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Nov 27, 2014

GATA | THE GATA DISPATCH - November 26, 2014: How JPMorgan struck gold with copper.

How JPMorgan struck gold with copper

Submitted by cpowell on Thursday, November 27, 2014. 
 Thursday, November 27, 2014

Reuters writer Andy Home today examines a detail of the U.S. Senate committee report on commodity market manipulation that GATA called to your attention a few days ago --
-- JPMorganChase's domination of the copper market and the metal's strange classification as "bullion" by U.S. government financial regulatory agencies, thereby exempting trading in the metal from ordinary anti-monopoly controls.
Home's analysis is headlined "How JPMorgan Struck Gold with Copper" and it's posted at Reuters here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Asian and European Markets at Close Report - November 26, 2014 | MarketWatch.


Japan stocks decline as auto makers fall

By
ASIA MARKETS REPORTER

HONG KONG (MarketWatch) — Japan stocks posted a second straight day of drops on Thursday, as auto makers suffered heavy losses after the U.S. regulators ordered a nationwide recall of air bags made by Japanese company Takata Corp.
The Nikkei Average NIK, -0.78%  ended down 0.8%, with the broader TopixI0000, +0.03%  dropping 1%. The yen USDJPY, +0.00%  , meanwhile, strengthened versus the greenback to ¥117.41 from ¥117.62 in the prior session.
Auto-parts maker Takata Corporation 7312, -4.79%  sank 4.8%, after the U.S. National Highway Traffic Safety Administration ordered the company to recall its driver-side air bags nationwide.
Japanese auto makers suffered, with Honda Motor Co., Ltd. 7267, -3.33%  sliding 3.3%. Honda Motor had recalled cars with Takata airbags in March 2002, two years earlier than previously thought, according to a Reuters report.
Mazda Motor Corp. 7261, -2.43%  lost 2.4%, Nissan Motor Co., Ltd. 7201, -1.61% dropped 1.6%, and Toyota Motor Corp. 7203, -0.46%  gave up 0.5%. Toyota Motor said Thursday it plans to call back about 57,000 vehicles in the world due to possibly defective airbags made by Takata, Reuters said.
In other Asian markets, Hong Kong’s benchmark Hang Seng Index HSI, -0.45% retreated 0.5%.
Official data showed Thursday that China’s industrial profit swung to a decrease in October, as profits for the top companies dropped 2.1% from a year earlier, compared to a 0.4% increase for September profit.
In Seoul, the Kospi Composite Index SEU, +0.06%  inched up 0.1%. Samsung Electronics Co., Ltd. 005930, +5.75%  surged 5.3%, after the tech giant said it would buy back $2 billion worth of shares, the first share buyback in seven years.
Elsewhere, Australia’s S&P/ASX 200 a XJO, +0.09%  nudged higher by 0.1%, while mainland China’s Shanghai Composite Index SHCOMP, +1.00%  rose 1%.
_________________________________________________________________________________

EUROPEAN  MARKETS

European stocks hold on to data-driven gains after OPEC decision

By
MARKETS REPORTER

CARLA
MOZEE


MARKETS REPORTER
LONDON (MarketWatch) — A raft of economic data out on Thursday offered much-needed good news for Europe, helping send regional stock indexes higher almost across the board.
But shares in oil majors slumped after the members of the Organization of the Petroleum Exporting Countries agreed not to cut the group’s existing production target.
Economic data: Germany’s unemployment rate unexpectedly fall to a record post-unification low of 6.6% in November, while the number of jobless people fell by 14,000. The figures confirm that the German labor market has been able to weather the latest bout of sluggishness, in which the country’s manufacturing sector was especially hard hit by global geopolitical concerns and by sanctions on Russia.
In Spain, data showed the economic recovery continued in the third quarter as gross domestic product for the period rose 0.5% quarter-on-quarter and 1.6% on the year. Both readings were in line with flash estimates. And in Italy, manufacturing business confidence rose for a second month in a row, boosted by better order expectations from manufacturers of consumer and industrial goods.
However, consumer-price numbers revealed that Spain slipped further into deflation in November, with prices falling for a fifth straight month. Belgian consumer prices in November also fell further, down by 0.11%. Data released during midafternoon trade showed German inflation in November slowed to 0.5%, matching an estimate from HSBC.
European Central Bank President Mario Draghi, at a speech before the Finnish Parliament in Helsinki, reiterated that policy makers are committed to enacting additional measures “within its mandate” to address the risks of persistently low inflation levels.
He noted eurozone inflation in October stood at a low rate of 0.4%, and considering the recent slide in oil prices, “and taking into account prevailing futures prices for energy, inflation is expected to remain at around current low levels over the coming months, before increasing gradually during 2015 and 2016.”
On Friday, investors will watch for eurozone-wide inflation data that are expected to show consumer prices grew by 0.3% this month.
Market reaction: The Stoxx Europe 600 index SXXP, +0.35%  added 0.4% to close at 347.49, although it briefly pared gains after OPEC’s decision to keep oil production unchanged at 30 million barrels a day.
Germany’s DAX 30 index DAX, +0.60% rose 0.6% to 9,974.87, setting it on track for a 7% gain for November. Such a monthly rally would be the biggest since January 2012. After the in-line German-inflation print, the euro EURUSD, -0.30%  bought $1.2476, compared with Wednesday’s level of around $1.2514.
The U.K.’s FTSE 100 index UKX, -0.09% slipped 0.1% to 6,723.42, weighed by oil majors.
France’s CAC 40 index PX1, +0.20%  gained 0.2% to 4,382.34. The index didn’t open at the usual time Thursday due to a technical problem. Read: Four European stock indexes resume trading after glitch
Meanwhile, Greek stocks fell, with the Athex Composite GD, -2.63%  down 2.6% at 950.95. Greece’s international creditors are considering a six-month extension of Greece’s bailout program after negotiations with the country’s officials here failed to reach an agreement.
Bonds: German government bonds rallied, sending the yield on the 10-year bondTMBMKDE-10Y, -4.56%  to just 0.699%, below the previous all-time low of 0.719% hit in October, according to Tradeweb. The 10-year French government bondTMBMKFR-10Y, -5.06%  slumped too, falling below 1% for the first time ever, while the 10-year U.K. Gilt TMBMKGB-10Y, -2.72%  was also lower, at around 1.92%.
Oil stock blues: The OPEC meeting pulled on oil futures and oil providers alike. Crude for January CLF5, -6.30%  tanked $4.26, or 5.6%, to $69.43 a barrel. BP PLCBP., -2.67% BP, +0.05%  lost 2.7%, Royal Dutch Shell PLC RDSB, -4.27%RDS.B, +1.12%  dropped 4.3%, Total SA FP, -4.05%  slid 4.1% and Petrofac Ltd.PFC, -6.23%  gave up 6.2%.

