JEWISH KING JESUS IS COMING AT THE RAPTURE FOR US IN THE CLOUDS-DON'T MISS IT FOR THE WORLD.THE BIBLE TAKEN LITERALLY- WHEN THE PLAIN SENSE MAKES GOOD SENSE-SEEK NO OTHER SENSE-LEST YOU END UP IN NONSENSE.GET SAVED NOW- CALL ON JESUS TODAY.THE ONLY SAVIOR OF THE WHOLE EARTH - NO OTHER. 1 COR 15:23-JESUS THE FIRST FRUITS-CHRISTIANS RAPTURED TO JESUS-FIRST FRUITS OF THE SPIRIT-23 But every man in his own order: Christ the firstfruits; afterward they that are Christ’s at his coming.ROMANS 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.(THE PRE-TRIB RAPTURE)
HOARDING OF GOLD AND SILVER
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
REVELATION 6:5-6
5 And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.
6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.(A DAYS WAGES FOR A LOAF OF BREAD)
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
The Shemitah is coming true.Do people not get it? There is a economic crash every 7 years.
1980: Recession
1987: Stock market crash
1994: Bond market crash
2001: 9/11, dot com, recession
2008: Housing crash
2015: See if something will happen-The central banks will be the death of us. Get ready and embrace yourself for the economic collapse.
BANK RELATED INFORMATION
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CURRENCIES
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COMMODITIES
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UPDATE-SEPTEMBER 22,2015-12:00AM
DOW MARKET TUESDAY-SEPT 22,2015
09:30AM-
10:00AM-
10:30AM-
11:00AM-
11:30AM-
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02:00PM-
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03:00PM-
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04:00PM-
HIGH LOW
Barclays: These Advanced Economies Need More Currency Depreciation to Offset the Commodities Crash-Competitiveness is just a crashing currency away.Luke Kawa-September 21, 2015 — 4:22 PM EDT
The hangover from the end of the commodity supercycle has wreaked havoc on a number of advanced economies.Barclays’s foreign exchange research team found that Australia, Canada, Norway, and New Zealand have been victims of a “Dutch Disease pandemic during the recent commodity boom.”What’s Dutch Disease, you ask? Dutch Disease refers to the process by which an increase in commodity prices exerts upward pressure on the currency of a nation that exports that natural resource, and causes a decline in the country’s manufacturing sector, which loses competitiveness as the exchange rate rises.The extent to which these developments are a negative is a point of contention among economists.On the surface, during commodity price booms, the movement of labor away from manufacturing and toward the business of extracting natural resources is typically a move to a higher-productivity and higher-wage industry, and the movement of capital is to a place where it generates better returns.It is the relative atrophy—or hangover, so to speak—of the manufacturing sector as commodity prices wane, however, that prompts some economists to bemoan the reallocation of labor and capital resources that occurs when natural resource prices rise. Countries find it’s much more difficult for labor and capital to move from resources to other parts of the economy than it was for them to move toward resources in the first place—and that a significant amount of exchange rate depreciation is needed before non-commodity segments of the economy are competitive once again. It’s like trying to build up a muscle that has long been dormant.Certainly, these four nations have experienced substantial declines in the value of their respective currencies vs. the U.S. dollar over the past year:“In an environment of falling export prices and slowing demand for commodities, the severity of an economy’s Dutch Disease likely will determine the extent of currency depreciation needed to balance the economy,” wrote the Barclays team. “In extreme cases, where new investment is required to expand the non-commodity export sector, both international and domestic investors likely will want to see a significantly lower exchange rate to offset the fixed costs of committing new capital.”The Barclays analysts attempt to find out which nations afflicted by Dutch Disease will shake it off and regain strength in non-commodity segments the fastest.But first, Barclays has to prove that these economies actually suffered from “Netherlands Nausea,” as Bank of Montreal Chief Economist Doug Porter once quipped.It’s not enough for manufacturing to have declined, as this development was commonplace throughout advanced economies. Statistical analyses performed by Barclays indicate that not only did the manufacturing sectors in Australia, Canada, Norway, and New Zealand fare worse than those of their developed peers during this period, but there are also causal links among the rise in commodity prices, exchange rate appreciation, and poor performance of manufacturing from 2000 to 2012.According to Barclays’s team, Canada’s manufacturing sector is the most adversely affected by the appreciation of the currency out to five years, followed by New Zealand, Australia, and a relatively unscathed Norway:Barclays-The analysts posit that “Norway’s Government Pension Fund likely insulated the country from Dutch Disease,” mitigating the effect of rises in the price of crude by using revenue generated by oil to purchase foreign assets.But although Canada’s manufacturing sector is the one that appears to take the hardest hit during periods when the loonie is overvalued, it doesn’t require much more exchange rate depreciation to boost the manufacturing sector, thanks to other mitigating factors.“ Norway’s positive international asset position reduces the need for Norwegian krone depreciation, while a low debt burden and relatively flexible labor markets benefit the Canadian dollar,” the analysts wrote. “Conversely, the New Zealand kiwi and Australian dollar are most vulnerable, suffering from very large net debt servicing burdens that more than offset labor market flexibility.”As such, Barclays recommends shorting the New Zealand kiwi and Aussie dollar relative to the U.S. greenback, or, for the more risk-averse, going long the Canadian dollar vs. its Antipodean peers.
