“We Are Very, Very Close To A Major Event Here” - By Mac Slavo (6/12/14) PDF Print E-mail
Mac Slavo   
Saturday, 06 December 2014 09:13

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Russia Prepares For $40 Oil - There Was Skepticism About $70 Oil. Now Russia Is Preparing For Something Far More Difficult To Imagine - By Business News Europe (5/12/14) PDF Print E-mail
Business News Europe   
Friday, 05 December 2014 07:12

The Russian markets opened on December 1 to a catastrophe. The price of Brent crude oil fell below $70 a barrel, causing the ruble to drop heavily yet again.

There had been some signs that the Russian currency was beginning to claw back some of the ground lost this year, but another step-down in the price of oil to below the psychologically important $70 level kicked the legs out from under the nascent rally.

Against the dollar, the ruble exchange rate had dropped 9.3% by midday, taking it below the key RUB50/$ for the first time. You’d have to go back to January 1999 to find a similarly steep fall.

The currency started the year at RUB33/$ and has gone from the second best performing currency in the world to the worst, reported Bloomberg this year, losing over a third of its value.

But what is freaking traders out is that the Central Bank of Russia (CBR) is standing on the sidelines and has not intervened to support the currency. "I think the CBR has misread the script: instead of a free floating ruble we have a free falling ruble," said Tim Ash, head of emerging markets research at Standard Bank, in a widely quoted note that catches something of the panic.



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Sub-$50 Oil Surfaces in North Dakota Amid Regional Discounts - By Dan Murtaugh (5/12/14) PDF Print E-mail
Dan Murtaugh   
Friday, 05 December 2014 07:11

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Here Is Oil’s Next Leg Down - By Raúl Ilargi Meijer (5/12/14) PDF Print E-mail
Raúl Ilargi Meijer   
Friday, 05 December 2014 07:09

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Corporate Bond Bubble Comes Unglued At The Bottom, Investors Begin To Bleed - By Wolf Richter (5/12/14) PDF Print E-mail
Wolf Richter   
Friday, 05 December 2014 07:06

testosteronepit / www.wolfstreet.com

Just about every aspect of the US credit bubble is setting new records these days. Now corporate bond sales did it: they punched through the $1.5-trillion mark, beating the full-year record of $1.49 trillion in 2013. It’s a feeding frenzy – corporations and Wall Street feeding on cheap investor money before rates go up.

On Tuesday, Amazon went back to the till to take $6 billion in new money from investors via another bond sale, after having sold $3 billion two years ago. Debt is piling up. Excluding what it owes its suppliers, Amazon ended 2011 with $2.6 billion in debt; by last quarter, the pile had grown to $8.4 billion. This quarter, an additional $6 billion will be piled on top. Profit-challenged Amazon needs the money: last quarter, it booked the largest operating loss in its history.

On Monday, it was Medtronic that went to the till for $17 billion in new money, the largest bond sale this year. It needs the money not to expand its research facilities or operations or anything else productive, but to buy surgical gear maker Covidien. The deal beat the other mega deals this year, such as Alibaba’s $8 billion bond offering two weeks ago or GE’s $13.2 billion offering and Verizon’s $14.8 billion offering earlier this year.



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