STOCK MARKET WATCH -- Friday, 30 May 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Friday, 30 May 2014[font color=black][/font]

SMW for 29 May 2014

AT THE CLOSING BELL ON 29 May 2014
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Dow Jones 16,698.74 +65.56 (0.39%)
S&P 500 1,920.03 +10.25 (0.54%)
Nasdaq 4,247.95 +22.87 (0.54%)


[font color=red]10 Year 2.47% +0.03 (1.23%)
30 Year 3.32% +0.03 (0.91%) [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.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.








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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]

[Tansy_Gold]

1. We'll have new widgets for Monday. n/t

[Fuddnik]

3. But can you fix my Wupperman?

[Tansy_Gold]

11. I don't even know

WTF that is.

And I don't want to!

[Demeter]

21. I confess to curiosity, on my part

Anybody know a good carpenter?

[Ghost Dog]

28. I'm a good carpenter...

and cook. When I feel myself in the right mood.

(Very interesting Uruguayan woman last night. Too young for me though, unfortunately. Great conversation and hugs all the same).

[Demeter]

2. And a new month on Sunday

Not that it seems to make much difference....

[xchrom]

4. Secretive Bilderberg Group turns 60

http://www.rawstory.com/rs/2014/05/30/secretive-bilderberg-group-turns-60/

There was an eerie silence on Thursday morning in the press area outside the Bilderberg conference venue in Copenhagen. All eyes, and a lot of lenses, were peering up Kalvebod Brygge, the long road to the airport, waiting for the limousines to start whooshing in with their precious cargo: a powerful mix of ministers and moguls, billionaires and business behemoths.

We know George Osborne is due to attend; this year’s conference in Copenhagen will be his seventh. He’s been coming on and off since 2006, though remarkably, in all this time, he hasn’t managed to say seven words about it in public. His discretion is to be much admired. Or criticised. Depending upon your view of democracy.

Photographers are playing an important part in bringing Bilderberg to a wider world – one which for decades paid scant attention to this international summit. There’s a material difference between seeing the words “Allied Supreme Commander Europe” on a press release and seeing his face in a limousine pass you into the Marriott hotel.

General Philip M Breedlove, a four-star general in the United States Air Force, arriving with a thoughtful expression. He’s obviously pondering the discussion topic of Ukraine on this weekend’s agenda. That or which end of the herring buffet to start at first. You have to plan for these things. You don’t want to get between Reid Hoffman, co-founder of Linkedin, and a platter of smørrebrød. You could lose an arm.

[Demeter]

6. Breedlove is a serious menace to peace and prosperity anywhere

He's Timmy Geithner in dress blues.

[xchrom]

5. Climate Change Meets Kitchen Table as Issue Gets Personal

http://www.bloomberg.com/news/2014-05-30/climate-change-meets-kitchen-table-as-issue-gets-personal.html

If President Barack Obama has his way, the conversation on climate change will shift from polar bears and melting glaciers to droughts in Iowa and more childhood asthma across the nation.

The White House, as it prepares to announce new limits on carbon emissions, is working to transform the debate from distant threats to issues of here and now.

Opponents are also making the issue personal. They’re homing in on the rules’ potential kitchen-table impact, raising the prospect of higher utility bills and job losses. They expect those arguments to resonate with voters as the country is still recovering from the worst recession in seven decades.

The struggle to set the terms of the climate change discussion will largely determine the durability of a key part of Obama’s second-term legacy and whether the U.S. takes aggressive action to cut greenhouse-gas emissions.

[Demeter]

22. I gotta think this is scare tactics

so they can pass another turnip-bleeding tax.

To fix pollution, you deal with the polluters. That means making nice to China, not antagonizing it. Co-operation, which is a foreign concept in DC, honey instead of vinegar....

What jobs are they threatening to lose us? It's not that there isn't work...it's that it doesn't PAY.

Talk about equalizing income and wealth, and you'll see how fast that climate change problem goes away.

[xchrom]

7. Swedish Consumers Increase Spending as Imports Hurt Growth

http://www.bloomberg.com/news/2014-05-30/riksbank-rate-cut-pressure-eases-as-sweden-economy-expand.html

Sweden’s economy contracted in the first quarter as imports surged, masking a gain in consumer spending and a recovery in exports.

Gross domestic product shrank 0.1 percent in the three months through March, Statistics Sweden said today. GDP was seen unchanged in a survey of 13 analysts by Bloomberg. The economy expanded an annual 1.9 percent, compared with the 2.5 percent growth predicted by the central bank.

