Our roundup of today's top news, headlines and stories from the world's most trusted news sources.
- In American society, 'debt' and 'income' have become increasingly synonymous over the past 3 decades; but as Rick Santelli blasts (commonsensically), "they certainly shouldn't be." It appears the average joe...
- US auto makers just printed an annualized 16.98 million sales - dramatically beating expectations for the 2nd month in a row and the highest since July 2006. As we warned earlier, the reason is clear (massive extension of credit to the l...
- It really doesn't get any more ridiculous than Marketwatch's question du jour . As for the right answer, is it " because your name isn't Jamie Dimon" ? Lest someone is confused about the context, Marketwatch also helpfully explain...
- As with any drug addiction, the first step is admitting you have a problem (or waking up naked in Glasgow train station) . It seems HSBC - among a number of other sell-side strategists - are starting to wake up to their undying 'faith' a...
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July, 1, 2014 from Reuters: Economic NewsROME (Reuters) - Italy's Banca Monte dei Paschi di Siena has repaid 3.1 billion euros ($4.3 billion) in state aid and an additional 329 million euros in interest, the Italian Treasury said on...
- In yet another case of corporate malfeasance (which we are sure will see heavy jail sentences and sever punishments), the Federal Trade Commission is charging T-Mobile with making hundreds of millions of dollars by placing charges on mob...
- One would think that with the economy, allegedly, growing at above-trend rates as Goldman has wagered for the second time in 4 years (the first time Hatzius was dead wrong), with jobs being added at what the BLS would have the market bel...
- Submitted by Bill Bonner via Acting-Man blog , A Trifecta of Disappointment 2014 Preakness Stakes in Baltimore, Maryland. Source: Wikipedia “De hosses run down an den dey come back / Doo dah, doo dah Bet my money...
- The Fed Has Failed The Fed has long believed that money printing or credit creation equals growth. In an effort to prove this (and to prop up the insolvent big banks), the Fed has embarked on QE 1, QE 2, QE 3, QE 4, Operati...
- When we reported yesterday's record reverse-repo surge , driven entirely by collateral-strapped financial entities scrambling to " window dress " their balance sheets for regulatory purposes, we said " Expect total reverse repo usage tom...
- Despite 2014 consensus GDP now languishing at 2.2% (below its 2.9% hope in March, and gas prices near record highs for the time of year; it seems the Q1 growth scare that saw small caps, momos, biotechs, and half the Russell 2000 collaps...
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July, 1, 2014 from Reuters: Economic NewsWASHINGTON (Reuters) - U.S. manufacturing activity rose at a steady clip in June and major automakers reported better-than-expected sales, pointing to momentum in the economy after a turbulent start...
- Has Skynet become self-aware? It seems the 'robots' that run the US equity markets (HFT/algo trading dominates what little volume there is left) have decided to cut out the middle man in the market as Associated Press reports this mornin...
- It’s been a dramatic day for whistleblowing news. A month ago, Glenn Greenwald announced that he was going to publish his biggest story yet: the names of those the NSA has been spying on. Earlier today, Greenwald tweeted that...
- Averaging over 20% gains per day since the IPO , and set for options trading on Monday, GoPro has now managed a 100% gain from its $24 IPO 3 days ago... Is camera-on-a-stick the new Pets.com?
- Recall that about a month ago we reported that shortly after France was stunned to see its largest bank slammed by its bestest buddy, the US, with a record $9 billion fine, " France responded to the fine by announcing it will train hundr...
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July, 1, 2014 from Moneycontrol Top HeadlinesThe report further said the good thing is that as per government estimates, it is carrying forward sizeable cash balance (Rs 1.04 trillion or 0.8 per cent of GDP) into this fiscal, a part of which may be used for redeeming government bon...
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July, 1, 2014 from Moneycontrol Top HeadlinesHe expects income tax slabs to be raised, selective reduction in excise duties to create better demand and certain incentives in certain sectors.
- Day after day we are told that stocks are the place to be and that bonds are a disastrous bet as "rates must rise" but it appears that, increasingly, the world's developed (and debt-laden) economies are turning Japanese (with German 2Y r...
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July, 1, 2014 from Reuters: Economic NewsNEW YORK (Reuters) - The Federal Reserve awarded a record amount of seven-day term deposits to banks at an auction held on Monday, it said in a statement on Tuesday.
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July, 1, 2014 from Moneycontrol Top HeadlinesDevinder Sharma, an agriculture expert says if there are no rains by July 10 then we will have a serious problem on our hands - especially in Rajasthan, Madhya Pradesh, Gujarat
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July, 1, 2014 from Reuters: Economic NewsNew York (Reuters) - Manufacturing activity in the United States and in Asia's industrial powerhouses China and Japan expanded further in June but euro zone growth faltered as main motor Germany...
- Reading the economists' comments in response to today's ISM report (which, incidentally, missed expectations) one would think that the US has practically entered a second golden age. Here is a sample: Manufacturing index " has now stabil...
