• USA

    by Published on 07-07-2015 06:10 AM
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    The Securities and Exchange Commission (SEC) has launched a broad investigation into whether hedge funds and other investors are improperly selling hot private technology stocks amidst a boom in trading of their shares.

    In the early stages of the regulatory scrutiny, the SEC is focused on an unusual burst of new activity recently by people selling pre-IPO shares as valuations of private tech companies have exploded and companies have opted to remain private for longer periods of time. ...
    by Published on 07-06-2015 05:36 PM
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    US stocks are rebounding a bit from their morning lows after the Greek rejection of the austerity referendum over the weekend. EUR/USD is trading down a modest 30 pips for 0.3% to 1.1044 and while US and German government bond markets are giving back some of their early pop. As of writing, the DJIA is down 0.36%, the S&P500 is down 0.33% and the Nasdaq is down 0.28%.

    Greek voters roundly rejected the ECB bailout terms in a country-wide referendum. Last week, the polls showed the "yes" side with a small lead, but the tide turned over the weekend as the "no" side won with 61.3% of the vote on Sunday. ...
    by Published on 07-06-2015 06:49 AM
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    The week ahead could have China in the spotlight.

    Officials rolled out an unprecedented series of steps to prevent a full-blown crash of the Chinese stock market - an event that would threaten the world's second-largest economy. A move only allowed after government policy updates.

    With a hand from China's state-backed margin finance company, vows to buy massive amounts of stocks was heard from brokerages and fund managers. The massive buying spree in stocks deal includes a direct line of liquidity from the central bank. ...
    by Published on 07-03-2015 02:50 PM
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    **Speakers**
    - EFSF Board resolved to declare Greece in default and reserved the right to call in Greek loans early. It decided not to request immediate repayment. To address Greece in writing to give effect to resolutions. Greek non-payment has no influence on fund capacity to repay bond holders
    - Greece PM Tsipras National address reiterated that planned referendum would go forward on Sunday and let the ballot decide. IMF report justified choice not to accept offer that avoided debt issue. Greece did ask for a 30% debt haircut and 20 year grace period to restore path of sustainability ...
    by Published on 07-03-2015 04:35 AM
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    Labor Department reported on Thursday that the U.S. labor force participation rate declined by 0.3% in June to 62.6%, striking the lowest participation rate since October 1977.

    Betsey Stevenson, a White House economist, pointed out that the Labor Department calculates participation based on the week that includes the 12th of the month in June, that was on a Friday which means that fewer graduates would be included in the report. ...
    by Published on 07-02-2015 05:32 PM
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    US indices are being weighed down by today's tepid June jobs report as trading volumes remain very subdued ahead of the Fourth of July holiday. Treasury's are bid as the UST 10-year yield comes in five basis points to trade 2.37%. As of writing, the DJIA is down 0.12%, the S&P500 is flat and the Nasdaq is down 0.28%.

    The Labor Department's June employment report marked the 57th consecutive month of US job growth, however there were sour notes in the data. Total nonfarm payrolls expanded by slightly less than expected (+223K v +233Ke) and the labor force participation rate declined to 62.6%, its lowest level since October 1977, after touching a four-month high of 62.9% in May. ...
    by Published on 07-02-2015 08:39 AM
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    Oregon allows largest marijuana possession per person, than any other state that has legalized pot. It is the 4th state to legalize marijuana.

    Legalization of marijuana in Oregon reflects the belief that marijuana is a relatively harmless drug, so adults should be allowed to use it as they please.

    The Oregon Liquor Control Commission [OLCC], in charge of regulating marijuana, on Wednesday approved the possession by adults age 21, up to eight ounces of pot inside their homes as well as four pot plants, per Measure 91. Adults are allowed to gift and receive marijuana. ...
    by Published on 07-01-2015 06:36 PM
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    US stocks are heading higher this morning as markets turn optimistic on the Greece situation. EUR/USD dipped to 1.1060 after testing 1.1170 during the European session. As of writing, the DJIA is up 0.73%, the S&P500 is up 0.67% and the Nasdaq is up 0.70%.

    Traders dumped European stocks yesterday after word came that the Greeks made a last-ditch plea for a new bailout and skipped repayment of an IMF payment, but today there were reports that PM Tsipras wrote separately to Greece's main creditors and accepted many of their conditions to extend the now-expired bailout. The CAC and DAX close up 2% a piece and the 10-year bund sold off, gaining more than five basis points to trade 1.242%. In an address to the nation, Tsipras said that contrary to rumors, the referendum will move forward and reiterated his support for a "no" vote in order to get a "better agreement with lenders." ...
    by Published on 07-01-2015 06:58 AM
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    The clock is ticking for Greece as they plead for a short-term bailout extension on Tuesday to avert a midnight default. Frantic efforts are in place in attempt to salvage a deal to keep Athens in the euro. Germany is warning that time had run out to extend vital credit lines.

