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By Tyler Durden

We’re gonna need more money-printing. Consumer Confidence dropped in April to 94.2, missing expectations of 95.8 and hovering at its lowest in 2 years. In fact, the current level is relatively unchanged since the end of QE3, despite all the recent surges in stocks as the post-2009 94% correlation between the S&P 500 and confidence is breaking down rapidly and ruining The Fed’s animal spirits’ party. Most crucially, income growth expectations are tumbling as The Conference Board suggests American consumers “do not foresee any pickup in momentum.”

h/t @GreekFire

“Consumer confidence continued on its sideways path, posting a slight decline in April, following a modest gain in March,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions improved, suggesting no slowing in economic growth. However, their expectations regarding the short-term have moderated, suggesting they do not foresee any pickup in momentum.”

Consumers’ appraisal of current conditions improved somewhat in April. Those saying business conditions are “good” decreased from 24.9 percent to 23.2 percent. However, those saying business conditions are “bad” also declined, from 19.2 percent to 18.1 percent. Consumers’ appraisal of the labor market was also mixed. Those claiming jobs are “plentiful” decreased from 25.4 percent to 24.1 percent, however those claiming jobs are “hard to get” also declined from 25.2 percent to 22.7 percent.

Consumers were less optimistic about the short-term outlook in April than last month. The percentage of consumers expecting business conditions to improve over the next six months decreased from 14.7 percent to 13.4 percent, while those expecting business conditions to worsen rose to 11.0 percent from 9.5 percent.

Consumers’ outlook for the labor market was also less favorable. Those anticipating more jobs in the months ahead decreased slightly from 13.0 percent to 12.2 percent, while those anticipating fewer jobs edged up from 16.3 percent to 17.2 percent. The proportion of consumers expecting their incomes to increase declined from 16.9 percent to 15.9 percent; however, the proportion expecting a reduction in income also declined, from 12.3 percent to 11.2 percent.

…read more

Source: Consumer Confidence Stagnant Since The End Of QE3 As Wage Growth Hopes Fade

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By Tyler Durden

Submitted by Claire Bernish via TheAntiMedia.org,

As it turns out, Hillary Clinton and Donald Trump share something pertinent in common, after all — a tax haven cozily nested inside the United States.

This brick-and-mortar, nondescript two-story building in Wilmington, Delaware would be awfully crowded if its registered occupants — 285,000 companies — actually resided there. What’s come to be known as the “Delaware loophole” — the unassuming building at 1209 North Orange Street — has become, as the Guardian described, “famous for helping tens of thousands of companies avoid hundreds of millions of dollars in tax.”

Reportedly dozens of Fortune 500 companies — Coca-Cola, Walmart, American Airlines, and Apple, to name a few — use Delaware’s strict corporate secrecy laws and legal tax loopholes by registering the North Orange Street address for official business.

“Big corporations, small-time businesses, rogues, scoundrels, and worse — all have turned up at the Delaware address in hopes of minimizing taxes, skirting regulations, plying friendly courts or, when needed, covering their tracks,” the New York Times‘ Leslie Wayne described in 2012. “It’s easy to set up shell companies here, no questions asked.”

While the legitimacy of taxes as a concept may be up to personal interpretation, what matters in Clinton’s use of the so-called Delaware loophole, in particular, is her constant harping on the need for corporations and elite individuals to pay their fair share. In other words, Clinton’s employment of North Orange Street amounts to a telling, Do As I Say, Not As I Do. And, as the Guardian notes, both of “the leading candidates for president – Hillary Clinton and Donald Trump – have companies registered at 1209 North Orange, and have refused to explain why.”

As Rupert Neate explained for the Guardian, being registered in the tiny state allows “companies to legally shift earnings from other states to Delaware, where they are not taxed on non-physical incomes generated outside of state.”

In fact, some have claimed — all revelations of Panamanian documents aside — the use of tax-friendly locations inside the U.S. makes it the biggest tax haven in the world, with Delaware, alone, costing other states some $9 billion in lost taxes over the past decade. Clinton has repeatedly touted the needs for tax transparency and to shut down foreign havens with similar loopholes.

