TNT:
Iko Ward : So tonight is when we are really going to see the global reactions. We'll get the during the day. Right now the markets are all down with Germany showing the biggest reaction of 2.35%. ISX bumped up a little last night to just over 890. x showed it's best value since January of 1115.4. An exciting day ahead as the news unfolds.
And the exchange rumors are flying.
China devalues and a unanimous vote in the Iraqi Parliament?
The room is going to be an emotional roller-coaster today until we get a call either way from Tony. Nothing to do now but continue waiting and enjoy the process.
It is all rolling out just as some of us thought it would. Work the plan.
....
Iko Ward : So tonight is when we are really going to see the global reactions. We'll get the during the day. Right now the markets are all down with Germany showing the biggest reaction of 2.35%. ISX bumped up a little last night to just over 890. x showed it's best value since January of 1115.4. An exciting day ahead as the news unfolds.
And the exchange rumors are flying.
China devalues and a unanimous vote in the Iraqi Parliament?
The room is going to be an emotional roller-coaster today until we get a call either way from Tony. Nothing to do now but continue waiting and enjoy the process.
It is all rolling out just as some of us thought it would. Work the plan.
....
************
DAZ: KOREAN WON ON A RUN http://ift.tt/1cdFgJp
[xyz] China stages biggest currency devaluation in 20 yrs to revive exports http://ift.tt/1J1c1fT
JSST: FOR THE MISINFORMED READ----
http://ift.tt/1JaNJSR
Q&A: What yuan devaluation means for China, other countries----Q&A: What China's yuan devaluation means for its struggling exporters, relations with the US
************
ABonnie: "Once You Unleash The Devaluation Genie In A Global Currency War . . ."
http://ift.tt/1IBs1E2
Gold Soars After Chinese Currency Devaluation
8-11-15_ Tyler Durden
Yesterday, immediately in the aftermath of the PBOC's dramatic devaluation announcement, we remarked the following:
zerohedge 0n Twitter:
"Been a while since tens of millions of Chinese rushed into gold and bitcoin"
To be sure, while it will take the Chinese mainland a few more hours to realize just what happened, and that once you unleash the devaluation genie in a global currency war you can't simply put it back in, which means over one billion Chinese will soon be scrambling to preserve their purchasing power (but not in the stock market which particular bubble burst just last month and taught millions a very harsh lesson in get rich quick schemes), some fast thinkers realized that not only will capital outflows explode in the coming weeks and months, but that holding one's savings in Yuan will be, well, foolish.
As a result, after initially tumbling for some inexplicable reason after the PBOC announcement, gold is now soaring back to levels from mid-July and going higher.
GOLD CHART:
DAZ: KOREAN WON ON A RUN http://ift.tt/1cdFgJp
[xyz] China stages biggest currency devaluation in 20 yrs to revive exports http://ift.tt/1J1c1fT
JSST: FOR THE MISINFORMED READ----
http://ift.tt/1JaNJSR
Q&A: What yuan devaluation means for China, other countries----Q&A: What China's yuan devaluation means for its struggling exporters, relations with the US
************
ABonnie: "Once You Unleash The Devaluation Genie In A Global Currency War . . ."
http://ift.tt/1IBs1E2
Gold Soars After Chinese Currency Devaluation
8-11-15_ Tyler Durden
Yesterday, immediately in the aftermath of the PBOC's dramatic devaluation announcement, we remarked the following:
zerohedge 0n Twitter:
"Been a while since tens of millions of Chinese rushed into gold and bitcoin"
To be sure, while it will take the Chinese mainland a few more hours to realize just what happened, and that once you unleash the devaluation genie in a global currency war you can't simply put it back in, which means over one billion Chinese will soon be scrambling to preserve their purchasing power (but not in the stock market which particular bubble burst just last month and taught millions a very harsh lesson in get rich quick schemes), some fast thinkers realized that not only will capital outflows explode in the coming weeks and months, but that holding one's savings in Yuan will be, well, foolish.
As a result, after initially tumbling for some inexplicable reason after the PBOC announcement, gold is now soaring back to levels from mid-July and going higher.