VW Sets Aside $7.3 Billion to Pay for Emissions Crisis-Chris Reiter-Updated on September 22, 2015 — 7:20 AM EDT-bloomberg
Volkswagen AG said irregularities on diesel-emission readings extend to 11 million vehicles around the world, forcing the German carmaker to set aside 6.5 billion euros ($7.3 billion) in an initial tally of the potential costs.Volkswagen extended its slide after the announcement, falling as much as 30.85 euros and bringing the drop in two days to 37 percent. That has wiped out 24 billion euros in market value, as the probe into rigged air-polution widens. Regulators from Germany, France, South Korea and Italy have vowed to scrutinize the German automaker’s vehicles. To address the growing crisis, the executive committee of the carmaker’s supervisory board will meet Wednesday, said people familiar with the matter."It’s not just a U.S. matter for VW -- you have regulators all over the globe looking into it with potentially numerous fines to come," said Vincenzo Longo, a strategist for IG Group in Milan. "We don’t see any stop to this bloodbath unless there is a change at the head of VW and full cooperation with authorities. Some heads need to roll to get investors buying back VW."Chief Executive Officer Martin Winterkorn has been at the center of the scrutiny since the U.S. Environmental Protection Agency revealed on Friday that VW cheated on air- pollution tests. While the 68-year-old CEO said on Sunday that he was “deeply sorry” and promised a thorough investigation, he didn’t specifically comment on his role. He’ll need to explain to the supervisory board, which was set to vote this week on his contract extension, how deep the malfeasance is spread throughout the carmaker.-Shares Tumble-Volkswagen shares tumbled as much as 23 percent to 101.35 euros on Tuesday and were down 20 percent as of 1:18 p.m. in Frankfurt. That followed a 19 percent dive on Monday.“Volkswagen is working at full speed to clarify irregularities concerning a particular software used in diesel engines,” the Wolfsburg-based company said in a statement. The manufacturer said the money that’s being set aside could increase as investigations continue, adding that earnings forecasts for 2015 will be adjusted to take into account the costs of the scandal.The so-called defeat device was installed in a certain type of diesel engine, which powers models including the VW Passat sedan and the Audi A3 compact. For the majority of the 11 million vehicles involved, the software has no effect, VW said. Regulators will be looking to verify that after VW dragged its feet on the U.S. investigation for nearly a year. The EPA probe alone exposes the company to fines of as much as $18 billion. The U.S. Justice Department has begun its own probe into the matter, according to two U.S. officials familiar with the inquiry.“Our company was dishonest with the EPA, and the California Air Resources Board and with all of you,” Michael Horn, the head of the VW brand in the U.S., said Monday in Brooklyn, New York, where he was revealing a redesigned version of the Passat. “We have totally screwed up. We must fix the cars to prevent this from ever happening again and we have to make this right. This kind of behavior is totally inconsistent with our qualities.”