“Some of you may have just heard about these disclosures about outrageous tax havens and loopholes and superrich people across the world are exploiting in Panama and elsewhere,” Clinton told the Pennsylvania AFL-CIO annual Constitutional Convention earlier this month. “We are going after all these scams and make sure everyone pays their fair share here in America.”

Oh, the irony.

According to Neate, a Clinton spokesman explained, “ZFS [Holdings, LLC] was set up when Secretary Clinton left the State Department as an entity to manage her book and speaking income. No federal, state, or local taxes were saved by the Clintons as a result of this structure.”

Why, if what the spokesman claims to …read more

Source: Trump And Hillary Refuse To Explain Why They Both Share The Same Address In Delaware

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By Tyler Durden

One week ago we were surprised to learn that no matter what the market was doing, whether it was going up, down or sideways, Bank of America’s “smart money” (institutional, private and hedge funds) clients, simply refused to buy anything, and in fact had continued to sell stocks for a near-record 12 consecutive weeks. In fact, the selling continued despite what we said, namely that “at this point it was about time for the selling to stock, if purely statistically, otherwise said “smart money” would be sending the clearest signal yet that the market rally from the February lows is nothing but a huge gift to sell into.”

One week later we were absolutely convinced that finally the selling would end. It has not.

As BofA reported overnight when looking at the latest trading activity by its smart money clients, the selling of US stocks by this most “sophisticated” group of investors continued for the thirteenth consecutive week last week, making it the longest uninterrupted selling streak in BofA data history (since 2008) “as clients continued to doubt the market rally.“

According to BofA, “net sales were $3.8bn, the biggest in three weeks but the sixth-largest in our data history (since ’08), with sales from hedge funds, private clients and institutional clients alike. This follows a week of net buying by hedge funds the prior week; institutional and private clients have both been consistent net sellers since February. Clients sold stocks in all three size segments, and year-to-date only small caps have seen cumulative inflows.”

While clearly this confirms that the so-called smart money not only refused to buy into the rally and merely looked to sell into the market move higher, it does not explain why the forced selling pressure that has been relentless for three months in a row; perhaps it is redemption requests, perhaps it is merely pervasive bearishness and lack of faith that central planners have regained control; one thing is certain: the “smart money” is once again drastically underperforming the market, which will accelerate the vicious cycle loop of even more redemptions, even more selling, until finally the corporate buyback bid is exhausted and is unable to offset the accelerating and relentless liquidations by “smart money” accounts.

So what did BofA’s clients sell (or buy)?

Clients sold stocks in nine of the ten sectors last week, led by Tech and Industrials; clients also sold ETFs. Only Energy stocks saw net buying, as oil prices continued to rebound—this was the first time clients were buyers of Energy stocks in seven weeks, entirely due to institutional clients’ flows. Cyclical sectors continued to see larger sales than defensive sectors—though we note that Health Care—which has been hurt by a positioning unwind and political uncertainty in an election year—continues to have the longest net selling streak of any sector at eight consecutive weeks. Year-to-date, only Telecom and Materials have seen cumulative inflows (with Telecom buying led by private clients, and Materials buying chiefly due to …read more

Source: "This Is The Longest Uninterrupted Selling Streak In History" – Smart Money Sells Stocks For Record 13 Consecutive Weeks

    

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By Tyler Durden

In early 2016, the biggest global macroeconomic risk factor was the accelerating capital outflows out of China over fears of currency devaluation (or simply because the local population knows better than anyone just how dire to domestic situation is and is rushing to park its assets offshore) and with good reason: after the PBOC burned through $1 trillion in reserves to offset capital flight starting in the summer of 2014, even the IMF chimed in with a concerned report suggesting China may have at most another half a trillion “buffer” left before it runs into illiquid assets which would prove virtually impossible to liquidate easily in the open market.

It got so bad that in January and early February, US equity futures would surge or slump based on a Yuan fixing that was a few basis point lower or higher than expected.

But then, almost as if on cue, following three consecutive months of nearly $100 billion in outflows, in February the capital flight slowed sharply and then proceeded to reverse (not if one includes FX adjustments but these days who actually does math) in March, leading to the first Chinese reserve increase since October. (assuming of course one believes Chinese data; one reason why one should not is everything that is currently going on in Vancouver real estate which proves the capital outflow has never been stronger).

