Bridgewater's Culture Of "Probing" - Sex Scandal Strikes World's Largest Hedge Fund

Employee files sexual harrassment complaint where Bridgewater is described as a  “cauldron of fear and intimidation" where employees are exposed to constant video surveillance and encounters with patrolling security guards that "silence" employees who do not fit the Bridgewater mold. In light of these new developments, we're left wondering which particular "values" Comey carried with him to the FBI and exactly how far he "spread" them within the organization.

The Key Thing To Watch For In Today's FOMC Statement

The Fed is expected to stay on hold today. Given the Fed’s dovish reaction to the weak May employment report, SocGen expects that officials are likely to be reluctant to commit to any particular path just yet (despite the longest streak of economically positive surprise in US history). In the absence of any signal regarding the next hike, attention will fall on their characterization of the economy. Here are five things to watch in the statement...

What To Expect When You're Expecting The FOMC

As we await today’s FOMC decision, Bloomberg's Richard Breslow has been struck curious by how many people are speculating that the accompanying statement might lurch back hawkish. For a Fed that has had such notable lack of success seeing clarity in its crystal ball, that would be remarkably aggressive.

Detonation Reported Near Refugee Center in Zirndorf, Germany

According to German media Bayerischer Rundfunk, moments ago an explosion took place in the town of Zirndorf near the northern Bavarian city of Nurenberg. Bayerischer Rundfunk adds reporting that a suitcase filled with various cans exploded about 200 meters away from the local refugee center.

Oil Crashes To $41 Handle After Surprise Inventory Build, Production Rise

Despite last night's API-reported surge in Cushing inventories, oil futures surged into this morning's DOE data on the heels of terrible durable goods data. However, a shocking build in overall crude levels (+1.67mm vs -2mm) breaking crude's record 9-week streak of draws, sent crude prices reeling to a $41 handle (the lowest since April's Doha production free talks failed). Cushing also saw a major build as did Gasoline and production rose for the 3rd week in a row.

Pending Home Sales Disappoint, Realtors Fear Unhealthy Price Appreciation

Following New Home Sales rebound to their highest since 2008, amid record high prices, Pending Home Sales disappointed with a mere 0.2% MoM rise (versus +1.2% expectations) showing very little bounce off May's tumble. Northeast sales saved the day with a 3.2% surge but The South and West both continued to slide. As NAR's Larry Yun noted however: "home prices are showing little evidence of slowing to a healthier pace that more closely mirrors wage and income growth."

Chinese Stocks Sink Over Fears Regulators Will Curb Wealth Management Schemes

Overnight China's Banking Regulatory Commission drafted new rules curbing the nation’s multi-trillion market for wealth management products, which was not taken well by the local stock market, leading to a plunge in stocks in early Chinese trading, before rebounding at the close of trading. China's ChiNext index of smaller companies sank as much as 5.5%.

Silver Surges Over $20 After Dismal Durable Goods Data

After 21 straight days of economic imporvements, today's dismal durable goods orders appears enough to prompt 'the QE trade' as bonds, stocks, and bullion surge (and dollar drops). Silver just spiked to $20...

What Wall Street Thinks Of Apple's Earnings Beat

After beating on revenues and earnings despite a steep drop in both revenues and iPhone orders and projecting a third consecutive quarter of declining profits, Apple is up nearly 8% pre-market as traders clearly liked what Tim Cook did in the quarter. More importantly, Wall Street liked the results too. Here is a summary of what some of the key analysts thought.

Durable Goods Orders Crash Most In 2 Years - Longest Non-Recessionary Streak Of Declines In US History

Despite the longest winning streak for US macro data in US history, Durable Goods Orders collapsed in June. The 4% MoM plunge (vs -1.4% exp) is the biggest drop since Aug 2014. This represents a 6.6% YoY crash - the biggest drop since July 2015. The drop appears driven by  plunge in airplane orders (non-defense aircraft and parts). Worse still, core durable goods orders extended their annual declines to 18 months straight - the longest non-recessionary streak of declines in US history.