European Union

Pound Surges After UK Government Loses Article 50 Lawsuit; Brexit Needs Parliamentary Approval High Court Rules

The Government has lost its case that the Prime Minister had the right to act alone to trigger Article 50, the official EU divorce process. Theresa May cannot trigger Brexit without putting it to an MPs' vote in the House of Commons, the High Court has ruled. Mrs May is now expected to appeal the decision and the Supreme Court has earmarked December 7 and 8 to hear the case.

Italy Seen More Likely To Exit Eurozone Than Greece; Italian Bond Yields Surge

In an unexpected reversal of (mis)fortune, this morning Sentix writes that the Eurocrisis creeps back into the heads of the investors in a new way: it is no longer Greece, but Italy which is now the country that is most likely to leave the Eurozone within the year from the perspective of the more than 1,000 investors surveyed. "This development underscores the importance of the referendum to the Constitution in Italy on December, 4th."

Frontrunning: November 1

  • There is a bubble in articles about China's bubbles: Asset Bubbles Threaten China’s Economy (WSJ)
  • Hillary Clinton’s Wall Street Fundraising Benefited From Loophole In Federal Anti-Corruption Rule (IBT)
  • Clinton and Trump Prepare for Possibility of Election Overtime (BBG)
  • Trump Leads Clinton by 1 Point in New Poll as Enthusiasm Declines (ABC)
  • Investigating Donald Trump, F.B.I. Sees No Clear Link to Russia (NYT)

Mark Carney Announces He Will Remain At The Bank of England Until June 2019

“I would be honoured to extend my time of service as Governor for an additional year to the end of June 2019. By taking my term in office beyond the expected period of the Article 50 process, this should help contribute to securing an orderly transition to the UK's new relationship with Europe.

Welcome To The Halloween Nation

How’s this for stupid and ugly? It’s the Russian’s fault that Hillary finds herself in trouble again?

Frontrunning: October 31

  • FBI in Internal Feud Over Clinton Probe (WSJ)
  • As Clinton struggles, Trump tries to raise doubts (Reuters)
  • Dollar shakes off Clinton FBI scare, global stocks stay spooked (Reuters)
  • Mark Carney stands ready to serve 8-year term at Bank of England (FT)
  • Clinton Team Questions FBI Director’s Motive (WSJ)
  • OPEC Splits Prevent Deal With Other Producers to Curb Supply (BBG)

US Orders Family Members Of Istanbul Consulate Employees To Leave

The U.S. Department of State is updating this Travel Warning to reflect the October 29, 2016, decision to order the departure of family members of employees posted to the U.S. Consulate General in Istanbul, Turkey.  The Department of State made this decision based on security information indicating extremist groups are continuing aggressive efforts to attack U.S. citizens in areas of Istanbul where they reside or frequent. 

The Coming Bond Market Crash - An Interview With Eric Hadik

"I believe 2017--2021 will represent the end and reversal of that multi-decade trend - as the debt bubble bursts and bond markets begin to crash... Each phase was a desperate battle between centralized, governmental control of currency versus universal, hard-asset based currency. And each phase saw the acceleration and intensification of that battle take hold in the ‘7’ year."

Philippines' Duterte Says God Told Him To Stop Cursing

While flying home from Japan, Duterte said "I was looking at the skies while I was coming over here ... a voice said that, 'you know, if you don't stop epithets, I will bring this plane down now'," and added "I said, 'who is this?' So, of course, it's God. OK. "So, I promise God ... not to express slang, cuss words and everything."

Pound Tumbles After UK Government Wins Brexit Suit In Northern Ireland Court

Moments ago sterling did what it has been doing so well these past few months, it tumbled by as much as 50 pips after a Northern Irish judge rejected a pair of challenges to the Brexit process, removing at least one obstacle to Prime Minister Theresa May’s plan to begin severing ties with the European Union by the end of March. 

The Mayor Of London: "My Side" Versus Reality

Taken as a whole, Mayor Khan's presentation to the Chicago Council on Global Affairs on "The Breakdown of Social Integration – The Challenge of Our Age," seemed to ignore unpleasant facts which suggest that there is more incompatibility of values than he is willing to admit -- in the interest of pushing an immigration agenda favored by his "side." Mayor Khan's presentation seemed designed to pacify Westerners and enable the spread of the rule of Islam.

Stalled EU-Canada Trade Deal Gets Greenlight Following Belgium Approval

One week after Canada demonstratively walked out of European trade talks, with Canada's Chrystia Freeland saying that "the European Union is not capable right now to have an international agreement, even with a country that has European values like Canada", moments ago a planned trade deal between the European Union and Canada overcame a key hurdle Thursday when Belgium said it would approve the accord.