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Showing posts from August, 2019

Economy: The Anatomy of the Coming Recession | by Nouriel Roubini

Nouriel Roubini 7-9 minutes - Source: PROJECT SYNDICATE Unlike the 2008 global financial crisis, which was mostly a large negative aggregate demand shock, the next recession is likely to be caused by permanent negative supply shocks from the Sino-American trade and technology war. And trying to undo the damage through never-ending monetary and fiscal stimulus will not be an option. NEW YORK – There are three negative supply shocks that could trigger a global recession by 2020. All of them reflect political factors affecting international relations, two involve China, and the United States is at the center of each. Moreover, none of them is amenable to the traditional tools of countercyclical macroeconomic policy. The first potential shock stems from the Sino-American trade and currency war , which escalated earlier this month when US President Donald Trump’s administration threatened additional tari

Gerald Celente Video: Mad Dog Mattis, a Presstitute's Hero - Originally Published on August 30, 2019

Futures & Commodities I Gold I I Gold Price Report Gold, silver eye best month in over 3 years

3 minutes - Source: CNBC Gold and silver were poised for their best month in more than three years as fears of a global recession and uncertainty on U.S.-China trade relations drove investors to safe havens, although a slight recovery in equities curbed gains on Friday. Spot gold rose 0.1% to $1,529.17 per ounce, but has gained nearly 8% so far this month, which would be its biggest monthly gain since June 2016. U.S. gold futures rose 0.1% to $1,538.30. The market is awaiting news on the trade front, said Suki Cooper, precious metals analyst at Standard Chartered Bank. “At the moment, the gold market is focused on impact in terms of global growth and whether we’ll continue to see central banks around the world easing monetary policy,” Cooper added. Chinese and U.S. trade negotiating teams are maintaining effective communication, a day after both sides discussed the next round of in-person negotiations in September, China’s foreign min

Press Release: FDIC Makes Public July Enforcement Actions: PR-75-2019 8/30/2019

2 minutes - Source: FDIC One Administrative Hearing Scheduled for September 2019 FOR IMMEDIATE RELEASE August 30, 2019 The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in July. There is one administrative hearing scheduled for September 2019. The FDIC issued a total of 14 orders and one notice of charges in July 2019.The administrative enforcement actions in those orders consisted of four stipulated consent orders; four terminations of consent orders; four Section 19 orders; one stipulated civil money penalty order; one stipulated removal and prohibition order; and one notice of charges and hearing. To view orders, adjudicated decisions and notices online, please visit the FDIC's Web page by clicking the link below. July 2019 Enforcement Decisions and Orders # # # Congress created the Federal Deposit Insurance Corpo

Europe I Europe Markets Closing Report: European stocks close higher on signs of trade war easing; Italy stock falls; Deutsche Wohnen up 10%

Chloe Taylor, Elliot Smith 3-4 minutes - Source: CNBC European stocks rallied on Friday after China struck an accommodating tone over its trade war with the U.S., while British opposition lawmakers plan to trigger an emergency debate to prevent a no-deal Brexit. European Markets: FTSE, GDAXI, FCHI, IBEX TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME FTSE FTSE 100 FTSE 7192.19 7.87 0.11 378049305 DAX DAX DAX 11909.86 70.98 0.6 0 48089101 CAC CAC CAC 5467.95 17.98 0.33 44617656 The pan-European Stoxx 600 climbed 0.8% by the afternoon, with China-exposed basic resources stocks jumping 2.5% as all sectors traded in positive territory. Bucking the trend, however, were Italian stocks, which fell on the back of new political developments in the country. Luigi Di Maio, leader of Italy’s Five-Star Movement, said on Friday his party would only enter a coalition with opposition PD if it agreed to a string of policy demands, dentin

Market Inside | Premarket | Biggest Moves Premarket:Stocks making the biggest moves premarket: Campbell Soup, Ulta, Tesla, GE & more

Peter Schacknow 3-4 minutes - Source: CNBC Check out the companies making headlines before the bell: Campbell Soup – Campbell Soup reported adjusted quarterly profit of 49 cents per share, 8 cents above estimates, with organic sales up 2%. Revenue did fall below Wall Street forecasts, but Campbell said it has built a solid foundation on which to improve its results in fiscal 2020. Big Lots  – The discount retailer beat estimates by 13 cents with adjusted quarterly profit of 53 cents per share, with revenue also above estimates. Comparable store sales rose 1.2%, shy of the 1.9% consensus estimate of analysts surveyed by Refinitiv. Big Lots also said it was confident it would be able to successfully navigate tariff-related headwinds. Dell Technologies – Dell reported adjusted quarterly profit of $2.15 per share, well above the consensus estimate of $1.47. The computer maker also saw revenue beat estimates on strong sales across its computer product line.

