-Russia to open physical gold exchange.
-Chicago June Mfg PMI tanks..51.6
-German Press reports ECB talk of ‘legal’ QE starts. ECB denies press reports
-England to send 15,000 youth to China to study Communism/Mandarin
-CIA starts new phase of covert war in Syria for England/Europe/France
-EU allocates 8 bln for jobs for the politicians and elites kids
-Irish Economy tanks again in Q1 , dealing a blow to bank bailout and bonuses and taxes to the sheeple policy of the EU (Thursday)
-The CFTC report which was as of Tuesday before the final smash down is out . OI which we said needed to decline to the 500k-600K range before a big bull move would occur, went up to 690k contracts. Bullion banks and swap dealers were covering and hedge funds and small specs were selling gold net short on the week. We likely liquidated the number of contracts to start a sustained bull move as no one wanted gold on their book for the end of the quarter or were forced out. Funds were obviously trying to hold onto net long positions based on fundamentals.
USA stocks were marked up for the end of Q2. I took advantage of that and net increased my shorts in the DIA/SPY substantially along with the DAX. We are near the end of the latest ESF/ESM generated black box bounce. I wish I had the courage to hold the Nikkei for one last day, but I was overweight. You can’t win them all.
The June Chicago PMI missed expectations and printed a weak 51.6, and big drop-offs were seen in key sub indices. The backlog sub index dropped to 38.4 from 53 prior, while deliveries also dropped below 50.
Another FED head was out at the CFR in NYC. FED head Stein underlined that at at the FOMC meeting on June 19th, the Fed’s policy stance was left broadly unchanged and nothing was said about changing interest rates. When tapering does eventually begin, the Fed will look back on all of the data since QE began to make a decision on a taper not just the most current data. He hinted that if econometric data was good tapering could be considered seriously at the September meeting. Bullion banks and gold shorts jumped all over this and flooded the markets with taper on in September. Bernanke is apparently on this list for a 2nd term, along with others like Yellen. The WH refuses to comment on the list or selection process for the next FOMC /FED head- the biggest dove will win and we will have a Mark Carney equivalent selected by London for Obama.
Shares of JetBlue spiked up as much as 8% this morning on a sketchy report in Brazil’s Folha de S. Paulo that Brazil airline Azul – run by JetBlue founder David Neeleman – was planning to buy JetBlue and possibly Portugal’s TAP as well. JetBlue denied the report but shares remained up.
Nike reported higher profits and better advance orders, particularly in North America, in Q4. Future orders for delivery between June and November were +8% y/y v +6% y/y last quarter. Revenue in North America was very strong. Inflation is running near 9 % y/y according to shadowstats, so Nike is keeping up with it. They were not constructive on a China rebound.
BBRY results dragged tech stocks down with it in the early going until the NAS was marked to green. The Anglo-Zionist analysts community is all over beating this stock to death. A virtual recession in Asia dampered sales along with a real one in Europe. This stock is ripe for an HTO. I was a buyer at 5, a seller at 15 and a buy backer at 10 for the HTO the Anglo-Zionists are engineering. APPL is losing engineers left and right and could use an infusion of design talent. I see them as the likely buyer or google to add to its cell phone patent portfolio. BBRY is going to stop reporting subscribers and focus on revenue and eps growth. Analysts projections were not in line with economic fundamental in Asia and Europe in Q2. It is a deep value stock at this point. BBRY has to work on its business model, but it has a great new product, it is no Palm which was a dog of an OS and a dog of a device.
In gold and silver I did some early morning buying but stopped when the short covering finally kicked in. The banks are all bankrupt in Europe and London so they are making war on gold and getting bailed out of their naked shorts. If you asked me if I thought the CB could bash gold in the face of massive QE from the FED/BOE/ECB/BOJ, I would have said for a 100 -200 dollars or so, but they completely liquidated everyone and criminally naked shorted all the gold shares in one of the most massive criminal operations of all time. The ECB/FED are mafia organizations that make the Jew Mafia murder Whitey Bugler look like a nice guy. Some reliable gold sources tell me Socgen and Citi were in a world of hurt in gold shorts and got bailed out at taxpayers expense and that Socgen was the bank in trouble in Europe with its gold short book. This was not merely a paper take down but dumping a lot of physical gold, probably borrowed on the market. Probably close to 500 tonnes. This gold does seem to be moving from the west to east fairly quickly. The fraud that is GLD is being drained. The CME is being drained of its gold.
The ZGR calls for the arrest of Bernanke/King/Carney/Draghi, and London stooge Kuroda, and the communist Jew Li. Gold is the enemy of the state and central bankers lies and weighs their money printing. This operation was long planned to stifle golds rise into QE4 by the FED. For now fundamentals dont manner as the FED and ECB enrich themselves by printing money and selling gold. Bernanke like the Jew Volcker loves to show his power. He is no innocent stooge. I feel comfortable being overweight gold and silver now, silver especially. I’m bullish for 100 dollar silver after Smirkels election when the ECB will begin to OMT it or LTRO it or QE it, or whatever term Teflon Mario comes up with. Gold is below its cash cost of production at this price so the FED /ECB have shot themselves in the foot and mine supply will start to dry up fast. Rent seekers in gold will be rewarded in fairly short order, after Smirkel gets her third term.
There is no recovery in the USA, it is all lies. No jobs, no recovery. No recovery, no jobs. No real growth for all that deficit and money printing. Hey transfer wealth from working people to the banksters and govt and what you expect jobs and not guns in your face?
|UK: FTSE 100||6215.47||-27.93||-0.45%|
|France: CAC 40||3738.91||-23.28||-0.62%|
|Stoxx Europe 600||285.02||-1.40||-0.49%|
|Japan: Nikkei 225||13677.32||463.77||3.51%|
European stocks were marked up for the end of the quarter.