    Greece will default on a loan to the International Monetary Fund, a path that would lead Greeks out of the euro, if an agreement cannot be reached. The results could lead to unforeseeable consequences for both the European Union's grand currency project as well as, the global economy. ...
    by Published on 06-30-2015 05:06 PM
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    Volatility continues to shake global markets this morning as another day brings another round of Greece rumors. In Asia, Chinese stocks closed 5.5% higher, having been as much as 5.1% lower during the session. Yesterday the S&P500 fell more than 2%, coming within points of its 200-day moving average, both the S&P500 and the DJIA erased their gains on the year, while the VIX volatility index rose 34% to 19, the biggest gain since April 2013. Today the VIX remains just shy of 19 while US stocks are still in the green. As of writing, the DJIA is up 0.16%, the S&P500 is up 0.48% and the Nasdaq is up 0.43%.

    After multiple Eurozone officials said that the door was still open for a deal, the Greeks have taken them at their word and reportedly asked for a new two-year, €29 billion bailout via the ESM with a parallel debt restructuring. German officials were calling on Athens to cancel Sunday's Greek referendum in order to provide space to examine the new proposal, while Chancellor Merkel indicated there will be no "new developments" on Greece today. Note that the Greeks have already confirmed that they will not be making the IMF payment due today, although for its part an IMF spokesperson clarified that in official document "arrears" will be used to characterize Greece's non-payment rather than "default." ...
    by Published on 06-29-2015 10:41 PM
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    In advance of the end of Q2, a breakdown in talks between Greece and its creditors caused a mad dash for cash to fund trades pushed borrowing costs on a key source of overnight loans for Wall Street to rise on Monday. Wall Street remains on edge as traders fear the worst from Greece. Into early afternoon trading Monday, the DOW was down over 220 points.

    The chance that the Greek government will miss its $1.77 billion repayment to the International Monetary Fund on Tuesday appears almost imminent. ...
    by Published on 06-29-2015 03:44 PM
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    US equity losses have been relatively subdued this morning, although the VIX volatility index has crept up to its highest level in more than 3.5 months. At their worst levels, the DAX and the CAC were down more than 4% a piece, but they are well off their lows heading into the close of European trading. The 10-year bund yield is down 12.8 bps to trade around 0.793%, while the 10-year yield is down more than 10 bps to trade 2.369%. Hanging over markets is the gloomy prospect of the Shanghai Composite down 3.3% today, putting it officially in bear market territory, despite the PBoC action this weekend. As of writing, the DJIA and S&P500 are both down more than 1%, while the Nasdaq is off 1.23%. ...
    by Published on 06-29-2015 01:29 AM
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    The Chinese bull market has been the envy of the world over the past 12 months with gains in excess of 150%. Is the Chinese bubble in the process of bursting as fears of over valuation continue?

    Mainland China’s Shanghai composite index is down nearly 19%, flirting with a bear market just two weeks after hitting a new high and hosting a 60% year-to-date gain. The Shanghai composite has been in a bull market for 935 days.

    Amidst wild volatility, the Shanghai composite plummeted by 7.4%, extending its losses since its June 12 high of 5166.35 to 18.8%. ...
    by Published on 06-26-2015 05:15 PM
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    US equity trading has been choppy this morning as the DJIA benefits from Nike's very good quarterly earnings even as the Nasdaq is pulled lower by semi names tanking after Micron's bad showing. As of writing, the DJIA is up 0.48%, the S&P500 is up 0.09% and the Nasdaq down 0.35%.

    Bonds are selling off this morning as the bickering between Greece and its creditors deepens and the final deadline approaches. Reports suggest that the creditors still will not accept Greece's VAT and pension proposals, while Greece has rejected a five-month, €15.5B bailout extension instead of a comprehensive settlement. The bund has gained six basis points to trade 0.918%, while the UST benchmark note is up five basis points to 2.46%. ...
    by Published on 06-26-2015 12:59 AM
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    The U.S. Commerce Department reported on Thursday that during May, U.S. consumer spending increased by 0.9% for the biggest gain since August 2009. Consumer spending during April was upwardly revised by 0.1% from unchanged.

    Further evidence that economic growth was gathering momentum during Q2 2015 is attributed to the largest increase in consumer spending in nearly six years, due to a strong demand for automobiles and other big-ticket items such as major appliances. During May, spending on long-lasting goods such as automobiles jumped 2.2% and outlays on services like utilities rose 0.3%. ...
    by Published on 06-25-2015 05:07 PM
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    US equities are making modest gains this morning after a mixed PCE report and Obamacare's victory before the Supreme Court. As of writing, the DJIA is up 0.20%, the S&P500 is up 0.29% and the Nasdaq is up 0.28%.

    The May PCE report - the Fed's preferred measure of inflation - was largely in line with expectations. Core PCE of +1.2% did not budge from the April reading and met expectations, leaving the measure well below the Fed's 2.0% target. The personal consumption expenditures component was unexpectedly strong and registered the biggest gain since August 2009. Separately, the Atlanta Fed raised its GDPNow forecast for real GDP growth in Q1 to 2.1% from 2.0% prior. ...
    by Published on 06-25-2015 09:04 AM
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    Securities and Exchange Commission [SEC] announced an investigation of a group of hackers suspected of breaking into corporate email accounts to steal information to trade on, such as confidential details about mergers. Cyber attacks U.S. government agencies and companies inside the USA is on the rise, raising awareness of an increase in data breaches.

