Deutsche Bank Stock Plunges To All Time Low After Merkel Rules Out State Bailout; Default Risk Surges

As reported over the weekend, in an unexpected announcement Angela Merkel announced that she has ruled out state aid for Deutsche Bank, and the market reaction has been swift and brutal, with the bank's shares tumbling to a new all time low, sliding more than 6% this morning to €10.70, as the company's default risk has soared higher and is now the widest name in the Markit iTraxx index.

Dr. Lisa Bardack’s Faustian Bargain

When Dr. Lisa Bardack was asked to become Hillary Clinton’s personal physician in 2001, it had to have been a crowning moment in the career of the Mt. Kisco internist. Dr. Bardack could have anticipated little downside... Unfortunately, Hillary Clinton corrupts everyone who serves her.

Edward Snowden Warns, Whatever You Do, Don't Use Google Allo

Google Allo, the new “smart” chat app launched on Wednesday, is ‘dangerous’ and should be avoided, according to whistleblower Edward Snowden, because it will "record every message you ever send and make it available to police upon request."

Trump vs Hillary: The Debate Of The Century... Gets Even Wilder

There is nothing we can say to underscore the importance of tomorrow's debate that can come even close to Goldman's characterization of what is about to be unleashed in just over 24 hours, starting at 9pm on Monday. As Goldman's David Kostin put it on Friday, the "upcoming debate ranks as the biggest match-up since the Mayweather/Pacquiao bout"...

A Sunni Muslim Asks: Is "Radical Islam" The Problem Or Is "Islam" The Problem?

In 2015, President Obama told CNN that 99.9 Percent of Muslims Reject Radical Islam. He made the comments in response to a question about the White House avoiding using the phrase “Islamic terrorists.” Hillary Clinton says “Let’s be clear: Islam is not our adversary. Muslims are peaceful and tolerant people and have nothing whatsoever to do with terrorism.” Are they correct? Fundamentally, it may be fair to ask “Is religion in general the problem?”

Hillary, Trump "In Dead Heat" WaPo Finds, As Latest Poll Gives Trump 1 Point Lead Ahead Of Debate

According to the latest WaPo/ABC News poll, Hillary and Trump are set to meet for their first debate "in a virtual dead heat in the race for the White House." While likely voters are split 46% for Clinton vs. 44% for Trump, a sharp rebound for Trump in recent weeks, among registered voters, Clinton and Trump are tied at 41 percent, with Johnson at 7 percent and Stein at 2 percent.

Bond Risk Crashes To 2-Year Lows As VIX Shorts Fold

After 10 straight weeks of increasingly bullish speculative positioning ('longer' stock futures and 'shorter' VIX futures), the last 2 weeks have seen short VIX bets plunge at the fastest rate since pre-Brexit and the Aug 2015 crash. At the same time as this surge to hedging, the day since The Fed's utterly farcical fold have seen bond volatility crash to its lowest in two years.

Dilbert Creator Scott Adams Explains Why He Switched His Endorsement To Trump

"...I don’t understand the policy details and implications of most of either Trump’s or Clinton’s proposed ideas. Neither do you. But I do understand persuasion. I also understand when the government is planning to confiscate the majority of my assets. And I can also distinguish between a deeply unhealthy person and a healthy person, even though I have no medical training. (So can you.)"

Chinese Contagion Risks Surge: Banks' Reliance On Each Other For Funding Hits All Time High

China’s smaller banks have never been more reliant on each other for funding, prompting rating companies to warn of contagion risks in any crisis.  "Contagion risks are definitely rising," according to S&P: "The pace of the development is concerning. If this isn’t stopped in time, the central bank will lose some control and flexibility of its monetary policy."

A Turning Point In The US Presidential Campaign. What Happened?

If Hillary Clinton’s illness had not materialized, someone would probably have had to have made one up for her. The Democratic presidential candidate’s dramatic drop in popularity just over the course of the last month has been attributed to her sudden health issues and pneumonia. Of course they’re claiming that Clinton will recover and that her extraordinary determination to keep fighting will make voters even more sympathetic to her. The biggest US media outlets are helping her spin that.

Why Hedge Funds Remain The Worst Performing Asset Class Of 2016

It's been a bad year for hedge funds as a result of significantly underperforming the market, coupled with the biggest wave of redemptions since the financial crisis. Unfortunately, according to the latest Goldman data, there is no reprieve in sight. As the following chart from David Kostin shows, both global macro hedge funds and equity long short funds are the worst performing assets YTD on both a total return and risk-adjusted basis.