STOCK MARKET WATCH -- Friday, 9 May 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Friday, 9 May 2014[font color=black][/font]

SMW for 8 May 2014

AT THE CLOSING BELL ON 8 May 2014
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Dow Jones 16,550.97 +32.43 (0.20%)
[font color=red]S&P 500 1,875.63 -2.58 (-0.14%)
Nasdaq 4,051.50 -17.00 (0.00%)


[font color=green]10 Year 2.58% -0.01 (-0.39%)
[font color=red]30 Year 3.43% +0.04 (1.18%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.








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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Demeter]

1. Tonight, tonight won't be just any night

Last edited Thu May 8, 2014, 09:23 PM - Edit history (1)

because it's Euchre Night! Either I will be starting late, or one of you will be doing the honors.

I have no theme, no anything, nada, nichts, zilch. Leave responses below.

[xchrom]

2. The Fall of Thailand's Premier—and Rise of Its 'Juristocracy'

http://www.theatlantic.com/international/archive/2014/05/the-fall-of-thailands-premier-and-rise-of-its-juristocracy/361860/

The throngs of protesters didn’t drive Thai Prime Minister Yingluck Shinawatra from office, but the judges did. The country’s constitutional court ruled today that she abused her power in a personnel shuffle, and removed her from office. The result is sure to sow more confusion in Thailand, a major U.S. ally that has one of the region’s most developed economies—but it’s one that has been suffering due to a political system that seems to alternate between gridlock, violent chaos, and the absurd.

Yingluck’s ouster was widely expected, as the constitutional court is perceived to favor the opposite faction in Thailand’s long-running political struggle. The country is broadly—and, some fear, irrevocably—divided between Bangkok’s wealthy elite and the mostly poor, rural voters who support exiled billionaire and former Prime Minister Thaksin Shinawatra, Yingluck’s brother.

The constitutional court, made up of nine judges drawn from several other courts, had previously invalidated elections won by pro-Thaksin parties, dissolved political parties aligned with him, and removed two separate pro-Thaksin prime ministers—one of them for appearing on a TV cooking show.

The charges that brought down Shinawatra seem equally petty: The court found that she violated the constitution by removing a national-security advisor in 2011. According to her opponents, this reshuffle was designed to open up a separate job for her former brother-in-law. The court also ruled that all cabinet members who were serving in 2011 must leave their posts for countenancing the move. (And it cited the cooking show case as a precedent.)

[xchrom]

3. 150 Workers Die Each Day From Doing Their Jobs

http://thinkprogress.org/economy/2014/05/08/3435734/workplace-deaths/

In 2012, 4628 workers were killed on the job, which made an average of 13 deaths a day, according to a new report from the AFL-CIO. An estimated additional 50,000 workers died from occupational diseases, or an average of 137 deaths a day. All told, an estimated 150 workers died each day last year due to working conditions.

The report notes that the fatality rate for people who died on the job hasn’t changed for the past four years, and the 2012 rate of 3.4 deaths for every 100,000 workers was about the same as the year before. Latino workers are at the highest risk of dying on the job, with a rate of 3.7 per 100,000 workers and 748 killed in 2012, although their rate has fallen by 38 percent since 2001.

There were also a reported 3.8 million injuries and illnesses related to work in 2012. But the report notes, “Due to limitations in the current injury reporting system and widespread underreporting of workplace injuries, this number understates the problem,” and estimates that the real number is probably two to three times bigger, somewhere between 7.6 million and 11.4 million.

The estimated cost of all job injuries and illnesses from medical expenses and lost productivity comes to somewhere between $250 billion and $350 billion a year.

[xchrom]

4. FTSE retreats from 10-week high, Petrofac slumps after warning

http://uk.reuters.com/article/2014/05/09/uk-markets-britain-stocks-idUKKBN0DP0NF20140509

(Reuters) - The FTSE 100 slipped from a 10-week high on Friday, with energy services group Petrofac slumping after a profit warning and aero-engines maker Rolls-Royce hurt by broker downgrades.

Tensions in Ukraine also prompted investors to take some money off the table after recent gains, analysts said.

Petrofac fell 16.7 percent after warning its 2014 net profit would fall by as much as 11 percent to between $580 million and $600 million due to a poor performance from its Integrated Energy Services division.

