Italy Races To Arrange €5 Billion Bailout For Monte Paschi Before Friday's Stress Test

Italy is scrambling to secure a privately-backed bailout of Monte dei Paschi di Siena, the most exposed of the country’s troubled lenders, including a plan to raise €5bn of fresh capital so as to avert nationalisation, the FT reports. The bank needs to obtain some €5 bilion in capital ahead of Friday's stress test, or else a dire "contagion" scenario could unfold that could impair not only all Italian banks, but promptly spread first to France and then to Germany...

Previewing The Day's Big Event: What To Expect From The Apple's Earnings Report

When it comes to AAPL, the company is truly in a class of its own. And while in the past it helped propel the S&P500 profitability almost singlehandedly (it was responsible for 7% of total S&P earnings in 2015), this has reverse, and now AAPL is set to be the single biggest detractor from S&P growth. Here is what to look for and what Wall Street expects when AAPL reports earnings at 1:30pm Pacific today...

(Con)fidence Game

The financial and economic world in 2016 is, more than anything, a confidence game (pun intended). The year started with confidence severely shaken, so gasoline (as one real economic variable) and hiding intervention (the further hint of desperation) are more likely to have lasting negative effects than effusive but unbacked mainstream praise for the nth year in a row.

These Are The Best And Worst U.S. Cities To Own A House

For those lucky Americans who can afford to own a house instead of being stuck renting the New Normal American dream where they are prohibited from peddling fiction as their annual rent increases by 10% or more each year, here is the breakdown of the best and worst cities for home price appreciation in the U.S.

Michelle Obama Takes A Shot At "Make America Great Again"

"Don’t let someone tell you this country isn’t great - that we need to make it great again. Because, right now, this country is the greatest country on Earth." or “Well, that was a colossal waste of my time,” said Obama with an air of weary irritation before reminding the audience she had been 45 years old at her husband’s inauguration and now she was “fifty-fucking-two.”

Stocks Slide After Japan's "Helicopter Money" Plan Leaks, Underwhelms

At the same time that the Nikkei released its latest "market response" trial ballon, where it posted an article around 2am local time clearly meant for US market consumption according to which BOJ officials "were said to be leaning more toward easing", the same Nikkei also published a preview of what Japan's helicopter money may look like. There is just one problem: at first read, and judging by the market's reaction, it appears to be rather underwhelming.

It's 2am In Japan, Time For Nikkei To Drop Another Tape Bomb

Yesterday at 2am local time, Japan's Nikkei reported a doubling of stimulus being proposed (to 6 trillion yen) after Goldman suggest 3 trillion was not enough. That spiked USDJPY briefly. Today, at 2am, Nikkei decided to try it again... announcing that "BoJ officials said to be leaning more toward easing," and sure enough USDJPY spiked...

Another Ugly Auction: Treasury Sells $34BN in 5Y Paper With Big Tail, Lowest Bid To Cover Since 2009

The hits just keep on coming. After yesterday's ugly 2 Year auction, and following last month's less than stellar, tailing 5 Year auction, moments ago the Treasury sold $34 billion in 5 Year paper in what was another woeful issuance, one where the high yield of 1.18% was a substantial tail of 1.6bps to the 1.164% When Issued, and whose Bid to Cover dropped again, reaching 2.27, the lowest since September 2009.

Why Swap Spreads Are Suddenly Blowing Out And Why This Is Good For Treasuries

Over the past week, market watchers have noticed something which otherwise could be seen as a warning signal: there has been a dramatic move in swap spreads space, notably a substantial widening in recent days from what was until recently record tight - and negative - levels, coupled with a blow out in FX swaps, where the EURUSD has seen its cross-currency swap slide -3 bps today to -48 bps, the widest since July 2012. What does this mean, and what are the implications? Read on for the explanation.

Nigeria Says "Don't Panic, Banks Are Fine" Amid Currency Collapse, Inflation Spike Concerns

A month ago we warned of the looming hyperinflation coming to Nigeria (as well as much of Africa). It appears, following the central banks' rate hike to a record 14% (reach for yield anyone) in an attempt to stall the ongoing currency collapse, that Emefiele is worried, warning of "concern over headline inflation spike." Perhaps most worrying though, amid the chaos, Emefiele advised depositors in banks "to go about your business," adding that there was "no need to panic or worry." Hhhmm..

Hillary Clinton: Class President Of A Failed Generation

After all this time, however, Hillary doesn’t get any of it. She thinks war is peace; deficits don’t matter; the baby boom is entitled to the social insurance they didn’t earn; and that the Fed’s serial bubble machine is leading the nation back to prosperity. But like the generation she represents, she has betrayed hergrand ideals over a lifetime of compromise, expediency, self-promotion and complacent acquisition of power, wealth and fame. She doesn’t deserve another stint at the podium - let alone the bully pulpit.

"What The F**k Was That?"

While USDJPY notched down and Oil had been slipping, stocks suddenly lurched lower, gapping to yesterday's lows on heavy volume. As one veteran trader exclaimed "what the f**k was that?" as no obvious catalyst sprung up, unless of course this morning's series of economic "beats" was sufficiently good to be bad for stocks and raise the dreaded rate hike specter.