European Close Sparks Dollar Buying Panic

It's unclear what the catalysts for this sudden vertical buying panic is, but minutes after Europe closed, the dollar suddenly went full bid, gold slipped, and Treasury yields rose...

French Stocks Surge Off Technical Support After Overnight Poll

Nothing says existential fear for the EU like buying the f**king French dip on the heels of an overnight poll that simply confirmed expectations that the worst case scenario 'Le Pen - Melenchon' second round was still a significant outlier. French stocks soared 1.7% - the most in 6 weeks - bouncing off the 50-day moving average.

Trump Demands For Border Wall Funding May Force Government Shutdown Next Week

After a week of flip-flops on everything from the value of NATO to labeling China a currency manipulator, moves which quickly earned him the moniker of 'flipper-in-chief' from a disgruntled base, Trump, under internal pressure to show legislative achievements ahead of the 100-day mark, is gearing up for a government shutdown fight to secure money for a border wall, more immigration enforcement officers and a bigger military.

Crispin Odey: "It Feels Lonely Being Bearish"

"A year ago it was easy to be bearish. China was slowing, world trade was creaking, Europe was not recovering and the oil price was hitting new lows. A year later to be bearish feels lonely... When we look back at this madness, some people will feel ashamed. Twisted facts and twisted logic may be met in the quiet of the night by reality. "

Republicans Said To Near New Healthcare Deal

After weeks of fits and starts, Obamacare repeal may be back on the table. According to the Huffington Post, the chair fo the House Freedom Caucus, Mark Meadows and Tuesday Group co-chairman Tom MacArthur have reached a tentative Trumpcare deal.

Verizon Reports First Ever Loss Of Wireless Subscribers

While Verizon, the largest US wireless carrier by subscribers, reported earnings which missed on both the top and bottom line, it was another data point that has caught the market's attention this morning making VZ the leading decliner in the DJIA: in the first quarter of 2017, Verizon posted its first ever quarterly net loss of wireless subscribers.

Why Bonds Aren't Overvalued

Will the “bond bull” market eventually come to an end?  Yes, eventually. However, the catalysts needed to create the type of economic growth required to drive interest rates substantially higher, as we saw prior to 1980, are simply not available today. This will likely be the case for many years to come as the Fed, and the administration, come to the inevitable conclusion that we are now caught in a “liquidity trap” along with the bulk of developed countries.

Gold Slammed For 3rd Day As USDJPY Spikes

A little earlier than the last two days (right before the London Fix), but gold is suddenly under pressure again this morning as USDJPY just decided unilaterally to spike bursting beyond 109.00...

FBI Admits It Was Not The Russians - Launches Manhunt For "Insider" Who Leaked CIA Docs To WikiLeaks

Having exclaimed that WikiLeaks is "a non-state hostile intelligence service often abetted by state actors like Russia," laying the blame for every embarrassing leak at Moscow's footsteps, the FBI and CIA have admitted that they are searching for an "insider" (not a Russian) who exposed thousands of top-secret documents that described CIA tools used to penetrate smartphones, smart televisions and computer systems.

Venezuela Seizes General Motors Car Plant

"Yesterday, GMV's (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities," GM said in a statement.

Oil Stumbles Back To $50 Handle As Saudi/OPEC Jawboning Fails

Oil prices limped higher overnight as desperate jawboning of OPEC production cut deal extensions by the Saudis supported a recovery from yesterday's post-inventories plunge. However, confirming the market's lack of faith in OPEC (and Saudi's ability to hold the deal together), WTI prices are sliding back towards a $50 handle as jawboning half-lives slump.