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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."


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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...


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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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A Detailed Look At This Morning's Major Market Moves

Here is, courtesy of Nanex, a forensic market-level look at the key events that took place so far this morning:


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Initial Claims Drop But Goldman Warns "Recent Jobless Increase Is More Than Just Noise"

Initial jobless claims dropped notably last week (from 285 to 269k) but the overall trend (away from the noise) appears in tact. The smoother4-week average remains near 12-month highs and as Goldman notes weakness is widespread - "there is only limited evidence that the rise in claims is due to distress in the energy sector." Continuing claims dropped modestly to 2.239mm but, as Goldman adds, "the persistence of the recent move suggests more might be going on, and we are treating the increase as more than just noise."


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6 Dead After Gunman Storms Saudi Education Department

Disgruntled employee (maybe he was mad that the kingdom rolled back fuel subsidies) or excuse to invade Syria? We'll see.


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European Sovereign Risk Soars As Systemic Fears Mount

"Whatever it takes" is not enough, it would appear as the fragility and interconnectedness forced upon the European banking/sovereign finance ponzi has rapidly come home to roost for Draghi and his followers. Peripheral bond risk has flipped from "hold your nose" buys to panic sells with Portugal risk exploding 200bps in the last week. As the European banking system's credit risk rises 2012-crisis-like, it seems belief in a bigger bazooka is fading fast.


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Deutsche Bank Is Back: 5 Year Sub CDS Soar To Record High

"Worse than Lehman" is how one European bond market trader described the carnage this week as the brief respite that ECB monetization and debt-buyback rumors provided yesterday have morphed into utter destruction this morning. European (and US) banks are a sea of contagious red with Deutsche Bank the tip of the collapse spear. Credit risk on Deutsche has exploded this morning with Sub CDS trading up 85bps to a record high 540bps... eerily reminiscent of the pre-Lehman bankruptcy week in 2008.

Time to panic now?


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