Mario Draghi's "Why More QE Is Possible But Everything's Awesome" ECB Press Conference - Live Feed

Despite cherry-picked indications (and exultations) that everything is awesome in Europe's economies (and central banks were united to rescue the world in case of a Le Pen victory), Mario Draghi decided to offer the at-record-high markets another bowl of potential punch bystating that if things got "less favorable" the ECB would increase/extend QE. We look forward to hearing his 'balanced' reasoning.

WTI/RBOB Tumble As Market "Runs Out Of Patience With OPEC"

Just as we warned yesterday following the EIA inventory and production data release, the exuberance over the crude draw was misplaced (due to the surge in product builds and almost unprecedented refining activity along with continued resurgent oil production). Saudi imports continue to show no sign of the OPEC cuts and asone anylst noted "the market looks like it wants to turn lower, maybe it has run out patience waiting for OPEC"

Frontrunning: April 27

  • Israel strikes Iran-supplied arms depot near Damascus airport (reuters)
  • ECB Keeps Policy Settings Unchanged Awaiting Political Clarity (BBG)
  • Lawmakers push one-week stopgap funding bill (The Hill)
  • Key Moments From Trump’s First 100 Days (WSJ)
  • Trump Makes Huge U-Turn on Pulling Out of Nafta (BBG)

Stocks Dazed After Trump NAFTA Flop, Tax Plan Disappointment; ECB Looms

European shares are lower, pressured by disappointing results by Deutsche Bank and ending a six-session gain, as Asian equities and S&P futures were little changed after a record-setting rally in world stocks which pushed the MSCI World index to over $50 trillion yesterday, fizzled after Trump released unconvincing tax cut plans prompting traders to "sell the news" while caution set in as the ECB met.

French Selection Ritual, Round Two: Slightly Premature Victory Laps

There is no political constituency for liberty or anything remotely resembling classical liberalism (= libertarianism) in France.I t is clearly time to once again focus on the only thing that one can actually hope for in politicians, and that is entertainment value; luckily we have good news on that front.

Massive Explosion Reported Near Damascus International Airport Following Israeli Airstrikes

Israeli Intelligence Minister Israel Katz, speaking from the United States where he has been meeting US officials, told Israeli Army Radio: "I can confirm that the incident in Syria corresponds completely with Israel's policy to act to prevent Iran's smuggling of advanced weapons via Syria to Hezbollah ... Naturally, I don't want to elaborate on this.

Which U.S. States Depend The Most On Foreign Trade?

From the chart, it is clear that the U.S. economy is at least partially reliant on foreign trade. This is especially true for states with major trade hubs and multinational corporations. At the same time, low population states without major trade hubs are not very reliant on international trade.

Trump Tax Cuts To Add As Much As $7 Trillion In Debt

"Based on what we know so far, the plan could cost $3 to $7 trillion over a decade– our base-case estimate is $5.5 trillion in revenue loss over a decade.... a $5.5 trillion tax plan would be enough to increase debt to 111 percent of Gross Domestic Product (compared to 89 percent of GDP in CBO's baseline) by 2027."

Will Your Savings Get Caught In Government Shutdown Crossfire?

The potential shutdown would put a hiccup in federal bureaucracy for a few weeks, but that’s not the real reason Americans should be worried. Turns out, there may be an unseen economic danger that could affect you and your savings.

Paul Craig Roberts Warns "Trump Now A Captive Of The Deep State"

"I spent a quarter century in Washington. The evil that is in control there at the present time is unprecedented. I have never seen anything like it. Can the world survive the evil that is concentrated in Washington, evil that has the support of the governments of the Western world?"