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With Daily Record Lows, Here Is A Chart OF German Bund Yields Since 1977

Two stunning statistics: according to Commerzbank almost two-thirds of all German sovereign debt outstanding now yields below minus-0.4%, which makes it ineligible for central-bank purchases. Additionally, as DB adds, Bund yield across the whole curve has gone negative for the first time.

Why 'Robbing Peter' To 'Pay Paul Something-For-Nothing' Doesn't Work

Yes, the voters are a nuisance. Still, it pays to let the masses think they are in charge; you can get more out of them that way and the welfare state only really worked as long as people got something for nothing. Nothing-for-something will not be attractive to the voters.

Goldman Turns Downright Gloomy, Warns Market "Despair" Is Coming, Prepare For A Major Drawdown

As Goldman warns in a note overnight, "Large equity drawdowns often mark the end of an equity cycle and tend to coincide with a recession or financial market/geopolitical shock or a combination, which tend to result in a sharp equity correction driven by a decline in both earnings and valuations." As it turns out, Goldman thinks precisely such a "drawdown" is coming...

Iran Oil Exports Soar As Offshore Tanker Armada Comes To Tehran's Rescue

More than 25 European and Asian-owned supertankers are shipping Iranian oil, data seen by Reuters shows, allowing Tehran to ramp up exports much faster than analysts had expected following the lifting of sanctions in January. Iran was struggling as recently as April to find partners to ship its oil, but after an agreement on a temporary insurance fix more than a third of Iran's crude shipments are now being handled by foreign vessels.

Pine River Shuttering $1.6 Billion Fixed Income Fund

Following a brief surge of hedge fund closure announcements in late 2015 and early 2016, there had been a lull in hedge fund shutterings in recent months, as the smart money community had benefited from the dramatic jump in the S&P500 to just shy of all time highs. That changed moments ago when Reuters reported that hedge fund Pine River Capital Management is closing its Pine River Fixed Income fund and returning roughly $1.6 billion in assets to investors just two months after Steve Kuhn, one of the fund's co-managers, left the firm.

The Keynesians Stole The Jobs

"What we are seeing is an epic failure of the Keynesians who have tricked so many people into believing that economic interventionism can create a perfect economy. They have mismanaged the economy and I am afraid the worst is yet to come."

Futures Flat Following Friday's Jobs Fiasco: All Eyes On Yellen Again

Every ugly jobs report has a silver lining, and sure enough following Friday's disastrous jobs report, global mining and energy companies rallied alongside commodities after the jobs data crushed speculation the Fed would raise interest rates this month.  “The disappointing U.S. jobs report on Friday means that a summer Fed rate hike is off the table,” said Jens Pedersen, a commodities analyst at Danske Bank. “That has reversed the upwards trend in the dollar, supporting commodities on a broader basis. The market will look for confirmation in Yellen’s speech later today.”

The Case For A Super Glass-Steagall

By embracing this kind of Super Glass-Steagall Trump would consolidate his base in the flyover zones and reel in some of the Bernie Sanders throng, too. The latter will never forgive Clinton for her Goldman Sachs speech whoring. And that’s to say nothing of her full-throated support for the 2008 bank bailouts and the Fed’s subsequent giant gifts of QE and ZIRP to the Wall Street gamblers.

Why The Fed Is Trapped: A 1% Increase In Rates Would Result In Up To $2.4 Trillion Of Losses

As the Fed has rushed headlong into boosting interest rates, it forgot one small thing: combining a duration estimate of 5.6 years with a total notional exposure of $17trn, and current Dollar price of bonds of $105.6, indicates that, to first order, a 100bp shock to interest rates would translate into a $1trn market value loss. That is using the more conservative estimate of the bond market. Using the broader bond market sizing of $40trn, the market value loss estimate would be $2.4 trillion. And just like that the Fed is trapped.

Former JPM FX Salesman Claims He Was "Tossed Overboard In An Attempt To Make JPM Look Clean"

With banks eager to scrub the pervasive FX rigging and manipulation which has been one of the scandals plaguing the banking sector over the past two years, numerous lowly traders had been thrown under the legal bus as the traditional scapegoats meant to deflect attention from company insiders and senior management, many of whom were well aware of the illegal practices taking place. Increasingly more however, refuse to accept this fate.

Preview Of Today's ECB Announcement

With the ECB announcement due in a few minutes, followed by Draghi's press conference, today's ECB meeting should be a relatively dull affair as they are currently in 'wait and see' mode with regards to previous policy actions. As RanSquawk notes, general consensus among analysts is that the ECB are to keep rates on hold this month and avoid added stimulus.