US Home Prices Surge To Record High As Homebuilder Hope-Reality Gap Largest Ever

Following April's declines across the home sales data (as well as a dip in homebuilder optimism), existing home sales in May surprised positively (up 1.1% versus -0.4% exp) and follows a small upward revision to April's drop. Median Home Prices pushed to a new record high at $252,800, as inventories tumble.

Dear Democrats / Media: ICYMI Last Night Was A Referendum On You, Not Trump

The Democrats lost last night not because 'Russia' stole the election, not because it rained in Dekalb county and supressed the minority vote and not because Trump is doing an amazing job...Democrats lost again last night because Americans are sick and tired of mainstream, corrupt politicians, tired of the millions of dollars that flowed into Ossoff's bank accounts from San Francisco in an apparent attempt to buy a house seat and tired of the fake media narratives on Russian hacking.

Gartman Turns Bearish: "Today Is The Summer Solstice; Be Prepared"

"There has been a historical precedent for market turns of consequence to have taken place at or very near to solstices and equinox. Given that today is the Summer Solstice we are on guard, for as the chart this page suggests the past may not perfectly be the prologue to the future but it is at least worthy of note."

After Shocking Saudi Shakeup "Not A Question Of If But When New Escalation With Iran Starts"

"With Mohamed bin Salman now having greater control of Saudi Arabia and with Jared Kushner having a large control of the White House it is not really a question of if but rather of when a new escalation with Iran starts."

Frontrunning: June 21

  • Republican Handel Wins Georgia House Seat, Dashing Democrats’ Hopes (BBG)
  • Uber CEO Kalanick Quits as Investors Revolt (WSJ)
  • Saudi King’s Surprise Shakeup Clears Son’s Path to the Throne (BBG)
  • After weeks of secrecy, U.S. Senate to unveil healthcare bill (Reuters)
  • Latest Election-Hacking Hearings to Focus on State-Level Events (WSJ)

In Historic Shakeup Saudi King Removes Crown Prince, Names Son As First Heir

In a shocking development, on Wednesday Saudi Arabia’s King Salman appointed his 31-year-old son Mohammed bin Salman as crown prince, placing him as first-in-line to the throne and removing his nephew, 57-year-old Mohammed bin Nayef - the country’s counterterrorism czar and a figure well-known to Washington - from the royal line of succession. Bin Salman already controls the Kingdom's defense, oil and economic policies; today's announcement merely consolidates his power.

Pound Surges As BOE Chief Economist "Leans Toward" Hiking Rates In 2017

One week after the pound surged following the BOE's unexpectedly hawkish 5-3 vote split, then tumbled after Mark Carney's speech yesterday which suggested no rate hike is coming any time soon, today, for the third time in almost as many days, all GBPUSD stops were taken out after BoE Chief Economist, Andy Haldane, surprised the market with unexpectedly hawkish comments.

Oil Bear Market Sends Global Stocks, Yields Sliding; Chinese MSCI Addition Fizzles

In an eventful overnight session which saw a historic transition in Saudi Arabia, an unexpeted Republican victory in the Georgia Special Election, China's inclusion in the MSCI EM index and Travis Kalanick's resignation, S&P futures continued to fall, alongside stock markets in Asia and Europe, while oil prices extended their drop despite a larger than expected draw reported by API on Tuesday.

Uber CEO Kalanick Quits Following "Investor Revolt"

Ten days after we reported that "Uber was imploding", when the company's Chief Business Officer resigned at the same time as the CEO announced a leave of absence, the "Uber collapse" was complete when Uber CEO Travis Kalanick, co-founder of the world's most valuable private company, announced his resignation on Tuesday following an "investor revolt" over his catastrophic leadership.