Mirae Asset Securities Exceeds KRW 1.9 Trillion in Operating Profit…Simultaneous Growth in Overseas and Core Sectors

Tailing 10Y Auction Prices At Highest Yield Since 2007

Tailing 10Y Auction Prices At Highest Yield Since 2007 When discussing yesterday's stellar 3Y auction, we said that the impressive demand for 3 year paper indicated that nobody was worried about today's CPI print... and as we learned this morning, that was justified, since the CPI came in right as expected. And since inflation is tame, and the labor market is not overheating, virtually nobody were worried that today's 10Y auction would have any issues finding new holders. Well, they were right: moments ago the US sold $42 billion in 10Y coupons, the week's second refunding auction. It priced at a high yield of 4.683%, up from 4.586% a month ago, and just wide of the 4.682% When Issued, translating to the first tail since May. Perhaps more notably, today's 10Y auction priced at the highest yield since 2007. The bid to cover was virtually unchanged from last month, and in line with where it has been for much of the past decade: plus or minus 25bps of 2.50%. Sure enough, at 2.532, the bid to cover was a bit lower than the 2.592 a month ago, but above the six a

Ceuta Migrants Reach Mainland Spain Despite Government Denials; Report

Ceuta Migrants Reach Mainland Spain Despite Government Denials; Report Via American Greatness, Dozens of migrants who entered the Spanish territory of Ceuta during last month’s massive border surge have reportedly reached mainland Spain, contradicting the socialist government’s insistence that none had left the North African enclave. Sky News reported Tuesday, citing Spanish police sources, that about 75 migrants who entered Ceuta in late July had reached Andalucía in southern Spain. “Spanish sources in Andalucía said that around 75 migrants out of the estimated 72,000 who entered Ceuta illegally in a mass rush to the border at the end of July had reached the mainland,” Sky News reported. The report directly conflicts with assurances from the government of s

Putin Threatens Seizures Of European Ships Over EU's "Piracy & Banditry"

Putin Threatens Seizures Of European Ships Over EU's "Piracy & Banditry" Russian President Vladimir Putin on Wednesday addressed the persisting issue of European governments and navies seizing what they deem Russian 'shadow fleet' vessels off Europe's coast. The past year alone has seen several examples, sometimes involving French or Swedish commandos descending onto a tanker's deck from helicopters and arresting crew members. The seized vessels are then taken to nearby European ports. The latest European Union sanctions package passed last month stipulates that EU members can sell the oil or any seized cargo obtained from these 'shadow fleet' vessels. Putin has reiterated Kremlin outrage at this scheme, condemning it as "piracy and banditry". This after Sweden has lately declared its intent to hand seized Russian grain over to Ukraine. Pool Sputnik Kremlin via AP The Russian leader's patience has reached its limit, apparently, as he is now putting European gove

Trump Mulls Capital Gains Relief As Midterm Sweetener

Trump Mulls Capital Gains Relief As Midterm Sweetener President Donald Trump is looking for new policy pledges to put before voters ahead of November, and two of them involve cutting capital gains taxes, according to National Economic Council Director Kevin Hassett and former NEC chief Larry Kudlow, who discussed the proposals on Fox Business Tuesday. Kudlow, who ran the council during Trump's first term and remains close to the president, said he had raised two ideas with Trump directly. The first is indexing capital gains to inflation, so investors would be taxed only on real gains rather than on the portion of an increase that simply reflects the dollar losing value. The second is exempting home sales of $2 million or less from capital gains taxes entirely.

World's Largest Alumina Refinery Outside China Abruptly Halves Output On NatGas Disruption

World's Largest Alumina Refinery Outside China Abruptly Halves Output On NatGas Disruption Norwegian aluminum producer Norsk Hydro's Alunorte plant in Brazil, one of the world's largest alumina refineries, reduced output by 50% following disruptions to natural gas availability. Bloomberg reports that disruptions to NatGas availability at Alunorte forced a 50% reduction in output and sent aluminum prices in London to a seven-week high. Hydro said production would return to full capacity once gas supplies normalize. Aluminum rose nearly 2% in London and traded at $3,373 a metric ton. Alumina futures gained 1% in Shanghai. NatGas is critical to Alunorte because alumina refining requires high-temperature heat and steam. The gas powers the Bayer process, which refines bauxite:  Digestion: Bauxite is mixed with caustic soda and heated under pressure to dissolve the aluminum

Russia Agrees To Repurpose Strategic Military Bases In Post-Assad Syria