Thursday, April 16, 2015
Thursday morning news
It seems a half-decent Philly Fed reading was enough to inspire Wall Street Whitey to dump PMs starting at 10:00:00.000 AM, which is funny because silver is an industrial metal so a good manufacturing number should be good for silver you'd think, and anyway the regional manufacturing numbers have always have been nothing but bullshit for years so it must just be the dummies who trade on them.
So, let's ignore the bullshit for a bit and read us some news:
Bespoke - bullish sentiment not really. Whitey can't stop piddling his frilly little pink panties.
Bloomberg - time to shut up about "bubbles", Whitey. #1: stocks can't be in a bubble if everyone's calling it a bubble. #2, forward yield of equities should be compared to the alternatives, buddy! #3, man oh man when people finally do shut up about "bubbles" things are really going to take off; you want to participate in that next pop, or not?
Economist - China's economy coming down to earth? No, you lily-white douchenozzle, it's not. Because if you looked at the fucking numbers you'd see the service sector is still growing at >10%. It's just property and manufacturing that's slowed down, and this is explicitly what Xi Jinping has been aiming to do: cool down property, crush pollution, shut down inefficient factories, and transition to service industries. That white-ass honkies still don't get this means they're positioned wrong.
A Gloomy European Economist - thoughts on "structural reform". He notes that the data proves "labour market reform" has utterly no positive effect on economies: you need "product market reform". And, okay, stomping on tax evasion and the kleptocratic elite. In other words, you need to do exactly those things that make you an enemy of the German plutocrats.
Reuters - Indian wholesale prices show deepest drop in 9 years. Modi is getting blessing after blessing from Lakshmi. Cuz he sure ain't earning this himself.
Mickeyman - Hong Kong bling. Nice photos of the kind of beautiful gold products you can buy in the high-end markets in Hong Kong. Because Chinese people are dummies or something, since they should all be buying USTs or stupid utility stocks but instead they're buying a barbaric relic and it's even selling at a big premium to melt so it's not like you can trade these things on the market and BTW there's 1.3 billion Chinese people out there y'know.
Mining.com - Kun Huang wins right to sue Silvercorp for "false imprisonment". Good. And why not? They're a Canadian listed company, so why can't he sue in Canada? Let's just hope the jackasses in the Canadian media pay attention to this story. As for Silvercorp, if I were them I'd be worried that their cozy relationship with local police doesn't now get them in trouble with Xi Jinping... y'know, what with that anti-corruption war that he's been waging.
Conversable Economist - in Denmark the government prefills your tax form for you. They already know how much money you made, they already know where your bank account is, they already know your capital gains. And they have it all on one big computer. So why not just fill it all in for us, send us the form and say "is this right?", and save us all a lot of effort?