Read the latest and breaking economics news and stories - June 7

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  • The news stream has been busy, but as the dust settles, many investors may simply be encouraged to do what they were already doing.    The US economy's contraction in Q1 was not the true signal of the underlying economy. Nor do...

  • In 1994 a lawyer did what most thought was impossible: he took on big tobacco on behalf of the state of Mississippi and won a record $368.5 billion judgment paid out by the 13 biggest tobacco companies to cover the cost of treating illne...

  • Gold was 0.2% higher for the week and silver was 1.17% higher. Gold has a marginal loss of just 0.02% yesterday. Silver slipped to as low as $18.90 before it also rallied back higher and ended unchanged on the day. Futures trading volume...

  • June, 7, 2014 from Reuters: Economic News
    PARIS (Reuters) - Euro zone interest rates will diverge from those in the United States and Britain for a number of years, European Central Bank (ECB) Executive Board member Benoit Coeure told France...

  • June, 7, 2014 from Reuters: Economic News
    BEIJING (Reuters) - The International Monetary Fund (IMF) recommended that China adopt an economic growth target of about 7 percent for 2015 and urged authorities to avoid further stimulus measures...

  • Submitted by Michael Snyder of The Economic Collapse blog , Everywhere you look, Americans appear to be extremely obsessed with wealth and money.  These days, networks such as CNN endlessly run "news stories" with titles such as " B...

  • This...   K-Hen about to murder the VIX — zerohedge (@zerohedge) June 6, 2014   And then this just happened... The lowest VIX close since Feb 2007   Close up...   And how does he do it? Through massive VXX selling in ...

  • By: Chris Tell  at:  http://capitalistexploits.at/ Recently, while going through the process of changing an insurance policy on a home I own, I was subjected to the stereotypical fear driven sales "facts". Apparently THOUSANDS ...

  • Submitted by David Stockman via Contra Corner blog , Taken at face value yesterday’s action by the ECB amounted to a  monetary farce. How could any adult believe that a benchmark rate cut of 10 bps from an already microsco...

  • This is your Federal Reserve on drugs...     The Fed realizes investors do not act rationally... blowing up their models entirely... “In a world of rational expectations, asset prices adjust and that’s it,” Mr. Williams said. ”...

  • June, 6, 2014 from NYT > Economy
    A number of signs indicated the economy had recovered from a rough winter, with consumer borrowing expanding and unemployment holding steady.

  • June, 6, 2014 from NYT > Economy
    Mr. McMillon, 47, who started at the company at age 17, made an appearance at Walmart’s shareholders’ meeting on Friday.

  • Via TestosteronePit blog , US Banks enjoyed more or less steadily climbing, or rather soaring, deposits by Russian institutions and individuals, having tripled in just two years to $21.6 billion by February, according to the US Treasury ...

  • For 5 years the correlation between the expansion of the Federal Reserve's balance sheet and the growth of the S&P 500 has risen dramatically. Since QE3 was unveiled, the correlation is converging on 1 which of course is just happy c...

  • Via Stratfor,   On June 6, 1944, Allied forces from the United States, United Kingdom and Canada launched the largest seaborne invasion in history by landing nearly 160,000 troops on the beaches of Normandy in a single day. This ope...

  • There was a moment of awkward levity during today's D-Day celebration when a cruel TV producer decided to show both Obama and Putin on the big screen at the same time. And the crowd goes wild. And as covered by CNN:

  • June, 6, 2014 from NYT > Economy
    Banco de México said a sluggish economy gave it room for a one-off cut to spur growth without fanning inflation pressures.

  • Just after the close today, Carl Icahn disclosed that through his investment vehicles, he has accumulated a 9.39% stake in the recently beaten down Family Dollar, buying the shares with the "belief that they were undervalued. The Reporti...

  • June, 6, 2014 from NYT > Economy
    Uber’s fund-raising round, announced Friday, made it worth $17 billion — just five years after it started. But that’s all on paper.

  • June, 6, 2014 from NYT > Economy
    Mark Spitznagel, the founder of the $6 billion hedge fund Universa Investments, has a vision for revitalizing Detroit, and it includes 20 billy goats grazing among abandoned homes.

  • Submitted by Frank Shostak via The Ludwig von Mises Institute , Most commentators are of the view that the massive monetary pumping of the Fed during 2008 prevented a major economic disaster. The yearly rate of growth of the Fed’s ...

  • With The Fed tapering proceeding as scheduled and complacency having reached 11 on the Spinal Tap amplifier of over-confidence, Janet Yellen and her fellow PhDs have one last best hope... a second-half pick up to magically confirm escape...

  • June, 6, 2014 from Reuters: Economic News
    WASHINGTON (Reuters) - U.S. employment returned to its pre-recession peak in May with a solid pace of hiring that offered confirmation the economy has snapped back from a winter slump.

  • June, 6, 2014 from Reuters: Economic News
    (Reuters) - The International Monetary Fund must not always be led by a European and could one day move its headquarters to Beijing from Washington, the French head of the international financial...