GOLD CHART:
Here we eagerly await as the BIS' Benoit Gilson sells a few billion in paper gold just to reset the price of gold lower as a surge in gold, and a loss of faith in paper money, at this juncture in just broken out global currency wars, is the last thing the central banks' central bank can afford.
But wait, there's more: because any day now the PBOC will update its revised foreign reserve and gold holdings. And so the next big leg up in gold will take place when it is revealed that the PBOC had only exposed a portion of its "new" total gold inventory, and that with every passing month it will simply reveal more and more as central-planning conditions demand it.
************
Tishwash: Five arrested in insider trading hacking scheme
http://ift.tt/1JaNLtQ
via Reuters: Five people were arrested and are in U.S. custody, charged in an insider trading scheme that generated more than $30 million in illegal profits, an FBI spokeswoman said on Tuesday.
The scheme, which ran for 5 years, involved traders who employed hackers to steal confidential corporate news releases.
On Tuesday, U.S. authorities revealed that they had broken up the insider trading ring, which raked in over $30 million in illegal profits, and are set to file criminal charges against 9 people, according to The New York Times.
Hacking and insider trading combine in sophisticated scheme
The case is noteworthy because of the combination of hacking and insider trading. The first arrests were made Tuesday morning, and a press conference will be given in Newark. Top officials, including Jeh Johnson, secretary for Homeland Security, and Mary Jo White, chairwoman of the S.E.C., are expected to discuss the charges.
Prosecutors unsealed an indictment against 5 men on Tuesday morning. They are accused of hacking companies such as Business Wire, PR Newswire, and MarketWire in order to steal over 150,000 news releases before they were sent out to the public.
The scheme involved hackers based in Eastern Europe and U.S.-based traders, and generated tens of millions of dollars in profit. Authorities allege that the traders provided "shopping lists" of different kinds of news releases to enable insider trading. Among those companies targeted were Bank of America, The Clorox Co (NYSE:CLX), Caterpillar and Honeywell.
S.E.C. takes steps to protect sensitive business information
A similar case was filed in 2005, when the S.E.C. filed charges against traders based in Estonia, who were hacking Business Wire in a similar scheme. Although hacking news releases has previously been used to gain an illegal edge on the market, this latest scheme is far more developed than previous ones.
Last year, security research firm FireEye claimed to have uncovered a group of hackers known as Fin4, which attempted to infiltrate the email systems of pharmaceutical and financial companies to gain information about deals. FireEye shared the results of its investigation with the S.E.C. and the FBI.
The S.E.C. has previously asked a number of companies to share information about data stolen from their networks during cyber attacks, which may be used for insider trading. Similar requests have also been made of large public relations firms, according to The The New York Times Company (NYSE:NYT), which cites a person briefed on the matter but not authorized to speak publicly.
*********************************
Dinar Updates:
Q: [is it safe to assume that after this big shakeup in the goi that there will be a cool down period where not much gets done.]
BGG: not according to Zebari and everyone else - this thing is just now getting wound up!!
But wait, there's more: because any day now the PBOC will update its revised foreign reserve and gold holdings. And so the next big leg up in gold will take place when it is revealed that the PBOC had only exposed a portion of its "new" total gold inventory, and that with every passing month it will simply reveal more and more as central-planning conditions demand it.
************
Tishwash: Five arrested in insider trading hacking scheme
http://ift.tt/1JaNLtQ
via Reuters: Five people were arrested and are in U.S. custody, charged in an insider trading scheme that generated more than $30 million in illegal profits, an FBI spokeswoman said on Tuesday.
The scheme, which ran for 5 years, involved traders who employed hackers to steal confidential corporate news releases.
On Tuesday, U.S. authorities revealed that they had broken up the insider trading ring, which raked in over $30 million in illegal profits, and are set to file criminal charges against 9 people, according to The New York Times.
Hacking and insider trading combine in sophisticated scheme
The case is noteworthy because of the combination of hacking and insider trading. The first arrests were made Tuesday morning, and a press conference will be given in Newark. Top officials, including Jeh Johnson, secretary for Homeland Security, and Mary Jo White, chairwoman of the S.E.C., are expected to discuss the charges.