NYT | Today's Headlines: Top News: U.S. Adds Planes to Bolster Drive to Wipe Out ISIS.

The New York TimesMost Popular | Video | Subscribe: Digital / Home Delivery

Today's Headlines

Thursday, November 27, 2014


Top News
A plane from the American-led coalition flew over Kobani, Syria, a town under assault by ISIS.
U.S. Adds Planes to Bolster Drive to Wipe Out ISIS

By ERIC SCHMITT

The United States is shifting aircraft from Afghanistan to the Middle East, but the Islamic State, a hybrid between a conventional army and a terrorist network, has been difficult to target.

NEWS ANALYSIS

Obama Builds Environmental Legacy With 1970 Law

By CORAL DAVENPORT

Leaning on the Clean Air Act, President Obama has reshaped environmental policy more than any previous occupant of the White House.
Experts Weigh Officer's Decisions Leading to Fatal Shooting of Michael Brown

By MICHAEL SCHWIRTZ and RICHARD A. OPPEL Jr.

Many experts said that Darren Wilson acted within the bounds of protocol, though some said the quick escalation of the fatal encounter could have been avoided.
For more top news, go to NYTimes.com »
Editors' Picks

MULTIMEDIA

2014 Holiday Gift Guide
The best present ideas, selected by Times experts, to make shopping easy this season.
Michelle Alexander

OPINION | OP-ED CONTRIBUTOR

Telling My Son About Ferguson

By MICHELLE ALEXANDER

I write and lecture about the horrors of our criminal justice system. Explaining the Darren Wilson decision to my child was much harder.
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WORLD | Scotland Rejects Independence From Britain in a Close Vote
THE UPSHOT | Scotland’s Independence Vote Shows a Global Crisis of the Elites
WORLD | New Islamic State Video Features British Hostage as Group Spokesman

QUOTATION OF THE DAY

"It's now in the hands of all types of people - good people, bad people, tricksters, pranksters, kids."
PATRICK EGAN, a consultant on commercial drone projects, on the largely unregulated use of drones.
Today's Videos
Video VIDEO: How to Carve a Turkey
Ray Venezia, master butcher and Fairway Market meat consultant, shows how to carve a turkey.
. More Thanksgiving Videos
Video VIDEO: Chris Rock: The Times Interview
The filmmaker, actor and comedian Chris Rock discusses his career and his latest film, "Top Five."
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Video VIDEO: Drones Misbehaving
Drones are now soaring beyond their practical and recreational uses and are landing firmly in the hands of troublemakers and pranksters.
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For more video, go to NYTimes.com/Video »
ADVERTISEMENT
World
Mourning at a hospital morgue in Quetta, Pakistan, for one of four anti-polio workers who were killed by gunmen on Wednesday.
Polio Crisis Deepens in Pakistan, With New Cases and Killings

By DECLAN WALSH

The number of new Pakistani polio cases this year has hit 260, four times as many as last year, and four more anti-polio workers have been killed in the field.
Rescuers in Yemen Sought American, Officials Say

By ERIC SCHMITT and SAEED AL BATATI

A journalist held by a Qaeda affiliate was a target in a raid this week by Special Operations commandos and Yemeni troops, according to U.S. and Yemeni officials.
Jian Ghomeshi leaving court on Wednesday after his release on bail. He has been charged with four counts of sexual assault and one count of choking.
Jian Ghomeshi, Canadian Radio Host Facing Sexual Assault Charges, Is Granted Bail

