Moody's Cuts Italy Ratings Outlook To Negative

Moody's has cut Italy's long-term senior unsecuredd government debt rating outlook from 'stable' to 'negative', leaving it at Baa2 for now. Citing "slow and halting progress" on economic and fiscal reform in Italy, noting that reduction in Italy’s large debt burden will be further postponed given subdued medium-term growth prospects, recent fiscal slippage.

Denzel Washington Slams Mainstream Media For Peddling "Bullshit"

 “If you don’t read the newspaper, you’re uninformed. If you do read it, you’re misinformed,” Denzel Washington said quoting Mark Twain and added: "In our society, now it's just first — who cares, get it out there. We don't care who we destroy. We don't care if it's true. Just say it, sell it. Anything you practice you'll get good at — including bullshit.

Cisco CEO Chuck Robbins: An Idiot Or A Liar, You Decide...

"...these are the type of moronic and asinine thought processes coming out of corporate America that are killing the American middle class... If Chuck truly believes what he says, well he is an idiot. If he has even a shred of economic acumen then he is a liar. I’ll leave it to you to decide."

This Is What Happens When A Buying Algo Gets Excited

At 13:21:15 this afternoon, as the Dow Transports was pushing towards its record highs (for the first time in 2 years), S&P futures and the SPY ETF suddenly exploded in volume and ramped higher. In those few seconds 2 million SPY shares went through (around $450 million) and 32,000 e-mini contracts (around $3.5 billion notional) screamed through the markets...

Italy Threatens ECB With Blackmail; Demands More Time For Monte Paschi Rescue

Rome is demanding the ECB give it more time to rescue the third largest Italian bank. That was to be expected, what is surprising, however, is that as the FT adds, Italy is "preparing to blame the bank for losses imposed on bondholders if Rome is forced into an urgent state bailout", a negotiating tactic some could call blackmail.

Trump Taps Oklahoma Attorney General Scott Pruitt As EPA Head

Trump picks conservative Oklahoma Attorney General Scott Pruitt to head up the EPA, a man who has “led the charge with repeated notices and subsequent lawsuits against the U.S. Environmental Protection Agency for their [sic] leadership’s activist agenda.”

France: Decomposing In Front Of Our Eyes

France will elect a new president in May 2017. Politicians are already campaigning and debating about deficits, welfare recipients, GDP growth, and so on, but they look like puppets disconnected from the real country. What is reality in France today? Violence. It is spreading. Not just terrorist attacks; pure gang violence. A climate of civil war, however, is spreading visibly in the police, schools, hospitals and politics.

What's Behind The Relentless Market Surge? RBC Explains

"We continue to see obvious re-risking in the form of “buy everything” price-action, as investors push further out onto the risk curve against a shift away from the 5+ year narrative of “secular stagnation” towards positioning that allows capture of “reflation animal spirits.”

What Happens Next?

'Investors' are buying both bonds (yields below post-Italy vote lows) and stocks (new record highs) ahead of tomorrow's ECB meeting...

US F/A-18 Fighter Jet Crashes In Southwestern Japan

A US F/A-18 Hornet military jet stationed at the Iwakuni base in the Yamaguchi prefecture, crashed in Japan, NHK reported citing the country’s Defense Ministry. The plane crashed around 6:40pm local time in the Kochi Prefecture, the report said, adding that the pilot survived.