Business

In what is the first official warning to a central bank to no longer do what has been done so far for seven years, earlier today Deutsche Bank came out with a startling presentation addressed to Mario Draghi, warning him explicitly that any more QE will not only not help stocks (and certainly not DB stock which continues to plumb post-crisis lows on fears it is overexposed to the commodity crunch and potentially such names as Glencore and various other commodity traders), but will actually push equities lower.

George Soros may have broken the BOE and may well have been at least partially to blame for the Asian Financial Crisis, but he will not win an FX battle with the PBoC.

Or at least that’s Beijing’s message to the billionaire, as conveyed via a characteristically hilarious “op-ed” in the People’s Daily entitled “Declaring war on China’s currency? Ha ha”

Submitted by David Stockman via Contra Corner blog,

As of June 2008 no Wall Street banking house was predicting a recession, yet by then the Great Recession - the worst economic downturn since the 1930s - was already six months old, as per the NBER’s subsequent official reckoning.

Back in August we noted that John Paulson managed to get himself and his investors involved in two rather dubious "firsts" in 2015: Puerto Rico became the first US commonwealth in history to default, and Greece became the first developed country to default to the IMF.

• China shares end at 14-month lows after late selling frenzy (Reuters)
• China Dec gold imports through Hong Kong highest since 2013 (Reuters)
• China Contagion Fades as European Stocks Pare Drop, Oil Rises (BBG)
• Apple set for slowest ever iPhone sales growth (Reuters)
• Saudis, Russia Seen by Iraq as More Flexible on Oil-Output Cuts (BBG)
• China Probes NEV sector for subsidy fraud (China Daily)
• J&J forecasts 2016 sales below analysts' estimates (Reuters)
• Wider China-Hong Kong Discrepancy Revives Fake Trade Doubts (BBG)