"The profit warning from Petrofac provides a reminder as to the potential punishment in missing market expectations. Worries over Russia and Ukraine also persist," Keith Bowman, equity analyst at Hargreaves Lansdown, said.

[xchrom]

5. China blames U.S. for stoking tensions in South China Sea

http://uk.reuters.com/article/2014/05/09/uk-china-usa-idUKKBN0DP0IH20140509

(Reuters) - China's foreign ministry blamed the United States on Friday for stoking tensions in the disputed South China Sea by encouraging countries to engage in dangerous behaviour, following an uptick in tensions between China and both the Philippines and Vietnam.

China this week accused Vietnam of intentionally colliding with its ships in the South China Sea after Vietnam asserted that Chinese vessels used water cannon and rammed eight of its vessels at the weekend near an oil rig.(Full Story)

The United States has called China's deployment of the rig "provocative and unhelpful" to security in the region, urging restraint on all sides. (Full Story)

Chinese foreign ministry spokeswoman Hua Chunying repeated that the waters the rig was operating in, around the Paracel Islands, were Chinese territory and that no other country had the right to interfere.

[xchrom]

6. Thai police fire teargas at protesters bent on toppling 'Thaksin regime'

http://uk.reuters.com/article/2014/05/09/uk-thailand-protests-idUKKBN0DP03N20140509


(Reuters) - Thai police fired teargas on Friday at royalist protesters bent on bringing down a caretaker government after a court threw Prime Minister Yingluck Shinawatra out of office and an anti-graft agency indicted her for negligence.

Yingluck's Puea Thai Party still runs the interim government and is hoping to organise a July 20 election that it would probably win, but the protesters want the government out, the election postponed and reforms to end the influence of Yingluck's brother, former premier Thaksin Shinawatra.

Protest leader Suthep Thaugsuban, speaking to supporters in a city park, urged them to rally outside parliament, the prime minister's offices and five television stations to prevent them being used by the government.

"We will sweep the debris of the Thaksin regime out of the country," said Suthep, a former deputy premier in a government run by the pro-establishment Democrat party.

[xchrom]

7. German exports post big fall in March, trade drags on first quarter

http://uk.reuters.com/article/2014/05/09/uk-germany-trade-idUKKBN0DP0AI20140509

(Reuters) - German exports posted their biggest fall in nearly a year in March and imports also dipped as the crisis in Ukraine and a slowdown in China weighed, narrowing the trade surplus and confirming trade was a drag on growth at the start of 2014.

Figures from the Federal Statistics Office showed seasonally-adjusted exports slipped 1.8 percent on the month, their second consecutive fall, and imports dipped 0.9 percent, pushing the trade surplus down to 14.8 billion euros (12.08 billion pounds).

The consensus forecast in a Reuters poll of economists had been for shipments abroad to rise by 1 percent and for imports to increase by 0.5 percent.

The seasonally adjusted trade balance compared with a surplus of 15.8 billion euros in February. Economists had expected a surplus of 16.6 billion euros in March.

[xchrom]

8. UK factory output grows at fastest quarterly pace since 1999

http://uk.reuters.com/article/2014/05/09/uk-britain-economy-idUKKBN0DP0GV20140509

(Reuters) - British factory output grew at its fastest pace in nearly 15 years during the first quarter of 2014 and the trade deficit narrowed, official data showed on Friday, adding to signs that the economy is rebalancing.

The Office for National Statistics said manufacturing output grew by 1.4 percent in the first three months of the year, up from 0.6 percent in the last three months of 2013.

This was the best calendar quarter since the third quarter of 1999, as the sector recovers from a steep slump after the financial crisis, and the strongest growth for any three month period since October 2010.

Britain's trade deficit in goods with the rest of the world also narrowed more than expected, sinking to 8.478 billion pounds, its lowest since December.

[xchrom]

9. Cold War chill may warm voters to EU, leaders hope

http://uk.reuters.com/article/2014/05/09/uk-eu-election-putin-idUKKBN0DP0P120140509

(Reuters) - They may denounce Vladimir Putin in public but mainstream EU leaders may quietly thank Russia's president for one thing - talk of World War Three over Ukraine could teach voters to stop carping and love the European Union.

Eurosceptic radicals, channeling rage against austerity, Brussels bureacracy and the travails of the euro, will still do well in this month's European Parliament election; but tanks and cruise missiles rumbling across Red Square as armies face off on the bloc's eastern borders may focus voters' minds on the EU's role in defending rights and keeping the peace for six decades.

