8.5%

Prepare For A Surge In Volume: Russell Rebalance Day Is Here

Welcome to the one year anniversary of the Brexit vote. Welcome also to the annual Russell rebalance, traditionally one of the busiest trading days of the year: last year's rebalance helped propel a near record turnover of over 15 billion shares. In fact, in four of the last five years, reconstitution day ranked in the 10 busiest trading sessions.

Europe Slides For Third Day As Oil Attempts A Rebound; US Futures Flat

US equity futures were marginally in the red, while Asian markets rose and European stocks dropped. WTI oil rose 0.61% to $42.79 as some suggest the time to go long has arrived; oil tumbled 2.3% in the previous session. The Bloomberg Dollar Spot Index fell 0.1 percent.

China's "Ghost Collateral" Arrives In Canada, "Heralding A Crisis"

"We all know that the ghost collateral is a huge deal, and we all know that the shadow banking and other Chinese influence in Vancouver is profound. The issue is that the ghost collateral ends up re-hypothecated and laundered. So by the time it shows up in Vancouver, it will likely just look like a rich Chinese cash buyer with a suitcase of money.“

Quiet Start To Quad Witching: Stocks Rebound Around The Globe, BOJ Hits Yen

Today is quad-witching opex Friday, and according to JPM, some $1.3 trillion in S&P future will expire. Traditionally quad days are associated with a rise in volatility and a surge in volumes although in light of recent vol trends and overnight markets, today may be the most boring quad-witching in recent history: global stocks have again rebounded from yesterday's tech-driven losses as European shares rose 0.6%, wiping out the week's losses.

EU Reach Bailout Deal With Greece Once Again

As expected by most (if not all, judging by the 8 year lows in Greek bond yields), European finance ministers have reportedly reached an agreement to bail out Greece once again (provide them with yet another EUR8.5 billion loan), and agreed to discuss the possibility of debt extensions.

New York Fed Soars To Highest Since Sept 2014, Philly Fed Also Beats

In a much needed confirmation that Janet Yellen did not make a policy mistake by hiking rates yesterday, moments ago both the Empire State and Philly Feds smashed expectations, with the first printing at the highest level since September 2014 of 19.8, above the expected 4, and well above May's -1 contraction print, while the Philly Fed posted at 27.6, also beating consensus estimates of 24, if a drop from last month's 38.8.

A New Chinese Threat Emerges: Net Bond Issuance Crashes Most On Record

China just suffered a record collapse in net corporate bond financing, the latest and far more "tangible" threat to China's debt-fuelled economy. In May a quarter trillion yuan in corporate bonds matured, or were repaid, or defaulted, resulting in the biggest corporate debt drain in history.

Mexican Industrial Production Crashes In April

Delayed blowback from Trump? Mexico's Industrial Production crashed 4.4% in April - the biggest drop since Oct 2009 - with manufacturing dropping after surging in March.