Gold: Higher prices and custom duty dampened Indian demand in July

6-7 minutes - Source: GoldHub Posted: 30 August, 2019. 11:30 Summary Indian gold imports reached just 37.7t in July 2019 – 49% lower than the same month last year  The domestic gold price was 2.3% higher in July compared to June; 23% higher y-t-d The custom duty on gold was unexpectedly raised by 2.5% in the Union Budget on 5th July With elevated domestic gold prices and a higher custom duty, the discount in the local gold market reached a peak of US$28/oz in July Volatile prices and weak physical demand encouraged healthy gold futures trading on MCX: volumes touched a high of 46.8t in July No support for consumer demand Following weak domestic retail demand in June, gold demand suffered a big blow in July: the custom duty on gold was unexpectedly increased by 2.5% to 12.5% in the Union Budget. Demand received no support

U.S. Market | Dow Futures Indicator Update: Dow futures up more than 150 points, reversing earlier losses

Fred Imbert, Sam Meredith 2-3 minutes - CNBC U.S. stock index futures were higher Friday as the world’s two largest economies showed a willingness to resolve their long-running trade dispute. At around 7 a.m. ET, Dow  Jones Industrial Average futures rose 168 points, indicating a positive open of more than 189 points. Futures on the S&P  500 and Nasdaq  100 were both higher, reversing earlier losses. Market focus is largely attuned to global trade developments, after President Donald Trump said that some trade discussions had taken place on Thursday , with more scheduled over the coming weeks. China’s commerce ministry said Thursday it was willing to calmly resolve the long-running trade dispute , but added it was against any further escalation in tensions. The comments spurred hopes for progress in talks. Trade tensions have dominated market sentiment for much of this year, with wild swings in global markets as rhetoric between world’s two largest economie

DealBook | DealBook Briefing: Could We Talk Ourselves Into Recession?

13 - 16 minutes - Source: NYT Image A Walmart in Houston. CreditCreditDavid J. Phillip/Associated Press Aug. 30, 2019 Updated 6:51 a.m. ET Good Friday. We’ll be taking a break for Labor Day, but will be back in your inboxes on Tuesday. (Was this email forwarded to you? Sign up here .) Talk of a downturn could make it a reality President Trump’s trade war with China and the gloom hanging over the global economy have many people thinking about the threat of recession in America. But some worry that there’s a danger of simply talking the U.S. into a downturn. The U.S. economy is sending mixed messages about its health: • G.D.P. “rose at a seasonally adjusted annual rate of 2.0 percent in the second quarter, a solid pace but down from a 3.1 percent rate in the first quarter and 2.9 percent overall in 2018,” the WSJ reports . • The Economist says that some parts of the U.S. may already be in recession . • But American corporate profits rose in

Europe Economy: ECB hawks are trying to downplay the chances of a huge stimulus package in September

Silvia Amaro , Matt Clinch 4 minutes - Source: CNBC FMario Draghi (C), president of the European Central Bank (ECB)speaks flanked by Luis de Guindos, vice president of the European Central Bank (ECB), and Christine Graeff, director general for communications to the media following a meeting of the ECB Governing Council at ECB headquarters of March 7, 2019 in Frankfurt, Germany. Thomas Lohnes | Getty Images Two top officials have tried to temper market expectations of an immediate quantitative easing (QE) package being launched by the European Central Bank (ECB) . Earlier in the summer, ECB President Mario Draghi said he was looking at further options to prop up the 19-member euro zone economy, outlining that one of the possibilities included a new program of asset purchases to stimulate lending and boost inflation. Investors cheered his dovish comments with ECB members like François Villeroy de Galhau highlighting that a m

U.S. Market | Dow Futures Indicator: Dow futures up more than 100 points, reversing earlier losses

Sam Meredith 2 minutes - Source: CNBC U.S. stock index futures were higher Friday morning, as the world’s two largest economies showed a willingness to resolve their long-running trade dispute. At around 05:30 a.m. ET, Dow futures rose 138 points, indicating a positive open of more than 159 points. Futures on the S&P and Nasdaq were both higher, reversing earlier losses. Market focus is largely attuned to global trade developments, after President Donald Trump said that some trade discussions had taken place on Thursday , with more scheduled over the coming weeks. China’s commerce ministry said Thursday it was willing to calmly resolve the long-running trade dispute , but added it was against any further escalation in tensions. The comments spurred hopes for progress in talks. Trade tensions have dominated market sentiment for much of this year, with wild swings in global markets as rhetoric between world’s two largest economie

Asia Market | Asia Markets Closing Report: Asia stocks mixed amid positive signals from Beijing on US-China trade

Eustance Huang 4-5 minutes - Source: CNBC Stocks in Asia were mixed on Friday as Beijing hinted that it will not retaliate against the latest round of tariffs from Washington for now. In Japan, the Nikkei 225 rose 1.19% to close at 20,704.37 as shares of index heavyweight and robot maker Fanuc surged 2.73%. The Topix index also added 1.46% to end its trading day at 1,511.86. Similar gains were seen in South Korea, where the Kospi finished the session 1.78% higher at 1,967.79 as chipmaker SK Hynix saw its stock soar 5.59%. The Bank of Korea left its benchmark interest rate unchanged on Friday, a decision that was in line with expectations of analysts surveyed by Reuters. The central bank had cut its base rate for the first time in three years in July. Australia’s S&P/ASX 200 jumped 1.49% to close at 6,604.20. Mainland Chinese shares, on the other hand, slipped on the day. The Shanghai composite was down 0.16% to about 2,886.24