Stocks Dragged Down by Commodities, Carmakers as Treasuries Jump-Nick Gentle Stephen Kirkland-Updated on September 22, 2015 — 6:59 AM EDT-bloomberg
European stocks tumbled, led by miners and carmakers, and U.S. equity-index futures declined as sliding commodity prices sparked a selloff in higher-yielding assets. The dimming outlook for inflation and growth boosted government bonds and the yen.Glencore Plc fell more than 8 percent, leading European mining stocks toward the lowest close since 2009, and Volkswagen AG lost 19 percent as it set aside 6.5 billion euros ($7.3 billion) to cover the costs of addressing irregularities in diesel engines. Borrowing costs in euros for junk-rated companies surpassed 5 percent for the first time in about two years on Monday. The longest-maturity Treasuries led gains and the yen strengthened against all of its 16 major peers.From coal to copper, raw materials are under pressure on concern the global economy is slowing. The Citigroup Economic Surprise Index, which measures whether G-10 nations’ economic data are above or below analyst estimates, has dropped to a three-month low after turning negative for the first time since July last week. The Federal Reserve cited downward pressure on inflation and slowing growth in China as reasons for standing pat on interest rates last week."There is a rotation back to cash and bonds today as doubts on the outlook for global growth start to gather steam in the mind of investors," said Daniel Weston, chief investment officer at Aimed Capital in Munich. "We have seen growth expectations weakening for some time, and now they seem too strong for the general markets to ignore."Stocks-The Stoxx Europe 600 Index dropped 2.2 percent at 6:55 a.m. in New York, as more than 35 shares fell for every one that gained. Trading volumes were 27 percent higher than the 30-day average.Volkswagen tumbled after slumping 19 percent on Monday. The manufacturer said it will adjust its earnings forecasts for 2015 accordingly, as the diesel emissions probe widened. Germany, France, South Korea and Italy were among countries on Tuesday that said they would look further into revelations that VW rigged diesel tests in the U.S.Standard & Poor’s 500 Index E-mini futures expiring in December slid 1.5 percent. Several technical charts are sounding warning signals that the worst of equities turmoil may not be over. A downward sloping neckline in a head-and-shoulders pattern have formed in the Dow Jones Industrial Average. The index and the Dow Jones Transportation Average also breached the low from last October, flashing a so-called Dow Theory sell signal.-Commodities-Industrial metals fell amid renewed concern over slowing economic expansion in China as the Asian Development Bank reduced its growth forecasts for the country, the biggest consumer.Copper fell 2.9 percent and zinc retreated 1.5 percent to the lowest since June 2010. Nickel dropped 1 percent as China’s imports of the refined metal slumped to the smallest in four months.The Bloomberg Commodity Index slipped 0.8 percent. West Texas Intermediate crude dropped 2.3 percent to $45.63 a barrel after rallying 4.5 percent on Monday. Brent slid 1.3 percent to $48.31.European coal for 2016 dropped below $50 a metric ton for the first time amid slumping demand from China. Prices have declined 25 percent so far in 2015, heading for a fifth straight year of drops in the benchmark year-ahead contract, according to broker data compiled by Bloomberg.Corn slipped 0.3 percent with soybeans down 0.4 percent. Wheat futures due in December -- which surged 2.1 percent last session on prospects dry weather over the next two weeks will hamper early crop growth in Russia and Ukraine -- fell 0.3 percent.Bonds-Markets are also whipsawing as investors digest conflicting signals from the Fed, with a fourth official talking up prospects for higher rates in 2015 after the rate decision on Thursday. Investors now put the probability of a rate rise in 2015 at less than 50 percent, and a lecture by Fed Chair Janet Yellen later this week may offer more clues as to when and if borrowing costs will increase this year.“The Fed is clearly mindful of global disinflation pressures evident from lower commodity prices,” said Nick Stamenkovic, a fixed-income strategist at RIA Capital Markets Ltd. in Edinburgh. “Waning risk appetite is also providing a boost for Treasuries today.”Government bonds rallied as the drop in commodities cooled the outlook for inflation, preserving the value of payments on fixed-income securities.Treasury 30-year bonds climbed for the third time in four days, pushing the yield four basis points lower to 2.98 percent.In the euro area, bonds received an additional boost after ECB Executive Board member Peter Praet said policy makers would “forcefully react” to defend their inflation objective. Germany’s 10-year yield dropped six basis points to 0.62 percent and the five-year note yield fell below zero for the first time since August. The Netherlands sold three-year notes at a record-low yield of minus 0.156 percent.The average yield on non-investment grade debt in euros rose seven basis points on Monday to 5.06 percent, the highest since September 2013, according to the Bank of America Merrill Lynch Euro High Yield Index.BHP Billiton Ltd., the world’s biggest mining company, announced plans to market hybrid securities, partly to refinance existing near-term debt.-Currencies-The yen climbed on increased demand for haven assets, adding 0.6 percent to 119.82 per dollar. It’s the best-performing major currency in the past month, with the biggest gains coming versus those of commodity-producing nations including South Africa’s rand, New Zealand’s dollar and Brazil’s real.The euro slipped 0.7 percent to 133.80 yen and dropped 0.2 percent to $1.1162.