Bank bail-ins likely to be the norm from now on despite the rules not entering force until 2018 Irish Finance Minister Michael Noonan said yesterday that, despite the new bank bail-in rules only coming into force in 2018, the broad principles will be “hard to breach” and stressed that “bail-in is now the rule”. ECB Executive Board Member Yves Mersch said yesterday that he does not see the ECB starting its role as eurozone single supervisor until autumn 2014, rather than early 2014 as originally planned. These proposal still don’t eliminate the too big to fail nor the sovereign -bank predation upon the people, and that is by design. It is more of a legal looting of investors money but at least at long last the bond holders have to take a hit. France scored a major victory by getting ESM money included to bail banks out. Gold or silver stored some where safe is a better bet than Euros in the bank at least if you have over 100k. This law should also underpin the EU real estate sector. Previously, unlike the USA, it was unheard of for a European govt to allow a bank to take money from depositors. Sr. Bank debt has always been ‘sacred’ as well in Europe and those guys have to be wiped out before depositors money can be grabbed.
EU leaders unanimously agreed the EU’s 2014-2020 long-term budget at €960bn, which cuts real spending for the first time. EU leaders and the European Parliament also reached a political deal yesterday – David Cameron secured last-minute assurances that the UK’s rebate would not be reduced; France had suggested it would not accept that the rebate would apply to agricultural spending in new EU member states such as Bulgaria, Romania and Poland, despite a deal reached by EU leaders in February which maintained this part of the rebate. Dutch Prime Minister Mark Rutte said of EU budget measures (EU9 Bln) to tackle youth unemployment, “We can pump money into this but it will only work if the countries are ready to reform their labor markets.”European Commission tabled its proposal for the EU’s 2014 annual budget this week. Spending will fall by almost 6% in 2014 but spending on the EU’s ‘civil service’ will rise by 1.5% next year, with MEPs getting a 1.7% increase in their budget and a 3.8% rise in spending on the EU’s 54 quangos.
Greece is facing the prospect of having a second major privatization project collapse in a matter of months. According to documents seen by the press, the €700m sale of OPAP, the state gaming monopoly, is under threat with the buyers looking to remove certain elements from the deal. Failure to secure a deal could see Greece miss its €2.6bn privatization target for this year by €1.6bn. PASOK, the junior party in the Greek governing coalition, suffered another blow yesterday when a left-wing faction announced it was splitting off from the party, although no MPs will be leaving. Samaras was out ranting about the TAP pipeline.
French Trade Minister Nicole Bricq said that European Commission President José Manuel Barroso “has done nothing with his mandate”.
ECB dismissed reports from Sueddeutsche Zeitung that it is considering a quantitative easing program.
Austria WIFO Institute Quarterly Economic Forecasts cut its 2013 and 2014 GDP outlook. WIFO now saw 2013 GDP at 0.4% vs. 1.0% prior March view and 2014 GDP growth at 1.6% vs. 1.8% prior March view.
The Irish economy contracted by 0.6% in the first quarter of this year compared to the last quarter of 2012, with declines in household spending, investment and exports driving the contraction. Revisions to last year’s figures also show that the Irish economy grew by only 0.2% in 2012 compared to the previous estimate of 0.9%. This tossed mud over IMF poster child for austerity, Ireland’s parade. Of course Ireland’s austerity was not debt they ran up but for the extraordinarily Anglosaxon criminal elite running the Anglo-Irish bank. German Chancellor Angela Merkel said of the Anglo Irish bailout scandal it is a “real damage to democracy (and the) social market economy”; that she only has “contempt” left for such behavior. Of course this is rhetoric and if she were serious she would be looking to jail the Anglo-Irish criminals but we know Ireland was a City of London/Crown take down job.
Likely 2q in Europe saw another quarter of recession reported the WSJ.
In one of the best quips ever when asked how Japan’s bank avoided the melt-down seen in Europe and USA banks in 2008, Finmin Aso said that Japanese bankers did not speak English well enough to buy the complicated financial products that took EU/USA banks under. English is truly a banksters language. The English are a bankster people.
|UK: FTSE 100||6215.47||-27.93||-0.45%|
|France: CAC 40||3738.91||-23.28||-0.62%|
|Stoxx Europe 600||285.02||-1.40||-0.49%|
-Greece PM Samaras commented that TAP pipeline meant EU1.5B in FDI for Greece and the pipeline choice would put an end to Greek Euro exit and to boost tax income for Greece.(just bizarre ranting).
-EU Economic Releases
German Bundestag passed a 2013 supplemental budget with net borrowings of €25.1B v €17.1B prior target; increase due to flood aid
(DE) Germany Jun Preliminary Consumer Price Index M/M: 0.1% v 0.0%e; Y/Y: 1.8% v 1.7%e
(DE) Germany Jun Preliminary CPI EU Harmonized M/M: 0.1% v 0.1%e; Y/Y: 1.9% v 1.8%e
(DE) Germany Jun CPI Brandenburg M/M: 0.2% v 0.4% prior; Y/Y: 1.7% v 1.4% prior
(DE) Germany Jun CPI Hesse M/M: 0.2% v 0,5% prior; Y/Y: 1.6% v 1.4% prior
(DE) Germany Jun CPI Bavaria M/M: 0.1 v 0.4% prior; Y/Y: 1.8 v 1.5% prior
(DE) Germany Jun CPI North Rhine Westphalia M/M: 0.2% v 0.4% prior; Y/Y: 2.1% v 1.7% prio
(DE) Germany Jun CPI Baden Wuerttemberg M/M: 0.1 v 0.5% prior; Y/Y: 1.7 v 1.4% prior