By IAN AUSTEN

Jian Ghomeshi, the former host of "Q" for the Canadian Broadcasting Corporation, faces four counts of sexual assault and one count of choking.
For more world news, go to NYTimes.com/World »
U.S.
The ruins of a TitleMax office on a closed commercial strip after looting and arson damaged many businesses in Ferguson, Mo.
After Disputed Verdict, Reckoning for Ferguson

By MONICA DAVEY and ALAN BLINDER

In a way, the questions about the future of a few heavily damaged blocks of West Florissant Avenue in Ferguson are larger than the individual stores that lined it.
Justice Ruth Bader Ginsburg, seen in 2010, expects to work Monday.
Justice Ginsburg Is Recovering After Heart Surgery to Place a Stent

By ADAM LIPTAK

Ruth Bader Ginsburg, 81, was expected to be at work on Monday after doctors placed a stent in her right coronary artery, a procedure known as coronary catheterization.
Jim Van Wychen, of the Wetherby Cranberry Company in Warrens, Wis. Only a fifth of the country's supply is used between fall and winter.
Cranberry Growers Search for Ways to Share Their Bounty

By KIM SEVERSON

As cranberry farmers bring in record harvests and berry prices plummet, the industry is trying to recast the fruit outside its usual Thanksgiving milieu.
For more U.S. news, go to NYTimes.com/US »
Politics
Health care shoppers signed up for insurance on the first day of open enrollment for the Affordable Care Act at the Evergreen Health Center in Manassas, Va., earlier this month.
In First Week, More Than a Million Apply for Health Insurance on Federal Website

By ROBERT PEAR

The applications at the start of the three-month enrollment period showed that in contrast to initial problems last year, HealthCare.gov was working.
Wyoming Devises Plan to Expand Medicaid

By ABBY GOODNOUGH

If it wins federal and state legislative approval, Wyoming will join 27 states that have added program coverage under the Affordable Care Act.
President Obama pardoned Cheese, the National Thanksgiving Turkey, at the White House on Wednesday. Mac did not attend.
An Executive Action Unlikely to Be Faulted

By JULIE HIRSCHFELD DAVIS

The tradition of sparing turkeys began in 1963 and morphed into a full presidential pardon for the first time in 1989.
For more political news, go to NYTimes.com/Politics »
Business
Myriam Bello, 22, is one of nearly 4.5 million workers in France unable to find jobs with at least 35 hours a week. She works 30 hours at a New Look clothing store.
In France, New Review of 35-Hour Workweek

By LIZ ALDERMAN

The Socialist government is rethinking a law that was meant to create jobs but lately has been criticized for adding to the country's economic woes.
Demand is high for toys based on Nickelodeon's
Simple, Even Retro, Toys Gain Favor This Christmas

By RACHEL ABRAMS

Arts and crafts, robotic animals, retro toys and toys based on popular children's movies are in high demand this year, as parents look for alternatives to digital diversions.

STATE OF THE ART

Tech Toys That Go Beyond the Screen

By FARHAD MANJOO

Toys will soon be able to be controlled and updated through an Internet connection, and that may forever alter how we think about play.
For more business news, go to NYTimes.com/Business »
Technology
Now, Anyone Can Buy a Drone. Heaven Help Us.

By NICK WINGFIELD

Pranksters' antics are forcing public safety officials to look at the air above them, generally thought safe and secure, as a place for potential trouble.

BITS BLOG

New F.A.A. Report Tallies Drone Sightings, Highlighting Safety Issues

By NICK WINGFIELD

The list is not comprehensive, but it still provides a good idea of why the F.A.A. and others are increasingly concerned about the safe operation of drones.
A monitor in Google's offices in Berlin. Privacy advocates in Europe want to expand
'Right to Be Forgotten' Should Apply Worldwide, E.U. Panel Says

By MARK SCOTT

New guidelines from privacy regulators would require Google, in certain cases, to take down links in search domains in Europe as well as outside the region.
For more technology news, go to NYTimes.com/Technology »
Sports
The Mavericks' Dirk Nowitzki, who scored 30 points, putting up a shot against Jason Smith, left, and Amar'e Stoudemire.

MAVERICKS 109, KNICKS 102, OVERTIME

Knicks Fare Badly in Reunion in Dallas

By SCOTT CACCIOLA

Without Carmelo Anthony, out with back spasms, the Knicks fell to the Mavericks, who got a big game from the ex-Knick Tyson Chandler.
Tony Wroten of the 76ers had his shot blocked by Brook Lopez, right, who finished with three blocks for the Nets on Wednesday.

NETS 99, 76ERS 91

Struggling Nets Find Team Even They Can Beat

By ANDREW KEH

Philadelphia trailed by only 1 point with 1 minute 13 seconds remaining but could not overpower the Nets, and with the loss, the 76ers dropped to 0-15.
Seahawks Coach Pete Carroll with cornerback Richard Sherman, left, and receiver Doug Baldwin before Sunday's victory over the Cardinals.
Realm at Stake, Playoff Masters Prepare to Collide