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HOARDING OF GOLD AND SILVER
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
REVELATION 6:5-6
5 And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.
6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.(A DAYS WAGES FOR A LOAF OF BREAD)
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
The Shemitah is coming true.Do people not get it? There is a economic crash every 7 years.
1980: Recession
1987: Stock market crash
1994: Bond market crash
2001: 9/11, dot com, recession
2008: Housing crash
2015: See if something will happen-The central banks will be the death of us. Get ready and embrace yourself for the economic collapse.
BANK RELATED INFORMATION
http://ift.tt/1Nhezbu
CURRENCIES
http://ift.tt/1KhcsPw
COMMODITIES
http://ift.tt/1Y1uPlQ
UPDATE-SEPTEMBER 22,2015-12:00AM
DOW MARKET TUESDAY-SEPT 22,2015
09:30AM-
10:00AM-
10:30AM-
11:00AM-
11:30AM-
12:00PM-
12:30PM-
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01:30PM-
02:00PM-
02:30PM-
03:00PM-
03:30PM-
04:00PM-
HIGH LOW
Barclays: These Advanced Economies Need More Currency Depreciation to Offset the Commodities Crash-Competitiveness is just a crashing currency away.Luke Kawa-September 21, 2015 — 4:22 PM EDT
The hangover from the end of the commodity supercycle has wreaked havoc on a number of advanced economies.Barclays’s foreign exchange research team found that Australia, Canada, Norway, and New Zealand have been victims of a “Dutch Disease pandemic during the recent commodity boom.”What’s Dutch Disease, you ask? Dutch Disease refers to the process by which an increase in commodity prices exerts upward pressure on the currency of a nation that exports that natural resource, and causes a decline in the country’s manufacturing sector, which loses competitiveness as the exchange rate rises.The extent to which these developments are a negative is a point of contention among economists.On the surface, during commodity price booms, the movement of labor away from manufacturing and toward the business of extracting natural resources is typically a move to a higher-productivity and higher-wage industry, and the movement of capital is to a place where it generates better returns.It is the relative atrophy—or hangover, so to speak—of the manufacturing sector as commodity prices wane, however, that prompts some economists to bemoan the reallocation of labor and capital resources that occurs when natural resource prices rise. Countries find it’s much more difficult for labor and capital to move from resources to other parts of the economy than it was for them to move toward resources in the first place—and that a significant amount of exchange rate depreciation is needed before non-commodity segments of the economy are competitive once again. It’s like trying to build up a muscle that has long been dormant.Certainly, these four nations have experienced substantial declines in the value of their respective currencies vs. the U.S. dollar over the past year:“In an environment of falling export prices and slowing demand for commodities, the severity of an economy’s Dutch Disease likely will determine the extent of currency depreciation needed to balance the economy,” wrote the Barclays team. “In extreme cases, where new investment is required to expand the non-commodity export sector, both international and domestic investors likely will want to see a significantly lower exchange rate to offset the fixed costs of committing new capital.”The Barclays analysts attempt to find out which nations afflicted by Dutch Disease will shake it off and regain strength in non-commodity segments the fastest.But first, Barclays has to prove that these economies actually suffered from “Netherlands Nausea,” as Bank of Montreal Chief Economist Doug Porter once quipped.It’s not enough for manufacturing to have declined, as this development was commonplace throughout advanced economies. Statistical analyses performed by Barclays indicate that not only did the manufacturing sectors in Australia, Canada, Norway, and New Zealand fare worse than those of their developed peers during this period, but there are also causal links among the rise in commodity prices, exchange rate appreciation, and poor performance of manufacturing from 2000 to 2012.According to Barclays’s team, Canada’s manufacturing sector is the most adversely affected by the appreciation of the currency out to five years, followed by New Zealand, Australia, and a relatively unscathed Norway:Barclays-The analysts posit that “Norway’s Government Pension Fund likely insulated the country from Dutch Disease,” mitigating the effect of rises in the price of crude by using revenue generated by oil to purchase foreign assets.But although Canada’s manufacturing sector is the one that appears to take the hardest hit during periods when the loonie is overvalued, it doesn’t require much more exchange rate depreciation to boost the manufacturing sector, thanks to other mitigating factors.“ Norway’s positive international asset position reduces the need for Norwegian krone depreciation, while a low debt burden and relatively flexible labor markets benefit the Canadian dollar,” the analysts wrote. “Conversely, the New Zealand kiwi and Australian dollar are most vulnerable, suffering from very large net debt servicing burdens that more than offset labor market flexibility.”As such, Barclays recommends shorting the New Zealand kiwi and Aussie dollar relative to the U.S. greenback, or, for the more risk-averse, going long the Canadian dollar vs. its Antipodean peers.