The Cold War-scented crisis over Ukraine has provided no shortage of opportunity for Brussels' critics to deride its lack of military bite and diplomatic cohesion. But mainstream parties hope Putin's reminder of the risks of war and authoritarian rule can give them a late boost in voting for the EU legislature.

"My impression is that we'll see vehement polemics against the EU decline significantly," said David McAllister, the lead candidate for the European election in Germany for Chancellor Angela Merkel's Christian Democrats (CDU).

[xchrom]

10. Finland's Social Democrats oust finance minister Urpilainen

http://uk.reuters.com/article/2014/05/09/uk-finland-socialdemocrats-idUKKBN0DP0QP20140509

(Reuters) - Finnish Social Democrats on Friday narrowly voted to replace their leader and finance minister Jutta Urpilainen with a more leftist candidate in a move that could complicate government efforts to curb debt.

51-year-old Antti Rinne, a critic of the government's austerity measures, has in recent years led the country's biggest white-collar workers union Pro and is known for feisty negotiation tactics, as well as favouring state-led economic growth.

Rinne received 257 votes in the party congress election against 243 votes for Urpilainen, who had said that losing the leadership would also see her step down as finance minister.

Rinne said he could take over the role but said the decision is up to party council, which is due to discuss the issue in the coming weeks.

[xchrom]

11. GEITHNER: SUGGESTED CLINTON AS POSSIBLE SUCCESSOR

http://hosted.ap.org/dynamic/stories/U/US_GEITHNER_MEMOIR?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-09-00-02-46

WASHINGTON (AP) -- Timothy Geithner says in a new memoir that he considered stepping down as Treasury secretary in 2010 after the financial crisis and suggested Hillary Rodham Clinton as a possible successor.

President Barack Obama rebuffed Geithner's suggestion, and he remained at Treasury until 2013.

Geithner's memoir will be published next week. On Thursday, The Associated Press bought an early copy.

Geithner writes of the incident in "Stress Test," which explores his turbulent four years at Treasury. During his tenure, the Obama administration faced the worst recession and most severe financial crisis since the Great Depression.

[Demeter]

28. On what qualifications?

I already don't feel good today with the sudden heat...to think that Geithner had his tongue or hands on this makes me want to vomit. The little toady!

I may buy a copy for the pleasure of burning it. In lieu of a human bonfire.

[xchrom]

12. POPE DEMANDS 'LEGITIMATE REDISTRIBUTION' OF WEALTH

http://bigstory.ap.org/article/pope-demands-legitimate-redistribution-wealth


VATICAN CITY (AP) — Pope Francis called Friday for governments to redistribute wealth to the poor in a new spirit of generosity to help curb the "economy of exclusion" that is taking hold today.

Francis made the appeal during a speech to U.N. Secretary-General Ban Ki-moon and the heads of major U.N. agencies who are meeting in Rome this week.

Latin America's first pope has frequently lashed out at the injustices of capitalism and the global economic system that excludes so much of humanity.

On Friday, Francis called for the United Nations to promote a "worldwide ethical mobilization" of solidarity with the poor in a new spirit of generosity.

[xchrom]

13. OIL PRICES HIGHER ON RENEWED UKRAINE WORRIES

http://hosted.ap.org/dynamic/stories/O/OIL_PRICES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-09-08-12-53

Oil prices climbed higher above $100 a barrel Friday on renewed concerns about tensions in Ukraine.

By early afternoon in Europe, benchmark U.S. crude for June delivery was up 43 cents to $100.69 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, the Nymex contract fell 51 cents.

Brent crude, a benchmark for international varieties of oil, was up 59 cents to $108.63 on the ICE Futures exchange in London.

Pro-Russian insurgents in eastern Ukraine are planning a referendum on independence over the weekend, in apparent defiance of a call by Russian President Vladimir Putin to put off the vote.

[xchrom]

14. VENEZUELANS ASK WHAT NOW AFTER PROTEST CAMP RAIDS

http://hosted.ap.org/dynamic/stories/L/LT_VENEZUELA_PROTESTS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-09-08-21-34

CARACAS, Venezuela (AP) -- In the bubbling cauldron that is politically riven Venezuela, divining the government's motives is a favorite pastime. So as soon as security forces stormed a handful of ramshackle camps that had been the haven for anti-government protesters the past month, Venezuelans immediately began speculating what was behind the surprise raids.