“The headline was a bit weaker than consensus and what we also had, but it’s almost exclusively explained by inventories,” said Andreas Wallstrom, an analyst at Nordea Bank AB in Stockholm. “If one looks at the components, for example investments and exports, they were better than we had expected. Household consumption continues to push on so if one looks at the demand components things look pretty good.”

Sweden’s central bank is under pressure to cut its main lending rate for a second time since December to 0.5 percent boost growth and avoid deflation from taking hold. Consumer prices have slid on an annual basis for four straight months, prompting policy makers to last month signal an increased possibility for a rate cut in July.

[xchrom]

8. High-Speed Trading Perks Said to Be Focus of CFTC Review

http://www.bloomberg.com/news/2014-05-29/hft-perks-are-focus-of-cftc-review-source-says.html

The Commodity Futures Trading Commission is seeking detailed information on the incentives that U.S. derivatives exchanges such as CME Group Inc. and IntercontinentalExchange Group Inc. offer to spur trading, according to a person familiar with the matter.

The CFTC wants to know who gets trading fee discounts, how much money they save, and whether programs to reward early adopters of new futures contracts ever end, according to the person, who asked to not be named because the review is private. Attracting firms to a new product such as a financial or agricultural future is profitable for exchanges since once established, they often don’t gain momentum on other venues.

High-frequency trader Virtu Financial Inc. publicly revealed the examination in March, saying the CFTC asked for information on its “participation in certain incentive programs offered by exchanges or venues.” Virtu didn’t give specifics. The fairness of financial perks that exchanges give to high-frequency traders and others have captivated market critics for years, though the debate has mostly centered on stocks, not the futures industry overseen by the CFTC.

Laurie Bischel, a spokeswoman for Chicago-based CME Group, and Alan Sobba of Virtu declined to comment. Kelly Loeffler of Atlanta-based ICE and Steve Adamske of the CFTC didn’t immediately respond to requests for comment.

[xchrom]

9. Emerging Stocks Set for Longest Monthly Winning Streak Since ’09

http://www.bloomberg.com/news/2014-05-30/emerging-stocks-set-for-longest-monthly-winning-streak-since-09.html

Emerging-market stocks headed for the longest stretch of monthly gains since 2009 as economic stimulus in China, a new government in India and easing political tension in Ukraine attracted investors.

Russian and Ukrainian stocks have climbed more than 10 percent in May. India’s S&P BSE Sensex (SENSEX) jumped the most in Asia as Narendra Modi was elected prime minister. The Hang Seng China Enterprises Index capped its biggest monthly gain since November amid speculation China will take more steps to stem a slowdown. The Thai baht was set for its steepest monthly slide this year after political deadlock prompted a military coup.

The MSCI Emerging Markets Index lost 0.4 percent to 1,034.10 by 12:42 p.m. in London, paring its jump in May to 4 percent. That’s still the biggest monthly rally since October and a fourth straight gain. The most-active developing-nation exchange-traded fund in the U.S. attracted a net $4.8 billion of inflows in April and May, data compiled by Bloomberg show.

“There has been a reduction in political risk,” Rachel Ziemba, a London-based director of emerging markets at Roubini Global Economics, said by phone.

[xchrom]

10. Deutsche Bank Said to Buy 680 Irish Homes From Danske

http://www.bloomberg.com/news/2014-05-29/deutsche-bank-said-to-buy-680-irish-homes-from-danske.html

Deutsche Bank AG (DBK), Europe’s biggest investment bank, bought a portfolio of Irish rental homes from Danske Bank A/S (DANSKE) as the Danish lender pulls back from the country, two people familiar with the matter said.

Danske Bank, based in Copenhagen, agreed this week to sell 680 homes to Frankfurt-based Deutsche Bank, said the people, who declined to be identified because the details aren’t yet public. Danske seized the properties after the owners, who bought them as investments, fell behind with mortgage payments.

Donnchadh O’Leary, a Danske spokesman who works for Edelman in Dublin, confirmed the portfolio had been sold, without naming the buyer or the price. A Deutsche spokesman in London wouldn’t comment on the purchase.

Some of the world’s biggest financial firms are wagering on a rebound in the Irish property market as the country recovers from the biggest real estate crash in Western Europe. The German lender said this month that it’s raising 8 billion euros ($10.9 billion) in capital, partly to help its fixed-income business grab market share.

[xchrom]

12. Europe’s Bond Traders Face Overhaul Seen Stricter Than U.S.

http://www.bloomberg.com/news/2014-05-29/europe-s-bond-traders-confront-overhaul-seen-stricter-than-u-s-.html


The biggest transformation in the history of Europe’s $11.4 trillion corporate bond market has kicked off with dealers and investors asked to adopt changes even stricter than those that prompted upheaval on Wall Street more than a decade ago.