VW Sets Aside $7.3 Billion to Pay for Emissions Crisis-Chris Reiter-Updated on September 22, 2015 — 7:20 AM EDT-bloomberg
Volkswagen AG said irregularities on diesel-emission readings extend to 11 million vehicles around the world, forcing the German carmaker to set aside 6.5 billion euros ($7.3 billion) in an initial tally of the potential costs.Volkswagen extended its slide after the announcement, falling as much as 30.85 euros and bringing the drop in two days to 37 percent. That has wiped out 24 billion euros in market value, as the probe into rigged air-polution widens. Regulators from Germany, France, South Korea and Italy have vowed to scrutinize the German automaker’s vehicles. To address the growing crisis, the executive committee of the carmaker’s supervisory board will meet Wednesday, said people familiar with the matter."It’s not just a U.S. matter for VW -- you have regulators all over the globe looking into it with potentially numerous fines to come," said Vincenzo Longo, a strategist for IG Group in Milan. "We don’t see any stop to this bloodbath unless there is a change at the head of VW and full cooperation with authorities. Some heads need to roll to get investors buying back VW."Chief Executive Officer Martin Winterkorn has been at the center of the scrutiny since the U.S. Environmental Protection Agency revealed on Friday that VW cheated on air- pollution tests. While the 68-year-old CEO said on Sunday that he was “deeply sorry” and promised a thorough investigation, he didn’t specifically comment on his role. He’ll need to explain to the supervisory board, which was set to vote this week on his contract extension, how deep the malfeasance is spread throughout the carmaker.-Shares Tumble-Volkswagen shares tumbled as much as 23 percent to 101.35 euros on Tuesday and were down 20 percent as of 1:18 p.m. in Frankfurt. That followed a 19 percent dive on Monday.“Volkswagen is working at full speed to clarify irregularities concerning a particular software used in diesel engines,” the Wolfsburg-based company said in a statement. The manufacturer said the money that’s being set aside could increase as investigations continue, adding that earnings forecasts for 2015 will be adjusted to take into account the costs of the scandal.The so-called defeat device was installed in a certain type of diesel engine, which powers models including the VW Passat sedan and the Audi A3 compact. For the majority of the 11 million vehicles involved, the software has no effect, VW said. Regulators will be looking to verify that after VW dragged its feet on the U.S. investigation for nearly a year. The EPA probe alone exposes the company to fines of as much as $18 billion. The U.S. Justice Department has begun its own probe into the matter, according to two U.S. officials familiar with the inquiry.“Our company was dishonest with the EPA, and the California Air Resources Board and with all of you,” Michael Horn, the head of the VW brand in the U.S., said Monday in Brooklyn, New York, where he was revealing a redesigned version of the Passat. “We have totally screwed up. We must fix the cars to prevent this from ever happening again and we have to make this right. This kind of behavior is totally inconsistent with our qualities.”
