Bremain Bounce Fades As "Biblical" Flooding Disrupts Vote

While cable holds near 2016 highs, it has begun to fade modestly from overnight exuberance as concerns over turnout due to torrential rain and flooding in the south of England are raising doubts about the Brexit vote outcome. With the majority of southern-England - most especially London - suffering "biblical" flooding, where the bulk of Britain's "remain" voters would be; as opposed to "balmy" weather in the rest of the country, perhaps the fade in cable and stocks is warranted?

Fed's National Activity Index Plunges In May

Against expectations of a rise to +0.11, Chicago Fed's National Activity Index plunged to -0.51 (from a revised lower +0.05), hovering at its worst level since January 2014... Under the surface, things are ugly with only 28 of the 85 monthly individual indicators made positive contributions, while 57 indicators deteriorated.

Hawkish Fed Looms As Initial Jobless Claims Plunge Near 42 Year Lows

Who knows best? The Department of Labor  - who is telling the American public that the labor market, based on initial claims, are hovering near the best levels in 42 years; or The Fed - who is warning that labor market conditions are deteriorating at the fastest pace in seven years?

 

Democrat "Gun Control" Sit-In Continues Into Its Second Day On House Floor

In a dramatic turn of events Democrats took the floor of the House and staged a sit-in just before Noon on Wednesday. The Democrats were demanding that Republican leadership schedule votes on gun control bills, and according to Politico, Republicans almost immediately recessed the House and turned off the chamber video cameras. That only added fuel to the fire, and the sit-in went on all day and has continued into the early hours Thursday morning.

As Of This Moment, Barclays Is Not Accepting FX Stop Loss Orders

"Both Barclays Electronic Trading Desk and Barclays Voice Spot Trading Desk will endeavour to operate as close to normal levels of service as the Disrupted Market Conditions allow.  However, taking into account the potential Disrupted Market Conditions during the EU Referendum Period, Barclays has decided to impose certain restrictions on its electronic and voice FX Stop Loss order offering during this period and would like to highlight certain matters with respect to Disrupted Market Conditions."

Frontrunning: June 23

  • ‘Brexit’ Vote: U.K. Heads to the Polls in Historic Referendum on EU Membership (WSJ)
  • The Brits Have No Good Options on Europe Vote (BBG)
  • Stocks Rise With U.S. Futures as Pound Gains While U.K. Votes (BBG)
  • Trump and Clinton Place Bets to Woo Undecided Voters (BBG)
  • China brushes off doubts over support on South China Sea, says it is growing (Reuters)

Robots To Pay "Social Security" Under EU Tax Proposal

The EU is studying a proposal that would count robots as people for tax purposes. Although the proposal is deemed “too early” to implement just yet, rest assured once nannycrats get a bad idea in their heads, it never leaves. This provides yet another reason to vote in favor of Brexit.

Voting Begin: Stocks Surge, Sterling Hits 2016 Highs, Futures Flirt With 2100

On the day voting for the UK referendum finally began, what started off as a trading session with a modest upward bias, promptly turned into a buying orgy in painfully illiquid markets shortly after Europe opened as an influx of buy orders pushed European stocks 2% higher, propelled by cable which was above 1.49 for the first time since December and USDJPY climbing over 1.05 in sympathy, following the release of the final Ipsos Mori poll which showed Remain at 52% to 48% for leave.

Today’s Trading Is All About Blinking First

The voting has begun to decide Britain’s EU referendum. It’s raining hard and it’s hot, which makes it fortunate that the British are a hardy lot. They’ve had to be to endure a campaign where the hyperbole has been worthy of a U.S. election.  Banks left and right are warning their clients in advance that they may not have the liquidity or risk appetite to execute trades on their behalf tomorrow. I’m not sure why they’re also advising what trades to do on the outcome.

Spain's Rajoy Implicated In Smear Allegations Just Days Before Elections

Just days before the latest Spanish election, Rajoy was implicated Wednesday in an alleged smear campaign after taped conversations from two years ago appeared to show his interior minister Jorge Fernandez Diaz asking a top anti-fraud official for information on how to discredit political rivals Bloomberg reports. Diaz said that the recordings had been taken out of context, and denies any wrongdoing.

British Discontent About The EU: Only A Precursor To Unrest On The Continent

If Britain leaves the EU and if the reaction to Brexit causes years of uncertainty, the EU will reap what it has sowed. British discontent is only a precursor to unrest on the Continent, where populists from across the political spectrum feel they have lost control over their fate, and are gaining popularity.

Who Is The "European Movement" And Why The Answer May Change How You Vote On "Brexit"

The revelation that the EU is the result of a major US secret service operation – effectively just yet another secret creature of deception launched by the CIA (taking seat of honour in the hall of infamy that includes false flag operations, invasions, coup-detats, and the establishment of organisations such as Al Qaida and ISIS) solves the third mystery, namely how on earth the allegedly democratic European nations could design such an undemocratic, virtually dictatorial structure.