Some viewed it as a straightforward crackdown to restore order in besieged neighborhoods. Others saw an attempt to chill the nerve of student activists and keep them from returning to the streets. And, in a reflection of the country's bitter divisions, some in the opposition called it an effort to revive a waning protest movement as a way to distract Venezuelans from mounting economic woes.

About the only thing certain is that in the aftermath of Thursday's pre-dawn raids, President Nicolas Maduro wanted to project an image of strength and attack his foes. Speaking on national television, as he handed out another batch of homes to poor people, the socialist leader lambasted his opponents and blamed them for the death of a 25-year-old police officer in street violence that erupted after the raids - the first day of deadly clashes in almost a month.

"He was protecting the community of Chacao and was killed vilely by these right-wing assassins," Maduro said, referring to the leafy neighborhood in Caracas where the biggest of the four makeshift protest camps sat in front of the offices of the United Nations. "In the face of this pain, we have to apply the firm hand of justice."

[xchrom]

15. UKRAINE, ALSTOM ON AGENDA AS HOLLANDE MEETS MERKEL

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_FRANCE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-09-06-22-31

BERLIN (AP) -- French President Francois Hollande arrives in Germany on Friday for two days of talks with Chancellor Angela Merkel during which the crisis in Ukraine will figure prominently.

The program for Hollande's visit includes excursions in Merkel's scenic home constituency on Germany's northeast Baltic coast. But away from the cameras the two leaders are expected to discuss when and how to impose further sanctions against Moscow, which has backed pro-Russian insurgents in eastern Ukraine and annexed the Crimean Peninsula.

France and Germany are also likely to revisit the failed bid last month by German engineering firm Siemens for its French counterpart Alstom.

Alstom's management favors a rival offer from U.S. company General Electric, but the French government has made clear its opposition to a trans-Atlantic takeover.

[xchrom]

16. U.S. Stock Futures Drop as Tech Stocks Slip Amid Earnings

http://www.bloomberg.com/news/2014-05-09/u-s-stock-futures-retreat-as-investors-assess-earnings.html

U.S. stock futures fell, with the Standard & Poor’s 500 Index heading for a weekly loss, as Internet stocks slumped and investors assessed corporate earnings.

CBS fell 2.3 percent after posting quarterly revenue that missed analysts’ estimates. LinkedIn Corp. lost 1.4 percent to pace declines in Internet stocks. Pandora Media Inc. dropped 3.2 percent after Apple Inc. was said to have held talks to buy headphones-maker Beats Electronics LLC. Gap Inc. surged 8.6 percent after giving profit guidance. Symantec Corp. (SYMC) rose 2.8 percent as its sales forecast exceeded analysts’ predictions.

Futures on the S&P 500 expiring in June lost 0.2 percent to 1,868.5 at 8:10 a.m. in New York. Dow Jones Industrial Average contracts slipped 27 points, or 0.2 percent, to 16,483 today. Futures on the Nasdaq 100 Index fell 0.4 percent.

“While company earnings may be OK on a quarter-to-quarter basis, a year-on-year comparison will be less advantageous,” Didier Duret, who helps manage about 168 billion euros ($232 billion) as chief investment officer at ABN Amro Bank NV’s wealth-management unit, said by telephone. “With tech stocks, we’re seeing some violent profit taking. It’s an opportunity for investors to reposition.”

[xchrom]

17. Most Asian Stocks Rise as Macau Casinos Rebound

http://www.bloomberg.com/news/2014-05-09/asian-stocks-extend-weekly-slide-as-toyota-cuts-forecast.html

Most Asian stocks rose as Macau casino operators rebounded in Hong Kong and Canon Inc. said it would buy back shares, outweighing slumps for Great Wall Motor Co. and Wilmar International Ltd.

Galaxy Entertainment Group Ltd. jumped 5.6 percent after dropping 7.6 percent yesterday. Camera-maker Canon rose 1.9 percent in Tokyo. Amorepacific Corp., a skin-care product manufacturer, surged 11 percent in Seoul. Great Wall tumbled 17 percent in Hong Kong after China’s biggest maker of sport-utility vehicles suspended sales of its new flagship Haval following quality customer complaints. Singapore-based Wilmar, the world’s largest palm-oil trader, sank 3.9 percent after posting a decline in profit.

