Copenhagen

Denmark's "Recipe For Integration" - Segregated Swimming Hours

Following the surge in sexual assaults in Swedish swimming pools, and helpful leafletting, refugee "integration" efforts across European nations have taken a turn for the worse - despite all the politically-correct jawboning. First the German town of Bornheim banned adult male asylum seekers from the public pool, but now, the Danish capital of Copenhagen has taken a leaf out of 1960s America and introduced segegrated hours for boys and girls after a huge number of immigrants suddenly took up swimming in the refugee-heavy district of Tingbjerg.

Futures Ignore Apple Plunge; Oil Rises Above $45 As Yellen Looms

For those who thought that the world's biggest company losing over $40 billion in market cap in an instant on disappointing Apple earnings, would have been sufficient to put a dent in US equity futures, we have some disappointing news: with just over 7 hours until the FOMC reveals its April statement, futures are practically unchanged, even though the Nasdaq appears set for an early bruising in the aftermath of what is becoming a disturbing quarter for tech companies. Instead of tech leading, however, the upside has once again come from the energy complex where moments ago WTI rose above $45 a barrel for the first time since November after yesterday's unexpected 1.07 million barrel API inventory drawdown.

Is Sweden Facing Another Migrant Invasion?

Swedish law only allows the government to operate border controls six months at a time, and there is a two-week waiting period before the controls can be reinstated. The two-week lapse is scheduled for July 4-17; many fear that tens of thousands of migrants will seize the opportunity to enter Sweden during this time.

U.S. Futures Jump In Tandem With Soaring Italian Banks On Hopes Of Government Bailout

it has been a rather quiet session, which saw Japan modestly lower dragged again by a lower USDJPY which hit fresh 17 month lows around 170.6 before staging another modest rebound and halting a six-day run of gains; China bounced after a slightly disappointing CPI print gave hope there is more space for the PBOC to ease; European equities rose, led by Italian banks which surged ahead of a meeting to discuss the rescue of various insolvent Italian banks, while mining stocks jumped buoyed by rising metal prices with signs of a pick-up in Chinese industrial demand.

Danish Central Bank Warns Of "Risk Illusion", Fears "Fire Sale" Plunge In Asset Prices

Having slashed rates below zero and unleashed various rounds of asset-purchases, the Riksbank (Denmark's central bank) recently warned the rest of the world that "we have reached the limits of monetary policy." Now, however, Denmark's Systemic Risk Council has raised the financial system warning level to DEFCON1, warning that low levels of interest rates have led to excessive risk-taking and risk illusion among borrowers and credit institutions... and low market liquidity combijed with sudden shifts in risk perceptions may still lead to significant falls in asset prices and fire sales.

The End Of Europe As We Know It?

Amid secular stagnation, the Eurozone's old fiscal, monetary and banking challenges are escalating, along with new threats, including the Brexit, demise of Schengen, anti-EU opposition and geopolitical friction. Brussels can no longer avoid hard political decisions for or against an integrated Europe, with or without the euro.

All Eyes On Draghi: Markets Unchanged, Poised To Pounce Or Plunge

Global stocks and U.S. equity futures are fractionally higher (unchanged really) this morning (despite China's historic NPL debt-for-equity proposal) as traders await the main event of the day: the ECB's 1:45pm CET announcement, more importantly what Mario Draghi will announce during the 2:30pm CET press conference, and most importantly, whether he will disappoint as he did in December or finally unleash the bazooka that the market has been desperately demanding.

Futures Flat Ahead Of Payrolls As Gold Continues Surge After Entering Bull Market

There is an odd feeling of Deja QEu this morning, when with two hours to go until the February payrolls, global stocks are modestly higher, US equity futures are likewise slightly higher on the back of a weaker dollar (or perhaps stronger Euro following a Market News report according to which the ECB may disappoint, more on that shortly), but it is gold that is breaking out, and after entering a bull market yesterday when it rallied 20% from its December lows gold has continued to surge, rising as high as @1,274 in early trading a price last seen in January 2015.

The Monetary Policy "Berlin Wall" Is Coming Down

The real question for investors is to ask yourself: Is this merely the latest "extend and pretend" maneuver, which is about to happen again with Draghi coming full online in March and the BOJ doing another desperate action and the Fed backing down. Or is it the end of the debt cycle? That is the trillion-dollar question right now.

Markets Surge On Chinese Debt Flood; Worst European PMI In Over A Year; Crashing Pound

Propped up by the Chinese central bank and by a generous Chinese finance ministry, with further hopes a backsliding European economy will mean even more easing by Draghi, the risk on mood is back: "People are willing to take risk again,” Karl Goody, a private wealth manager at Shaw and Partners Ltd. in Sydney told Bloomberg. “People are looking at the selloff this year and saying: enough is enough, there’s been enough pain now."

Is Europe Choosing To Self-Destruct?

Europe has voluntarily begun the process of giving up its liberal and hard-fought-for freedoms. Free speech no longer exists, only -- straight out of totalitarian ideologies -- "responsible" free speech: "free" only if it does not "offend" anyone. The desire of many Europeans and other self-declared devotees of "human rights" to cover up, downplay or explain away what is happening in Europe, in fact represents the opposite of respect for others and equality before the law.

Global Stocks Rebound As Fears Of Chinese Hard-Landing Pushed Back On Strong Trade Data

After two months of sharp currency devaluation, the market was carefully watching last night's China trade data to see if the Yuan debasement had led to a positive trade outcome to the world's second largest economy, and as reported last night, it was not disappointed when China reported a December trade surplus of $60.09 billion from $54.1 billion in November, as a result of exports beating expectations and rising 2.3%, the first increase since June, while imports declined by just 4%, the smallest drop since 2014 despite China importing a record amount of oil, or 33.2 million tons, in December.