Wednesday, February 19, 2014

BANK RUNS SPREADING TO SEVERAL COUNTRIES!!! Japan GDP Collapse, Spain Bad Debt Record, German ZEW Drops, Empire Fed, US Homebuilder Homebuilder Confidence Tumbles.

Gregor Peter ‏@L0gg0l · 1 h
$$ Market talk – Kaspibank in Almaty, Kazakhstan runs out of cash after run on bank
Run on Thai Bank Linked to Rice Subsidy Points to Strain on Economy
BANGKOK—Depositors have withdrawn nearly $1 billion from a bank linked to a foundering rice-subsidy program, the bank said Monday, in one of the first signs that Thailand’s months-old political stalemate is starting to affect the economy.
Adding to the pressure on Prime Minister Yingluck Shinawatra, a government agency Monday forecast economic growth rates would slow in the months to come because of the unrest. The prime minister has faced street protests since November calling on her to resign.
 
Bank Runs Spread To Thailand
Thailand’s Government Savings Bank (GSB) president admitted that clients withdrew 30bn Baht (around $1bn) in a single-day last week and Bank for Agriculture and Agricultural Cooperatives (BAAC) and Krungthai Bank (KTB), although of a much smaller magnitude, have also seen withdrawal spikes of similar magnitude according to The Bangkok Post. The ‘bank run’ comes afterspeculation that cash at the state-run banks are being used by the government (which is in turmoil) to fund farmers (who have not received their ‘promised’ rice subsidies of over 130 bn Baht). Withdrawal requests are met with banks warning that there were insufficient funds at the time due to many depositors withdrawing cash. One depositor, rather ironically summed it up, “I started to feel concerned that my money may become only paper.”
Gregor Peter ‏@L0gg0l · 1 h
THAI GOVERNMENT SAVINGS BANK LIMITS WITHDRAWALS AS RUN ON DEPOSITS CONTINUE
The year-to-date move of every emerging-market currency [CHART]
The year started with quite a bit of market volatility. Turmoil in the emerging markets was blamed for a 6% sell-off in the S&P 500.
However, markets have recovered dramatically and the S&P 500 is just half a percentage point from its all-time highs. The battered emerging market currencies have come back a bit to. But for the most part, they are still in the red.
“Emerging market currencies have improved following the recent rally in Europe and stateside,” noted Oppenheimer’s John Stoltzfus in a new note to clients. “The Indonesian rupiah leads the currency basket with a YTD gain of 3%. The Argentine peso remains strained as Argentina’s economy continued to face economic and currency headwinds.”
But…but the stock market is up.
Silver Has Longest Winning Streak Since 1968: Spikes To 3-Month High
zerohedge ‏@zerohedge · 2 min
OIL-TANKER INDEX HAS LONGEST STREAK OF DECLINES SINCE APRIL ’09
China Sold Second-Largest Amount Ever Of US Treasurys In December: And Guess Who Comes To The Rescue
Bank Runs Spread To Thailand
zerohedge ‏@zerohedge · 26 seg
Japan GDP collapse, Spain bad debt record, German ZEW drops, Empire Fed, US homebuilder conf tumbles, Ukr+Venz on edge of civil war: BTFATH
Sochi Russian Market ‏@russian_market · 1 min
Ukrainians withdraw cash from ATMs in Kiev. It’s getting worse every hour. 
Japan’s disappointing fourth quarter results underscore risks to the country’s … Japan GDP growth slower than expected …
Spanish banks’ bad debt is worth as much as the entire economy of Singapore—and growing
MANNHEIM, Germany (Reuters) - German analyst and investor sentiment fell … But ZEW President Clemens Fuest said the drop ”must not be …
NY Fed’s Empire State Index 4.48 in February
US Homebuilder Confidence Sinks in February
Household debt surges $241 billion in Q4, biggest increase since 2007: NY Fed
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