The MSCI Asia Pacific Index gained 0.2 percent to 137.94 at 7:05 p.m. in Hong Kong, paring its drop this week to 0.3 percent. Five shares rose for every four that fell. The region’s largest equity markets, Hong Kong and Japan, have slumped the most of 24 developed markets tracked by Bloomberg this year amid concern Chinese economic growth is slowing and as the yen strengthened.

“Investors are focusing on getting a return of their capital,” Evan Lucas, a market strategist in Melbourne at IG Ltd., said by phone. “There’s no doubt global markets are starting to position themselves for a shift away from high growth into defensive sectors.”

[xchrom]

18. European Stocks Decline From Six-Year High Amid Earnings

http://www.bloomberg.com/news/2014-05-09/european-stock-index-futures-little-changed-amid-earnings.html

European stocks fell from their highest level in more than six years as companies from Telefonica SA to Petroleum Geo-Services ASA (PGS) posted earnings that missed analysts’ estimates. U.S. index futures retreated, while Asian shares rose.

Telefonica dropped 3.5 percent after saying first-quarter operating income slid 14 percent. PGS declined 5.1 percent after also reporting lower profit margin. Petrofac Ltd. tumbled 16 percent after predicting net income will decrease in 2014. Vestas Wind Systems A/S rallied 6.8 percent after posting an unexpected profit in the first quarter.

The Stoxx Europe 600 Index slipped 0.4 percent to 338.26 at 11:40 a.m. in London, paring its weekly gain to 0.2 percent. The benchmark gauge climbed yesterday to its highest level since January 2008 after European Central Bank President Mario Draghi pledged to ease monetary policy next month if needed. Standard & Poor’s 500 Index futures lost 0.2 percent today, while the MSCI Asia Pacific Index added 0.2 percent.

“It’s a mixed picture in terms of earnings,” Philippe Gijsels, chief strategy officer at BNP Paribas Fortis, said by telephone from Brussels. “A lot of the indices are at or close to multi-year highs but we’ve had almost a bloodbath in quite a few individual names. What we got from the ECB yesterday was clearly positive, but underneath the positive tone from the market, there are some worrying issues.”

[xchrom]

19. China’s Inflation Slows More Than Estimated

http://www.bloomberg.com/news/2014-05-09/china-s-inflation-slows.html

Consumer inflation in China moderated to an 18-month low and the decline in factory-gate prices persisted, giving the government more scope to loosen policies if a growth slowdown deepens.

The consumer price index rose 1.8 percent from a year earlier in April, the National Bureau of Statistics said today in Beijing. That compares with the median estimate of 2.1 percent in a Bloomberg News survey and a 2.4 percent gain in March. The producer-price index fell 2 percent, the 26th straight decline, after a 2.3 percent drop the previous month.

Today’s data add to signs that domestic demand remains muted, with falling commodity prices exacerbating overcapacity in industries including steel and cement. The lack of inflationary pressure will allow the People’s Bank of China to relax monetary policy to support the economy if Premier Li Keqiang’s full-year goal of about 7.5 percent is threatened.

“There’s room for policy easing,” said Chang Jian, chief China economist with Barclays Plc in Hong Kong. There is “clearly downward pressure on property prices and overall inflation,” and if real estate prices keep falling in the second half, “there will be more room for easing,” including a cut in banks’ reserve-requirement ratio, Chang said.

[xchrom]

20. Geithner in Book Says U.S. Considered Nationalizing Banks

http://www.bloomberg.com/news/2014-05-08/geithner-in-book-says-obama-aides-weighed-nationalizing-banks.html

Former Treasury Secretary Timothy F. Geithner said in his new book that members of the Obama administration “talked openly” about nationalizing banks such as Citigroup Inc. (C) in the aftermath of the financial crisis, according to an article in the New York Times Magazine.

Geithner disagreed when Lawrence Summers, then head of the White House’s National Economic Council, suggested to President Barack Obama that the administration “pre-emptively nationalize” banks including Citigroup and Bank of America Corp., or try to embarrass them into changing their pay structures, according to the Times. The article includes quotes from the book, “Stress Test: Reflections on Financial Crises,” and interviews with Geithner.

Geithner feared “fueling unrealistic expectations about our ability to eradicate extravagance in the financial industry,” he wrote in the book, to be published May 12.

