The TARGET2 Chart Shows A Breakdown Of The Central Bank Narrative

Despite the alphabet soup of bail-out facilities provided by the ECB, people still do not trust the system. In our view, the TARGET2 chart is the best way to assess trust in central banks and as it clearly shows, the narrative is failing. It seems impossible for Draghi to reestablish monetary confidence.

14 Signs The World Is On The Verge Of Generational Chaos

It is one of the great ironies of life that each generation believes its experiences are unique. The reality is that we have seen this movie before - with different actors, plot twists, and technological advancements. The basic plot seems to push along a hauntingly familiar path.

Peso Soars To Pre-Brexit Levels As Mexico Raises Rates More Than Expedcted

A day after the most awkward three-way handshake in history between Obama, Trudeau, and Nieto, the latter's central bank just pushed rates higher by a bigger than expected 50bps to 4.25% (exp +25bps). The Peso is surging back (extending its bounce off January lows) retracing all the post-Brexit losses... on what seems like fears of a surge in food inflation.

Oil Bulls Beware: Crude Demand Is About To Slide As China's SPR Is "Close To Capacity"

China has taken the opportunity of lower oil prices since early-2015 to accelerate the strategic petroleum reserve (SPR) builds at c.1mbd, pushing the total oil in stock under SPR to an estimated 400mmbbl, or 53 days of net crude oil import equivalent. This volume might be close to the capacity limit and together with potential teapot utilization pullback and slower-than-expected demand from China could increase near-term risks to global oil prices (c.1.2mbd impact).

S&P Downgrades European Union From AA+ To AA - Full Text

On June 30, 2016, S&P Global Ratings lowered its long-term issuer credit rating on supranational institution, the European Union (EU), to 'AA' from  'AA+'. The 'A-1+' short-term rating was affirmed. The outlook is stable.

What Is Driving Today's Market Surge: JPM Explains

The simple - and only - answer, is of course central banks. But for those who need a more "nuanced" answer to present to their portfolio managers who are watching this market move in stunned silence, here is JPM's Adam Crisafulli with the full breakdown of today's latest 1% move higher.

Global PPT Swings From "Easing Actions Are Backfiring" To Double Central Bank Bazookas In 3 Days

Sunday evening, as the world watched the fallout from what "Remin"-ers said was the end of the world, The BIS warned that central bank 'easing' actions "have started to backfire" and explained what little could be achieved with further stimulus. Three days later, first The Bank of England and then the European Central Bank both unleashed fresh bazookas as The PPT to save the world swung into action to rescue stocks and the all-important global wealth effect. Yet again - no consequences for anything will be allowed...

World's Most Systemically Dangerous Bank Crashes Back To Record Lows

Despite all the exuberance over the Brexit bounce in US (and UK) equities, never minds bonds, FX, and credit being far less enthusiastic, Deutsche Bank is plunging once again this morning. Having failed The Fed's stress test for the second year running and been diagnosed by The IMF as the world's most systemically dangerous financial entity, the giant Germanbank is getting slammed down almost 4% today, back near record lows as its 'Lehman-esque' path to devastation continues.