European, EM Stocks Slide On ECB Taper Concerns; US Futures Flat

With China on holiday, overnight sessions remain relatively quiet: at this moment, S&P500 futures are little changed as European stocks fall for first day in seven, on yesterday's concern that the ECB is moving toward tightening monetary policy; Asian indices rose slightly for third day. WTI climbs to $49.40, the highest since June 30 after yesterday's surprisingly large API crude draw report.

IEX Set To Revolutionize Gold Trading With Blockchain-Based Exchange

The IEX Group, which shocked market participants on August 19 when it became the first official exchange to offer a mechanism to bypass HFT predatory algos and frontrunning against all odds, including vocal complaints by established players like Nasdaq and Citadel, now seeks to revolutionize the more than $5 trillion-a-year gold market with a new exchange being created by its spinoff TradeWind Markets, Reuters reports.

Frontrunning: June 13

  • Chaos, Carnage Amid Orlando Rampage (WSJ)
  • FBI Twice Probed Orlando Gunman (WSJ)
  • How the Orlando Shooting Unfolded (WSJ)
  • Brexit fear factor sends stocks spinning (Reuters)
  • Pound Judgment Day Means Either D

Futures Flat Ahead Of Strike-Impacted Jobs Report; Commodities Approach Bull Market

After yesterday's two key events, the ECB and OPEC meetings, ended up being major duds, the market is looking at the week's final and perhaps most important event of the week: the May payrolls report to generate some upward volatility and help stocks finally break out of the range they have been caught in for over a year.

Global Markets Flat, Coiled Ahead Of Today's Risk Events: OPEC And The ECB

There are just two drivers setting the pace for today's risk mood: the OPEC meeting in Vienna which started a few hours ago, and the ECB's announcement as well as Mario Draghi's press statement due out just one hour from now. Both are expected to not reveal any major surprises, with OPEC almost certainly unable to implement a production freeze while the ECB is expected to remain on hold and provide some more details on its corporate bond buying program, although there is some modest risk of upside surprise in either case.

Global Stocks Plunge After Bank Of Japan "Shock"

Less than one week after the BOJ floated a trial balloon using Bloomberg, that it would reduce the rate it charged some banks which set off the biggest USDJPY rally since October 2014, we are back where we started following last night's "completely unexpected" (for everyone else: we wrote "What If The BOJ Disappoints Tonight: How To Trade It" hours before said "shock") shocking announcement out of the BOJ which did absolutely... nothing. "It’s a total shock,” Nader Naeimi, Sydney- based head of dynamic markets at AMP Capital Investors told Bloomberg. "From currencies to equities to everything -- you can see the reaction in the markets. I can’t believe this. It’s very disappointing."

Frontrunning: April 28

  • Markets Get the Worst Kind of Kuroda Surprise as BOJ Stands Pat (BBG)
  • Bank of Japan brushes aside calls for more easing despite price falls (WSJ)
  • Ford Profit Surges to Record as Sales of SUVs, F-150 Gain Speed (BBG)
  • Valeant Pharmaceuticals to Make Sweeping Changes to Board (WSJ)
  • Trump breaks taboos, attacks Clinton on gender issue (Reuters)

YHOO Pumps'n'Dumps After Multiple Bidders Appear

While YHOO shares have jumped after the announcement of several potential bidders (including Time Inc, Verizon, Bain, TPG, and Google), it has merely recovered the day's losses.

Trumpomania & Trumpopanic

The country’s social mood is apparently ripe and it finally seems actually possible for a perceived outsider to win by challenging the established order. Our main regret is that it wasn’t yet ripe at the time Ron Paul tried his hand at winning the nomination. Everything Trump is saying and doing should probably be seen in the context of his strategy. It’s quite Machiavellian actually. The alleged lack of discernible policy stances, the occasional contradictions and often hair-raising statements are all in pursuit of the same goal: to win the nomination. Other than that, we mainly enjoy the growing discomfort of assorted cronies and professional politicians.

Mitt Romney Is The Real Super-Fraud: Here's The Proof, Chapter And Verse

"...the GOP establishment’s putative “jobs” candidate from 2012 was never really a businessman at all. Willard M. Romney is no expert on shiny things on a hill. The country would be far better served if he would get his dimming light back under a bushel where it belongs."

Frontrunning: February 23

  • Risk rally fades as stocks, oil slip back into the red (Reuters)
  • Syrian govt. accepts halt to 'combat operations' in line with U.S.-Russian plan (Reuters)
  • Earliest Chinese Data Signal Slowdown Hasn't Bottomed Out Yet (BBG)
  • The Trickle of U.S. Oil Exports Is Already Shifting Global Power (BBG)
  • Greek police remove migrants from Macedonian border as more land in Piraeus (Reuters)
  • Clinton, Sanders race takes on angrier tone after Nevada (Reuters)

Frontrunning: February 4

  • EU Slashes 2016 Inflation Forecast to 0.5% as Growth Seen Slower (BBG)
  • Bank of England cuts UK growth forecasts (FT)
  • Investors Cast Wary Eye on Fed Rate Increases (WSJ)
  • U.N. halts Syria talks as government closes in on Aleppo (Reuters)
  • Credit Suisse Drops as Investment Bank Slump Deepens Losses (BBG)
  • Six OPEC states ready for emergency meeting with non-OPEC members — Venezuela's minister (TASS)

Global Markets Slide, US Futures Wipe Out Overnight Gains In Volatile Session

European shares tumbled, wiping out gains from a two-day rally, Asian stocks slid and the cost of insuring corporate debt rose as investor concern over global growth prospects resurfaced. U.S. equity-index futures pared gains of as much as 0.9 percent. Government bonds rose, with yields falling to records in Japan and China amid anxiety over the world economy. U.S. crude prices stabilized after dropping below $30 a barrel on Tuesday to touch the lowest since 2003 as Iran moved closer to boosting exports.