So perhaps as a result of the rapid reversal in reserve liquidation or the stabilization in the offshore Yuan rate (where the PBOC has been particularly active in punishing shorts), fears about Chinese capital flights have been relegated to the back pages. Which is paradoxical, because not only have none of China’s underlying problems been addressed, the only way China managed to sweep its all too glaring problems under the rug was with the aid of $1 trillion in new Q1 loans.

Of course, it was concerns about soaring bad debt (as well as a hard landing economy and plunging exports, but those are all derivatives of China’s 350% in debt/GDP) that got China where it was in the summer and winter of 2015 in the first place, when it first started devaluing its currency. So to suggest that by adding even more debt on top of what was a debt problem somehow fixed it, well, debt problem is something only a full Krugman could suggest.

Which is why we were not surprised to read that according to the latest Institute of International Finance forecast, and in validation of Kyle Bass’ strong conviction that China is about to suffer a major 15%+ devaluation, China’s capital outflow headaches may be only just starting. According to the IIF’s latest report released today, global investors are expected to pull $538 billion out of China’s slowing economy in 2016, which means another $420 billion after the $118 billion that has already been withdrawn in Q1.

That number would be down a fifth from the $674 billion pulled out last year, the industry association said, …read more

Source: IIF Ruins The Party, Predicts Another $420 Billion In Chinese Capital Outflows This Year

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Audi’s latest concept car, based on its Q3 model, features an electric longboard that is stored in the rear bumper of the vehicle. …read more

Source: There is a skateboard in this car’s bumper

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Audi’s latest concept car, based on its Q3 model, features an electric longboard that is stored in the rear bumper of the vehicle. …read more

Source: This concept car comes with detachable skateboard

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By Tyler Durden

Submitted by Josephine Bacon via The Gatestone Institute,

There is a joke going around the internet it how the European Union works (or doesn't):

Pythagoras's theorem – 24 words.
Lord's Prayer – 66 words.
Archimedes's Principle – 67 words.
10 Commandments – 179 words.
Gettysburg address – 286 words.
U.S. Declaration of Independence – 1,300 words.
U.S. Constitution with all 27 Amendments – 7,818 words.

EU regulations on the sale of cabbage – 26,911 words.

Why are EU Regulations so long? Maybe because they have to be translated into the 18 official languages? Interpreters also have to be found who can work into and from those languages at the European Parliament. The translation budget is massive. One of the official languages currently is Irish. It can confidently be said that there is no one in the Republic of Ireland who does not speak English; many Irish do not even speak or understand Irish, and certainly none of Ireland's politicians will be fluent only in Irish. But all of the “acquis,” the body of regulations that are already part of the EU body of laws, also have to be translated into the languages of candidates for EU membership, such as Turkey, thus adding more languages to the tally each time a new regulation is passed. If Catalonia breaks away from Spain and remains a member of the EU, Catalan will need to be added, even though Catalan politicians all speak perfect Spanish.

Corruption and Waste

This month, in March, an official audit reported that EU auditors refuse to sign off more than £100 billion ($144 billion) of EU spending. The Brussels accounts have not been given the all-clear for 19 years in a row. Moreover, the EU is apparently less than incompetent at managing the funds it has.

This is happening at a time when the EU is demanding that the UK pay it £1.7 billion ($2.45 billion). It was reported on September 17, 2015 in the Daily Mail newspaper that Britain had reluctantly paid this sum, which prime minister David Cameron himself, a fan of staying in Europe, has described as “appalling.”

Also reported on September 17 in the Daily Telegraph, was that, according to the annual report of the European Court of Auditors, £5.5 billion ($7.9 billion) of the EU budget last year was misspent because of controls on spending that were deemed by experts to be only “partially effective.”

The audit, published on March 17, 2016, found that £109 billion ($157 billion) out of a total of £117 billion spent by the EU in 2013 alone was “affected …read more

Source: "Brexit" – What Else Is Wrong With The European Union?

    

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