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The Crash In US Bank Stocks Is Only Half-Way Through

It appears by the total lack of coverage that the utter collapse of Europe's banking system is entirely irrelevant to the "fortress-like" balance sheets of US banks... but it is not. Once again today, US financials saw bonds dumped across the senior and subordinated segments and while US financial stocks have fallen hard year-to-date, if credit is right - and it usually is on a cyclical basis - US bank stocks have a long way to go (as believe in book values is battered).


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Despite Huge Tail And Sliding Bid To Cover, 30Y Treasury Prices At Lowest Yield Since January 2015

After yesterday's strong 10Y auction few were expecting ugliness in today's final for this week 30Y issuance: after all with markets crashing, the flight to safety and duration surely would mean strong demand for the long-end of the curve.  Only that wasn't the case.


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Janet Yellen Admits Fed Is Evaluating Possibility Of Negative Rates

"We had previously considered them and decided that they would not work well to foster accommodation back in 2010. In light of the experience of European countries and others that have gone to negative rates, we’re taking a look at them again because we would want to be prepared in the event that we needed to add accommodation."


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The Most Ominous Warning That Oil Storage Is About To Overflow Has Arrived

Speculators are now "making the leap to Cushing storage never being more full... will actually overfill, or even stop taking crude oil deliveries outright..."


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Euro PIIGS Starting To Squeal Again

The stock markets of the so-called PIIGS are breaking down on an absolute and relative basis – not a positive development for global markets.


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BNP Pulls Plug On US Energy Sector, Will Exit RBL Lending

“Given the current environment in the oil and gas market and the poor outlook for future fundamentals in the short to medium term, BNP Paribas has had to make adjustments to some of its businesses and has decided to stop the redevelopment of its reserve-based lending business."


Tyler Durden's picture

It's Not Just Deutsche Bank...

While broad-based contagion from Deustche Bank's disintegration is clear in European, US, and Asian bank risk, there is another major financial institution whose counterparty risk concerns just went vertical...


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Everyone Jumping On The Bandwagon: BofA Says To Stay Long Gold Until $1,375, "$1,550 A Possibility"

Gold prices are breaking above triple resistance forming a technical bottom and channel breakout. This projects gold higher to 1,315 and 1,375. The gap in the distribution on the left shows 1,550 is a possibility,


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Boeing Stock Nose-Dives On News Of SEC Probe

Just when you thought The BoJ would save the day with its miraculous intervention in carry trades, this happens:

*BOEING SAID TO FACE SEC PROBE OF DREAMLINER AND 747 ACCOUNTING

And just like that, Boeing's stocks crashes 10% dragging the major US equity markets with it. So, just as a reminder, this is a firm which the US government (via Ex-Im Bank) lends billions of US taxpayer dollars... and now the SEC is accusing them of fraud.


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Saudi Arabia Makes "Final" Decision To Send Troops To Syria As US, Russia Spar Over Aleppo Strikes

As Saudi Arabia readies a Syrian ground invasion, there are competing accounts of just who destroyed 9 targets in Aleppo on Wednesday. While The Pentagon says Moscow hit the city's two main hospitals, The Kremlin claims two US Air Force A-10 attack planes carried out the strikes which raises the following question: is the US set to conduct airstrikes in support of the rebels, thus marking a fresh and exceptionally dangerous escalation of hostilities in the country?  


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WTI Crude Pumps'n'Dumps Back To $26 Handle After Saudi Headlines

In a replay of yesterday's idiotic opening action, WTI crude spiked on Saudi troops headlines - running stops to yesterday's close - only to dump back below $27 once again...


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Yellen Explains To The Senate Why She Isn't "Dovish Enough" - Live Webcast

Following remarks that are identical to those from yesterday, today Yellen will conclude her semi-annual testimony, this time by presenting her vision about the economy and the path of future rate hikes to the Senate Banking Committee. Surprises, if any, will come during the Q&A.


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Treasury Bears Briefly Rescued After Massive Short Squeeze Collapses Yields

2Y yields crashed 10bps overnight - the biggest plunge in yields since September's FOMC fold on rate-hikes. The rest of the Treasury bond complex also saw yields crash with 10Y flash-crashing 20bps - amid collapsing liquidity - at its deepest. Then - as if by magic - a sudden crazed Yen seller appeared and lifted all risk boats (and bond yields) "off the lows." One wonders how long this 'intervention' will last...


Tyler Durden's picture

Scope For Gold To Extend Much Higher Than $1200 Over Time, Goldman Says

Gold has reached, and so far held, notable resistance around $1200. However, as Goldman notes, there’s scope to extend much higher over time.


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