Category: News Wire

Amid Gold Market Turmoil, HSBC Taps Bank Of England For GLD Bars Tyler Durden Thu, 05/14/2020 – 12:10 Submitted by Ronan Manly, BullionStar.com During March and April, amid global financial turmoil, unprecedented demand for physical gold, refinery closures and a London lockdown, one question on the minds of many in the gold market was how HSBC London, the vault custodian of the SPDR Gold Trust (GLD), was consistently able to source huge amounts of gold bars to back the enormous inflows into the world’s largest gold-backed Exchange Traded Fund (ETF). 173 tonnes during London Lockdown From Monday 23 March (the[…]

Hertz Cancels 90% Of New Car Purchases, Further Pressuring Already Desperate Automakers Tyler Durden Thu, 05/14/2020 – 11:55 One harsh reality of the coronavirus lockdown has been the rental car industry, amid a broader travel industry, grinding to a total halt. This has led to several consequences that we have been documenting at length here on Zero Hedge. The main consequence is that auto dealers are losing billions of dollars in fleet sales, which we documented just last week. Fleet sales account for 1.7 million vehicles per year, or about 10% of total U.S. auto sales.  Another consequence is that rental car[…]

Is EIA Data Disguising A Disastrous Decline In US Shale? Tyler Durden Thu, 05/14/2020 – 11:35 Authored by Nick Cunningham via OilPrice.com, The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is “stability” in the oil market, and that economic activity will “explode” on the other side of the pandemic. Thanks to the leadership of President @realDonaldTrump, the transition to greatness is well underway, and our economy along with our U.S. energy companies are going to see massive gains on[…]

“A Crucial Session For Stocks” – Nasdaq 15-DMA Breach Signals Imminent Breakdown Tyler Durden Thu, 05/14/2020 – 11:20 According to Saxo Bank’s head of equity strategy Peter Garnry, equities are facing a “crucial session” due the last two sessions seeing a significant change in sentiment. It started on Tuesday with CDC Director Fauci’s testimony to the US Senate that a too early reopening of the economy could cause more deaths and economic fallout. Then yesterday Fed president Powell said that negative interest rates were off the table which was a clear divergence against market expectations that are pricing negative a Fed Funds Rate. The[…]

China Slams US As “Perpetrator Of Largest Cyber-Theft Worldwide” As FBI Issues ‘High Alert’ For Virus Data Hacks Tyler Durden Thu, 05/14/2020 – 11:00 US federal agencies say they are on high alert for cyberattacks out of China targeting health research and pharmaceutical companies in efforts to steal coveted and valuable coronavirus data and possible breakthrough solutions to the pandemic, such as vaccines and experimental treatments. The Department of Homeland Security and the FBI further have issued a “public service announcement” of what they called a “significant threat”, saying health research sectors “working on a COVID-19 response should all be aware[…]

How Much Bad News Is Priced Into The Market? Tyler Durden Thu, 05/14/2020 – 10:45 Authored by Michael Msika, macro commentator at Bloomberg We’re starting to get a glimpse of the scale of the economic damage wrought by the pandemic. Data yesterday that showed the U.K. plunging into recession in March begged the question: how much worse was April, when the lockdown was in place throughout the month? GDP reports for the euro-area and Germany due tomorrow will offer more clues on the extent of the bleakness, and whether or not it’s priced in already by equities. European stocks have[…]

“No More Mr.Nice Guy” – Trump Urges Senate To Call Obama To Testify Tyler Durden Thu, 05/14/2020 – 10:32 After the unmasking of the unmaskers (including Biden), ObamaGate  is growing… And President Trump clearly won’t let it go (and why should he after three years of utter bullshit)… If I were a Senator or Congressman, the first person I would call to testify about the biggest political crime and scandal in the history of the USA, by FAR, is former President Obama. He knew EVERYTHING. Do it @LindseyGrahamSC, just do it. No more Mr. Nice Guy. No more talk! —[…]

No Slacking: As Employers Keep Watchful Eye On Remote Workers, Trump Admin Roots Out Unemployment Fraud Tyler Durden Thu, 05/14/2020 – 10:21 With record numbers of people working from home during the pandemic, employers are using sophisticated software to remotely monitor their employees‘ productivity. Companies such as ActivTrak, Teramind, Hubstaff and Time Doctor provide bosses with a “dashboard” which provides data on individual workers – including their screen time, mouse activity, desktop screenshots, and even their physical location via GPS, according to the CBC.  According to the report, Austin, TX-based ActivTrak has seen a spike in customer inquiries, while Miami-based[…]

“‘Bots Are Clearly In Control Of This Market…” Tyler Durden Thu, 05/14/2020 – 10:07 Via Global Macro Monitor, Traders and ‘bots are clearly in control of this market… We are fairly convicted the 50% Fibo won’t hold… Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used. – Investopedia As Albert Edwards recently notes, many[…]

Watch Live: ‘Whistleblowing’ Vaccine Expert Rick Bright Testifies To House Tyler Durden Thu, 05/14/2020 – 09:55 Rick Bright, the top federal vaccine official who claims he was ousted from his position for speaking out, is expected to criticize the administration’s response to the COVID-19 pandemic and warn of dark days to come during a House hearing on Thursday. Bright will publicly advise the federal government to ramp up its response, a week after filing a whistleblower complaint alleging he was fired from his job leading the Biomedical Advanced Research and Development Authority (BARDA) for opposing the use of hydrochloroquine (which[…]