(AT) Austria May Producer Price Index M/M: -0.4% v -0.3% prior; Y/Y: -1.1% v -1.0% prior
(FR) France May Producer Prices M/M: -1.2% v -0.3%e; Y/Y: -0.1% v 1.0%e
(FR) France May Consumer Spending M/M: +0.5% v -0.1%e; Y/Y: 0.6% v 0.3%e
(IT) Italy Jun Business Confidence: 90.2 v 88.9e; Economic Sentiment: 76.1 v 80 prior
(IT) Italy May PPI M/M: -0.1% v -0.1%e; Y/Y: -1.1% v -1.1% prior
(IT) Italy Jun Preliminary CPI (NIC incl. Tobacco) M/M: 0.3% v 0.2%e; Y/Y: 1.2% v 1.1%e
(IT) Italy Jun Preliminary CPI EU Harmonized M/M: 0.3% v 0.2%e; Y/Y: 1.4% v 1.3%e
(ES) Spain Apr Current Account: -€0.3B v +€1.4B prior
(PT) Portugal May Industrial Production M/M: +6.1 v -3.2% prior; Y/Y: 4.4% v 2.4% prior
(PT) Portugal May Retail Sales M/M: 1.9 v 0.6% prior; Y/Y: -3.5% v -2.1% prior
(PL) Poland Central Bank (NBP) Jun Inflation Expectations: 0.4% v 0.7%e
(PL) Poland Q1 Current Account: -€2.1B v -€2.7Be
(IE) Ireland May Property Prices M/M: 0.3 v 0.8% prior; Y/Y: -1.1 v -1.2% prior
(IE) Ireland May Retail Sales Volume M/M: 0.1% v 0.4% prior; Y/Y: -0.7 v -0.4% prior
(FI) Finland Apr Final Trade Balance: -€59M v -€35M prelim
(FI) Finland May House Price Index M/M: +0.2% v -0.2% prior; Y/Y: 1.4% v 1.4% prior
(NO) Norway Jun Unemployment Rate: 2.5% v 2.5%e
(NO) Norway May Retail Sales w/Auto Fuel M/M: 1.8% v 0.5%e
(HU) Hungary Q1 Current Account: €549M v €125Me
(HU) Hungary May Producer Prices M/M: -1.2% v -1.2% prior; Y/Y: -1.3% v -1.1%e
(GR) Greece Apr Retail Sales Volume Y/Y: -14.2 v -5.6% prior; Retail Sales Value Y/Y: -14.7 v -5.7% prior
(GR) Greece Apr Producer Prices (PPI) M/M: 0.1% v -1.3% prior; Y/Y: -1.1% v -2.7% prior
(DK) Denmark Q1 Final GDP Q/Q: 0.0% v 0.2%e; Y/Y: -0.7% v -0.8%e
(CH) Swiss Jun KOF Swiss Leading Indicator: 1.16 v 1.19e
(SE) Sweden May Retail Sales M/M: 0.8% v 0.3%e; Y/Y: 3.1% v 2.5%e
(CZ) Czech May Money Supply Y/Y: 3.8% v 4.4% prior
(IS) Iceland May Final Trade Balance (ISK): -6.7B v -6.6B ex
(UK) Apr Index of Services M/M: 0.2% v 0.1%e; Index of Services 3M/3M: 0.8% v 1.1%e
(TR) Turkey May Trade Balance: -$9.9B v -$10.4Be
(EU) ECB €13M borrowed in overnight loan facility vs. €50.0M prior; €90.1B parked in deposit facility vs. €79.8B prior
Germany 10y 1.74 +0.01 0.79%
Italy 10yr 4.54 -0.03 0.75%
Spain 10yr 4.72 +0.00 0.07%
U.K. 10yr 2.44 +0.01 0.37%
Finland Debt Agency commented on H2 issuance and completed 50% of 2013 long-term funding requirement. It saw 2013 Net borrowings around €7.8B. it planned a new Euro-denominated benchmark bond planned in 2H and likely to be a 5-year maturity and was also considering a USD-denominated benchmark bond in H2. It also saw 1-2 tap auction in 2H. Bills issuance to be reopened after summer period.
-USA Econometric Releases
A massive miss on the Chicago PMI indicating a slow down or a ‘taper’ in the new car replacement cycle in the USA. A wild trading day, I piled on the shorts at the opening, got the 100 pt plus dropped, saw a massive ‘hand’ come in to prop stocks up in futures decided to cover, rode the DOW back to 15000 and reopened my shorts on the SPY/DIA and added some DAX shorts near the 8000 level. Along with the BBRY conf call it was a very busy morning, and too busy to do any real time posting. Although I must say the spooks left me alone for one night and today and it was truly ‘sweet’ not have to deal with blog harassers. I guess with this new war in Syria for the damned, they had more important targets. I can’t really understand how fanatical these people are, about some obscure blog in Iceland but it speaks I think to how few indy sources there are really out there. The end is near for the USA elites when they think they can ‘get’ everyone and engage in global murder and intrigue. Eventually these people will reap what they sow. The USA political class is absolutely despised by the populace.
(US) Jun Chicago Purchasing Manager: 51.6 v 55.0e
(US) Jun Final University of Michigan Confidence: 84.1 v 83.0e
(US) Jun NAPM-Milwaukee: 51.55 v 45.20e
(CA) Canada Apr Gross Domestic Product M/M: 0.1% v 0.1%e; Y/Y: 1.4% v 1.4%e
(CA) Canada May Industrial Product Price M/M: 0.0% v 0.1%e; Raw Materials Price Index M/M: 0.2% v 0.4%e
(CL) Chile May Manufacturing Index: 1.7%e
(CL) Chile May Retail Sales Y/Y: 13.2% v 10.3%e
(CL) Chile May Total Copper Production: 475,1K v 441.7K tons prior
(CL) Chile May Unemployment Rate: 6.4% v 6.5%e
(BR) Brazil May Nominal Budget Balance (BRL): -14.5B v -7.7B prior; Primary Budget Balance:5.7B v 6.6Be; Net Debt to GDP ratio: 34.8% v 34.6%e
(MX) Mexico May Net Outstanding Loans (MXP): 2.351T v 2.365Te
- BlackBerry disappointed investors with its Q1 report this morning. Hopes were high for BB10 sales, but expectations were throttled. The firm saw a small loss in the quarter versus expectations for a profit, and it warned the same would be the case in Q2. It shipped shipped 2.7M BB10 handsets in the quarter (~40% of overall shipments in the quarter), undershooting expectations of 3.3 M. BBRY was down in the 25 % range in early trading and remains at that level. I still own this stock but sold ahead of the earnings and repurchased it today. As the CEO pointed out on the conference call, its a ‘marathon’ and he has the cash to do it. Some evil Australian analyst emerged to call it essentially bankrupt and compared it to Palm as a dead OS/product and put out a sell . Always the Anglosaxons or Jews attack this business and lie, and I’ m tired of it. Its a candidate for an HTO at the current price. Probably why the Anglo-Zionist analyst community beats on it so hard. They have a nice patent portfolio as well as a loyal subscriber base in Asia. Value stock right now, the growth will be back once the PBOC gets its boot off the neck of the Asian markets.