Prosecutors unsealed an indictment against 5 men on Tuesday morning. They are accused of hacking companies such as Business Wire, PR Newswire, and MarketWire in order to steal over 150,000 news releases before they were sent out to the public.
The scheme involved hackers based in Eastern Europe and U.S.-based traders, and generated tens of millions of dollars in profit. Authorities allege that the traders provided "shopping lists" of different kinds of news releases to enable insider trading. Among those companies targeted were Bank of America, The Clorox Co (NYSE:CLX), Caterpillar and Honeywell.
S.E.C. takes steps to protect sensitive business information
A similar case was filed in 2005, when the S.E.C. filed charges against traders based in Estonia, who were hacking Business Wire in a similar scheme. Although hacking news releases has previously been used to gain an illegal edge on the market, this latest scheme is far more developed than previous ones.
Last year, security research firm FireEye claimed to have uncovered a group of hackers known as Fin4, which attempted to infiltrate the email systems of pharmaceutical and financial companies to gain information about deals. FireEye shared the results of its investigation with the S.E.C. and the FBI.
The S.E.C. has previously asked a number of companies to share information about data stolen from their networks during cyber attacks, which may be used for insider trading. Similar requests have also been made of large public relations firms, according to The The New York Times Company (NYSE:NYT), which cites a person briefed on the matter but not authorized to speak publicly.
*********************************
Dinar Updates:
Q: [is it safe to assume that after this big shakeup in the goi that there will be a cool down period where not much gets done.]
BGG: not according to Zebari and everyone else - this thing is just now getting wound up!!
KTFA:
Thunderhawk » August 11th, 2015, 1:32 pm • Backdoc Alert
VIDEO: How to anger Asia, Fed in one shot: Devalue the yuan
A new Asian currency war and a delayed Federal Reserve rate hike; these are the potential market-shaking implications of Beijing's decision to devalue the yuan, strategists told CNBC.
"If they are true to their word today and this is a new regime for the fixed mechanism, we might think about using the word 'floating' associated with the Chinese exchange rate—that's a massive change," noted Richard Yetsenga, head of global markets research at ANZ, referring to Tuesday's announcement by the People's Bank of China to allow the yuan to depreciate as much as 2 percent against the U.S. dollar.
The move took global traders by surprise, with many pointing to weak July trade data, the recent stock market rout's spillover impact on consumption, and aspirations for inclusion into the International Monetary Fund's Special Drawing Rights basket as factors motivating Beijing.
"It's an interesting move which means several things: when the People's Bank of China first started lowering interest rates and reserve requirements, that freed up bank lending, which likely went to stocks. Now this yuan re-engineering will help companies that represent the greater economy, i.e. exporters, not just companies heavily weighted in stock markets," explained Nicholas Teo, market analyst at CMC Markets.
New easing wars
China may be focused on becoming more market-oriented, but Tuesday's announcement is the latest in a series of competitive devaluations in Asia and other emerging markets, traders said.
"Clearly, this is a shock to the rest of Asia. If you look at China's top trading partners—Korea, Japan, the U.S. and Germany—this is a competitive hit to the exports of those countries. China is exporting disinflation to countries who receive Chinese exports. This is especially negative for Asia currencies," noted Callum Henderson, global head of FX Research at Standard Chartered.
Indeed, the region's reaction to Tuesday's announcement was swift and severe. As the yuan tumbled as much as 1.8 percent against the greenback, the Korean won (KRW), Singapore dollar (SGD), and Australian dollar all sank more than 1 percent.
"Other Asian countries will see today as a competitive devaluation from China. Currencies like the KRW and SGD are the most in the firing line, in our view. In North Asia, Taiwanese and Korean authorities are anyway on the record for preferring weakening currencies. In Singapore, the October monetary policy meeting will now increasingly be in focus for a potential weakening move," JPMorgan said in a report on Tuesday.
Global central banks excluding the U.S. engaged in an easing war early this year in order to stem deflation and protect their economies from sinking oil prices and an advancing greenback ahead of a widely anticipated U.S. interest rate hike this year.
