BOE

"None Of It Was True": 103 Years Later, The FT Admits It Lied And Colluded With The Bank of England

On 23 November 1914, the Financial Times colluded with the Bank of England to cover up a failed bond sale, claiming that the UK government’s War Loan was "oversubscribed", with applications "pouring in." The FT described the auction as an "amazing result" that “proves how strong is the financial position of the British nation”. 103 years later we learn that it was all a lie.

World Stocks Hit Another All-Time High As Crude, Treasurys Drop

World stocks hit a new record high on Monday, as U.S. index futures followed Asian stocks on better-than-expected company earnings and strong US jobs data deflected attention from the rising geopolitical tension over North Korea's nuclear program. European stocks traded near session lows while Crude oil prices fall. The Bloomberg Dollar Spot Index was little changed.

FX Week Ahead Preview: Negative USD Sentiment Tamed For Now

We got some encouraging signs from the latest US payrolls report on Friday, with the earnings component edging up to 0.3% on the month, to lift the year on year rate to 2.5%.  Even so, this is one month's set of data, and is unlikely to convince USD bears that the rate path espoused by the Fed is still firmly 'on track', and in the wake of the numbers, the odds of another 25bp hike by end of year remain close to 50/50.

How Many Gold Bars Do London Vaults Hold

This week for the first time - in the name of "transparency" - the London Bullion Market Association unveiled that as at 31 March, 2017 there were 7,449 tonnes of gold, or 596,000 gold bars, valued at $298 billion sotred in the vaults around London as well as $19 billion in silver. Here are the full details of what was unveiled.

Frontrunning: August 4

  • July’s U.S. Labor-Market Numbers Will Probably Look Familiar (BBG)
  • Paul Singer Says Passive Investing Is ‘Devouring Capitalism’ (BBG)
  • Tesla short sellers lose almost $800 million as stock rallies after earnings (MW)
  • Beyond Bankruptcy: How Failed Stores Come Back Online (WSJ)
  • EU to impose more Russia sanctions over Siemens case on Friday (Reuters)
  • Trouble Comes in Threes for Germany’s DAX Losing European Crown (BBG)

Futures Flat As Payrolls Loom, Dollar Slide Continues

It took stocks only a few minute to "price in" the latest political shock out of Washington, with the Emini trading 0.07% higher this morning on news that Mueller now has a grand jury, while European and Asian shares are little changed as investors await the looming July jobs report.

Tech Stumble Drags Global Markets Lower; All Eyes On The BOE

E-mini futures are fractionally lower this morning (0.08%) after Apple's surge helped the DJIA climb above 22,000 for the first time on Wednesday; Global shares declined for the first time in 4 days pressured by tech stocks: Asian shares fell, while Europe pared opening losses to trade unchanged.

BOE Preview: Whispers Of 25bps

All eyes are now on the midday announcement from the BoE, where a 25bp rate rise is only expected by a very few, but more anticipating signals that a move is forthcoming later this year.