accelerating revenue)
Starbucks Corp. (SBUX), the world’s biggest coffee-shop operator, reported fiscal second-quarter profit that met analysts’ estimates as U.S. customer traffic improved while sales stagnated in Europe. Net income advanced 26 percent to $390.4 million, or 51 cents a share, from $309.9 million, or 40 cents, a year earlier, the Seattle-based company said yesterday in a statement. Excluding certain items, profit was 48 cents, matching the average of 29 estimates compiled by Bloomberg. Starbucks’s profit had topped estimates in 14 of the past 16 quarters, according to data compiled by Bloomberg.Chief Executive Officer Howard Schultz has sought to boost U.S. sales by opening more cafes and expanding beyond coffee with the company’s own juice, baked goods and tea. The company last year began closing locations in Europe, mostly in the U.K., as a sovereign debt crisis in the 17-nation euro zone and a weakening currency has weighed on consumers there.Europe continues to be just a challenging place for us — it’s a very, very difficult macro environment there,” Alstead said. Starbucks has closed about 30 cafes there, he said.Comparable-store sales rose 6 percent in the Americas while declining 2 percent in the company’s Europe, the Middle East and Africa division.
(Same store sales growth is keeping up with real inflation rate)
Agnico-Eagle Mines (AEM) misses by $0.01, beats on revs; reaffirms FY13 production 32.96 -0.29 : Reports Q1 (Mar) earnings of $0.31 per share, excluding non-recurring items, $0.01 worse than the Consensus Estimate of $0.32; revenues fell 10.7% year/year to $423.2 mln vs the $407.81 mln consensus.Payable gold production in the first quarter of 2013 was 236,975 ounces compared to 254,955 ounces in the first quarter of 2012. The lower level of production in the 2013 period was primarily due to the Creston Mascota heap leach being suspended during most of the quarter. A description of the production and cost performance for each mine is set out further below. Total cash costs for the first quarter of 2013 were $740 per ounce. This compares with $594 per ounce in the first quarter of 2012. The higher cost in 2013 was largely attributable to lower byproduct revenue at LaRonde, lower grades at Meadowbank and a lack of production from the lower cost Creston Mascota mine. Agnico-Eagle’s production guidance for 2013 remains unchanged at 970,000 to 1,010,000 ounces of gold, as the expected 15,000 ounce production from Goldex offsets anticipated production decrease at Kittila related to a longer than anticipated maintenance shutdown. The Company’s cash cost estimates have been revised to reflect the production changes at Goldex and Kittila, as well as changes in commodity and currency price assumptions since the beginning of 2013.
PMC-Sierra (PMCS)misses by $0.01, misses on revs 6.31 -0.01 : Reports Q1 (Mar) earnings of $0.07 per share, excluding non-recurring items, $0.01 worse than the Consensus Estimate of $0.08; revenues fell 5.2% year/year to $125.2 mln vs the $127.81 mln consensus.“We are encouraged by stronger bookings in the quarter and expect to grow revenues in the second quarter of 2013. Our book-to-bill ratio within the period was greater than one for the second consecutive quarter.”
GFI (GFIG) Group reports EPS in-line, revs in-line 3.79 +0.02 : Reports Q1 (Mar) earnings of $0.06 per share, excluding non-recurring items, in-line with the Consensus Estimate consensus of $0.06; revenues fell 6.0% year/year to $244.39 mln vs the $245.01 mln consensus.
