The writing had been on the wall for a long time, and on Tuesday it finally hit the world's largest asset manager, where in the war between passive-investing robots and active-investing humans, the humans lost.
Moments ago, Theresa May signed the letter to European Council President Donald Truk which will invoke Article 50 and Trigger Brexit. Here is a summary of what happens next now that Article 50 is triggered.
Asked by a Fox News reporter whether he would inform the other committee members about who gave him the reports he viewed on the White House grounds last week, Nunes said: "We will never reveal those sources and methods."
"Americans' confidence in the U.S. economy tumbled along with the Dow Jones industrial average last week. Though still in positive territory, Gallup's U.S. Economic Confidence Index (ECI) dropped six points to a score of +5 for the week ending March 26. This is the lowest weekly average since the presidential election in November." - Gallup
After an early spike on Libya production fears and OPEC production cut extension hope, WTI and RBOB faded all day on dollar strength ahead of the API data. The trend of builds in Crude and draws in gasoline and distillates continued but the gasoline draw was notably less than expected and has sparked selling in RBOB.
A top executive at Halkbank, one of Turkey’s largest state-owned banks was arrested at JFK airport on charges of conspiring with an Iranian-Turkish financier who is awaiting trial for using his network of companies to circumvent Iranian sanctions.
Uncertainty is dominating today’s oil markets, with production cuts, ballooning inventories and a rising rig count all adding to oil price volatility. And as the summer driving season approaches and oil companies return to their projects here are four key factors to watch closely.
Confirming just two more rate hikes in 2017 and plenty of uncertainty and fear over productivity growth, a 'dovish' Stanley Fischer sparked an instant reaction in USDJPY (spiked above 111) and Gold (slammed below $1250) as stocks moved to the day's highs and bond yields rose (30Y over 3.00%)...
"A lot of the vendors [of financial information] are facing headwinds. The combination of machines replacing traders where they can and cutbacks overall in financial institutions in terms of budgets has made it difficult for all vendors frankly to maintain [terminal numbers]."
Most of you reading this are probably aware the U.S. auto market is a train wreck waiting to happen, but a recent report by Moody’s really puts the industry’s insane lending practices into perspective.