-Russia getting tired of London/CME paper games in Gold
The Moscow stock exchange is going to start trading gold and silver by the end of this year, and platinum and palladium in 2014. Trading physical metals is expected to boost liquidity in the market and attract more participants.Russia has so far only been trading futures on gold and silver, not dealing with real metals. Gold has been occasionally sold on the over-the-counter market and the only benchmark for price was the Central bank’s quotations, Gazeta.ru reports. Now gold will get the market price in rubles.
-SNB Quarterly Bulletin: Reiterates bank is ready to defend 1.2000 floor with utmost determination, to buy currencies of unlimited quantities
- Spain Budget Min Montoro: Working to repair individual deficit targets for Spanish regions; will introduce proposal to raise taxes on some products; will propose tax hikes on products with negative society impacts and will affect large companies. Announced regional deficit limits thru to 2016 with combined deficit to be at 1.3% of GDP in 2013 and falling to 0.2% in 2016; In 2013 each region will have its own target.
- France Pres Hollande: Premature to fix deficit target for 2013; France must mind spending for 2013. Some analysts believe that France’s 2013 GDP forecast is too optimistic.
China Fixes: 7 day repo -66bp at 6.19%; overnight repo -55bp at 5.05%. Came down fast after Gov. Zhou flapped his gums.
Shanghai snapped seven-day losing streak today, bolstered by financial stocks, after China’s central bank governor Zhou Xiaochuan pledged to adjust liquidity supply to maintain the stability of the money market.The key Shanghai Composite Index advanced 29.19 points, or 1.50 percent, to 1,979.21. Daily turnover was 77.5 billion yuan (US$12.7 billion).The index ended the month with a 13.97 percent slump, the biggest monthly decline since August 2009 as a cash crunch emerged with interbank borrowing costs rising to record levels. Investors are worried that the liquidity squeeze may further slow economic growth.”The People’s Bank of China will employ various tools and measures to adjust market liquidity and ensure market stability while continuing its moderate monetary policy,” Zhou told the Lujiazui Forum in Shanghai this morning.Zhou’s words came after a statement released by the central bank on Tuesday that it would adjust cash supply at an appropriate time to rein in fluctuations and stabilize the market.
Financials recovered as interbank lending rates fell for a fifth consecutive day, a sign of easing liquidity crunch.China Minsheng Banking Corp rose 4.4 percent to 8.57 yuan. Industrial Bank Co gained 4.5 percent to 14.77 yuan. The Industrial and Commercial Bank of China Ltd, the nation’s largest lender, climbed 5.5 percent to 4.02 yuan.
Property developers advanced as The 21st Century Business Herald said the China Securities Regulatory Commission may relax control on refinancing by homebuilders.
Poly Real Estate, China’s second-largest developer, surged 6.2 percent to 9.91 yuan. Gemdale Corp rose 6.7 percent to 6.86 yuan.
(CN) China State Administration of Foreign Exchange (SAFE): End of March, outstanding foreign debt $765B v $737B q/q
(HK) Hong Kong May M3 Money Supply Y/Y: 11.2 v 9.4% prior; M3 Money Supply Y/Y: % v 9.3% prior; M1 Money Supply Y/Y: % v 15.5% prior
(TH) Thailand May Current Account Balance: -$1.1B v -$2.0Be; Total Trade Account Balance: +$0.5B v -$1.6B prior; Overall Trade Balance: $355M v $305M prior; Total Exports Y/Y: -4.9% v 3.7% prior; Total Imports Y/Y: -5.1% v 8.5% prior
(TH) Thailand May Business Sentiment Index: 53.9 v 48.8 prior
- The German press reported that ECB working group was considering QE like purchases in which it would buy bonds of all euro countries for purposes of monetary policy. It noted that ECB laws might allow widespread bond purchases. ECB believed the current situation was serious and noted some experts had spoken about quantitative easing (QE). ECB was considering the program as it awaited the German constitutional court ruling on the OMT. The article cited a Morgan Stanley economist as saying that the ECB could first have to exhaust all other convention measures before engaging in additional bond purchases. ECB Spokesman commented that the German article on QE was ‘completely wrong”.ECB’s Asmussen also commented on the article. He noted that ECB’s 360-degree thinking was only on credit supply and any other discussions in ECB was not policy relevant. German economic advisers council head Schmidt stated that the ECB interest rates might be low for years as govt struggle to rein in deficits. He noted that ECB has painted itself into a corner by announcing it would do anything to preserve the Euro. He added it was not the responsibility of monetary policy to solve structural problems of crisis countries; if fiscal policies remained oblivious to this responsibility the region could have low growth and low interest rates for years to come. Where there is smoke there is fire.
-French Trade Minister: Barroso Has ‘Done Nothing’ as Commission Chief
Well he destroyed Portugal and sent it to the Jew Bankers, then he destroyed Europe and sent it to the Jew bankers, or a lot of it…and he more or less got Israel into the EU wrt to trade, etc. He’s done a lot for the Jews at the Expense of France and Germany. So it is not like he has done nothing, he has done nothing for France and most of the EU ex destroy it. EU leaders are beyond sheer evil and like Obama purely satanic beings dancing to Rothschilds and the Windsors globalist tune.
-The Satanic GMO NWO …lead by who else?
Britain is poised to become the first country to allow babies to be born with three biological parents. BBC
-French auto maker PSA Peugeot Citroën is running out of ways to cope with a steep sales slide and red ink as a potential ally, General Motors, said it has no current plan to invest additional funds in the company. WSJ
-A study estimated that 1.3 quadrillion cubic feet of natural gas lie trapped in shale rock beneath northern England, raising British hopes of replicating the U.S. shale-gas boom.
- Bank of Spain to limit dividend payouts by Spain banks to 30% of profits for 2013 (one of the greatest crimes of europe is allowing these bankrupt banks to continue to pay dividends, large salaries and bonuses, while expecting the ESM and the USA to pick up the tab).
- France State Auditor stated that 2013 GDP was seen flat with public deficit to GDP seen at 4.0% vs. 3.7% target; need to take structural reforms
-S&P saw waning recession concerns in EMU but no meaningful recovery. Raised its 2013 growth estimate for the UK and lowered projections for Germany and Italy, while cutting inflation forecast for the eurozone.