Press Release: SEC Shuts Down $300 Million Fraud Perpetrated by San Diego Company and Its Principal

3 minutes - Source: SEC Obtains Consent to Asset Freeze Preserving Retail Investor Assets Washington D.C., Aug. 29, 2019 — The Securities and Exchange Commission today announced it has filed charges and obtained a consented-to asset freeze against San Diego-based ANI Development LLC, its principal, Gina Champion-Cain, and a relief defendant, for operating a multi-year $300 million scheme that defrauded approximately 50 retail investors.  According to the SEC’s complaint, beginning in 2012, defendants fraudulently raised hundreds of millions of dollars from investors by claiming to offer investors an opportunity to make short-term, high-interest loans to parties seeking to acquire California alcohol licenses. In truth, the SEC alleges, the investment opportunity was a sham. Contrary to defendants’ representations, the SEC asserts, defendants did not use investor funds to make loans to alcohol license applicants.

Press Release: SEC Charges Adviser Firm and Its Principals With Defrauding Retired NFL Players

3-4 minutes - Source: SEC Washington D.C., Aug. 29, 2019 — The Securities and Exchange Commission today charged a Tallahassee-based investment adviser firm and its two former principals with defrauding investors, most of whom were retired NFL players who had joined a class-action lawsuit against the league claiming they suffered brain injuries as a result of concussions. The SEC charged Cambridge Capital Group Advisors, LLC (f/k/a Cambridge Capital Advisors, LLC); Cambridge’s president Phillip Timothy Howard, a Florida attorney who represented the retired players in the class action lawsuit; and Don Warner Reinhard, a former registered investment adviser previously barred by the SEC, with defrauding 20 investors in two proprietary hedge funds operating out of Howard’s law offices.  According to the SEC’s complaint, the defendants advertised that the funds would invest in a variety of instruments, but unbeknownst to

Press Release: SEC Charges Private Lender and CEO with Fraudulent Mismarking Scheme

3-4 minutes - Source: SEC Washington D.C., Aug. 29, 2019 — The Securities and Exchange Commission today charged Live Well Financial, Inc. and its CEO, Michael Hild, both of Richmond, Va., with perpetuating a multi-million dollar bond mismarking scheme against Live Well's short-term lenders. The complaint also charges Live Well's CFO, Eric Rohr, and Executive Vice President, Darren Stumberger, both of whom consented to partial judgments against them. The SEC alleges that Live Well, under the direction of Hild, fraudulently inflated the value of its portfolio of complex reverse-mortgage bonds.  According to the complaint, Hild directed Live Well to submit falsely inflated bond prices to an industry-leading pricing service, who he knew would simply publish the prices Live Well gave it. As Hild was aware, most of Live Well's lenders relied on those inflated prices in loaning money to Live Well through repurch

Press Release | SEC Charges Dallas Company and its Founders With Defrauding Investors in Unregistered Offering and Operating Unregistered Digital Asset Exchange

3-4 minutes - Source: SEC Washington D.C., Aug. 29, 2019 — The Securities and Exchange Commission today announced settled charges with Bitqyck Inc. and its founders, who allegedly defrauded investors in securities offerings of two digital assets, Bitqy and BitqyM, and operated an unregistered exchange to permit trading in one of them, a digital token called Bitqy.  According to the SEC’s complaint, Bitqyck and founders Bruce Bise and Sam Mendez­ created and sold Bitqy and BitqyM in unregistered securities offerings to more than 13,000 investors, raising more than $13 million. Investors allegedly received $4.5 million for referring new investors to Bitqyck but collectively lost more than two-thirds of their investment in the Dallas-based company. The SEC’s complaint alleges that Bise and Mendez misrepresented QyckDeals, a daily deals platform using Bitqy, as a global online marketplace, and falsely claimed that ea

Politics in Asia Pacific: Prominent activists Joshua Wong and Agnes Chow are arrested in Hong Kong

By Shibani Mahtani 6-7 minutes - Source: THE WALL STREET JOURNAL Democracy activist Joshua Wong addresses crowds outside Hong Kong’s legislature during a demonstration against the extradition bill on June 17. (Thomas Peter/Reuters) HONG KONG — Joshua Wong and Agnes Chow, who rose to prominence as the student leaders of pro-democracy street protests five years ago, were arrested Friday, their organization said in a statement, in a widening crackdown on activists and demonstrators in Hong Kong. The group, Demosistō, did not immediately have details on their charges. A spokeswoman for the Hong Kong Police Force could not immediately confirm the arrests and the circumstances under which the pair were detained. Wong was seized at roughly 7:30 a.m. Friday “when he was suddenly pushed into a private car on the street,”  his organization said . Chow was arrested a short time later at her home, Demosistō added. Both are being held in the Hong Kong polic