In what may be the worst news yet for DB's employees, moments ago Bloomberg reported that the German Bank is exploring "alternatives to paying bonuses in cash" as Chief Executive Officer John Cryan seeks to boost capital buffers.
It really does feel like the worst of both worlds: all the ravages of poverty, but none of the sympathy. "Blacks burn police cars, and those liberal elites say it's not their fault because they're poor. My son gets jailed and fired over a baggie of meth, and those same elites make jokes about his missing teeth!" You're everyone's punching bag, one of society's last remaining safe comedy targets.
Germany's ammunition exports skyrocketed in the first half of 2016, a leaked report has revealed. Turkey, currently suppressing its political opposition, has moved up the list of the country's best customers.
As fighting resumes in Aleppo following a brief ceasefire - and as Russia’s largest naval fleet to sail since the Cold War steams down the English Channel on its way to the western coast of Syria - it’s important, in times when most of the focus is being drawn to one point, to step back and look at the whole board.
“The best-informed market participants seem unenthusiastic about U.S. stocks at current prices,” said David Santschi, chief executive officer at TrimTabs. “Insider buying is running at the slowest pace for October in the past five years.”
"Policy makers everywhere have somehow convinced themselves that if they engineer higher longer-dated yields, then inflation expectations will rise too,” he explained. “They’re basically saying you can invert causation.” And in today’s new reality, everything’s possible, so why not inverse causation too?
Rage is all the rage these days, but as Barclays notes, what appears less well understood is that this voter rebellion, “the Politics of Rage”, spans nearly all advanced economies, has been taking place for more than a decade, is unparalleled in modern history, and is deeply entrenched.
For the first time since 2012, the Richmond Fed business surveyr has been in contraction (below 0) for 3 straight months (and 4 of the last 5). Worse still, the six-month average of the business survey has not deteriorated this fast since Q2 2008. While the underlying components were mixed, inventory levels dropped (bad for GDP), average workweek tumbled (bad for incomes), and new orders re-plunged.
Despite guiding notably higher for the holiday quarter, and beating modestly on EPS, AAPL just reported its third consecutive quarter of declining results and iPhone sales, and its first fiscal year of lower revenue since 2001. The market was not impressed, despite Tim Cook's strong guidance for the holiday quarter when AAPL expects to make as much as $78 billion.
Having closed below $50 for the first time in 3 weeks, WTI Crude extended its losses to 3 week lows after API reported crude inventories rose by a bigger than expected 4.8mm barrels (more than double the 2mm expectation). Cushing inventories drew down by the most since Feb 2014 (we suspect the spillage was the driver), Gasoline inventories built notably despite expectaions of a sizable draw, and distillates inventories drew down for the 5th straight week.
Alliances are transmission belts of war. So our Founding Fathers taught and the 20th century proved. A U.S. decision to terminate the Mutual Defense Treaty (with Philippines) would also send a wake-up call to every ally: America’s Cold War commitments are not forever. Your security is not more important to us than it is to you. As Donald Trump has been saying, we are starting to put America first again. On this, maybe even President Obama could find common ground.
Despite the constant puke of propaganda that a Trump presidency will bring hell on earth and crash stock markets (remember Brexit?), it appears market participants are much more concerned about a Clinton win...