    Information requested by the SEC includes data on actual cyber intrusions as well as attempted cyber attacks. Other information requested by the SEC includes known tactics hackers used to lure employees into giving up email passwords, known as "spear phishing" or "credential harvesting". ...
    by Published on 06-24-2015 04:02 PM
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    The brief outburst of optimism regarding a last-minute deal for Greece collided with reality this morning. As of writing, the DJIA is off 0.31%, the S&P500 is down 0.21% and the Nasdaq is giving up 0.13%.

    Midway through the European session, there were headlines stating that PM Tsipras said that the Europeans had rejected the latest concessions from Greece, while other officials said the creditors' stance suggests that they don't really want a deal. ...
    by Published on 06-23-2015 11:20 PM
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    Kids will be on a whole new learning level, thanks to billionaire Warren Buffett.

    Buffett, the Oracle of Omaha and one of the most famous investors in the world, is working on an animated program that teaches kids about finance as they become part of the Secret Millionaires Club. For Buffett, is a labor of love who’s always made education part of his life’s work.

    Andy Heyward, a veteran producer of children’s programming who helped create the “Inspector Gadget” franchise, has known Buffett since the early 90's. Heyward has helped to produce the popular film that airs before the annual Berkshire Hathaway meeting. ...
    by Published on 06-23-2015 05:04 PM
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    US equities are more or less flat on the day while European indices closed off their highs hours after the Greeks appeared to cave in to the Eurozone's demands. As of writing, the DJIA is up 0.05%, the S&P500 is down 0.05% and the Nasdaq is off 0.10%.

    This morning the guessing game regarding the chances of the tentative Greek deal has begun, even as many air doubts that the plan's higher taxes and pension contributions could get past domestic Greek opposition. ...
    by Published on 06-23-2015 02:55 AM
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    VetiGel is an algae-based polymer used to stop bleeding within seconds from the time it is applied to an open wound.

    Joe Landolina, now 22 years old, invented VetiGel when he was just 17 years old.

    Landolina, co-founder and CEO of Suneris, a biotech company that manufactures VetiGel, announced last week that they will begin shipping the gel to veterinarians inside the USA later this summer, with human use, not too far behind. Suneris plans to release the gel in Europe in Asia sometime early 2016. ...
    by Published on 06-22-2015 06:10 PM
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    Markets are reacting with outsized exuberance to reports the Europeans are making a last-ditch effort to reach a deal with Athens. The CAC and the DAX are looking to close up ~3.8% a piece on the day, while the bund has shot up 14 basis points to 0.884%. EUR/USD is around 1.1400. The UST 10-year yield is up nine basis points at 2.347%, and US stocks are seeing decent gains. As of writing, the DJIA is up 0.79%, the S&P500 is up 0.85% and the Nasdaq is up 0.64%. ...
    by Published on 06-19-2015 05:57 PM
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    The final act in the Greece bailout drama is about to get under way, as all signs point toward default as soon as Monday. There was a momentary lapse of optimism that sent European stocks to their highs, however most of the gains evaporated as more realistic assessments hit the tape. The 10-year UST yield has fallen six basis points to a week low of 2.272%, while the 10-year bund yield is down 5.5 basis points to 0.750%. As of writing, the DJIA is down 0.24%, the S&P500 is off 0.12% and the Nasdaq is down 0.15%.

    The San Francisco Fed's John Williams was the first Fed official to speak publically after Wednesday's decision. The dovish Williams said a rate increase by the end of 2015 is still likely, as rates need to rise before there is evidence of an inflation flare up. He reiterated that US inflation would reach the 2% target by the end of 2016. ...
    by Published on 06-18-2015 11:59 PM
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    U.S. Treasury Department announced a change to the $10 bill, on Wednesday. A new face of a woman will appear on the $10 bill beginning in 2020, as the face of the first U.S. Secretary of the Treasury Alexander Hamilton (1789–95) is scheduled to get the axe from the front of the bill.

    George Washington must always remain on the $1 bill and by law, no living person may appear on paper currency.

    The redesign of the new $10 bill will involve intricate planning that will incorporate new anti-counterfeit measures as well as tactile features for the blind. ...
    by Published on 06-18-2015 05:40 PM
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    European equity indices closed at their highs this morning after spending much of the session in the red, aided by hopelessly optimistic headlines regarding Greece. Meanwhile US stocks are rallying after yesterday's Fed decision, in which the FOMC appeared to push back rate hike expectations. Note that the 10-year yield is giving up its earlier gains, shedding more than three basis points but is still a few basis points below where it was before the Fed decision. As of writing, the DJIA is up 1.14%, the S&P500 is up 0.96% and the Nasdaq is marking a fresh all-time intraday high, up 1.34%. ...
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