Philly Fed Slumps From 33-Year Highs To November Lows As New Orders Plunge

Another day, another 'soft' data point disappointments and heads towards it 'hard' data reality. This time is the turn of the Philly Fed survey, which missed expectations and dropped to 19.5 - its lowest since Nov 2016. New Orders collapsed, employees tumbled, and average workweek slumped... but hope rose very modestly for business activity 6-months ahead.

ECB Keeps Rates, QE Unchanged; Ready To Increase QE "In Size And Duration"

While nobody was expecting much from the ECB's policy statement this morning, with all eyes on Draghi's press conference in 45 minutes, judging by the modestly disappointed market reaction to what were largely canned remarks by the ECB which sent the EURUSD in kneejerk reaction lower, positioning is indeed stretched and unless Draghi comes out with hawkish bazookas blazing, the EURUSD may slide bigly.

Frontrunning: July 20

  • Futures flat as investors await earnings deluge (Reuters)
  • Investors Brace for Clues on ECB’s Tapering Plans (WSJ)
  • When Will the ECB Pull Its Trillions From the Markets? (BBG)
  • Citing Recusal, Trump Says He Wouldn’t Have Hired Sessions (NYT)
  • Trump Urges GOP to Seek Agreement on Health Measure (WSJ)

World Stocks Hit Record High For 10th Consecutive Day In "No-Vol Nirvana"

Traders, so mostly algos, are riding a global risk "high" in stocks as Asia's and then Europe's early 0.4 percent gains ensured MSCI's 47-country All World index was up for a 10th straight session. This is the longest winning streak in global stocks since February 2015 and shows little sign of fatigue even as bond yields edged modestly higher again.

"ECB Or Not To Be": A Preview Of What Mario Draghi Will Say

Questions on possible exit scenarios will dominate the press conference. While acknowledging the strength of the economy, Draghi is likely to counter any ideas of an imminent and rapid path towards ending QE, instead urging patience with the still-subdued inflation outlook.

John McCain Diagnosed With Brain Cancer

Just days after John McCain had a blood clot removed above his left eye, late on Wednesday his office announced that McCain has a brain tumor associated with the removed blood clot. In a statement doctors revealed that McCain has been diagnosed with glioblastoma, an aggressive cancer.

Here's Why The US Just Took 'Rebranded' Al-Nusra Front Off Terror Watch-Lists

"The US State Department is hesitant to label Tahrir al-Sham a terror group, despite the group’s link to al-Qaeda, as the US government has directly funded and armed the Zenki Brigade, one of the constituents of Tahrir al-Sham, with sophisticated weaponry including the US-made antitank TOW missiles."

Judge Halts Shkreli Trial

...the prosecution planned to show jurors documents it claims are evidence of fraud committed by Shkreli, without calling witnesses to back them up...

Don't Be Fooled - The Federal Reserve Will Continue Rate Hikes Despite Crisis

"Perhaps investors should consider that they are being duped by central bank ploys, and that they are useful idiots in a game designed to keep the public under control with fraudulent markets until the Fed is ready to pull the plug. When the crash takes place, the Fed will find a way to remove itself from any blame."