-Sweden PM Reinfeldt rejected Industry proposal to introduce trading band or ceiling for SEK currency (Krona) to help the competitiveness of exporters
- ECB’s Nowotny (Austria): Huge problems remained in real economy. Central banks could help with unemployment but cannot solve it.
-“European problems cannot best be solved by ‘more Europe’ anymore.. nothing has come so far of the call for “political union” to deal with the continent’s sovereign debt crisis.” Faz Editorial
-39% of Dutch citizens favor leaving the EU (gallup). Dutch Foreign Minister Frans Timmermans has said that it is not possible to restore trust citizens’ trust in the EU without reform.
- Cypriot Central Bank Governor Panicos Demetriades said that Laiki Bank, once the island’s second largest bank, was deliberately kept afloat by the ECB in order to protect foreign investors.German Press
-Speaking at the Bundestag on Thursday, German Chancellor Angela Merkel said that that a eurozone solidarity fund would be “conceivable” if eurozone states could agree on the content and substance of closer economic coordination.
-European Commission President José Manuel Barroso said, “If we have to go towards more integration in the monetary union, I will be the first to agree with having less in other domains. It is not about listing sectors, that would be counterproductive and generate divisions. But we can reduce our regulatory activity, which is sometimes perceived as too intrusive.” Les Echos
-After seven hours of talks , eurozone finance ministers agreed on the new set of bank bail-in rules . The final agreement allows for some flexibility with governments or for the eurozone bailout fund being allowed to inject ESM funds but only after minimum bail-in of 8% of the total liabilities of the failing bank – although such intervention is capped at 5% of the bank’s liabilities. The UK and non-eurozone countries also secured caveats which essentially allow them to avoid building up pre-funded resolution funds. The agreement sees the bail-in plans coming into force in 2018, while the directive still needs approval from the European Parliament, so it could yet change, and details are ‘thin’. Individual deposits are only protected up to 100k EU.
- German Retail sales in May increased 0.8% from April, following three consecutive months of declines, beating economists’ forecasts of a 0.3% drop in sales. German retail sales in May were up 0.4% on the year as households stocked up on food and drink amid a string of holidays. German retail sales in January to May rose 0.2% from the same period a year earlier. (just inflation and pent up purchases coming out of a hard winter and wet spring, like buying new furnishings for your flooded home).
-Thursday’s ‘Operation Jawbone’ and ESM/ESF ‘Lift’ (ex gold which had to be smashed)
FED Lacker and Kocherlakota Dudley , Powell, and Lockhart
Interest rate hikes are a long, long way off, that the taper is strictly tied to the 7.0-6.5% unemployment thresholds and that QE asset purchases will be continuing for quite a while yet. All of the commentary highlighted that markets have gotten ahead of themselves in pricing in rate hikes. One blamed ‘feral hogs’ for market turmoil.
(EU) ECB’s Asmussen (Germany): Monetary policy remains expansionary, to remain so for as long as necessary; it is clearly too early for the ECB exit policy – comments in Paris
(EU) ECB’s Noyer: Accommodative policy will help boost recovery later in the year; Accommodative policy will remain for as long as necessary
(EU) ECB’s Mersch: Will continue with accommodative policy, reiterates there will not be exit from policy in the foreseeable future.
-Europe Thursday Econ releases
(EU) Euro Zone Jun Business Climate Indicator: -0.68 v -0.65e; Consumer Confidence: -18.8 v -18.8e; Economic Confidence: 91.3 v 90.4e; Industrial Confidence: -11.2 v -12.3e; Services Confidence: -9.5 v -8.5e
(EU) Euro Zone May M3 Money Supply Y/Y: 2.9% v 2.9%e; M3 Money Supply three-month Avg: 2.9% v 2.8%
(EU) Euro Area May Conference Board Leading Index: 107.3 v 106.9 prior
(DE) Germany May Import Price Index M/M:-0.4% v -0.2%e; Y/Y: -2.9% v -2.6%e
(DE) Germany May ILO Employment: 41.797 v 41.788M prior; Unemployment Rate: 5.3% v 5.4% prior
(DE) Germany Jun Net Change in Unemployment: -12K v +8Ke (first decline in four months); Unemployment Rate: 6.8% v 6.9%e
(FR) France Jun Consumer Confidence: 78 v 81e
(ES) Spain May Adjusted Real Retail Sales Y/Y: -4.5% v -6.7%e (31st straight negative reading); Real Retail Sales Y/Y: -4.5% v -2.6% prior
(ES) Spain Jun Preliminary Consumer Price Index Y/Y: 2.1% v 1.8%e; CPI EU Harmonized Y/Y: 2.2% v 2.0%e
(PT) Portugal Jun Consumer Confidence: -53.9 v -55.0 prior; Economic Climate Indicator: -2.9 v -3.2 prior
(IE) Ireland Q1 GDP Q/Q: -0.6% v +0.3%e; Y/Y: -0.9% v +0.6%e; Current Account: €1.2B v €2.9B prior
(RU) Russia Gold & Forex Reserve w/e Jun 21st: $514.1B v $519.4B prior
(BE) Belgium Jun CPI M/M: 0.2 v 0.2% prior; Y/Y: 1.6 v 1.2% prior (6-month high)
(SE) Sweden May Trade Balance (SEK): 5.7B v 9.4B prior
(FI) Finland Jun Consumer Confidence: 8.1 v 5.0 prior; Business Confidence: -5 v -4 prior
(DK) Denmark May Unemployment Rate: 4.4% v 4.5%e; Gross Unemployment Rate: 5.8% v 5.9%e
(HU) Hungary May Unemployment Rate: 10.5% v 10.8%e
(UK) Q1 Current Account: -£14.5B v -£12.0Be
(UK) Q1 Final GDP Q/Q: 0.3% v 0.3%e; Y/Y: 0.3% v 0.6%e
(UK) Q1 Final Total Business Investment Q/Q: -1.9% v -0.4%e; Y/Y: -16.5% v 0.7%e
(UK) Jun Lloyds Business Barometer: 36 v 39 prior
(TR) Turkey Jun Consumer Confidence: 76.2 v 77.5 prior
(IT) Italy Debt Agency (Tesoro) sold total €5.0B vs. €5.0B indicated in 2018 and 2023 BTPs
Sold €2.5B vs. €1.5-2.5B indicated range in 3.5% June 2018 BTP Bond; Avg Yield 3.47% v 3.01% prior; Bid-to-cover: 1.3x v 1.40x prior
Sold €2.5B v €1.5-2.5B indicated range in 4.50% Nov 2023 BTP bonds, Avg yield 4.55% v 4.14% prior’ bid to cover 1.46x v 1.38x prior
-Top leaders of the European Union have agreed on an 8-billion-euro youth employment initiative, aimed at solving the urgent issue of youth unemployment.
