Watch Live: Draghi, Kuroda, Carney, & Poloz Set The World's Markets Straight At The ECB Forum

Draghi's speech at the ECB Forum yesterday was intended to strike a balance between recognizing the currency bloc’s economic strength and warning that monetary support is still needed, according to Bloomberg, and it only took two post-speech clarifications to get the market to understand exactly what he was saying... which was nothing has changed. The main event today at the ECB Forum in Sintra is a policy panel With ECB's Draghi, BOE’s Carney, BOJ’s Kuroda, BOC’s Poloz due to appear at 2:30pm London...

N.Korea Issues Standing Order To Execute Former S.Korea President

North Korea said on Wednesday it has issued a standing order for the execution of former South Korean President Park Geun-hye and her spy chief for a plot to assassinate its leader. The North's official KCNA said "revelation showed" Park had masterminded a plot to execute its "supreme leadership" in 2015 and it was imposing the "death penalty on traitor Park Geun-hye".

Bill Blain: "The 1-, 4- And 10-Year Cycles Top Out Mid-August At Which Point Be Very Afraid... Or Something Like That"

"Steve has thrown his bag of market bones into the air, and based how they’ve landed, his market read is for the current cycle to bottom in the next few days and could well turn positive into August. He’s got a wary eye looking at 1 year, 4 year and 10-year cycles which don’t top out till mid-August – at which point… Be very afraid.. or something like that..."

Frontrunning: June 28

  • Global Bonds Sell Off, Sparking Fears of Further ‘Taper Tantrum’ (WSJ)
  • Facing revolt on healthcare, GOP senators delay vote (Reuters)
  • Global businesses dig out from latest cyber attack (Reuters)
  • Cyber attack hits property arm of French bank BNP Paribas (Reuters)
  • Obama Choked on Russia Long Before the 2016 Election (BBG)

Goldman Raises S&P500 Year-End Price Target From 2,300 To 2,400

"We raise our year-end 2017 S&P 500 price target to 2400 from 2300, reflecting a 1% decline over the next six months. This return would represent a 27th percentile event since 1975. We expect EPS growth of 9% this year will be offset by a 4% contraction in the forward P/E multiple to 17.3x from 18.1x. The prospect of accelerating inflation, higher policy rates, and rising 10-year bond yields will weigh on S&P 500 valuation."

Middle East At Point Of No Return As Saudi-Qatar Rift Deepens

The challenges MBS faces are enormous. Due to lower hydrocarbon revenues, he will need to change an oil-based economy into a more open, liberal and high-tech economy, capable of taking on global competition in these fields... While the Saudi leading ulema have pledged allegiance to the new crown prince, the reality remains complex... At the same time, the region is at a point of no return if the Syria-Iran and Qatar issues are not solved soon.

Mapping The World's 20 Most Populous Cities By 2100

If you look at a modern map of the world’s most populous cities, you’ll notice that they are quite evenly distributed around the globe. However, in the future, things will be very different, according to projections from the Global Cities Institute. In fact, over the next 80 years or so, some cities will literally 10x or 20x in size – turning into giant megacities. The most interesting part? None of these cities will be in the Americas, Europe, China, or Australia.

How America Armed Terrorists In Syria

Three-term Congresswoman Tulsi Gabbard’'s "Stop Arming Terrorists Act" challenges for the first time in Congress a U.S. policy toward the conflict in the Syrian civil war that should have set off alarm bells long ago...