David Stockman: "Trump Unbound"

At the end of the day, Trump has petrified the Wall-Street Washington establishment for good reason. He loudly rejects the War Party consensus on foreign intervention. And he has tapped into a deep vein of main street alienation from the phony recovery and economic fixes promulgated by the Fed and its beltway henchman.

S&P 500 Slammed Back Into Red For 2016

Joining its Small Cap (Russell 2000) and Tech (Nasdaq) peers, the S&P 500 just plunged back into the red for the year after desperately clinging to it for 3 weeks.

UK Prime Minister Admits He Had A Stake In His Father's Offshore Trust

David Cameron and his wife owned shares in the Panamanian trust set up by his late father, before selling them for around £30,000 in 2010, he has told ITV News. The prime minister made the revelations about his involvement with the offshore fund set up by his father Ian - exposed in the Panana Papers - in an interview with Political Editor Robert Peston. Mr Cameron said he made a profit on around 5,000 units the couple owned in Blairmore Investment Trust, but insisted the money was subjected to UK tax rules.

How The ECB Trapped Itself In A "Catch 22"

"The question mark is whether you could actually have a stable financial system without QE and ultra low borrowing costs.  So maybe banks and the European economy would be better off without QE and ultra low rates in theory but the reality might be that this would leave us with much higher systemic risk. A catch-22 situation it seems to us."

Gold & Silver Surge Amid Crude & Copper Carnage

As the growth mirage fades (and short-squeeze ammo runs out), so crude and copper carnage is reappearing. Amid its biggest plunge since early Jan, Copper is now down 10 of the last 12 days and crude is plunging back towards it 50-day moving average. Amid this bloodbathery, precious metals are bid as Saxo Bank sees Gold "heading back to its highs and beyond."

Treasury Yields Tumble Near Feb 'Flash-Crash' Lows

It appears the search for a safe-haven has left Biotechs and FANGs as investors' flight to quality sparks a bid under bonds & bullion. US Treasury yields are tumbling with 10Y and 30Y near the low close from mid-February's "flash-crash" lows.

European Banks Crash Most In 4 Years As Default Risk Spikes To Pre-Draghi Levels

All the gains post-Draghi's bazooka-est efforts in March have gone as bank credit risk is spiking and the last 4 weeks have seen the biggest collapse in European banking stocks since April 2012. Having blown his wad in March and been front-run by every Tom, Dick, and Harry trader, "whatever it takes" appears to be failing hard and with nothing left up his sleeves, Mario may not be so super anymore.

Days After Iceland's PM Resigns Over "Panama Papers", Its Bankers Are Released From Jail Years Early

Three bankers from the defunct Iceland bank Kaupthing are to be released from jail today – after serving just one year of their 5-year sentences. This happens two days after Iceland's Prime Minister  has resigned. Magnús Guðmundsson, Ólafur Ólafsson and Sigurður Einarsson were one of four men jailed in 2015 in the so-called ‘Al-Thani case’ on charges of breach of trust and market abuse. Case closed.

Deutsche Bank Is Crashing Again As European Banks Slide To Crisis Lows

As of this moment, various European banks but most prominently Deutsche Bank as well as Credit Suisse and RBS, have been crashing back to lows hit in early February and then all the way back to the March 2009 "the world is ending" lows. The problem is that now that global central banks are more focused on appeasing China and keeping the USD weaker (by way of a dovish, non-data dependent Fed), the pain for Europe (and Japan), and their currencies, and their banking sector, will likely only get worse. This is precisely the case proposed by Francesco Filia of Fasanara Capital, who explains below his "Short European Bank Thesis."

EU President Is "Sad" After Dutch Reject "Closer Ties" With Ukraine In Huge Victory For Euroskeptics

After yesterday's shocking Dutch referendum outcome, in which a vast majority of local voters rejected a Ukraine-European Union treaty on closer political and economic ties, seen by many as an indication of "Euroskepticism", moments ago European Commission President Jean-Claude Juncker explained how that made him feel. According to Reuters, "he was saddened by the outcome." "The president is sad," European Commission spokesman Margaritis Schinas told a regular news briefing.

Shocking Statistic: Over 40% Of Student Borrowers Don't Make Payments

More than 40% of Americans who borrowed from the government’s main student-loan program aren’t making payments or are behind on more than $200 billion owed, raising worries that millions of them may never repay. Officials acknowledge that a large pool of borrowers have essentially fallen off the radar. The Education Department has assembled a “behavioral sciences unit” to study the psychology of borrowers and why they don’t repay. “We obviously have not cracked that nut but we want to keep working on it,” said Ted Mitchell, the Education Department’s under secretary. He said many defaulted borrowers dropped out of school and are underemployed.

Jobless Claims Decline From Two Month High

Following three consecutive weeks of increases in initial jobless claims, which pushed the series to its highest level since the start of February, according to the BLS the last week saw a 9K decline in the number of claimants which dropped from 276K to 267K. This was fractionally below the 270K expected print, and suggests that recent concerns about an inflection point in job trends may have been premature.

Venezuela Declares Every Friday A Holiday To Conserve Electricity

Maduro has expanded his mid-March decree, and designated every Friday in the months of April and May as a non-working holiday in his ongoing bid to save electricity as a prolonged drought pushes water levels to a critical threshold at hydro-generation plants. In a televised appearance, Maduro said "I call on families, on the youth, to join this plan with discipline, with conscience and extreme collaboration to confront this extreme situation” of the drought blamed on the El Nino weather system.

UK Housing Bubble Pops: London Offers 20% Discounts On Luxury Apartments

Another major city is experiencing a pullback in demand for its property – once again as a direct result of Government action to dampen the impact of foreign investment. In London, as Bloomberg reports, demand has slumped so badly that developers are offering discounts of up to 20% for their newly constructed homes. And just as the case was in Manhattan, it’s a result of the UK putting in a speed bump. The UK recently increased taxes on those deemed to be purchasing a second home, specifically designed to slow the pace of overseas investment.

Valeant Lenders Agree To Amend Credit Facility

Three days ago, the latest catalyst to weigh down Valeant stock was news that the company's lenders were pushing back on its demands to obtain a default waiver and to loosen restrictions on its negative debt covenants.  It appears, however, that that issue has been resolved, and as the company reported moments ago in a press release on its website, VEX "has obtained the requisite lender approval for the amendment and waiver to its credit facility.  The Company expects to close the amendment and waiver next week."