  • Submitted by Lance Roberts of STA Wealth Management, This past week has been all about "anticipation."   The markets made little headway during the first half of the week as traders waited in an almost breathless anticipat...

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  • June, 6, 2014 from CNNMoney.com - Economy News
    Men are struggling more than women to find employment. Will more men transition into traditional female roles like nursing and teaching?

  • June, 6, 2014 from NPR Topics: Economy
    The May jobs report showed steady job creation. Payrolls expanded by 217,000, and unemployment held steady at 6.3%. And there was a milestone: The U.S. economy now has slightly more jobs than it did in December 2007, when the last recess...

  • The US Dollar, gold, and oil closed the week unchanged... Treasury yields rose 6-8bps on the week... and the Russell 2000 had its best week in 2014... Sure, why not? VIX was crushed back to a 10-handle as managers lifted hedges and the T...

  • June, 6, 2014 from NYT > Economy
    The bay is normally lit up by microscopic plankton — an important tourist attraction — but in January it abruptly lost its glow, alarming scientists.

  • June, 6, 2014 from International Business Times
    A relatively strong monthly jobs report added to a growing sense that the American economy is finally gaining significant momentum in the wake of the worst economic downturn since the Depression.

  • June, 6, 2014 from International Business Times
    (Reuters) - U.S. employers likely maintained a solid pace of hiring in May, returning employment to its pre-recession level and offering confirmation the  economy  has snapped back from a winter slump. The government's closely watched jo...

  • June, 6, 2014 from International Business Times
    A historic mining strike has crippled the South African economy and is finally starting to affect global precious metal prices as producer stockpiles dwindle. Workers at three companies responsible for about 40 percent of the world’s sup...

  • We recently noted that the average Russell 2000 stock is down over 22% and the majority of the broad equity market is well into correction territory as the rally is supported by fewer and fewer names (cough AAPL cough). However, as FBN's...

  • Two years ago , stories of fake tungsten-filled gold coins and bars began to spread; it appears, between the shortage of physical gold (after Asian central bank buying) and the increase in smuggling (courtesy of India's controls among ot...

  • A month ago we pointed out that with April US consumer savings plunging to levels not seen since Lehman , the only place where the tapped out consumer could find some purchasing power is by maxing out their credit cards. This is precisel...

  • June, 6, 2014 from Reuters: Economic News
    MEXICO CITY (Reuters) - Mexico's central bank unexpectedly slashed interest rates to a record low on Friday, saying a sluggish economy gave it room for a one-off cut to spur growth without fanning...

  • June, 6, 2014 from Reuters: Economic News
    WASHINGTON (Reuters) - U.S. consumer credit surged in April as Americans ramped up their use of credit cards, a potentially positive sign for consumer spending.

  • A year ago, in the aftermath of the Snowden revelations, Twitter exploded with countless @NSA derivative impersonator accounts, however not one of them belonged to the real NSA. Fast forward to June 6, 2014 when we learn that the one age...

  • June, 6, 2014 from Economics | The Guardian
    Burberry is a brand that exudes luxury, particularly for its new boss, who has a bonus of £15m plus performance pay to come Angela Ahrendts, former chief executive of Burberry, called her chief creative officer "one of this generati...

  • June, 6, 2014 from NYT > Economy
    Good news in an economic report is also a reminder of how long it has taken to recover from the downturn.

  • June, 6, 2014 from Fin24 Economy
    Petroleum sector trade unions have declared a pay dispute with employers, but there is not need for panic yet, says Solidarity.

  • June, 6, 2014 from IBTimes.co.uk : Economy
    The UK car market has grown for the 27th month – a record for the industry.

  • Rejoice: the second cold war appears to be over (after Russia skillfully annexed Crimea). How do we know? The following clip of Obama and Putin chatting has been released, by the official account of the French president no less. No blows...

  • For many months we have discussed the massive outperformance that buying the "most shorted" stocks has created . The 'alpha' generated fro buying the weakest balance sheet companies in preference of the stronger has enabled the dash-for-...

  • The annual healthcheck on the UK economy was about as riveting and insightful as a wet Sunday afternoon

  • June, 6, 2014 from NPR Topics: Economy
    Uber, the company whose app pairs drivers with passengers, hit it big in a new financing round, bringing in investments of $1.2 billion and sending its valuation skyward.

  • June, 6, 2014 from Economics | The Guardian
    The ONS have published a compendium of statistics for England, Scotland, Northern Ireland and Wales which allow for direct statistical comparisons ahead of the Scottish independence referendum A compendium of UK statistics has been publi...

  • Moments ago, WSJ reported that venture-backed transportation company Uber said it had raised $1.2 billion in additional funding from investors that valued the on-demand car service at $18.2 billion, among the highest valuations ever for ...

  • June, 6, 2014 from Fin24 Economy
    Talks to end the wage strike in the platinum sector has entered a sensitive stage, says Mineral Resources Minister Ngoako Ramatlhodi.




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