Stocks Dragged Down by Commodities, Carmakers as Treasuries Jump-Nick Gentle Stephen Kirkland-Updated on September 22, 2015 — 6:59 AM EDT-bloomberg
European stocks tumbled, led by miners and carmakers, and U.S. equity-index futures declined as sliding commodity prices sparked a selloff in higher-yielding assets. The dimming outlook for inflation and growth boosted government bonds and the yen.Glencore Plc fell more than 8 percent, leading European mining stocks toward the lowest close since 2009, and Volkswagen AG lost 19 percent as it set aside 6.5 billion euros ($7.3 billion) to cover the costs of addressing irregularities in diesel engines. Borrowing costs in euros for junk-rated companies surpassed 5 percent for the first time in about two years on Monday. The longest-maturity Treasuries led gains and the yen strengthened against all of its 16 major peers.From coal to copper, raw materials are under pressure on concern the global economy is slowing. The Citigroup Economic Surprise Index, which measures whether G-10 nations’ economic data are above or below analyst estimates, has dropped to a three-month low after turning negative for the first time since July last week. The Federal Reserve cited downward pressure on inflation and slowing growth in China as reasons for standing pat on interest rates last week."There is a rotation back to cash and bonds today as doubts on the outlook for global growth start to gather steam in the mind of investors," said Daniel Weston, chief investment officer at Aimed Capital in Munich. "We have seen growth expectations weakening for some time, and now they seem too strong for the general markets to ignore."Stocks-The Stoxx Europe 600 Index dropped 2.2 percent at 6:55 a.m. in New York, as more than 35 shares fell for every one that gained. Trading volumes were 27 percent higher than the 30-day average.Volkswagen tumbled after slumping 19 percent on Monday. The manufacturer said it will adjust its earnings forecasts for 2015 accordingly, as the diesel emissions probe widened. Germany, France, South Korea and Italy were among countries on Tuesday that said they would look further into revelations that VW rigged diesel tests in the U.S.Standard & Poor’s 500 Index E-mini futures expiring in December slid 1.5 percent. Several technical charts are sounding warning signals that the worst of equities turmoil may not be over. A downward sloping neckline in a head-and-shoulders pattern have formed in the Dow Jones Industrial Average. The index and the Dow Jones Transportation Average also breached the low from last October, flashing a so-called Dow Theory sell signal.-Commodities-Industrial metals fell amid renewed concern over slowing economic expansion in China as the Asian Development Bank reduced its growth forecasts for the country, the biggest consumer.Copper fell 2.9 percent and zinc retreated 1.5 percent to the lowest since June 2010. Nickel dropped 1 percent as China’s imports of the refined metal slumped to the smallest in four months.The Bloomberg Commodity Index slipped 0.8 percent. West Texas Intermediate crude dropped 2.3 percent to $45.63 a barrel after rallying 4.5 percent on Monday. Brent slid 1.3 percent to $48.31.European coal for 2016 dropped below $50 a metric ton for the first time amid slumping demand from China. Prices have declined 25 percent so far in 2015, heading for a fifth straight year of drops in the benchmark year-ahead contract, according to broker data compiled by Bloomberg.Corn slipped 0.3 percent with soybeans down 0.4 percent. Wheat futures due in December -- which surged 2.1 percent last session on prospects dry weather over the next two weeks will hamper early crop growth in Russia and Ukraine -- fell 0.3 percent.Bonds-Markets are also whipsawing as investors digest conflicting signals from the Fed, with a fourth official talking up prospects for higher rates in 2015 after the rate decision on Thursday. Investors now put the probability of a rate rise in 2015 at less than 50 percent, and a lecture by Fed Chair Janet Yellen later this week may offer more clues as to when and if borrowing costs will increase this year.“The Fed is clearly mindful of global disinflation pressures evident from lower commodity prices,” said Nick Stamenkovic, a fixed-income strategist at RIA Capital Markets Ltd. in Edinburgh. “Waning risk appetite is also providing a boost for Treasuries today.”Government bonds rallied as the drop in commodities cooled the outlook for inflation, preserving the value of payments on fixed-income securities.Treasury 30-year bonds climbed for the third time in four days, pushing the yield four basis points lower to 2.98 percent.In the euro area, bonds received an additional boost after ECB Executive Board member Peter Praet said policy makers would “forcefully react” to defend their inflation objective. Germany’s 10-year yield dropped six basis points to 0.62 percent and the five-year note yield fell below zero for the first time since August. The Netherlands sold three-year notes at a record-low yield of minus 0.156 percent.The average yield on non-investment grade debt in euros rose seven basis points on Monday to 5.06 percent, the highest since September 2013, according to the Bank of America Merrill Lynch Euro High Yield Index.BHP Billiton Ltd., the world’s biggest mining company, announced plans to market hybrid securities, partly to refinance existing near-term debt.-Currencies-The yen climbed on increased demand for haven assets, adding 0.6 percent to 119.82 per dollar. It’s the best-performing major currency in the past month, with the biggest gains coming versus those of commodity-producing nations including South Africa’s rand, New Zealand’s dollar and Brazil’s real.The euro slipped 0.7 percent to 133.80 yen and dropped 0.2 percent to $1.1162.
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