Submitted by Tim Price via SovereignMan.com,
For the benefit of non-subscribers, there are two versions of the Financial Times newspaper. One of them is the hard copy edition, still printed on pink paper, an exact digital replica of which is available on the paper’s website to subscribers. The second is the website itself, at www.ft.com. The difference between the two is subtle, but crucial.
Either the algos aren't paying attention or the market's just too focused on the roll to care about another round of headline hockey from OPEC, but crude hasn't budged in the face of a barrage of one-liners from OPEC's secretary general Abdalla Salem El-Badri who spoke from the annual IHS CERAWeek conference in Houston.
Here's the headline dump:
One month ago, when looking at the unprecedented, record collapse in the Blatic Dry Index for the latest time, a move which many have brushed away as simply a function of too much supply, we showed a chart by Capital Economics showing the disturbing correlation between the change in the BDIY and global trade volumes, the one metric which we have claimed for over a year is far more imporant to the global economy than anything central banks can spawn.
Two weeks ago we asked if, in the aftermath of the dramatic selloff suffered by European banks over commodity exposure concerns, whether Canadian banks would not be next in line. The reason was that according to an RBC report, while US banks had already taken significant reserves against future oil and gas loans, roughly amounting to 7% of their exposure, Canadian banks were stuck in denial.
Moments ago, after having called the bear market bounce for what it was just on February 11, and positioned accordingly to take advantage of the expected 6-8% rebound...
... Swiss private bank Geneva Swiss Bank just called the end of the bear market rally, and has gone back to a market neutral stance.
Here is its reasoning:
Dear All,
Please note that after this nice rebound in equities, we are moving tactically cautious.