France

How Much Longer Will Investors Trust The Central Banks?

It is time for central banks to start acknowledging their limitations, and doing so by acting and not talking about their future intentions. It is also time for investors to stop believing that central banks had the answers to begin with.

US-EU Trade Talks "De Facto Dead"

...German Economy Minister Sigmar Gabriel declared that [talks] were “de facto dead”. The French minister told the Handeslblatt newspaper that the United States had demanded too much and not compromised enough. "A crazy machine is moving here, the negotiations are a failure, nobody believes that they will come to a successful conclusion..."

France's "Great Wall Of Calais"

Building work has begun on a wall in the northern French city of Calais, a major transport hub on the edge of the English Channel, to prevent migrants from stowing away on cars, trucks, ferries and trains bound for Britain. Dubbed "The Great Wall of Calais," the concrete barrier — one kilometer (half a mile) long and four meters (13 feet) high on both sides of the two-lane highway approaching the harbor — will pass within a few hundred meters of a sprawling shanty town known as "The Jungle."

Global Central Bank-Driven Stock Rally Fizzles; Crude Rebounds On Saudi Oil Production Cut Report

Until minutes ago, this week's rebound in global equities appeared to be running out of steam as oil retreated from a two-week high and a dollar slide ended.  However, as noted just around 6am, Reuters reported, citing as it usually does various "anonymous sources", that in a radical departure from its long-held policy of not cutting production, Saudi Arabia was prepared to cut production on condition that Iran freezes output, which led to an instant spike in crude.

Italy Is The EU's Weakest Link

Italy’s economy is weak. There is no growth. The banking system is in bad shape. Unemployment is high. There is substantial public unrest, and Renzi’s standing is weakening. Italy has been somewhere between recession and stagnation since 2008. After eight years, the situation shows no signs of improving... The faster they get out of the EU the better.

Soothing Fed Sends Global Stocks, US Futures, Commodities Higher

Following the Fed's "hawkish hold" and the BOJ's "confused contradiction", global risk (and non-risk) assets got the green light, and as a result stocks and bonds rallied in Asia and Europe, with US equity futures rising another 0.4%, advancing with oil and industrial metals, as iron surged in Chinese trading.

Could Germany Ever Allow Deutsche Bank To Go Under?

So Germany ignores all the FSB rules and regulations and bails Deutsche bringing it into government ownership/protection –  call it what you like. In so doing it demolishes the entirety of European policy regarding bail-ins, government debts and austerity. The Bundesbank, Berlin and the ECB would have no authority at all. Every country would have a green light to do the same for their flag carriers. It would be the end the European experiment.

Key Events In The Coming Central Bank-Dominated Week

Central banks will take center stage this week, with the Boj and Fed within hours of each other, then also the RBNZ and Norges all delivering policy decisions. Of the four however, the BoJ will likely steal the spotlight, especially as we expect no changes in policy from the other three.

Global Stocks, US Futures Rebound As Oil Rises, Dollar Drops

Stocks across the board, and US equity futures are broadly in the green this morning as markets shrug off the terror-related events in the NYC area over the weekend.  There wasn’t a single positive “reason” for the green price action but fears about the bond “tantrum” appear to be fading while a stronger dollar helped push oil and the commodity complex higher.

US Desperately Pumps "Humanitarian" Smokescreen For Failing Syria Ceasefire

Washington’s lie about seeking a genuine ceasefire in Syria is in danger of being exposed for the world to see. So, hilariously, a charade is being hurriedly orchestrated in order to hide this ignominy. As usual, the Syrian government is being scapegoated for the real cause of violence in the country. That real cause is Washington’s state-sponsored terrorist-fueled war for regime change.

Raoul Pal: Business Cycle Tinder For A Global Banking System Fire

"...after every single two-term presidential election (i.e. when the incumbent changes) and there is a 100% track record of a recession within the next 12 months. It either starts just beforehand or starts afterward, but within 12 months there is a 100% chance of a recession... Even if they do raise rates, the yield curve will flatten like crazy... I think the Fed is almost an irrelevance at this point."