Asian markets are broadly higher on the massive ECB/Bundesbank/FED “operation jaw bone” and market manipulation that lifted markets in the USA and Europe on Thursday, combined with a lot of talking by Asian politicians and govts.
Japan had another bang up night as the Y/D was strong. Japan Fin Min Aso said it was not easy to fight against deflation but the size of deflation is narrowing. Japan Econ Min Amari said Japan on gradual trend out of deflation, despite more discouraging inflation figures that released today-green-lighting selling the Y against major exporting currencies. Japan’s exports of cars, trucks and buses declined 7.2% on year in May for the 10th consecutive month, the Japan Automobile Manufacturers Association said Friday; domestic production of cars, trucks and buses in Japan declined 6.2% on year in May for the ninth consecutive month. That said the Japan June Markit mfg. PMI showed the fastest growth in two years. The Japanese government will soon lift an order for the Self-Defense Forces to shoot down North Korean ballistic missiles in the event that any are launched, government sources said Friday as the USA, China, the Koreas and Japan inch towards talks.US announced additional sanctions against North Korea in the Japanese press.
In China, overnight Shibor rates below 5.00%, 7-day below 6.2%; both falling about 50bps. PBOC Gov Zhou pledges to fine-tune policies at right time, defends China’s “fast and stable” growth which bolstered their markets. Nike beats on top and bottom lines, but as management tempered expectations for China recovery on a conference call. China Securities Regulatory Commission (CSRC) Vice Chairman Zhuang Xinyi said it is important time to speed up capital markets reform .CASS criticized ‘Li-konomics
and said China should have more flexible monetary policy. The state press organ reported China may soon ease financing for property companies.China’s top auditor warned of risks threatening economic development, calling for better management of finances and state-owned assets, as well as the sound implementation of macro-economic policies.China Securities Regulatory Commission (CSRC) Plans to further reform the initial public offering (IPO) system. China Minister of Finance Lou said 2012 Central govt fiscal revenue reached target at CNY5.6T, +9.4% y/y but sees slow growth this year . Reuters reports that China will impose anti-dumping duties on a chemical dye imported from the EU imposing 19.6 % on production from Germany and 36.9% from other EU states. The Chinese Ambassador to the UK announced and agreement in the English press to accept 15,000 English youth to learn Mandarin and study the Communist govt in China. No doubt everyone an MI6 agent or possible double agent. Speaking of English spies..Standard Chartered economist Stephen Green said conducting a study on China’s govt/corporate/household debt levels; initial results showing corporate debt is past the “alarming line” poses big risk to economy.Beijing and Seoul stressed a joint commitment to the denuclearization of the Korean Peninsula and maintaining regional peace.
Australia’s new PM Rudd warns the end of China mining boom threatens living standards, warns election of Opposition would result in recession.
|Japan: Nikkei 225||13677.32||463.77||3.51%|
|India: BSE Sensex||19225.23||349.28||1.85%|
|UK: FTSE 100*||6243.40||77.92||1.26%|
|Australia $ (AUD/USD)||0.9263||-0.0012|
|S. Korean Won (USD/KRW)||1142.05||-6.05|
|Chinese Yuan (USD/CNY)||6.1950||-0.0260|
|WSJ Dollar Index||74.77||0.08|
|Australia 10 Year||14/32||3.772|
|China 10 Year||0/32||3.570|
|India 10 Year||15/32||7.495|
|Japan 10 Year||-4/32||0.853|
|German 10 Year||6/32||1.705|
|U.S. 10 Year||4/32||2.455|
(JP) Japan Apr All Industry Activity Index M/M: 0.4% v 0.4%e
(JP) JAPAN MAY PRELIM INDUSTRIAL PRODUCTION M/M: 2.0% V 0.2%E (4th consecutive rise; 5-month high rate of growth); Y/Y: -1.0% V -2.4%E
(JP) JAPAN MAY NATIONAL CPI Y/Y: -0.3% V -0.4%E; CPI EX-FRESH FOOD: 0.0% V 0.0%E (7-month high)
(JP) JAPAN JUN TOKYO CPI Y/Y: 0.0% V 0.1%E; CPI EX-FRESH FOOD: 0.2% V 0.2%E (2-year high)
(JP) JAPAN MAY JOBLESS RATE: 4.1% V 4.0%E; JOB-TO-APPLICANT RATIO: 0.90 V 0.90E (highest reading since Jun 2008)
(JP) JAPAN JUN MARKIT/JMMA MANUFACTURING PMI: 52.3 V 51.5 PRIOR (fastest growth in over two years)
(JP) JAPAN MAY OVERALL HOUSEHOLD SPENDING M/M: -1.6% V +1.3%E (first decline in five months)
(JP) JAPAN MAY LARGE RETAILERS’ SALES: -0.4% V +0.2%E; RETAIL TRADE M/M: 1.5% V 0.7%E; Y/Y: 0.8% V 0.0%E (6-month high)
(KR) SOUTH KOREA MAY INDUSTRIAL PRODUCTION M/M: -0.4% V +1.0%E; Y/Y: -1.4% V -1.2%E
(KR) SOUTH KOREA MAY CYCLICAL LEADING INDEX CHANGE: 0.3 V 0.1 PRIOR
(SG) SINGAPORE MAY MONEY SUPPLY M1: 15.4% V 14.1% PRIOR; M2: 9.9% V 9.6% PRIOR
(SG) SINGAPORE MAY CREDIT CARD BAD DEBTS: 22.6M V 20.4M PRIOR; BILLINGS: 3.57B V 3.33B PRIOR
(SG) SINGAPORE MAY BANK LOANS & ADVANCES: 18.8% V 20.0% PRIOR
(NZ) NEW ZEALAND MAY BUILDING PERMITS M/M: +1.3% V -3.9%E
(NZ) NEW ZEALAND MAY MONEY SUPPLY M3 Y/Y: 6.2% V 6.5% PRIOR (6-month low
(TW) Taiwan May Leading Index M/M: 0.7% v 0.4% prior; Coincident Index M/M: +0.2% v -0.2% prior (Late Thurs)
There is no top candidate at the moment in the process of picking a new Federal Reserve chairman, according to a report in the Wall Street Journal on Thursday. Treasury Secretary Jack Lew is putting together a shortlist of candidates, but there is now an open competition, the report said, quoting people familiar with the matter. President Barack Obama could try to convince Fed Chairman Ben Bernanke to serve a third four-year term, according to the report. White House officials said they had no comment on the speculation.
