- Global stocks, dollar and oil cool ahead of Doha meeting (Reuters)
- Oil Falls Before Doha as Global Markets Brace for Weekend Risk (BBG)
- China Growth Slows; Revival Policies Appear to Gain Traction (WSJ)
- White House hopefuls Clinton, Sanders joust in Brooklyn brawl (Reuters)
- Trump talks up 'New York values' as protesters demonstrate against him (Reuters)
- Sanders Can’t Clarify Wall Street Plan in Testy Clinton Debate (BBG)
- Global shares reach four-month high, forex hit by Singapore sting (Reuters)
- Dollar Rally Hits Commodities as Europe Halts Global Stock Gains (BBG)
- Currencies Across Asia Fall Sharply Against U.S. Dollar (WSJ)
- IEA expects limited impact from oil output freeze at Doha (Reuters)
- IEA Sees Oil Oversupply Almost Gone in Second Half on Shale Drop (BBG)
- BofA Profit Declines 13% on Trading Slump, Energy Reserves (BBG)
In another quiet overnight session, the biggest - and unexpected - macro news was the surprise monetary easing by Singapore which as previously reported moved to a 2008 crisis policy response when it adopted a "zero currency appreciation" stance as a result of its trade-based economy grinding to a halt. As Richard Breslow accurately put it, "If you need yet another stark example of the fantasy storytelling we amuse ourselves with, juxtapose today’s Monetary Authority of Singapore policy statement with the storyline that the Asian stock market rally intensified on renewed optimism over the global economy. Singapore is a proxy for trade and economic growth ground to a halt last quarter." The Singapore announcement led to a sharp round of regional currency weakness just as the dollar appears to have bottomed and is rapidly rising.
The asylum policy that emerged from last month’s EU-Turkey negotiations has four fundamental flaws, according to Billionaire puppet-master George Soros, which combined pose an "existential threat to Europe." His solution is 'simple' - Accept 500,000 refugees per year costing $34 billion year (via "surge" funding through more borrowing, and a newly-created refugee crisis fund from increased VAT on member states) or else, in his words, "the European Union is in mortal danger?"
- China trade surprise gives stocks a lift (Reuters)
- JPMorgan profit hurt by drop in investment banking revenue (Reuters)
- About 40,000 Verizon workers launch strike (Reuters)
- Regulators Set to Reject Some Big Banks’ ‘Living Wills’ (WSJ)
- More Startups Are Getting Lower Valuations Than Joining the Billion-Dollar Club (BBG)
- Closures and court cases leave Turkey's media increasingly muzzled (Reuters)
Moments ago the IMF did what it does better than anyone (with the exception of the Fed): it once again admitted its forecast of world growth had been too optimistic, and as a result in its just released quarterly World Economic Outlook report, it cut its forecast for 2016 global GDP growth from 3.4% to 3.2%, and from 3.6% to 3.5% for 2017. Indicatively, back in July 2014 the IMF was forecasting 4.0% GDP growth in 2016. It is now 20% lower.
- Gloomy start to results season hits shares (Reuters)
- Stocks Rise Around World as Commodities Advance; Bonds, Yen Drop (BBG)
- Oil hits 2016 high above $43 on producer meeting hopes (Reuters)
- Rosneft chief Igor Sechin says low oil prices will not last (FT)
- Banks Face Massive New Headache on Oil Loans (WSJ)
- Wells Fargo Misjudged the Risks of Energy Financing (BBG)
On Sunday Ukrainian prime minister Yatsenyuk resigned, just four days after the Dutch voted against Ukraine joining the European Union. Taken together, these two events are clear signals that the US-backed coup in Ukraine has not given that country freedom and democracy. They also suggest a deeper dissatisfaction among Europeans over Washington’s addiction to interventionism.
While Sweden's seemingly self-imposed refugee crisis continues to roil the nation's population, it appears a different and potentially just as problematic social unrest looms. As Gatestone reports, for the last few years, immigration-welcoming Sweden has been overwhelmed with Roma beggars from Romania and Bulgaria who have turned "panhandling into an occupation."
When the going gets tough for politicians, the politicians do what they do best: Declare success smack in the face of a resounding defeat.
ZIRP, NIRP, QE, Bank Collapse and Helicopters Coming Too Late - The Lehman Effect Hits Europe - Hard!Submitted by Reggie Middleton on 04/11/2016 12:20 -0400
More evidence than any hopium-induced high could ever hope to obscure. The man that called Bear Stearns, Lehman, Countrywide and WaMu collapses starts to call out names in Europe.
- Italian Bank Stocks are Surging on the Back of Rescue Reports (WSJ)
- European Stocks Rise Led by Italian Banks; Emerging Markets Gain (BBG)
- Oil price dips on prospects for producers' meeting (Reuters)
- U.S. shale oil firms feel credit squeeze as banks grow cautious (Reuters)
- U.S. banks' dismal first quarter may spell trouble for 2016 (Reuters)
- Miserable Year for Banks: Stocks Suffer as Rates Stay Low (WSJ)
Austria Just Announced A 54% Haircut Of Senior Creditors In First "Bail In" Under New European RulesSubmitted by Tyler Durden on 04/10/2016 21:08 -0400
Following a decision by the Austrian Banking Regulator, the Finanzmarktaufsicht or Financial Market Authority, Austria officially became the first European country to use a new law under the framework imposed by Bank the European Recovery and Resolution Directive to share losses of a failed bank with senior creditors as it slashed the value of debt owed by Heta Asset Resolution AG.
According to Reuters, the European Union is considering whether or not to require US and Canadian citizens to obtain a visa before traveling to the bloc. Currently, the US enjoys a visa waiver program with the majority of the European Union that is reciprocated on both sides of the Atlantic. Of course, the introduction of the more restrictive process of obtaining a formal travel Visa would hinder tourism for the European Union, something the local economy desperately needs to remain intact.