World's Most Systemically Dangerous Bank Crashes Back To Record Lows

Despite all the exuberance over the Brexit bounce in US (and UK) equities, never minds bonds, FX, and credit being far less enthusiastic, Deutsche Bank is plunging once again this morning. Having failed The Fed's stress test for the second year running and been diagnosed by The IMF as the world's most systemically dangerous financial entity, the giant Germanbank is getting slammed down almost 4% today, back near record lows as its 'Lehman-esque' path to devastation continues.

IMF Warns Brexit "Uncertainty" Means "Even Lower Growth" For UK, EU

“Brexit has created significant uncertainty and we believe this is likely to dampen growth in the near term, particularly in the U.K. but with repercussions also for Europe and the global economy. Prolonged periods of uncertainty and associated declines in consumer and business confidence would mean even lower growth”

Who's Next To Exit? France... Or Maryland?

"If we had our druthers, we would exit from almost everything. The U.S. would LEAVE the Mideast, NATO, the UN... and all the “foreign entanglements” General Washington warned us about. At home, we would exit the War on Poverty and the War on Drugs. Then, Maryland would withdraw gracefully from the United States." But wait. There, standing at the prison gate, a Taser in one hand and a billy club in the other… is Hillary Rodham Clinton. “Stronger together” is her new campaign slogan. “And more easily controlled,” she might add.

Bill Clinton Holds 'Private' Meeting With Loretta Lynch As FBI Probes Hillary

"Our conversation was about his grandchildren. It was primarily social and about our travels. He mentioned the golf he played in Phoenix, and he mentioned travels he'd had in West Virginia. There was no discussion of any matter pending for the department or any matter pending for any other body. There was no discussion of Benghazi, no discussion of the State Department emails, by way of example..."

General Collateral Rate Surges To Post Fed-Hike Highs On Quarter End Window Dressing

The overnight general collateral rate has jumped to 0.75% this morning. The GC rate has spiked at the end of every quarter for over a year, as money funds face increased regulations and need to streamline their balance sheets at quarter end, in other word "window dress" balance sheets and make them appear better than they are for regulatory purposes.

What Happens Next?

While we are sure stocks know better, it appears the considerably more massive and professionals-driven FX and bond markets seem far less enthused over the Brexit Bounce...

Chiacgo PMI Spikes To 18-Month High - 7 Standard-Deviation Beat - As Employment Crashes?!

Seriously!! Chicago PMI spiked to 56.8 in June (from 49.3) - higher than the highest estimate and seven standard deviations above expectations. This is the highest since Jan 2015. Simply put, the number is beyond any credibility, as despite higher orders and output, demand for labor fell as employment contracted at the fastest pace since November 2009.