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April 25, 2018

Wednesday, April 25, 2018

Cash “Vanishes” From Bank Accounts In Ireland   (LOOK)

Cash “Vanishes” From Bank Accounts In Ireland – Emergency cash offered by Ulster Bank as cash vanishes from accounts – Bank makes €500 available to customers whose deposits vanish – Bank investigates after hundreds of complaints on social media – “My salary has disappeared from my account today and my wife had her card declined when....  https://news.goldcore.com/us/gold-blog/cash-vanishes-from-bank-accounts-in-ireland/ 
Stock Market: This Is Now Becoming A Rate Game, Here's Why. By Gregory Mannarino
Bitcoin Tumbles Back Below $9,000 As Crypto Gets Clobbered

No obvious catalyst for the big drop this morning - aside from perhaps Chinese police seizing mining equipment in Tianjin - but Bitcoin Cash is plunging and Bitcoin is back below $9,000 as the entire crypto space is getting hit...

Notes From Underground: The 10-Year Finally Hits 3% and It is Meaningless

The concentration of the media on round numbers is going to drive me to drink that bottle of Pappy Van Winkle. In true philosophical inquiry, round numbers never fit in the square pegs of the unbalanced thinking at Notes From Underground. In Tuesday’s post I am going to run through several points that I’ve mentioned over the past several months. All of these issues will have some relation to the developing narrative that we are experiencing in the markets:  1. High-yield debt is weakening as reflected by the ETF HYG as Treasury rates rise. The problem for investors is that when the HYG ETF was making lows it was due to the decline in OIL and GAS prices as energy companies issued a great deal of junk bonds. Now the drop in HYG and LQD [a high-grade ETF] is related to the increased yields and the impact on balance sheets.  As Jim Bianco and others have discussed, it is not the 10-YEAR yield rising that is the problem, but the TWO-YEAR YIELD and shorter duration paper that has risen to 2%-2.5%. There is a great deal of borrowing priced to Libor, so the rapid increase in rates is projected to have a negative impact on profits. If the FED is right and WAGES are set to rise in response to potential inflation the feedback loop will cause forward earnings to be less than projected. This week we are seeing PROFIT REPORTS exceed already high projections but the EQUITIES are struggling. In my opinion, this suggests that interest rates are going to be an investor concern as the profit story recedes....  https://yragharris.com/2018/04/24/3percent/ 

Markets Better Prepare for Stagflation

Investors better wake up to the growing risk of stagflation. The coming weeks promise to deliver the verdict on how they should be positioned. By all metrics, inflation is heating up. But it’s not clear the same can said for underlying economic activity.  According to producers, input costs have risen for six of the past eight months. And it’s not just big companies that are feeling pressure. One in four small businesses say they plan to raise prices, a 10-year high, according to the National Federation of Independent Business. Inflation’s persistence will finally begin to trickle through to consumers.  

David Rosenberg, chief economist at the wealth management company Gluskin Sheff, recently quipped that investors “better say a prayer for Jay Powell,” the Federal Reserve chair. The deniers will dismiss the suggestion. But Rosenberg is serious, citing the core consumer price index’s March leap to 2.1 percent, a level that breaches the Fed’s 2 percent inflation target.  "There is going to be a price to be paid for last year’s string of wireless-induced 0.1 percent prints which are falling out of the year-over-year math,” Rosenberg explained, referring to the collapse in wireless services that skewed inflation lower in 2017. “I see 50/50 odds of a 3 percent core inflation by year end.”.... https://www.bloomberg.com/view/articles/2018-04-24/markets-better-prepare-for-rising-inflation-and-weaker-growth 
Labor Leaders Furious After World Bank Recommends Ditching Minimum Wage

The paper "almost completely ignores workers’ rights, asymmetric power in the labour market and phenomena such as declining labour share in national income," Bakvis said.

Germany’s Merkel: No to Jerusalem Embassy, No to ‘Settlements,’ Yes to Iran Nuclear Deal
In an interview with Israel’s Channel 10 television on Sunday, German Chancellor, Angela Merkel said that her country will not follow in the footsteps of the United States by moving its embassy from Tel Aviv to the Israeli capital of Jerusalem. She explained this position as part of a commitment on Germany’s part towards the creation of a Palestinian State within Israel’s Biblical heartland.
Taiwan To Simulate Chinese Invasion In Live-Fire Military Drill Starting Next Week

"Civilian resources will also be integrated into this exercise to support military operations."

Plastic pollution: Arctic sea ice contains huge quantity of microplastics, reveals new analysis

Scientists have found an unprecedented number of microplasticsfrozen in Arctic sea ice, demonstrating the alarming extent to which they are pervading marine environments.  Analysis of ice cores from across the region found levels of the pollution were up to three times higher than previously thought.  Each litre of sea ice contained around 12,000 particles of plastic, which scientists are now concerned are being ingested by native animals..... https://www.independent.co.uk/environment/plastic-pollution-arctic-sea-ice-microplastics-ocean-environment-a8319951.html 

OPCW Investigators Reportedly Found "No Evidence" Of Chemical Weapons At Syrian Facilities Bombed By US

"According to the statements of the Pentagon’s representatives, 22 missiles hit the above-ground facilities. We registered no more than seven hits, which is shown in the space image..."

Trump Warns Iran of ‘Bigger Problems Than Ever Before’

U.S. President Donald Trump lashed out at the Iranian nuclear deal on Tuesday during a press conference at the White House with French President Emmanuel Macron, calling the agreement “insane” and a “terrible deal,” while warning Iran against restarting its nuclear program if the U.S. pulls out. “If they restart their nuclear program, they will have bigger problems than they have ever had before,” Trump said, without elaborating further.

Colombia’s Migrant Crisis Worsens With Venezuela Nearing ‘Implosion’

“Venezuela is on the verge of imploding,” Santos told Bloomberg TV Monday. “What we hope is that this implosion will be peaceful and not violent, because otherwise we will have a tremendous avalanche of more Venezuelans coming to Colombia.”

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