It was bound to happen: just days after a shocking Brexit outcome which was arguably lost due to the low participation of the pro-Remain, youth vote today the same youth, unhappy with the outcome it could have prevented, has congregated on London's Trafalgar square which is the venue of the first, so far completely peaceful, anti-Brexit protest to hit London.
After a truly hair-raising first half to 2016, if not so much for billionaire Odey as for his LPs, he appears to have finally hit a home run with Brexit. According to Bloomberg, Odey's "winning run continued with the flagship Fund up 21% in just two days." The days in question: Friday and Monday, when the market's reaction to the Brexit vote was nothing short of surreal
"In refusing to issue its report on a bipartisan basis, the Committee is breaking from the precedent set by other Congressional inquiries into the Benghazi attacks. And in leaking out select portions from their report in the middle of the night, without even allowing some of the Committee's own members to see it, Republican members are clearly seeking to avoid any fact-checking of their discredited, conspiracy theories."
The English wish to remain who they are, and they do not want their country to become, in Theodore Roosevelt’s phrase, “a polyglot boarding house” for the world. From patriots of all nations, congratulations are in order. It will all begin to unravel now, over there, and soon over here.
"While globalization, immigration and the free market have strong support from the winners of these themes – the plutonomists and the highly educated, in our view they seem to have underestimated the frustration of developed market middle and working classes... We suspect that few will pay attention to these tectonic shifts – it will require more Brexit-type surprises for the message to sink in."
"I'm optimistic about the games, but I have to show reality. We can have a great Olympics, but if some steps aren't taken, it can be a big failure... if police and firefighters don't get paid, whoever comes to Rio De Janeiro will not be safe..."
Well that didn't last long. With hopes of a face-ripping ride higher this morning as Draghi jawboning lifted bank stocks and Cable, the bounce was nothing but an opportunity for sellers to escape at better prices. While Deutsche eked out a tiny gain, RBS, Unicredit, Credit Suisse, and UBS all tumbled to end the day red...
Following the resignation of more than 20 members of his shadow cabinet, UK Labour Party Leader Jeremy Corbyn has just lost a vote of no confidence by a vote of 176 to 40. Despite his previous statement that he is "not going anywhere" we suspect this will lead to a formal leadership challenge. Notably Cable is weakening on the news as yet another level of uncertainty hits The UK.
Despite a rise in headline consumer confidence, there are increasingly gaping divergences between various cohorts that suggest all is not well in America. Regionally, Pacific 'confidence' has surged while New England has plunged. Plans to buy a car or a major appliance or a home all dropped, with the latter at its lowest in 10 months. But most worrisome is the record divide between 'young' and 'old' Americans confidence in the US economy...
With the biggest miss in two years, Richmond Fed collapsed to -7 (lowest since Jan 2013) from March's 22 print (six year highs). The farcical flip-flop leaves the average workweek plunging into contraction, number of employees dropping, New Order volume crashing, and worse still, future expectations of hisring and work week is plunging.