Belgium

Frontrunning: March 22

  • Brussels Rocked by Deadly Attacks With Blasts at Airport, Subway (BBG)
  • Death count climbs in Brussels blasts (Reuters)
  • Europe on High Alert After Blasts in Belgium (WSJ)
  • Brussels Phone Users Urged to Text Not Call as Networks Jammed (BBG)
  • U.S. Embassy Urges Citizens in Brussels to Shelter in Place (BBG)
  • Oil prices swept lower after Brussels blasts spook investors (Reuters)

Global Markets, S&P500 Futures Fall After Brussels Bombings

This morning's Brussels suicide attacks have led to risk-off sentiment across European asset classes, with Bunds higher and equities firmly in the red, although if the Paris terrorist attacks of November are any indication, today's tragic events may be just the catalyst the S&P500 needs to surge back to all time highs. FX markets have also been dominated by events in Brussels, with USD and JPY strengthening, while EUR and GBP softening throughout the European morning.

Islamic State Closing In On Germany

"Salafists want to establish an Islamic state in Germany," warns Hans-Georg Maaßen, director, BfV, German intelligence, adding that the Islamic State was deliberately planting jihadists among the refugees flowing into Europe, and reported that the number of Salafists in Germany has now risen to 7,900.

Gunfire Breaks Out In Brussels Anti-Terror Raid: Shooter On The Loose After One Police Officer Injured

The European terrorist scare came back with a bang moments ago when gunfire broke out earlier today during a counterterrorism raid in the Belgian capital, local media reported. According to NBC, Belgian media reported that at least one suspect fled and at least one police officer was lightly wounded in the incident in the Forest area of the city. Police sealed off the neighborhood.

"The European Project Was Always Bound To Fail" - Europe Without The Union

Any project attempting to fuse these disparate cultures into one monolithic state over the course of just 70 years was by its very nature doomed. It would inevitably encounter insurmountable levels of nationalistic resistance, and eventually the project would stall. That is the point at which we now find ourselves.

Visualising America's "Irrelevant" Exports & Imports

The U.S. Census Bureau recently released its data on U.S. trade in goods by selected countries and world region for 2015. Based on the data, the U.S. exported over $1.5 trillion and imported over $2.2 trillion in goods throughout 2015. This leaves leaves the U.S. with a negative balance of $735 billion! So the next time someone comes on TV and proclaims that the collapse in world trade volumes is irrelevant to the US equity market and US economy... perhaps point them in this direction.

What Savers Do Under NIRP - The "Perversely Negative" Impact Of Going Negative

Around 40% or people who would respond to negative rates said that they would hoard cash. The risk is that this negative sentiment will infect the real economy, serving to depress spending. If so, the danger is that NIRP will have an impact on economic growth that is not merely non-linear, but perversely negative.

Stocks Squeeze Higher On "Super Tuesday" As Poor Macro Is Offset By Jack Lew's Soothing Words

With markets happy to put February in the history books because it marked the fourth consecutive monthly decline in global stocks, we move on to March 1st, which doubles down as 'Super Tuesday' in the US when Trump's presidential candidacy will almost certainly be sealed and a day in which stocks decided to join the super fun by super surging overnight on nothing but bad global macro and economic which however was promptly ignored and instead the focus was on ongoing central bank intervention and even more jawboning.

Afghan Refugee Takes Class On "How To Behave With Women", Promptly Rapes Belgian Woman

“When a minor comes to Belgium have to explain what the normal ways of treating women here in Flanders [are]," a Red Cross spokeswoman says, describing a course the organization offers to new refugees. We're not entirely sure what "the normal ways of treating women in Flanders" are, but we're reasonably certain they don't involve taking caterers into the basement and raping them.