"We've been in a competitive state of easing all year and China's announcement today indicates the easing wars are a spiral that won't end until global economic growth picks up," Teo warned.
However, banks including Standard Chartered and ANZ were quick to warn that Tuesday's move was likely a one-off adjustment and further yuan devaluation wasn't likely, which should ease the pain on Asian currencies going forward.
"Given we believe that China is not aiming to engineer a much weaker renminbi (RMB), the sharp depreciation pressure on Asian currencies from today's CNY fixing change should fade. That said, we believe the likelihood of USD-RMB trading with elevated volatility implies that other USD-Asian exchange rates should be more volatile too," HSBC said in a report on Tuesday.
Impact on the Fed
Tuesday's move could also see the Federal Reserve shelve plans for rate-liftoff in September, according to some investors.
The yuan and the U.S. dollar were the only two strengthening currencies left amid recent global monetary easing but now that China is finally easing across the board, the greenback is the only one left, explained Jim Rickards, chief global strategist at West Shore Funds.
"Today's yuan move now means the U.S. will support all the deflation in the world. Everybody's trying to get inflation via easing, which means they are exporting deflation to the stronger currency."
Continued dollar strength is problematic for the Fed since it hurts U.S. exports, lowers inflation and dampens corporate profits. Because raising interest rates will likely only further push up the dollar, the central bank is in a key dilemma. As of Monday, the likelihood of a rate hike in September was 54 percent, according to the CME FedWatch tool.
"Now, even a small increase in rates in September could have a magnified effect on the value of the U.S. dollar, we'll have to wait and see what the Fed does," said John Carey, portfolio manager at Pioneer Investments.
http://ift.tt/1J0O0pt
************
JDTolle » August 11th, 2015, Jump-start your enthusiasm
The way to get enthusiastic about doing anything is to get involved in doing it. You can’t just expect to magically become enthusiastic before you ever lift a finger.
It’s nearly impossible to talk yourself into doing what you must do, but don’t want to do. So stop talking, stop trying to convince yourself, and just start doing.
Spend the first fifteen minutes complaining about it and feeling sorry for yourself if you want. But while you’re complaining, be busy doing.
Once you’ve begun the effort, you’ll discover it’s not nearly as bad as you thought it would be. After you’re a few hours into it, you may even find yourself feeling a little bit of passion and enthusiasm.
You cannot create real enthusiasm just by thinking about it or wishing for it. You create enthusiasm by investing yourself in the effort.
So if there’s some necessary task you’ve been avoiding because it’s just not your thing, do it anyway. Jump-start your enthusiasm with a little effort, and feel the power as that enthusiasm continues to carry you through.
Ralph Marston Wishing All a safe and blessed day JDT
P.S. Wake at dawn with a winged heart and give thanks for another day of loving.
-- Kahlil Gibran
Thunderhawk » August 11th, 2015, 1:32 pm • Backdoc Alert
VIDEO: How to anger Asia, Fed in one shot: Devalue the yuan
A new Asian currency war and a delayed Federal Reserve rate hike; these are the potential market-shaking implications of Beijing's decision to devalue the yuan, strategists told CNBC.
"If they are true to their word today and this is a new regime for the fixed mechanism, we might think about using the word 'floating' associated with the Chinese exchange rate—that's a massive change," noted Richard Yetsenga, head of global markets research at ANZ, referring to Tuesday's announcement by the People's Bank of China to allow the yuan to depreciate as much as 2 percent against the U.S. dollar.
The move took global traders by surprise, with many pointing to weak July trade data, the recent stock market rout's spillover impact on consumption, and aspirations for inclusion into the International Monetary Fund's Special Drawing Rights basket as factors motivating Beijing.
"It's an interesting move which means several things: when the People's Bank of China first started lowering interest rates and reserve requirements, that freed up bank lending, which likely went to stocks. Now this yuan re-engineering will help companies that represent the greater economy, i.e. exporters, not just companies heavily weighted in stock markets," explained Nicholas Teo, market analyst at CMC Markets.
