Bank of America

Futures Rise On Friday 13th Ahead Of Deluge Of Bank Earnings; Dollar Continues To Decline

European shares rose as Fiat rebounded on hopes concerns about parallel to Volkswagen are overblown, Asian stocks were little as Chinese shares fell to the lowest level of 2017 after poor export data, and U.S. equity-index futures rose ahead of a deluge of bank earnings. The dollar is headed for a weekly loss and gold trades at the highest price in almost two months.

Trump Is Set To Label China A "Currency Manipulator": What Happens Then?

The main point of naming China as a currency manipulator would be to bring China back to the negotiation table at the lowest cost. Trump has publicly stated that he supports bilateral vs. multilateral trade agreements. It is possible that the Trump administration will seek to engage China in trade agreement negotiations as soon as possible, even before a manipulation conclusion is drawn.

Donald Trump Has An Enormous And Very Dangerous Wall Street Blind Spot

A very large percentage of the American public (including myself), remain irate at the complete lack of any justice served with regard to finance criminals in the aftermath of the economic collapse of 2008/09. When it comes to greedy, unethical behavior in the wake of that tragic period, Steve Mnuchin is in a class of his own. To appoint such a toxic financial oligarch to Treasury Secretary is a serious slap in the face to all American citizens.

2016 - A Year Of Trading Dangerously

If 2016 taught traders anything, it was that old norms were useless and the concept of the market as a discounting mechanism (as opposed to an algo-driven headline-reacting maelstrom of manias) is lost forever. This flipping of reality is nowhere more evident in the topsy turvy shifts in risk expectations across global asset classes - where 'safe' is now riskiest and 'riskiest' is now safe.

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."

Credit Suisse Settles With DOJ For $5.3 Billion; Will Pay $2.5 Billion Civil Penalty

Credit Suisse agreed to pay $5.28 billion to resolve a U.S. investigation into its business in mortgage-backed securities as officials work through a backlog of crisis-era bank cases. The Swiss lender will pay a $2.48 billion civil penalty and $2.8 billion in relief for homeowners and communities hit by the collapse in home prices, it said in a statement Friday.

Deutsche Bank Settles With DOJ: Will Pay $3.1 Billion Civil Penalty

With analyst expectations/hopes in the $2 to $5 billion range (against the initial $14 billion fine), Deutsche Bank said it has reached settlement with US authorities to pay a $3.1 billion civil penalty (and provide $4.1bn in releief to consumers). Removing considerable uncertainty about Deutsche's capital position, one wonders how much this remarkably low-ball settlement had to do with Donald Trump's current loan re-negotiations with the "world's most systemically dangerous bank."

In Rare Move, US Sues Barclays For Mortgage Securities Fraud

The market was waiting for the DOJ to announce the long-awaited settlement with Deutsche Bank today. Instead, it got news of a surprise lawsuit filed by the DOJ which sued Barclays after failing to settle a long-running probe into the UK bank's involvement in pre-crisis mortgage fraud.

Markets Award Trump Nobel Prize In Economics

It took only nine days in office for President Obama to be nominated for the Nobel Peace Prize. Likewise, the markets seem to have prematurely greeted Trumponomics as an outstanding success. There’s just one thing: Trump hasn’t done anything yet. We’re still weeks away from his inauguration, and details of his economic plans remain scarce.