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July, 1, 2014 from Moneycontrol Top HeadlinesRecognising the importance of modernisation of IPOs, the Department of Industrial Policy and Promotion (DIPP) had implemented the scheme during the 11th Five Year Plan.
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July, 1, 2014 from International Business TimesMore Americans than ever are heading into retirement, but years of deregulation and two recessions since 2001 have battered many of the pension plans covering millions of people. Now, the federal guarantor that covers retirees whose pens...
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July, 1, 2014 from Moneycontrol Top HeadlinesFinance Minister Arun Jaitley acknowledged that the country is undergoing some challenging times, but added that now there is a hope that bold decisions will be taken now.
- It would appear that the exuberance over today's better-than-expected car sales data should be tempered significantly. Confirming our warnings, as the Office of the Comptroller of the Currency (OCC) explains , across the industry, auto l...
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July, 1, 2014 from Moneycontrol Top HeadlinesNohria, the first Dean of Indian origin of the prestigious US business school, said the clear mandate of the new government is good for the business environment.
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July, 1, 2014 from Fin24 EconomyThe Infrastructure Development Act has come into effect following a proclamation signed by President Jacob Zuma.
- Treasury yields are up 1-2bps; the USD is flat; gold and silver are up modestly; but stocks are screaming higher to all-time highs in the Trannies and S&P. All of this is occurring as PMI and ISM missed expectations this morning and ...
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July, 1, 2014 from BBC News - EconomyA committee of six MPs will spend months hearing from groups and ordinary people whose lives will be impacted by the HS2 rail project.
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July, 1, 2014 from Reuters: Economic NewsLONDON (Reuters) - Global manufacturing activity accelerated in June, and with new orders coming in faster output is likely to pick up in the coming months, a business survey showed on Tuesday.
- Submitted by Charles Hugh-Smith of OfTwoMinds blog , The bottom line is the Fed can only keep the machine duct-taped together by suppressing the market's pricing of risk. One of the Grand Narratives of our era is the substitution of ...
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July, 1, 2014 from Economics | The GuardianLunchtime summary Afternoon summary 4.01pm BST A Conservative minister, Matthew Hancock, has invited the UK Statistics Authority to reprimand Labour for using what he claims are misleading statistics about the number of new jobs going to...
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July, 1, 2014 from MercoPressHoldout investors involved in litigation with Argentina over sovereign debt said on Monday they have not met with the government to negotiate a settlement on defaulted debt, and accused Buenos Aires of refusing to enter talks as a 30-day...
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July, 1, 2014 from IBTimes.co.uk : EconomyDWP data shows housing costs and falling wages push 600,000 more below absolute poverty line.
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July, 1, 2014 from IBTimes.co.uk : EconomyCapital gains tax part of new administration's plan to boost public finances.
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July, 1, 2014 from BBC News - EconomyBrazil's currency, the real, that helped end decades of rampant inflation, reaches its 20th anniversary, as the country struggles with an anaemic economy.
- In case there is still any confusion on whose behalf the US regulators work when they "fine" banks, the latest announcement from Finra should make it all clear. Recall the spectacle full of pomp and circumstance surrounding NY AG Scheind...
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July, 1, 2014 from Fin24 EconomySouth Africa's new vehicle sales have fallen to 52 837 units in June, according to data from the trade and industry department.
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July, 1, 2014 from Moneycontrol Top HeadlinesThe objective of the project is to improve the National Highway network connectivity to less developed states and enhance institutional capacity of Ministry of Road Transport and Highways to better manage the highway network, it added.
- On the heels of Markit's US PMI missing expectations but rising to its highest since May 2010 (with notable inflation signals and domianted by weakness in small business) despite new export orders tumbling; ISM printed at 55.3, down ...
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July, 1, 2014 from Reuters: Economic NewsNEW YORK (Reuters) - The pace of growth in the U.S. manufacturing sector slowed very slightly in June, an industry report showed on Tuesday, though new orders accelerated to a six-month high.
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July, 1, 2014 from IBTimes.co.uk : EconomySouth Africa gross domestic product contracted in the first three months of 2014.
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July, 1, 2014 from EconomyThe pace of growth in the U.S. manufacturing sector slowed slightly in June, the ISM said Tuesday.
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July, 1, 2014 from Reuters: Economic NewsNEW YORK (Reuters) - The U.S. manufacturing sector expanded further in June, driven by the fastest growth in output and new orders in over four years, an industry report showed on Tuesday.
- GM sold more cars in June 2014 than any other June since 2007. Just imagine if GM had killed more people, recalled more cars, been busted for more lies, and had more congressional hearings. As GM's head of sales exudes, this was "the thi...
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July, 1, 2014 from Moneycontrol Top HeadlinesWhen Bimal Jalan was the governor in NDA's last regime, the RBI has had doubled import cover to almost 15 months. The Modi regime has returned to office at an 8-month import cover, the same as 1998.
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July, 1, 2014 from Fin24 EconomyNumsa says there are no talks at the moment to end its industrial action, which an expert believes will have a heavier impact on the economy than the platinum strike.
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July, 1, 2014 from IBTimes.co.uk : EconomyThe fund will pump institutional debt into public service projects.
