BOE

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Weekly Wrap - 4th December 2015 - ECB President Draghi fails to satisfy the market's desire for an expanded QE monthly quota





 

As a consequence, on the back of the rate decision and press conference, EUR/USD soared after touching intra month lows in the build up and falling below the 1.0550 level to then break above 1.0900 and sustaining the strength through to the end of the week.

 
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The Five Reasons Why Credit Suisse Just Turned The Most Bearish On Stocks Since 2008





Overnight, Credit Suisse became the latest bank to join Goldman, JPM and increasingly more banks in predicting that 2016 will be a year in which investors will want to rotate out of equities. Specifically, the second largest Swiss bank said that it is "we reduce our equity weightings to our most cautious strategic stance since 2008 and take our mid-2016 S&P 500 target down to 2,150, the same as our end-2016 target." Here are the five reasons why CS just looked at the mounting wall of worry... and began to worry.

 
Tyler Durden's picture

Global Stocks Start Off December With A Bang, US Equity Futures Rebound; Yuan Drops





There was something for everyone in last night's much anticipated Chinese PMI data, with the official number sliding to the lowest in over 3 years, suggesting the PBOC will need to do more stimulus and is thus bullish, while the unoffocial Caixin print rising to the highest since June, suggesting whatever the PBOC is doing is working, and is also bullish. Not unexpectedly, global stocks decided to take the bullish way out, and have risen across the globe led by Asia, where stocks rose as much as 1.8%, Europe also green and US equity futures up 10 points as of this writing.

 
Tyler Durden's picture

Futures Rebound On Latest Chinese Intervention, Renewed Hopes For "Moar From Mario"





Without a rerun of last Friday's Chinese stock market rout, European traders could focus on what "really matters", namely how much of the ECB's upcoming 20 bps rate cut and €20 billion QE expansion (with Commerzbank saying Draghi may even hint at Europe's QE3) is priced in, and whether the ECB's actions are just modestly priced in, or more than fully, and just how big the "sell the news" event will be.The result: the Euro falls to a new 7 month low, the dollar spot index hits a new all time high, and European stocks and US futures stage another remarkable overnight comeback on the usual low volume levitation and central bank intervention.

 
Tyler Durden's picture

China Plunges Most In Three Months, Pushing "Black Friday" Into The Red For Global Stocks





After several months of artificial, centrally-planned calm in Chinese markets, where "malicious sellers" found out the hard way the Politburo means business, overnight the relative quiet in Chinese stocks since August broke with a bang when the Shanghai Composite tumbled as much 6.1% before closing down 5.5%, the biggest drop in three months and the largest weekly loss since the depth of the Chinese rout in mid-August while a gauge of Chinese volatility surged from the lowest level since March.

 
Tyler Durden's picture

Global Stocks Rebound As Geopolitical Tensions Subside; Europe Surges On Report Of More ECB Easing





Following yesterday's dramatic geopolitical shock, U.S. equity index futures rise as Russia has not escalated the confrontation with Turkey as some had feared, while Asian shares fall, reversing earlier gains. European stocks are rallying and the euro is falling on the back of a Reuters report that the ECB is mulling new measures to prop up lending, although it’s not clear at this point what the real impact from these measures would be.

 
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Global Stocks Slide, Futures Drop After Turkey Shoots Down Russian Warplane





It had been a relatively quiet session overnight when as reported previously, the geopolitical situation in the middle east changed dramatically in a moment, when NATO-member country Turkey downed a Russian fighter jet allegedly over Turkish territory even though the plane crashed in Syria, and whose pilots may have been captured by local rebel forces. The news promptly slammed Turkish assets and FX, sending the Lira tumbling, pushing lower European stocks and US equity futures while sending 2 Year German Bunds to record negative yields.

 
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Global Stocks Fall For First Time In Six Days As Commodity Rout Spills Over Into Stocks





As a result of the global commodity weakness, global stocks have fallen for the first time in six days as the sell-off in commodities continued, dragging both US equity futures and European stocks lower. However, putting this in context, last week the MSCI All Country World Index posted its biggest weekly gain in six weeks: alas, without a coincident rebound in commodity prices, it will be merely the latest dead cat bounce.

 
Tyler Durden's picture

Albert Edwards Explains What The Next Stage In Global Currency War Look Like





"So much of what we now accept as routine in financial markets would have been thought impossible prior to the 2008 crisis ?- the next logical stage in the global currency war will be direct fx intervention!"

- Albert Edwards

 
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RAnsquawk Week Ahead Video: 16th-20th November 2015





· The tragic events in Paris are set to dictate price action at the beginning of the week in Europe

· The US sees an increase in tier 1 data this week as well as the release of the minutes from last month’s Fed meeting

 
Tyler Durden's picture

Another Bubble Bursts: Ultra Luxury London Home Prices Tumble 12%





“The bubble may already have burst” for the most expensive homes, Barber said. Now, "36 percent of all properties currently on the market across prime central London are being marketed at a lower price than they were originally listed at, with the average reduction in price being 8.5 percent."

 
Tyler Durden's picture

Euro Crushed By Draghi's Latest "Whatever It Takes" Moment; Fed Speaker Barrage On Deck





The biggest event overnight came from Europe, where Draghi managed to once again jawbone the Euro lower by ober 50 pips when he told European lawmakers in a prepared testimony that downside economic risks are "clearly visible," repeating his October press conference statement, adding that the ECB will reexamine degree of accommodation in December as "inflation dynamics have somewhat weakened." And the statement that crushed the Euro: "If we were to conclude that our medium-term price stability objective is at risk, we would act by using all the instruments available within our mandate to ensure that an appropriate degree of monetary accommodation is maintained." I.e., another "whatever it takes" moment.

 
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RANSQUAWK WEEK AHEAD VIDEO NOW AVAILABLE: 9th November - 13th November





  • Fed speakers are likely to take focus in the US this week as market participants attempt to forecast the likelihood of a December FOMC rate lift off
  • Eurozone GDP release is the most notable Eurozone data of the week, with a possible downbeat reading increasing the possibility of further easing by the ECB
 
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