“I did not view Wall Street as a cabal of idiots or crooks,” Geithner wrote. “My jobs mostly exposed me to talented senior bankers, and selection bias probably gave me an impression that the U.S. financial sector was more capable and ethical than it really was.”

[Demeter]

29. Sure they did

and then laughed hysterically.

If there's any truth to this, which I doubt, then Geithner is doing Summers a favor and an insult. To have the right idea, and be summarily rejected...

“I did not view Wall Street as a cabal of idiots or crooks,” Geithner wrote. “My jobs mostly exposed me to talented senior bankers, and selection bias probably gave me an impression that the U.S. financial sector was more capable and ethical than it really was.”

We know, Timmeh, we know...you're an idiot with an expensive wardrobe...just like your buddies the banksters.

[xchrom]

21. Federal Agents Seek to Loosen Rules on Hacking Computers

http://www.bloomberg.com/news/2014-05-09/federal-agents-seek-to-loosen-rules-on-hacking-computers.html

The top U.S. law-enforcement agency wants to give investigators greater leeway to secretly access suspected criminals’ computers in bunches, not simply one at a time.

The Justice Department says the proposal, set to be made public today, is an attempt to keep up with technology that lets people hide identities online. Privacy advocates contend the more aggressive hacking powers may violate rights of the innocent.

The proposal arrives at a precipitous time for a government still managing backlash to electronic-spying practices by the National Security Agency that were exposed last year by former contractor Edward Snowden.

“I don’t think many Americans would be comfortable with the government sending code onto their computers without their knowledge or consent,” Nathan Freed Wessler, a lawyer with the American Civil Liberties Union, said in a telephone interview. “The power they’re seeking is certainly a broad one.”

[xchrom]

22. Record Meat Costs Mean Pricey Barbecues: Chart of the Day

http://www.bloomberg.com/news/2014-05-08/record-meat-costs-mean-pricey-barbecues-chart-of-the-day.html



Consumers in the U.S. will probably pay the most ever for meat this grilling season as costs for pork and beef surge, according to the American Farm Bureau Federation.

The CHART OF THE DAY shows that average prices for ground beef climbed to a record $3.698 a pound in March, the highest since at least 1984, and retail pork-chops reached $3.824 a pound, the costliest since at least 1998, according to the Bureau of Labor Statistics.

“Farmers and ranchers are raising smaller numbers of hogs and cattle,” John Anderson, the bureau’s deputy chief economist, said in a statement. “This is the key factor contributing to higher retail meat-prices, a trend that is likely to continue through the summer and, at least for beef, into next year.”

The U.S. cattle herd started the year at the smallest since 1951 as ranchers struggled to recover from years of drought. Cow slaughter fell 7 percent in the first quarter of 2014, signaling that animals are being held back for breeding. The start of a herd expansion can take almost three years. American pork production may drop as much as 7 percent as a piglet-killing virus spread, Rabobank International estimates.

[mahatmakanejeeves]

23. ETA News Release: Unemployment Insurance Weekly Claims Report (05/08/2014)

Source: Department of Labor, Employment and Training Administration

Read More: http://www.dol.gov/opa/media/press/eta/eta20140751.pdf

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS SEASONALLY ADJUSTED DATA

In the week ending May 3, the advance figure for seasonally adjusted initial claims was 319,000, a decrease of 26,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 344,000 to 345,000. The 4-week moving average was 324,750, an increase of 4,500 from the previous week's revised average. The previous week's average was revised up by 250 from 320,000 to 320,250.

There were no special factors impacting this week's initial claims.

The advance seasonally adjusted insured unemployment rate was 2.0 percent for the week ending April 26, a decrease of 0.1 percentage point from the previous week's unrevised rate of 2.1 percent. The advance number for seasonally adjusted insured unemployment during the week ending April 26 was 2,685,000, a decrease of 76,000 from the previous week's revised level. The previous week's level was revised down by 10,000 from 2,771,000 to 2,761,000. The 4-week moving average was 2,715,250, a decrease of 16,250 from the previous week's revised average. This is the lowest level for this average since December 22, 2007 when it was 2,700,000. The previous week's average was revised down by 2,500 from 2,734,000 to 2,731,500.