YHOO: Chairman Fred Amoroso is resigning effective immediately. Maynard Webb, Jr. to serve as interim chairman
UPS: Teamsters Reach Tentative Agreements Covering 250,000 Workers at UPS, UPS Freight
EXTR : Extreme Networks appoints Charles Berger as its President and CEO
Summary of Key Stocks
AMZN: Reports Q1 $0.18 v $0.10e, R$16.07B v $16.3Be; -3.2% afterhours
SBUX: Reports Q2 $0.48 v $0.48e, R$3.56B v $3.59Be; -2.6% afterhours
BIDU: Reports Q1 $0.95 v $1.03e, R$961M v $901Me; -8.1% afterhours
VPRT: Reports Q3 $0.48 v $0.36e, R$287.7M v $289Me; -1.1% afterhours
SYNA: Reports Q3 $0.79 v $0.59e, R$163.3M v $143Me; +17.7% afterhours
ALTR: Reports Q1 $0.37 v $0.33e, R$410.5M v $427Me; -3.1% afterhours
IM: Reports Q1 $0.41 v $0.43e, R$10.26B v $10.1Be; +0.1% afterhours
VRSN: Reports Q1 $0.58 v $0.54e, R$236M v $232Me; +3.0% afterhours
WYNN: Reports Q1 $2.00 v $1.55e, R$1.38B v $1.38Be; -0.3% afterhours
CSTR: Reports Q1 $0.93 v $0.85e, R$575M v $589Me; +8.2% afterhours
EXPE: Reports Q1 $0.25 v $0.23e, R$1.01B v $961Me; -5.3% afterhours
I shorted the DIA/SPY into the close looking for downside on the GDP.
6:07 p.m. EDT 04/25/13Markets Diary
Bloomberg- Theatrical Lies- Boston Terrorists were going to bomb NYC.
When the Anglo- Zionist propaganda organ becomes the government. For a guy with no throat, the FBI/Bloomberg etc have gotten near infinite mileage out of the patsy speaking. Everyone in the world saw MI6/Mossad/CIA got ‘confessions’ out of Muslims at Abu Ghraib in Iraq. No one sane trusts you corrupt, stinking corpses pretending to be humans in the Federal government, after 911 and those host of USA false flag operations and after the Anglo-American-Israeli Reichs gulags in Iraq. There were many prisons beside Abu Ghraib.
Probable picture of Boston Bomber Confessing to a crime the Mossad committed as well!!
Why Obama’s Chemical Weapons ‘Red Line’ in Syria Is Bogus
“Our intelligence community does asses with varying degrees of confidence that the Syrian regime has used chemical weapons on a small scale in Syria, specifically the chemical agent Sarin,” the administration said in a letter.
This seems to violate President Obama’s “red line,” triggering some unspecified action presumed to be military in nature. Commentators are now saying the likelihood of a direct US military intervention is greater than ever. While it’s not clear whether that’s true, this talk about a “red line” is bogus.
Obama’s ‘Red Line’ Has Shifted Before
Last year, President Obama outlined what would be a “red line” for his administration, beyond which arguments against going to war in Syria would lose their weight. In August 2012 he said, “A red line for us is we start seeing a whole bunch of chemical weapons moving around or being utilized.”
And then in December when reports came out about the Assad regime “moving around” stockpiles of chemicals, with some analysts saying they were being mixed and possibly weaponized, the Obama administration stayed silent.
“Mr. Obama’s ‘red line’ appears to have shifted,” The New York Times reported. “His warning against ‘moving’ weapons has disappeared from his public pronouncements,” being replaced with a “new warning” that “if Mr. Assad makes use of those weapons, presumably against his own people or his neighbors, he will face unspecified consequences.”
The Obama administration has consistently noted the overwhelming costs of military action in Syria. The “red line” is just an obligatory warning meant to make them seem concerned about humanitarian suffering and to maintain the credibility of their threats of war. It has proven malleable before, and the administration could just as easily back out of it again.
Chemical Weapons Are Not a Game Changer
The supposed line that chemical weapons cross is almost entirely fictional. Consider Bilal Y. Saab, Executive Director of the Institute for Near East and Gulf Military Analysis, on why Obama’s supposed red line on the use of chemical weapons “lacks credibility.”
Why has the United States drawn a red line here and not elsewhere?
Obama’s words could reflect a humanitarian concern and a moral responsibility to prevent the further loss of life in Syria. Yet the president has not reacted forcefully to the tens of thousands who have already perished without a single poison being used. Chemical weapons are considered weapons of mass destruction, and if used effectively, could kill in the thousands. But so can fighter jets, helicopters, tanks and artillery—and they already have.
