Japan just posted its largest trade surplus in 5 years (+JPY243bn) as exports dropped 4% YoY (worse than expected) but imports fell 14.2% (better than expected). However, the biggest standout was the ongoing deterioration in Japanese exports to the US which dropped by the most since 2011 as the 'advantages' of a devalued currency appear to have hit their limit. Time for some more devaluation Abe... or Peter Pan(ic).
One week ago, we documented the Hollywood-esque theft of $100 million from accounts held at the NY Fed and belonging to the central bank of Bangladesh.
In many ways, the heist was elegantly planned and executed and in others it was comically amateurish.
PBoC governor Zhou Xiaochuan thought about it, and decided it’s probably not a good idea for borrowers to get P2P loans for down payments on homes.
In fact, he said last weekend, it’s illegal: “Funds used for down payments cannot be borrowed."
Submitted by Jessica Ruane via OilPrice.com,
Yesterday morning, after the biggest ever crash in Valeant stock, we showed that "When Ackman Gets A Valeant Margin Call Today, This Is What He Will Be Selling" and laid out his top (and only) concentrated holdings as follows:
We didn't have long to wait for the liquidity-sapping margin calls to come in and to force Ackman, whose positions are so concentrated he can only unload them via block sales, to proceed with liquidation.