In its efforts to prevent a repeat of the financial crisis, the European Union is seeking to make the credit market more transparent by publicly disclosing bond-trading prices. Dealers are concerned they will suffer the fate of their U.S. counterparts after the introduction of the Trace bond-price reporting system in 2002, when a study found $1 billion in commissions were wiped out in the first year alone.

“There’s a very different market that’s going to come out of this process,” Lee Sanders, a London-based senior trader at Axa Investment Managers Ltd., which oversees $765 billion, said in a telephone interview on May 28. “The arguments about Trace were the same as those taking place now.”

Almost 1,000 pages of proposed rules dropped on the desks of dealers, traders and investors this month after two years of haggling between policy makers. The effort is designed to give all participants equal access to real-time data, stripping dealers of their traditional advantage. It’s also meant to help regulators better monitor the links between different parts of the financial system to improve oversight.

[xchrom]

13. Citigroup Mexico Probe Looks at Loan Changes Before Fraud

http://www.bloomberg.com/news/2014-05-30/citigroup-mexico-probe-looks-at-loan-changes-before-fraud.html

Mexican authorities are probing why Citigroup Inc. (C)’s local unit boosted the size and length of loans to an oil-services firm in the months leading up to the discovery of a $400 million fraud, the nation’s chief banking regulator said.

Officials are examining a change Banamex made around September 2012 to extend due dates to about three months instead of three weeks, Jaime Gonzalez, head of the regulatory agency CNBV, said in an interview. He’s also looking into the decision by bank executives a year later to raise credit limits for Oceanografia SA, the oil-services firm at the center of the investigation, he said.

“You could argue they were being flexible and assuming the controls were there,” Gonzalez said in an interview in his Mexico City office. “What is surprising is that the controls weren’t there.”

Mexico regulators are reviewing executive communications after New York-based Citigroup said Oceanografia used fake invoices to get money from Banamex. Citigroup Chief Executive Officer Michael Corbat called it a “despicable” crime when it was disclosed in February and has since terminated a dozen people. Mexico carried out an arrest warrant yesterday for Oceanografia CEO Amado Yanez.

[xchrom]

14. Japan Inflation Quickens to Fastest Since 1991

http://www.bloomberg.com/news/2014-05-29/japan-inflation-quickens-to-fastest-since-91-on-sales-tax-rise.html

Japan’s industrial production (JNIPMOM) and household spending fell more than forecast and inflation surged to a 23-year high on a tax rise that is pinching consumers who have seen limited wage gains.

Production fell 2.5 percent in April from the prior month, the trade ministry said in today, more than a 2 percent drop forecast by economists surveyed by Bloomberg News. Household spending declined 4.6 percent from a year earlier, steeper than a projected 3.4 percent drop, while core consumer prices rose 3.2 percent.

The data show the challenge facing Prime Minister Shinzo Abe as he tries to cap the world’s biggest debt burden while the Bank of Japan carries out record easing to drive inflation. Weak growth next quarter -- the period that Abe will look at when deciding whether the economy can bear a further increase in the sales tax -- would boost the chances of further fiscal support.

“The economy will probably rebound in the July-September period, but the pace of recovery may be only moderate,” said Yuichi Kodama, chief economist at Meiji Yasuda Life Insurance Co. in Tokyo. “There’s a good chance that Abe’s government will give a go-sign for the second tax increase. It may compile an economic stimulus to avoid any slowdown in the recovery.”

[xchrom]

15. Tsipras Calls Farage Monstrosity Created by Austerity

http://www.bloomberg.com/news/2014-05-29/greece-s-tsipras-calls-farage-monstrosity-created-by-austerity.html

Greece’s main opposition leader distanced his group from other protest parties that made gains in the European elections, calling the U.K. Independence Party and the National Front in France “monstrosities.”

Alexis Tsipras, who rocked international markets when he emerged as the political force to counter now-Prime Minister Antonis Samaras in Greek elections two years ago, said on May 28 his Syriza party is “an oasis in this desert.”

“We are a pro-European force that wants to change Europe, not dismantle it,” Tsipras, 39, said in his first interview since winning Greece’s European elections on May 25. “Austerity has led to the creation of political monstrosities.”

Voters across Europe deserted the parties that held power during the economic crisis as unemployment across the 28-nation bloc increased to a record last year.

[xchrom]

16. Seattle Backs Pushing Minimum Wage to $15 an Hour

http://www.bloomberg.com/news/2014-05-29/seattle-backs-pushing-wages-to-highest-of-big-u-s-cities.html

Seattle’s city council backed raising the minimum wage to $15 an hour, the highest of any big U.S. city, as the hometown of Starbucks Corp. embarks on an unprecedented experiment to reduce income inequality.