Analysts expect USDA to cut estimated corn acreage in Friday’s report due to rainy spring
FED Weekly Balance Sheet -mlns
3,478,672 + 8,142 w/w + 615,125 y/y
US announces additional sanctions against North Korea
USN takes delivery of first F35C for training..
Don Corzine Charged with Civil Crimes by CFTC
Regulators on Thursday settled charges against MF Global over the futures brokerage’s collapse, and also charged former Chief Executive Jon Corzine and former Assistant Treasurer Edith O’Brien in connection with the alleged misuse of customer funds.The Commodity Futures Trading Commission said MF Global had agreed to settle all charges against it, pay a $100 million penalty, and pay all the funds still owed to commodity customers.MF Global collapsed in October 2011 under the weight of aggressive bets on sovereign debt, thin capital and questionable disclosures to investors. Customers were left reeling after it was revealed that more than $1 billion of their money could not immediately be found.Corzine, a former co-chairman of Goldman Sachs and New Jersey governor, was charged with violating his legal obligations to diligently supervise. He was also charged with not acting in good faith as a “control person” at the firm.”Turning a profit is not the only job of the person at the top of a CFTC-regulated firm,” CFTC Enforcement Director David Meister said. “Particularly in times of crisis, the person in control, like the CEO here, must do what’s necessary to prevent unlawful uses of customer money, so that customers’ money is still there if and when the music stops.”O’Brien was charged with aiding and abetting the company’s misuse of customer funds. The CFTC said that O’Brien was behind the improper transfer of hundreds of millions of dollars from customer accounts to meet the brokerage’s other obligations as it experienced a liquidity crisis.The CFTC is seeking full restitution and penalties against Corzine and O’Brien, as well as trading and registration bans against them.
But no jail for the banksters!!!
After hours equity
NKE: Reports Q4 $0.76 v $0.74e, R$6.70B v $6.66Be; guides Q1 Rev up mid-high single digits; Q1 GM to be flat y/y; -2.1% afterhours
ACN: Reports Q3 $1.14 v $1.14e, R$7.20B v $7.42Be; Cuts FY13 guidance; -6.8% afterhours
USA Economic Release Summary- Thurs
(US) May Personal Income: 0.5% v 0.2%e; Personal Spending: 0.3% v 0.3%e
(US) May PCE Deflator M/M: 0.1% v 0.1%e; Y/Y: 1.0% v 1.1%e
(US) May PCE Core M/M: 0.1% v 0.1%e; Y/Y: 1.1% v 1.1%e
(US) Initial Jobless Claims: 346K v 345Ke; Continuing Claims: 2.965M v 2.953Me
(BR) Brazil Jun FGV Inflation IGP-M M/M: 0.8% v 0.7%e; Y/Y: 6.3% v 6.3%e
(BR) Brazil May Manufacturing PPI M/M: 0.3% v 0.4% prior; Y/Y: 4.1% v 5.5% prior
(CA) Canada Apr Average Weekly Earnings Y/Y: 2.2% v 2.3% prior
English to launch 15,000 person MI6 contingent to Subvert China to England’s will using Jewish Li/Rothschilds Banking family connections
I have noticed that Prime Minister David Cameron recently reaffirmed British policy toward Tibet, saying: “We recognise Tibet as part of China. We do not support Tibetan independence, and we respect China’s sovereignty.” He also stated that Britain wants to have a strong and positive relationship with China.
Liars and War Criminals at the Pentagon Back to Iraq (they never left), Lebanon, Jordan, Syria.. Don’t Occupy Wall Street, Says the Pentagon. or we will gas you or shoot you..we will occupy everything!!
US military commanders are examining ways the US could bolster security in Syria’s neighboring countries, and have recommended sending military trainers to Lebanon and Iraq.Gen. Martin Dempsey, the chairman of the Joint Chiefs, on Wednesday revealed US plans to strengthen military assistance in Lebanon and Iraq as the conflict in Syria begins to spill over its borders. Dempsey noted that Iraq is suffering the re-emergence of al-Qaeda. Terrorist fighters, including members of the al Nusra Front, are crossing from Iraq into Syria, he said.“We’ve made a recommendation that as we look at the challenges faced by the Lebanese armed forces, the Iraqi security forces with a re-emerging al Qaeda in Iraq, and the Jordanians, that we would work with them to help them build additional capability,” Dempsey told reporters at the Pentagon on Wednesday.To strengthen US security assistance in the region, he recommends that the US accelerate arms sales and send military training teams to Lebanon and Iraq. He already asked Gen. Lloyd Austin, the head of the US Central Command, to consider small deployments in upcoming weeks, Dempsey spokesman Col. Edward Thomas told CNN.Thomas said that “it’s in the realm of the possible” that training teams will be sent back into Iraq – a move that would mark the first significant deployment since the US withdrew its troops in 2011. Dempsey emphasized that the US was not sending combat troops into Lebanon or Iraq, but noted that a Patriot missile battery and about a dozen F-16 fighter jets had already been left in Jordan, bringing the total number of American forces in the country to 1,000.
Red Dawn Scenario for Japanese
The US and Japan are preparing for a possible Chinese invasion of the Senkaku Islands. Using a small island off the coast of California, US and Japanese forces are mimicking an armed invasion and an amphibious assault to prepare for a real-life scenario.The unprecedented drills, code-named Dawn Blitz, are being conducted on San Clemente Island, which is 75 miles northwest of San Diego, the Christian Science Monitor reports. They began with an assault led by 80 US Marines and three MV-22 Osprey aircraft, and were followed by a Japanese counterattack using 1,000 troops and two warships. Although Japanese officials claim they are not preparing to target a third country, the exercises have made Chinese officials uncomfortable.
