Massive Fire Engulfs One Of Italy's Largest Oil Refineries

A massive explosion has rocked one of Italy’s biggest oil refineries in Sannazzaro de' Burgondi, near Pavia, about 40km south of Milan. Local authorities have ordered residents to stay indoors while an emergency plan is activated.

Nasdaq Tumbles Into Red Post-Trump As Bond Market Crashes

It appears the growthiness of the new regime is not so friendly to FANG stocks and big tech as the Nasdaq just gave up all its gains post-election.While tech is the biggest loser in stock land, it's the bloodbath in bonds that is most worrisome as 30Y yields spike another 10bps today..

Protests Slam India's Economy As "The Concept Of Money Dies"

Fear has gripped the bullion market, for one is deemed to be guilty until proven otherwise. People with perfectly legal cash are afraid of cameras recording their purchases and having to pay outrageous bribes. After an adjustment period people will buy more — not less — gold. For now, the gold market has gone mostly underground with the gold price hovering around US$1,700 per ounce. Did Modi want to boost the informal economy?

Putin Warns Upsetting Global Strategic Balance "Could Lead To Global Catastrophe", Wants To Be Friends With Trump

“We hope to unite our forces with the United States in the fight against the real threat, not the fictional one – international terrorism,” he said. The president also emphasized the need “to strengthen non-proliferation regimes,” noting that “attempts to upset the strategic balance are extremely dangerous and could lead to a global catastrophe.”

US Manufacturing Surges To 20-Month Highs Despite Employment, Export Orders Drop

Extending October's bounce, Markit's US Manufacturing PMI for November jumped to its highest since March 2015 with "signs of buoyant business conditions in the US manufacturing sector." ISM Manufacturing also rose to its highest since Feb 2015 and while overall orders rose, we note that the USD strength may be evident as export orders dropped and employment slowed.

The Details Behind Trump's Deal With Carrier Revealed

In the end, UTC agreed to retain approximately 800 manufacturing jobs at the Indiana plant that had been slated to move to Mexico, as well as another 300 engineering and headquarters jobs. In return, the company will get roughly $700,000 a year for a period of years in state tax incentives.

The Bond Bloodbath Is Back: US, Chinese Yields Soaring

Following the worst month for risk-parity funds since 2015, we suspect month-end redemptions are driving both stocks and bonds (4x levered on average) lower out of the gate in November. Extending yesterday's losses, US Treasury yields are explding higher once again (long-end underperforming) following China's bond market's biggest yield spike in years overnight.

OPEC Deal Sends Crude Curve Into Backwardation For First Time Since 2014

Following OPEC's agreement to cut prodiction for the first time in 8 years, front-end prices have spiked (above $50) but perhaps more notable is the unusual 'stability' in the crude curve around $54 from July 2017 to Nov 2019. For the first time since October 2014, the belly of the crude curve is in backwardation (far-months cheaper than near-months).

"Shell-Shocked" Democrat Donors Concerned At Rudderless DNC: "I May Well Be Done With Political Giving Entirely"

"The feeling I get from big donors out here in California is that... they’re shell-shocked," warns investor Marc Nathanson, who spent big in 2016, adding that he has no interest in participating in the party’s rebuilding efforts. As The Hill reports, many Democratic donors still feel burned by the party’s 2016 election losses and what they see as dysfunction in the DNC. "They’re tired," said one DNC official fingering the blame elsewhere, "they’re upset about the election, and there was significant trauma surrounding the Russians."