US Rig Count Decline Reaccelerates Back To Cycle Lows

Total US Rig Count dropped 6 this week to 857 - the lows of the cycle - after 3 weeks of very modest rises. Oil rig count also declined, after 2 weeks of increases, by 7 to 638. The initial move in prices was higher (as for now we are in topsy-turvy land for crude) but that is starting to fade.

"Mark It Zero" National Bank Of Greece Plunges Towards New Lows

Remember when Greece was fixed... when The ECB extended its ELA to Greek banks and bridge loans were provided to repay The ECB? As we noted previously, it seems Greek banks are a sell at any price and today's continued crash in National Bank of Greece ADRs ahead of 'supposedly' a Greek bank re-opening on Monday, suggest "mark it zero" is coming soon to some knife-catchers' portfolios.

Ukraine Army Drafts Disabled Man With No Arms

While the Ukraine civil war, which just last summer was the biggest market-moving event and media discussion topic, has faded into the collective subconsciousness, for residents on both sides of the proxy conflict it continues to be an all too real and tragic event, and none more so perhaps than for Anatoliy Lyubimov, a resident of central Ukraine's Kozyatinskiy district, who recently received a draft notice mobilizing him to join the Ukraine army in its ongoing war with the Donetsk separatists. The reason: Anatoliy is disabled and has no arms.

Greece Is Burning, Literally

Update: it appears that far from accidental, there may be an arson element behind these events. According to Greek ERT1 TV, "66 wildefires broke out simultanously", which is highly improbable without human intervention, begging the question: is someone employing "scorched earth" tactics with Germany's latest vassal state?

Greece is burning, literally, as Athens residents fled their homes on Friday amid wildfires fanned by strong winds and high temperatures burned through woodland around the Greek capital, sending clouds of smoke billowing over the city. Greek PM Tsipras urged calm as more than 80 firefighters with 18 fire engines and three aircraft battled the flames... brings a whole new meaning to the term 'firesale'...

The Curse Of The Euro: Money Corrupted, Democracy Busted

The preposterous Gong Show in Brussels over the weekend was the financial “Ben Tre” moment for the Euro and ECB. That is, it was the moment when the Germans - imitating the American military on that ghastly morning in February 1968 - set fire to the Eurozone in order to save it. In short, Greece will become an outright debtors’ colony and its government will function as page-boy legislators for the Troika occupiers. Needless to say, political and social upheaval will erupt when the full extent of the Tsipras surrender becomes evident, and the resulting political contagion will spread throughout the length and breadth of Europe as Greece implodes. In due course, the euro will collapse and the baleful Keynesian money printers’ regime in Frankfurt will be repudiated and dismantled. But not before European democracy has a brush with death, and European prosperity is extinguished for a generation.

How China Is Hiding Its "Hard Landing"

An "esoteric point" about China's GDP data has suddenly become a very big deal as the world looks to China for economic leadership amid a global deflationary supply glut, lackluster demand, and depressed trade.

UMich Consumer Sentiment Drops, Misses By Most Since 2006

Since January's exuberant peak, UMich consumer sentiment has drifted lower. Expectations for July's preliminary data was 96.0 but the 93.3 print is the biggest miss since 2006. Both current and future "hope" conditions dropped markedlywith details showing American sless certain about retirement, less confident about income growth outpacing inflation, and businesses considerably less confident.

Greek Banks Will Not Re-Open Monday Even As Loan To Repay ECB Approved

The timing could not be worse from a visual perspective but within minutes of the Eurogroup confirming that they approved the €7.16 billion bridge loan (which will merely be recycled back to The ECB to ensure the appearance of normalcy continues), local reports that the Greek finance ministry says banks will not re-open on Monday (as promised). Welcome to the new normal Europe... where the elites get their mony and the people... not so much.

Ex-IMF Chief: Germany Should Leave The Euro, Not Greece

In her euro-hegemonic role Germany failed to properly handle the Greek Crisis. What economics have been whispering among themselves after the scandalous Brussels Agreement of July 13th is now on the public discussion. One of IMF’s former European bailouts official, Ashoka Mody made it very clear in his article on Bloomberg on Friday morning: It’s Germany not Greece that has to leave the eurozone.

Recovery Narrative Breaks As Real Wage Growth Slowest Since November

Following a small dip in May CPI ex Food & Energy YoY, June saw a rise of 1.8% (as expected), hovering near the highest since October. Headline CPI continues to trot along the flatline (printing +0.1% YoY as expected) enabling monetary policy to run amock hyperinflating financial assets whicl standards of living continue to drop. However, all of this pales when compared to the continuing slide in real wage growth which has slowed almost every month since its peak in January and now stands at 7 month lows. Not what the 'narrative' wants to see...

More Job Losses Coming To U.S. Shale

The coming few months will prove challenging for the sector, and some small and medium U.S. producers may start missing their debt repayments or even file for bankruptcy. Quicksilver Resources and American Eagle Energy are two of the six U.S. based companies that have filed for bankruptcy in 2015 so far. Sabine Oil and Gas Corp. is the latest, and the biggest, U.S. producer to file for bankruptcy so far. Even mergers and acquisitions have slowed down considerably for the U.S. oil and gas industry in 2015. If the present trend persists, companies will have no choice but to cut their workforces even further to remain competitive and reduce their rising overheads. If oil prices remain in the range of $50 per barrel for longer than expected, even big operators such as Exxon Mobil, Chevron and ConocoPhillips (who have so far not made any major layoffs) could start downsizing their workforce.

Germany Approves Third Greek Bailout By Wide Margin Despite Surge In "Nein" Votes

Following Wednesday's Greek vote approving the draconian terms of the Third Greek bailout, the next biggest hurdle for the implementation of another round of Greek aid was Germany's parliamentary vote whether to endorse the terms cobbled together over last weekend. Moments ago it did just that in a vote which had been widely expected to pass without complications, when 439 members of the lower house of parliament voted in favor Berlin to starting negotiations on a third bailout program for Greece, 119 voted against and 40 abstained. A total of 598 votes were cast.

Greek Deal "Categorically Not Viable" Without Debt Relief, IMF Insists

As lawmakers across Europe debate bridge financing and a third Greek bailout, IMF chief Christine Lagarde is out reiterating her stance on Greece's debt sustainability. Although Lagarde insists the IMF will not participate without some manner of debt relief for the Greeks, it now appears she is resigned to the fact that Germany will never agree to an upfront haircut.