Bank of England
- Trump, Clinton poised for big wins on Super Tuesday (Reuters)
- U.S. Index Futures Signal Equities to Rebound After Monthly Drop (BBG)
- Barclays Plummets as Bank Slashes Dividend in Plan to Shrink (BBG)
- Glencore Tumbles to Loss, Promises Accelerated Debt Reduction (WSJ)
- The Angry Americans: Trump, Sanders and the Aftershocks of 2008 (BBG)
- Shares fall on G20 disappointment, Fed hike worries (Reuters)
- China cuts reserve requirement ratio for fifth time since Feb. 2015 (Reuters)
- China Stocks Tumble Toward 15-Month Low as Stimulus Bets Unwind (BBG)
- S&P 500 Futures Signal 2nd Day of Stock Losses; Valeant Slides (BBG)
- Valeant fundamental risks are too severe to suggest the stock is poised for a lasting rebound (WSJ)
If one puts aside all of the moving metrics and policy talk that happened during Mr. Bernanke’s tenure. How would one assess “the guidance” or the “communications for clarity” we now have emanating from not only the Fed., but also, central bankers globally? Crazy Town is the only thing that comes to my mind. (Hint: look to the SNB or BoJ for clues)
"Investor hopes of coordinated G20 policy actions proved to be pure fantasy... It’s every country for themselves." Use any rally this week to move to the lowest level of equity exposure for this part of the cycle.
Amid the biggest weekly drop in GBPUSD (cable) in 7 years, a surge in UK credit risk, and a spike in cable volatility, Brexit risk has never been higher, but, as Citi notes, is only 30% priced in at current levels (while polls are more 50-50) even as The British Pound is plumbing 30-year lows versus the U.S. Dollar.
When a leading nominee for President gets something exactly right, we should applaud them for it. In this case, Donald Trump’s call to audit the Federal Reserve is dead on correct. Most Americans don’t realize this, but the Federal Reserve has far more power over the economy than anyone else does – including Barack Obama. The funny thing is that the Federal Reserve is not even part of the federal government. It is an independent private central bank that was designed by very powerful Wall Street interests a little over 100 years ago. It is at the heart of the debt-based financial system which is eating away at America like cancer, and it has no direct accountability to the American people whatsoever.
The biggest question on all traders' minds will be whether the bear market short squeeze that sent the S&P higher by 130 points in 6 days, is finally over - with most global market rolling over and with US equity futures unable to find their solid early morning footing, it may finally be time to cash out of the bear market rally which so many predicted, and which GSBank yesterday may have top-ticked with perfection.
Inflation targeting has been a giant cover story for a monumental power grab. The academics who grabbed the power had no idea what they were doing in the financial markets that they have now saturated with financial time bombs. When these FEDs (financial explosive devices) erupt in the months and years ahead, the central bankers will face a day of reckoning. And they will surely be found wanting. The immense social damage from the imploding bubbles dead ahead will be squarely on them.
- Stocks knocked back as oil rally falters (Reuters)
- Still no deal for Britain on EU reforms after all-night talks (Reuters)
- Oil Falls Near $30 as Rising U.S. Crude Stockpiles Expand Glut (BBG)
- PBOC to Raise Reserve Ratios for Banks That Don't Meet Criteria (BBG)
- China’s Top Securities Regulator to Step Down (WSJ)
Beware politicians trying to limit the ways you can conduct private economic business. It never turns out well.
- Oil extends rally towards $35 after Iran welcomes output freeze (Reuters)
- Overproduction Swamps Smaller Chinese Cities, Revealing Depth of Crisis (WSJ)
- House Flipping Is Making a Comeback in Las Vegas (BBG)
- Trump leads Republican field nationally by more than 20 points (Reuters)
- Turkey blames Kurdish militants for Ankara bomb, vows response in Syria and Iraq (Reuters)
When there is no more gold left in London to export the gold price is likely to go higher on strong global demand induced by economic headwind.
Fed President and Assistant Treasury Secretary Says What Everyone Knows: We Need to Break Up the Big BanksSubmitted by George Washington on 02/16/2016 15:07 -0400
Top Economists, Financial Experts and Bankers Say Giant Banks Are Hurting Economy
- Oil eases off highs after output freeze agreement (Reuters)
- Saudis and Russia agree to oil output freeze, Iran still an obstacle (Reuters)
- China Loses Control of the Economic Story Line (WSJ)
- Obama starts work to pick Supreme Court justice amid political 'bluster' (Reuters)
- The Never-Ending Story: Europe’s Banks Face a Frightening Future (BBG)
- Apollo Global to buy security services company ADT for $7 billion (Reuters)
Following a week of crazy volatility, overnight exhausted markets took a breather.