A majority of council members voted for the higher wage, more than double the federal minimum of $7.25, in a committee meeting today, making a full council vote on the measure scheduled for June 2 a formality.

The increase would take effect starting next year, when the required hourly minimum jumps to $11 for Starbucks and other large employers, then escalates to $15 for all businesses by 2021.

Originally a rallying cry of fast-food workers who staged strikes last year, the higher wage has gained momentum in many cities as President Barack Obama’s own proposal for $10.10 is stalled in Congress. Supporters cite evidence of stagnant family wages and academic studies showing the gap between rich and poor at the highest since the 1920s.

[xchrom]

17. FRENCH BANK'S SHARES SLUMP OVER US FINE RISK

http://hosted.ap.org/dynamic/stories/E/EU_FRANCE_BNP_PARIBAS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-30-05-50-00

PARIS (AP) -- Shares of BNP Paribas have fallen more than 5 percent at the opening of trading in Paris on reports of possible huge fines over a U.S. investigation of alleged financial wrongdoing.

At mid-morning Friday, shares of the French bank, one of Europe's largest, were trading at 49.93 euros ($67.96).

BNP Paribas is one of several banks that have held talks with U.S. regulators about payments to countries, people or entities that may have breached U.S. sanctions.

Last year, the bank set aside $1.1 billion after becoming the subject of the investigation, but a month ago raised the possibility that the amount of fines could be "far in excess."

[xchrom]

18. WEAK US ECONOMY REPORT DENTS GLOBAL STOCK MARKETS

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-30-05-53-57

SEOUL, South Korea (AP) -- World stock markets were mostly weaker Friday after a government report showed the U.S. economy shrank in the first quarter and the U.S. dollar lost value against major Asian currencies.

The yen gained against the greenback after reports that Japan's consumer price index rose 3.2 percent in April, the highest inflation rate since 1991. Higher inflation was driven by a sales tax increase that is expected to dampen growth this quarter. The dollar fell to 101.63 yen from 101.73 yen.

Europe opened mostly lower but the drop was small. Britain's FTSE 100 was down 0.1 percent to 6,867.07 and France's CAC 40 dipped 0.3 percent to 4,519.33. Germany's DAX rose 0.2 percent to 9,962.37.

Futures indicated Wall Street was set for a flat session. Dow futures stayed nearly unchanged and S&P 500 futures edged down 0.1 percent.

[xchrom]

19. UK TO COUNT PROSTITUTION, DRUGS WHEN MEASURING GDP

http://hosted.ap.org/dynamic/stories/E/EU_BRITAIN_GDP_PROSTITUTION?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-30-06-07-11

LONDON (AP) -- Sex please - we're British.

Britain's Office of National Statistics said prostitution and the import, manufacture and consumption of illegal drugs will be counted when making the government's quarterly calculations of gross domestic product.

The statistics agency said Friday some of these activities are legal in certain European Union countries, and comparable figures are needed. All member states need the same standard because they are used to assess a member state's contribution to the EU budget.

"As economies develop and evolve, so do the statistics we use to measure them," said Joe Grice, the ONS's chief economic adviser. "These improvements are going on across the world and we are working with our partners in Europe and the wider world on the same agenda."

[Fuddnik]

24. If the US included prostitution, our entire political class would be included.

[xchrom]

20. US CONSUMER SPENDING DOWN 0.1 PERCENT IN APRIL

http://hosted.ap.org/dynamic/stories/U/US_CONSUMER_SPENDING?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-30-08-36-16

WASHINGTON (AP) -- U.S. consumers cut back on spending in April for the first time in a year. The setback came after a huge increase in the previous month and should not raise concerns about an expected spring rebound in the economy.

The Commerce Department says consumer spending fell 0.1 percent in April, reflecting reductions in purchases of durable goods such as autos and in services such as heating bills. The drop was the first in 12 months, but it followed a 1 percent surge in spending in March, which had been the biggest increase in more than four years.

Income rose 0.3 percent in April after a 0.5 percent March gain.

The overall economy shrank in the first quarter, but economists expect a strong rebound this quarter.

[Fuddnik]

23. I gotta stay out of Jonestown.

Place is getting stoopider by the hour.

Either that, or start using ignore liberally.

[Tansy_Gold]

25. It's scary just reading the latest thread topics.

[DemReadingDU]

26. I never go there

I have a bookmark for the Economy forum, and that is all I read. If it isn't here, it's not important!

[Demeter]

27. funnies, anyone?