New easing wars
China may be focused on becoming more market-oriented, but Tuesday's announcement is the latest in a series of competitive devaluations in Asia and other emerging markets, traders said.
"Clearly, this is a shock to the rest of Asia. If you look at China's top trading partners—Korea, Japan, the U.S. and Germany—this is a competitive hit to the exports of those countries. China is exporting disinflation to countries who receive Chinese exports. This is especially negative for Asia currencies," noted Callum Henderson, global head of FX Research at Standard Chartered.
Indeed, the region's reaction to Tuesday's announcement was swift and severe. As the yuan tumbled as much as 1.8 percent against the greenback, the Korean won (KRW), Singapore dollar (SGD), and Australian dollar all sank more than 1 percent.
"Other Asian countries will see today as a competitive devaluation from China. Currencies like the KRW and SGD are the most in the firing line, in our view. In North Asia, Taiwanese and Korean authorities are anyway on the record for preferring weakening currencies. In Singapore, the October monetary policy meeting will now increasingly be in focus for a potential weakening move," JPMorgan said in a report on Tuesday.
Global central banks excluding the U.S. engaged in an easing war early this year in order to stem deflation and protect their economies from sinking oil prices and an advancing greenback ahead of a widely anticipated U.S. interest rate hike this year.
"We've been in a competitive state of easing all year and China's announcement today indicates the easing wars are a spiral that won't end until global economic growth picks up," Teo warned.
However, banks including Standard Chartered and ANZ were quick to warn that Tuesday's move was likely a one-off adjustment and further yuan devaluation wasn't likely, which should ease the pain on Asian currencies going forward.
"Given we believe that China is not aiming to engineer a much weaker renminbi (RMB), the sharp depreciation pressure on Asian currencies from today's CNY fixing change should fade. That said, we believe the likelihood of USD-RMB trading with elevated volatility implies that other USD-Asian exchange rates should be more volatile too," HSBC said in a report on Tuesday.
Impact on the Fed
Tuesday's move could also see the Federal Reserve shelve plans for rate-liftoff in September, according to some investors.
The yuan and the U.S. dollar were the only two strengthening currencies left amid recent global monetary easing but now that China is finally easing across the board, the greenback is the only one left, explained Jim Rickards, chief global strategist at West Shore Funds.
"Today's yuan move now means the U.S. will support all the deflation in the world. Everybody's trying to get inflation via easing, which means they are exporting deflation to the stronger currency."
Continued dollar strength is problematic for the Fed since it hurts U.S. exports, lowers inflation and dampens corporate profits. Because raising interest rates will likely only further push up the dollar, the central bank is in a key dilemma. As of Monday, the likelihood of a rate hike in September was 54 percent, according to the CME FedWatch tool.
"Now, even a small increase in rates in September could have a magnified effect on the value of the U.S. dollar, we'll have to wait and see what the Fed does," said John Carey, portfolio manager at Pioneer Investments.
http://ift.tt/1J0O0pt
************
JDTolle » August 11th, 2015, Jump-start your enthusiasm
The way to get enthusiastic about doing anything is to get involved in doing it. You can’t just expect to magically become enthusiastic before you ever lift a finger.
It’s nearly impossible to talk yourself into doing what you must do, but don’t want to do. So stop talking, stop trying to convince yourself, and just start doing.
Spend the first fifteen minutes complaining about it and feeling sorry for yourself if you want. But while you’re complaining, be busy doing.
Once you’ve begun the effort, you’ll discover it’s not nearly as bad as you thought it would be. After you’re a few hours into it, you may even find yourself feeling a little bit of passion and enthusiasm.
You cannot create real enthusiasm just by thinking about it or wishing for it. You create enthusiasm by investing yourself in the effort.
So if there’s some necessary task you’ve been avoiding because it’s just not your thing, do it anyway. Jump-start your enthusiasm with a little effort, and feel the power as that enthusiasm continues to carry you through.
Ralph Marston Wishing All a safe and blessed day JDT
P.S. Wake at dawn with a winged heart and give thanks for another day of loving.
-- Kahlil Gibran
via Dinar Recaps - Our Blog http://ift.tt/1HECj2e
No comments:
Post a Comment