Archive

June 30th, 2016

S&P Downgrades European Union From AA+ To AA - Full Text

On June 30, 2016, S&P Global Ratings lowered its long-term issuer credit rating on supranational institution, the European Union (EU), to 'AA' from  'AA+'. The 'A-1+' short-term rating was affirmed. The outlook is stable.

What Is Driving Today's Market Surge: JPM Explains

The simple - and only - answer, is of course central banks. But for those who need a more "nuanced" answer to present to their portfolio managers who are watching this market move in stunned silence, here is JPM's Adam Crisafulli with the full breakdown of today's latest 1% move higher.

Global PPT Swings From "Easing Actions Are Backfiring" To Double Central Bank Bazookas In 3 Days

Sunday evening, as the world watched the fallout from what "Remin"-ers said was the end of the world, The BIS warned that central bank 'easing' actions "have started to backfire" and explained what little could be achieved with further stimulus. Three days later, first The Bank of England and then the European Central Bank both unleashed fresh bazookas as The PPT to save the world swung into action to rescue stocks and the all-important global wealth effect. Yet again - no consequences for anything will be allowed...

World's Most Systemically Dangerous Bank Crashes Back To Record Lows

Despite all the exuberance over the Brexit bounce in US (and UK) equities, never minds bonds, FX, and credit being far less enthusiastic, Deutsche Bank is plunging once again this morning. Having failed The Fed's stress test for the second year running and been diagnosed by The IMF as the world's most systemically dangerous financial entity, the giant Germanbank is getting slammed down almost 4% today, back near record lows as its 'Lehman-esque' path to devastation continues.

IMF Warns Brexit "Uncertainty" Means "Even Lower Growth" For UK, EU

“Brexit has created significant uncertainty and we believe this is likely to dampen growth in the near term, particularly in the U.K. but with repercussions also for Europe and the global economy. Prolonged periods of uncertainty and associated declines in consumer and business confidence would mean even lower growth”

Who's Next To Exit? France... Or Maryland?

"If we had our druthers, we would exit from almost everything. The U.S. would LEAVE the Mideast, NATO, the UN... and all the “foreign entanglements” General Washington warned us about. At home, we would exit the War on Poverty and the War on Drugs. Then, Maryland would withdraw gracefully from the United States." But wait. There, standing at the prison gate, a Taser in one hand and a billy club in the other… is Hillary Rodham Clinton. “Stronger together” is her new campaign slogan. “And more easily controlled,” she might add.

Bill Clinton Holds 'Private' Meeting With Loretta Lynch As FBI Probes Hillary

"Our conversation was about his grandchildren. It was primarily social and about our travels. He mentioned the golf he played in Phoenix, and he mentioned travels he'd had in West Virginia. There was no discussion of any matter pending for the department or any matter pending for any other body. There was no discussion of Benghazi, no discussion of the State Department emails, by way of example..."