Category: News Wire

Rabobank: A Broad US Dollar Shortage Would Erupt If There Is A New Trade War With China Tyler Durden Thu, 05/14/2020 – 09:20 Submitted by Michael Every of Rabobank Hand A, Hand B, Handout Yesterday saw Fed Chair Powell in the spotlight, and he had a few key things to say. First, things are looking grim for the economy. Rather than merely cheer-leading that H2 and 2021 were going to see a V-shaped US recovery he stated “the path ahead is both highly uncertain and subject to significant downside risks.” The UN would agree, with what looks like a vast[…]

Tyson Foods Slashes Meat Prices To “Keep Beef On Family Tables” Tyler Durden Thu, 05/14/2020 – 09:05 Tyson Foods Inc. will be reducing prices on certain products for the remainder of the week, according to The Wall Street Journal. This comes after surging meat prices and shortages at some retail shops in the first half of May.  The Arkansas company, which processes about 25% of the nation’s beef, will discount prices of ground beef, roasts, and other beef products by as much as 30% through Saturday. Price reductions will be given to restaurants, grocery stores, and other customers for a limited time.  Noel White, Tyson’s chief executive, said[…]

Martin Armstrong: Are Democrats Trying To Eliminate Proof Of Who You Are To Vote? Tyler Durden Thu, 05/14/2020 – 08:45 Authored by Martin Armstrong via ArmstrongEconomics.com, Just when you thought it could not get any more corrupt, the Democrats have demonstrated to the world that they are beyond all morality, ethics, and are outright corrupt. Tucked inside House Democrats’ new coronavirus bill is language that would create a loophole in states’ voter ID requirements, allowing people to cast ballots without having to prove who they are. After accusing Russia of influencing the 2016 election, they are trying to sneak in[…]

COVID-America: 84,136 Dead, 36 Million Jobless, Nasdaq +30% Tyler Durden Thu, 05/14/2020 – 08:34 The string of unprecedentedly huge spikes in jobless claims continues. In the last week 2.98 million Americans filed for unemployment benefits for the first time (notably worse than the 2.50 million expected). Source: Bloomberg The small difference WoW suggests a second wave of unemployment is hitting… That brings the eight-week total to 36.47 million, which is massively worse than the prior worst eight-week period in the last 50-plus years. And of course, last week’s “initial” claims and this week’s “continuing” claims… the highest level of continuing[…]

Taibbi: How The COVID-19 Bailout Gave Wall Street A No-Lose Casino Tyler Durden Thu, 05/14/2020 – 08:26 Authored by Matt Taibbi via RollingStone.com, In late April Marko Kolanovic, a financial analyst for JPMorgan Chase, wrote to clients with good news. Pandemic aside, investors should expect stock prices in S&P 500 companies to return to record numbers some time early next year! “The S&P 500 should attain previous all-time highs,” Kolanovic wrote, “if the monetary measures are sustained.” The key part of this phrase was the last bit, “if the monetary measures are sustained.” In countries that did not have a Federal[…]

“The Bear Market Rally Is Over”: Futures Slide As Dollar Surges, Lifting Bonds Tyler Durden Thu, 05/14/2020 – 08:12 S&P futures slumped lower after Novartis CEO said a coronavirus vaccine may not be available until 2H 2021 and European stocks declined on Thursday as investors worried that the current economic downturn maybe be here for longer than initially presumed after Fed Chair Jerome Powell warned of unprecedented risks from the coronavirus, while waiting the latest American jobless data after another steep sell-off on Wall Street. “Views are beginning to firm that the 2020 bear-market rally may have run its course,”[…]

Trump Praises Wisconsin Supreme Court’s Decision To Strike Down Lockdown Order: Virus Updates Tyler Durden Thu, 05/14/2020 – 07:36 Summary: UK & Italian numbers are out German new infections hit 5-day high Trump praises Wisconsin Supreme Court decision Trump sits for interview with Maria Bartiromo Trump: ‘I wonder what would happen if we cut ties with China?’ Wisconsin Supreme Court strikes down stay at home order Maryland to start reopening Friday French government ‘incensed’ by Sanofi offer to give vaccine to US first Singapore reports another 750+ cases Japan starts using remdesivir on COVID-19 patients Burundi latest African country to[…]

Hope Trade Fades Tyler Durden Thu, 05/14/2020 – 07:31 By Eleanor Creagh, Australian Market Strategist at Saxo Bank Summary: Asia stocks sliding, following Wall Street lower as economic realities begin to set in, with market sentiment starting to catch down to fundamentals. The sharp rebound from March lows is beginning to stall as record levels of uncertainty are juggled with extended valuations. With optimism priced and upside momentum fading, it appears trading on hope is being replaced with caution and a local top may in for equities. The disconnect between the real economy and equity markets has been surreal. For the S&P 500,[…]

992 Billion Reasons Why The Fed Needs Another Market Crash In The Next Few Weeks Tyler Durden Thu, 05/14/2020 – 06:44 Speaking in a video conference organized by the Peterson Institute, turbo money printer Jerome Powell today reassured the market that negative rates are not something the Fed – which expanded its balance sheet by $2.6 trillion in the past two months – is contemplating now. Of course, that will change after the next market crash or if economic shutdowns return, but for now the Fed’s message to traders was clear: don’t push forward fed fund rates negative, which also[…]