"The time for treating the EUR-peg as a taboo may soon be past us, and an open discussion become the dominant narrative, in pursuit of a long-term durable solution to economic stagnation, in an attempt to save the European Union, so to orderly drive the process as opposed to end up being overwhelmed by the trending course of events."
The signs are ominous, the rhetoric constant. Whichever way you look at it, the world is slowly descending into an ever greater spiral of conflict. We all know that the current wars raging in the Middle East have the potential to go catastrophically wrong and pull the super-powers into something much bigger. You also know things are not good when the so-called ‘conspiracy theories’ from alternative media outlets eventually go mainstream...
European stocks, Asian shares and U.S. equity index futures decline. Selloff in global stocks and bonds deepened after signs central banks in Europe and Japan are starting to question the benefits of further monetary easing. North Korea nuclear test weakens the won.
If you’ve been paying attention, you could see this coming a mile away. Brexit is just the start of a much, much bigger trend..."The backlash we are witnessing represents a worldwide revolt against globalism and the disconnected and hopelessly corrupt status quo."
The largest ever humanitarian program in the history of the EU, is now underway in Turkey. The humanitarian effort comes in the form of a $393 million helicopter drop of debit cards and cash to refugees in Turkey as part of Angela Merkel's 'Migration Deal'.
Nowhere else is the impact of central banks more evident than the total decoupling of global stock markets from global economic developments. However, as money managers attempt to diversify away from what they all know will not end well, Credit Suisse warns the overwhelming flow from central bank interventions "are driving everything" pushing their so-called cross-market contagion indicator to levels more worrisome than anytime since 2008's Lehman-inspired financial crisis.
With the ECB running dangerously low on bonds to monetize even as its QE program has failed to spur inflation, Mario Draghi may have no choice but to unveil drastic changes to the central bank's QE programm tomorrow. Here are the options available to the central banker, and some ideas of how markets may react.
Call it "Plan B"... It’s all being laid out, right at our feet . On Google and Facebook, during US late night shows, through CNN, MSNBC, the Washington Post and New York Times. It will be the final death of whatever was left of American democracy.
The unprecedented period of low volatility, in which the S&P hasn't moved more than 1% in either direction, is now well into its 40th day and the muted overnight session has done nothing to put this streak in jeopardy with S&P futures once again hugging the flatline ahead of the widely expected 3:30pm ramp. European stocks were likewise little changed while Asia was fractionally higher depite a modest dip in the Nikkei.
Tensions over the Calais "Jungle" camp are boiling over as local French residents take to the streets to call for the demolition of the tent city housing up to 9,000 refugees from Northern Africa and the Middle East
With the US taking the day off to celebrate the unofficial end of the summer, global markets have been relatively quiet, aside from the dramatic moves in the energy sector over the past few hours, where crude soared in early trading as reported previously on a much-hyped joint statement by the energy ministers of Saudi Arabia and Russia, only to see the spike fizzle.
French National elections take place in two rounds of voting 2017. Marine le Pen is widely expected to be one of the final two candidates. Today she praised the UK for choosing their own destiny and repeated her pledge to have a referendum on France’s membership in the EU.
Roughly at the same time as China's now infamous snub of Obama's arrival at Hangzhou for the G-20 summit, Chinese officials had no such problems greeting Russian president Vladimir Putin with full honors, whose arrival - on the red carpet - took place without a glitch.