Syrian Army Liberates Talkalakh, Clashes with Militants in Homs, Aleppo
|The European Commission has written to British Foreign Secretary William Hague demanding answers by the end of the week on leaked reports that Britain’s spy services are tapping cables that carry the world’s phone calls and Internet traffic.
“I have sent a letter to express my concern,” the EU’s Justice Commissioner Viviane Reding told a briefing on Wednesday, adding: “I have asked for a very urgent reply by the end of this week.”The claims, published by The Guardian newspaper, are based on leaked documents from US ex-intelligence technician Edward Snowden, who is now at a Moscow airport on the run from US authorities.The report on the British program codenamed Tempora has sparked a fresh outcry from privacy campaigners.German Justice Minister Sabine Leutheusser-Schnarrenberger said that if true it would be “like a nightmare out of Hollywood”. Reding said she had asked Hague to clarify the extent of the program, whether the data stayed in Britain or was passed to other countries, whether the spying was limited to individual cases and what the possibilities for legal redress were.”It is a very clear signal that we need… the right balance between the protection of data and the processing of data for security reasons,” Reding said.
Obama/Cameron/Hollande/Windsor/Rothschilds backed Terrorist Group Slaughters Christian Priest in his home
|US President Barack Obama had authorized a covert CIA program to arm foreign-backed militants in Syria in a bid to achieve advance on the ground against the government forces.Wall Street Journal quoted diplomats and US officials as saying that the Central Intelligence Agency has begun moving weapons to Jordan from a network of secretwarehouses and plans to start arming small groups of “vetted” militants.Under the CIA program the U.S., Saudi Arabia and key allies would provide both light arms and some heavier weapons to “moderate” militants loyal to Gen. Salim Idris, the top commander of Syria militants backed by the West.The diplomats and the US officials said that Washington plans to provide training, small arms, ammunition, and possibly certain types of antitank missiles.
Saudi Arabia and other countries plan to provide antiaircraft weapons on a small scale to ensure their use is closely monitored, according to the officials.The buildup will be gradual, officials acknowledge. U.S. and Saudi officials believe it will take months of arming and training before there are enough moderate fighters on the battlefield to make a meaningful difference on the ground against Syrian government.Obama’s decision follows urgent appeals by Saudi Arabia, Jordan and other allies for the US administration to take a more hands-on role, reported the Wall Street Journal.The effort is designed to strengthen “moderate” armed groups, giving them more clout than the extremist militants, and eventually to shift the momentum of the war in the militants’ favor after months of gains by the Syrian Army, officials said.
Putin Goads Fearful MI6/Mossad/CIA agents
MOSCOW, June 27 (Xinhua) — U.S. intelligence leaker Edward Snowden has a chance to receive political asylum from Moscow if he requests it, a Russian official said Thursday.”It can be considered by the President if Mr. Snowden files such a request,” Mikhail Fedotov, head of the Russian Presidential Human Rights Council, told the Interfax news agency.Fedotov noted that he approached the situation from the perspective of human rights protection rather than foreign policy.”A person, disclosing secrets concealed by special services, if these secrets are a threat to millions of people … such a person does deserve political asylum in this or that country,” he said.
The Wonderful American World of Informers and Agents Provocateurs
Patriotic General Leaked Jew/Mossad cyber war plan on Iran?
Obama grabbed every ones’ emails for 2 years
NSA still lying and still grabbing all it can..
MOSCOW (AP) — Russia has withdrawn all military personnel from its naval base in Syria and replaced them with civilian workers, the Defense Ministry said Thursday.The ministry did not say when the switch at the base at Tartus took place or how many personnel were deployed there. The minor facility is Russia’s only naval outpost outside the former Soviet Union. It consists of several barracks and depots used to service Russian navy ships in the Mediterranean.The ministry statement said that Tartus has continued to service the Russian navy ships.”They are continuing to work in a regular mode, and there is no talk about their evacuation from Tartus,” the statement said. “Tartus remains the official base and repair facility for the Russian ships in the Mediterranean and is continuing to fulfill its mission.”
FBI penetrates Wikileaks
-No Italians and really no people show up for the Fat Jew Gandolfini’s funeral
The media makes these celebrities, and with as many Jews and Anglosaxons are in the USA, they can generate enough viewers among their own people to float the shows like the Sopranos that could never air on Public TV .If you look at the Common people who came to watch his funeral outside, there are no Italians and they are few in number. Clinton due to his daughter marrying a Jewish mobster’s son, liked to keep his relationship with Gandolfini on the down low. The Jews were crazy about this show in the USA, probably as lot of them were hip to vilifying the Italians with the crimes of their people, and loved the violence, money, and foul language the show encouraged. Gandolfini was the ultimate Talmudist. I never met an Italian-America whose eyes did not see red if you talked about this show. The satanic Jew, Lady Gaga, another Maranno, in reality sells very few records. Her ‘people’ and people sucked into her satanic vortex are small in number. Only the MSM makes these people larger than life. The best PR machine in the world from the Dons of Oxford to the BBC to FT to Fox News to Brian Williams and Walter Cronkite is the one surrounding the Royal family of England, they are masters of it. They ‘make’ their relatives in the same image as they make themselves to justify their meaningless philistine existence of war, dope, money, power and perverted sex and satanism. Another fat Jew in hell most likely, would not surprise me if he was a relative of the Rothschilds at all, given the fuss that is being made over this very evil man.
Meanwhile in an erstwhile screw-up by the Feds, one of the FBI’s Jew rats (informers) manages to live the high life while on the ‘run’ for 16 years. The number of murders Whitey Bulger committed is really unknowable. That he was in business with the FBI is indisputable. This is the ‘real’ mob Hollywood will never go near.
-I will catch up on today’s economic news from the USA and Europe tonight. Today is end of the quarter book marking. Stocks should remain resilient affording an opportunity to rebuild our shorts in the DAX, DIA, SPY, and what is down should remain down (gold and silver) giving us another day of physical buying.
EU Bank Bail-In deal struck