Activists, Including Cerberus, Take 6.9% Stake In Deutsche Bank

It seems that investors, including Cerberus, are unhappy with the strategy Deutsche's CEO, John Cryan, is pursuing and the pace at which benefits are impacting the DB’s P&L. We don’t blame them and the pressure on Cryan is about to ratchet up dramatically.

Empire Fed Tumbles Most In 7 Months, But 'Hope' Surges To 5 Year Highs

Having equalled its highest level since 2009 in October, November's Empire Fed print tumbled from 30.2 to 19.4, way below the 25.1 expectations (the biggest drop since April). However, while the headline slipped, hope for the future surged to its higest in over 5 years...

Retail Sales Growth Slows In October As Storm Surge Fades

Following September's unprecedented storm-related surge in retail sales (which was revised even higher), October was a fall back to reality with a 0.2% MoM rise (better than expected 0.0% though), pushing the YoY growth back down to 4.6%.

North Korea Says Donald Trump "Deserves The Death Penalty"

North Korea’s state-run propaganda machine has seized on Trump’s aborted trip to the DMZ, calling him a “coward” for canceling his visit to the heavily fortified border and saying he deserves the "death penalty" for insulting Kim Jong Un.

Gartman: "The Bear Market Is Upon Us We Fear "

"Today’s “universal” weakness…only a week from the global market’s all-time high… is a harbinger of further material weakness we fear and sets the stage for the start of what we fear might well be a bear market of some serious vintage."

Frontrunning: November 15

  • GOP Seeks to Derail Moore, Salvage Senate Seat (WSJ)
  • Army takes control in Zimbabwe (Reuters)
  • Senate Tax Plan Guts Obamacare, Sunsets Many Middle-Class Cuts (BBG)
  • Senate Republicans tie tax plan to repeal of key Obamacare mandate (Reuters)
  • Trump’s Campaign Foreign Policy Team Under Mueller’s Microscope (BBG)

Global Stocks Tumble, Asia Plunges On Chinese Commodity Carnage

The euphoria of the past month has ended with a thud and BTFDers are strangely missing as the commodity chill out of China (which overnight became full blown carnage), has unleashed a global risk-off phase ahead of today's critical CPI data, resulting in broad and sharp selling across global markets, as European stocks followed declines in Asia while bonds and gold advanced.