Multiple Simultaneous Threats: Nexit Next?

The nannycrats in Brussels face yet another attack on the anti-immigration front: Geert Wilders’ Far-Right party is topping the polls in the Netherlands.

Gold Extends Losses Below $1200 As Dollar Soars

Gold futures prices dropped to $1,171 this morning as the dollar surged into the European closed and the OPEC deal sent oil prices spiking. The precious metal is now unchanged since October 2014, but as UBS notes with the break of the 2012 downtrend in US inflation expectations but expecting a pullback in yields into Q1, it should be just a question of time to see a new bounce/rally starting in gold/gold mines.

Mortgage Refinancings Collapse To 2016 Lows As Rates Top 4.00%

Mortgage applications tumbled 9.4% from the prior week as mortgage rates soared above 4.00% to the highest level since July 2015. The biggest driver of the decline in mortgage demand was a 16% crash in refinances - tumbling to their lowest level since the first week of January (a seasonally dismal time).

Beige Book Finds Modest Economic Slowdown: Strong Dollar "Headwinds" Cited

The Fed's latest Beige Book released Wednesday found seven regional Fed districts reporting economic activity as growing at a modest or moderate pace, a decline from 11 in the last report, with strong dollar headwinds among one of the more frequently cited reasons for the weakness.

WTI Crude Surges Over 10% Near $50

In the biggest surge since the August 2015 melt-up/options debacle, WTI Crude has spiked over 10% today as man and machine urge the price up towards $50...

Here Are The Details From The OPEC Production Cut Deal

The much anticipated headline is out and, as Bloomberg reports, OPEC has reached a deal agreeing to cut oil production by 1.2 million barrels per day to 32.5mmbpd from the current level of 33.6mmbpd. This would be OPEC's first production cut since 2008.

Wisconsin Judge Denies Stein's Request For "Hand Recount"

Dane County Circuit Judge Valerie Bailey-Rihn of Wisconsin has refused to issue an order for a hand recount, saying that Stein's team failed to show any mistakes or irregularities that would bring a machine recount into question.

Juncker Pleads With Austria's Hofer: "No Referendums"

European Commission President, Jean-Claude Juncker issued a warning to Austrian presidential candidate Norbert Hofer, regarding referendums. Simply put, the will of the people must be suppressed.

Here Is OPEC Production Cut Table, And It Has An "Error"

Shortly after the conclusion of today's Vienna meeting, OPEC released the following table which lays out the breakdown of what the current reference production level is by nation, as well as the proposed adjustment to get to a 1.2 million barrel per day reduction, as well as the "pro forma" production number that will be effective on January 2017.

Nancy Pelosi Retains House Minority Leadership Position

After a long-fought battle between Nancy Pelosi (D-CA) and Tim Ryan (D-OH) for leader of the House minority party, as expected, Pelosi has emerged the victor.  Seems the Democrats learned very little from the 2016 Presidential election cycle.

Oil Soars 9% As OPEC Deal Details Emerge

As the details of the OPEC 'deal' emerge during the press conference, WTI Crude prices have just burst through $49 stops (from 11/22 highs) and are up 9% on the day.

FX Markets Are Turmoiling

The US Dollar index is soaring, up most in a week as OPEC events and the London Fix ripple through FX markets. Yen, Euro, and Aussie Dollar are all plunging...

Wall Street Reacts To Steve Mnuchin Choice For Treasury Secretary

Following the news that Steve Mnuchin would be US Trasury Secretary, Wall Street analysts offered mixed predictions on which policies Donald Trump’s choice for Treasury secretary may pursue, as they have little to go on other than Mnuchin’s background with Goldman, buying/selling the former Indy Mac.

Goldman Raises S&P Target To 2,400 On "Trump Hope"

"Hope" will dominate through 1Q 2017 as S&P 500 climbs by 9% to 2400 according to a just released revised forecast by Goldman Sachs. The firm adds that "instead of our baseline adjusted EPS growth of 5% to $123, growth could accelerate to 11% and reach $130, which would support a P/E multiple above 18x." However, Goldman warns that "Fear" is likely to pervade during 2H and S&P 500 will end 2017 at 2300, roughly 5% above the current level.