Indeed, chemical weapons hold a special place in the international psyche, but they are no more a threat to civilian life really than what has already been going on in Syria. If too much mass death were really the trigger for US intervention, why wasn’t the line drawn at 10,000? 30,000? UN estimates go as high as 70,000 dead. Any of these figures could have been used by the administration as a last straw, but there hasn’t been any intervention.
Obama Sees the Military Options as Too Costly
US military officials have been quick to point out the costs of war in Syria. A year ago, White House spokesman Jay Carney told a press conference, “We do not believe that militarization, further militarization of the situation in Syria at this point is the right course of action. We believe that it would lead to greater chaos, greater carnage.”
“We do nobody a service when we leap before we look, where we…take on things without having thought through all the consequences of it,” Obama said in a January 2013 interview with CBS. “We are not going to be able to control every aspect of every transition and transformation” in conflicts around the world, he added.
“In a situation like Syria,” he said in a separate interview with The New Republic, “I have to ask, can we make a difference in that situation? Would a military intervention have an impact? How would it affect our ability to support troops who are still in Afghanistan? What would be the aftermath of our involvement on the ground? Could it trigger even worse violence or the use of chemical weapons? What offers the best prospect of a stable post-Assad regime?”
And of the humanitarian rationale: “How do I weigh tens of thousands who’ve been killed in Syria,” he said, “versus the tens of thousands who are currently being killed in the Congo?”
In Senate testimony earlier this month, Defense Secretary Chuck Hagel said “military intervention at this point could hinder humanitarian relief operations. It could embroil the United States in a significant, lengthy, and uncertain military commitment. Unilateral military action could strain other key international partnerships, as no international or regional consensus on supporting armed intervention now exists. And finally, military intervention could have the unintended consequence of bring the United States into a broader regional conflict or proxy war.”
The truth is, the US lacks feasible military options. A no-fly zone is likely to put more civilians at risk, and bombing the chemical stockpiles would be about as bad as Assad unleashing them on his own targets. If the US were to move in with ground forces to secure the weapons, it would take at least 75,000 troops, and any limited mission to secure the weapons would lend itself to mission creep and eventually turn into regime change with no viable interim government, which would then turn into a long and bloody occupation costing hundreds of thousands of lives and trillions of dollars as it did in Iraq. Finally, the intervention would lack both domestic and international legal legitimacy. This doesn’t even get me started on the far-reaching geo-political consequences.
Maybe the Obama administration will be goaded into war in Syria because of pressure from European allies (who won’t be doing the heavy lifting themselves) and from rabid interventionists in Congress of the John McCain type. But US reluctance thus far should temper fears that such a scenario is imminent.
John 8:32 - And ye shall know the truth, and the truth shall make you free.
|Tentative||JPY||Interest Rate Decision||0.10%||0.10%||0.10%|
|01:00||SGD||Singaporean Industrial Production (YoY)||-3.0%||-16.6%|
|02:00||EUR||German Import Price Index (MoM)||-0.2%||0.3%|
|Tentative||JPY||BoJ Press Conference|
|02:45||EUR||French Consumer Confidence||84||84|
|03:00||CHF||KOF Leading Indicators||0.98||0.99|
|04:00||EUR||M3 Money Supply (YoY)||3.0%||3.1%|
|04:00||EUR||Private Loans (YoY)||-0.8%||-0.9%|
|04:00||CHF||SNB Chairman Thomas Jordan speaks|
|04:30||EUR||Spanish Government Budget Balance||0.30B||-10.80B|
|05:10||EUR||Italian 6-Month BOT Auction||0.831%|
|07:30||INR||Indian FX Reserves, USD||295.25B|
|08:30||USD||GDP Price Index (QoQ)||1.4%||1.0%|
|09:00||MXN||Mexican Trade Balance||0.800B||0.046B|
|09:30||BRL||Brazilian Bank lending (MoM)||0.70%|
|09:55||USD||Michigan Consumer Sentiment||73.2||72.3|
|09:55||USD||Michigan Inflation Expectations||3.0%|
|10:00||MXN||Mexican Interest Rate Decision||4.00%||4.00%|
|10:30||USD||ECRI Weekly Annualized (WoW)||6.60%|