[xchrom]

24. Canada Unexpectedly Loses Jobs in April

http://www.bloomberg.com/news/2014-05-09/canada-unexpectedly-loses-jobs-in-april.html

Canadian employment declined for the second time in three months in April, a surprise drop led by full-time work and restaurant and hotel staff.

Employment fell by 28,900 in April, Statistics Canada said today in Ottawa. The unemployment rate remained at 6.9 percent as 25,600 people also left the labor force, reducing the participation rate to the lowest since November 2001. Economists surveyed by Bloomberg News projected a 13,500 job increase and a jobless rate unchanged at 6.9 percent, according to the median forecasts.

Canadian unemployment will remain stuck at about 7 percent this year, above the 6.1 percent recorded in 2008 before the last recession, economists surveyed by Bloomberg predict. Bank of Canada Governor Stephen Poloz has said output growth is being hobbled by weak business investment and exports and that economic slack will persist for about two years.

“There has been little overall employment growth in Canada since August 2013,” Statistics Canada said in its report.

[xchrom]

25. Rainy-Day Fund at U.S. Treasury Seen Inadequate in Perfect Storm

http://www.bloomberg.com/news/2014-05-09/rainy-day-fund-at-u-s-treasury-seen-inadequate-in-perfect-storm.html

Superstorm Sandy taught U.S. Treasury officials they need to keep more cash on hand for a rainy day. The solution may be a rising tide of bill sales in the years ahead.

The hurricane that battered the Northeast U.S. in October 2012 closed bond markets for a day and a half, among three events since 2001 that interrupted the Treasury’s access to funding. After the latest disruption, resulting from an auction system malfunction in December, an advisory panel recommended steps including beefing up the Treasury’s cash cushion to avoid the risk of default as bigger chunks of debt fall due.

Bankers on the Treasury Borrowing Advisory Committee say a market interruption might come at the worst possible time, on a day when the government faces an unusual surge in maturing debt.

“The Treasury is thinking about whether it has operational risk to losing access to the capital markets and wants to make sure it has a liquidity buffer,” Jay Barry, a fixed-income strategist at JPMorgan Chase & Co. in New York, said in a telephone interview. “Higher cash balances would protect the Treasury against any perfect storm of them not being able to access the capital markets for a number of days at a time.”

[Demeter]

26. I've been to too many "stupid" meetings

[Demeter]

27. Citgo’s Corpus Christi Environmental Crimes: Too Big to Punish

http://www.texasobserver.org/citgos-corpus-christi-environmental-crimes-big-punish/

After seven years of waiting, Corpus Christi pollution victims finally learned what restitution they’ll be receiving from Citgo Petroleum Corp.: nothing. Last week, a federal district judge determined that residents of a neighborhood exposed to toxic chemicals from Citgo’s Corpus refinery weren’t due any compensation, including medical expenses or relocation costs.

In 2007, a jury convicted Citgo of violating the Clean Air Act, a first for a major oil company. The company had illegally stored oil in two uncovered tanks, exposing nearby residents to toxic chemicals including the carcinogen benzene. It took seven years for U.S. District Judge John D. Rainey to sentence the company, finally ruling in February that Citgo owed $2 million—a paltry sum next to the $1 billion prosecutors argued the company had earned from its illegal operation. Still, victims held out hope for some restitution.

On Wednesday, Rainey denied victims any restitution, including funding to pay for annual cancer screenings and other diseases that could be linked to chemical exposures. The Justice Department had requested that Citgo set up a fund to cover relocation costs, and another for victims’ future medical expenses, for a total of $30 million in restitution for victims and $25 million for the government.

Ironically, Rainey wrote that determining how much victims are really owed would “unduly delay the sentencing process” and “outweighs the need to provide restitution to any victims.”

The Citgo case is also the first in which victims of air pollution are recognized as victims of crime under the Crime Victims Rights Act and allowed to present oral testimony in court. Rainey had originally rejected 20 victims’ request for that status, but the Fifth Circuit Court of Appeals ordered Rainey to reconsider. He eventually did grant more than 800 residents the status, but in his latest ruling Rainey says the operation of the tanks only caused short-term health effects on “at least two specific days.” He writes that there’s no evidence emissions could have caused long-term effects.

Paul Cassell, a University of Utah law professor and former federal judge who is representing 20 of the victims in the case pro bono, says he is appealing the ruling....

MIGHT AS WELL LIVE IN SAUDI ARABIA