Clinton Slams Benghazi Report As "Discredited, Conspiracy Theories"

"In refusing to issue its report on a bipartisan basis, the Committee is breaking from the precedent set by other Congressional inquiries into the Benghazi attacks. And in leaking out select portions from their report in the middle of the night, without even allowing some of the Committee's own members to see it, Republican members are clearly seeking to avoid any fact-checking of their discredited, conspiracy theories."

After Brexit, A Trump Path To Victory

The English wish to remain who they are, and they do not want their country to become, in Theodore Roosevelt’s phrase, “a polyglot boarding house” for the world. From patriots of all nations, congratulations are in order. It will all begin to unravel now, over there, and soon over here.

Bank of America: "If You Are Going To Panic, Panic Early"

"While globalization, immigration and the free market have strong support from the winners of these themes – the plutonomists and the highly educated, in our view they seem to have underestimated the frustration of developed market middle and working classes... We suspect that few will pay attention to these tectonic shifts – it will require more Brexit-type surprises for the message to sink in."

European Dead-Cat-Bounce Dies - Big Banks End Lower

Well that didn't last long. With hopes of a face-ripping ride higher this morning as Draghi jawboning lifted bank stocks and Cable, the bounce was nothing but an opportunity for sellers to escape at better prices. While Deutsche eked out a tiny gain, RBS, Unicredit, Credit Suisse, and UBS all tumbled to end the day red...

UK Labour Party Leader Corbyn Loses Vote Of No Confidence

Following the resignation of more than 20 members of his shadow cabinet, UK Labour Party Leader Jeremy Corbyn has just lost a vote of no confidence by a vote of 176 to 40. Despite his previous statement that he is "not going anywhere" we suspect this will lead to a formal leadership challenge. Notably Cable is weakening on the news as yet another level of uncertainty hits The UK.

When It Comes To The US Economy, The Age Divide Has Never Been Wider

Despite a rise in headline consumer confidence, there are increasingly gaping divergences between various cohorts that suggest all is not well in America. Regionally, Pacific 'confidence' has surged while New England has plunged. Plans to buy a car or a major appliance or a home all dropped, with the latter at its lowest in 10 months. But most worrisome is the record divide between 'young' and 'old' Americans confidence in the US economy...

Richmond Fed Dead-Cat-Bounce Crashes To 3-Year Lows

With the biggest miss in two years, Richmond Fed collapsed to -7 (lowest since Jan 2013) from March's 22 print (six year highs). The farcical flip-flop leaves the average workweek plunging into contraction, number of employees dropping, New Order volume crashing, and worse still, future expectations of hisring and work week is plunging.

What Is The Source Of Today's Buying Panic: RBC Explains

"For what it’s worth, the buying in high risk periphery and banks is not “real money” nor is it on any real volume (which thus smells of short covering), while most of our real buying is a downshift in risk-profile from long onlys who have to be invested and are loading the boat in obvious sectors like utilities today." - RBC

Brexit Is What Happens When The Pie Is Shrinking

A great many narratives are drifting around the Brexit pool: a return to sovereignty, class war, "controlled demolition," nothing-but-another-political-Kabuki- spectacle, end of the European Union, etc. We think it boils down to something much simpler: the pie is shrinking, and the illusion that it's about to start growing has been shattered.