BOE

Brexit Means March: Theresa May Will Trigger EU Divorce In Q1 Of 2017

After weeks of speculation on the UK's timetable for invoking Article 50, and eventually exiting the EU, Prime Minister Theresa May today announced she’ll begin the U.K.’s withdrawal from the European Union in the first quarter of 2017, ending speculation about the start of the 2-year Brexit process.

Crude Declines As OPEC Deal Doubts Emerge; Futures Roll Over

After oil soared over 5% yesterday, its biggest jump since April, overnight skepticism and doubts have emerged about the viability and compliance with the deal, coupled with a boost in production by non-OPEC producers, and as a result WTI has dipped back under $47, down 0.5%, suggesting that the OPEC surge may be short-lived, and modestly pressuring US equity futures.

Futures Fail To Rebound As Deutsche Bank Tries To Comfort Markets That It Is "Fine"

After yesterday's "Hillary rally" in the US, the overnight's session has seen more risk-on sentiment as European stocks advanced, ignoring weakness in Asia as investors followed every twist of shares of beleaguered lender Deutsche Bank, whose CEO last night assured Bill readers that the bank is not seeking a bailout, which however was contradicted by a Zeit article this morning reporting that Germany may seek as much as s 25% "bailout" stake in a worst case scenario.

Deutsche Bank Contagion: Nord LB, Lufthansa, Korean Air Pull Bond Deals

As noted earlier, the post-debate market relief rally has given way to concerns over banking woes, with stocks turning lower in Europe as focus returns to Deutsche Bank. More troubling is the overnight news that two German issuers - Nord LB and Lufthansa  - followed quickly by Korean Air Lines, have pulled their bond deal as "uncertainty on the credit front appears to be weighing" on the broader market.

Global Stocks Tumble, US Futures Slide On Deutsche Bank Fears, Central Bank And Commodity Concerns

While today's biggest event for both markets and politics will be tonight's highly anticipated first presidential debate between Trump and Hillary, markets are waking up to some early turmoil in both Asia and Europe, with declines in banks and energy producers dragging down stock-markets around the world, pushing investors to once again seek the safety of government bonds and the yen.

"Hell To Pay" - The Final Condition For A Market Crash Is Falling Into Place

Our liquidity-drunk “markets” remain over-priced due to the chronic intervention of the global central banking cartel, which has demonstrated over and over again that it won't tolerate even the slightest drop in asset prices. Once faith in central banks is lost, their power to delay the deflationary day of reckoning goes with it. The stupendous amount of debt they have helped heap onto the financial system since 2008 will start going into default and the only question that will matter is: Who is going to eat the losses?

Traveling Circus

After Wednesday’s policy statements by the Fed and Bank of Japan, a harsh light is being shined on the incredible nature of their communications. It would be wise in the current environment to structure investment portfolios with a pro-volatility bias.

Global Central Bank-Driven Stock Rally Fizzles; Crude Rebounds On Saudi Oil Production Cut Report

Until minutes ago, this week's rebound in global equities appeared to be running out of steam as oil retreated from a two-week high and a dollar slide ended.  However, as noted just around 6am, Reuters reported, citing as it usually does various "anonymous sources", that in a radical departure from its long-held policy of not cutting production, Saudi Arabia was prepared to cut production on condition that Iran freezes output, which led to an instant spike in crude.

Soothing Fed Sends Global Stocks, US Futures, Commodities Higher

Following the Fed's "hawkish hold" and the BOJ's "confused contradiction", global risk (and non-risk) assets got the green light, and as a result stocks and bonds rallied in Asia and Europe, with US equity futures rising another 0.4%, advancing with oil and industrial metals, as iron surged in Chinese trading.