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EU's Founding Treaty To Be "Reconsidered", Seeking End To Passport-Free Travel

Between the French (Interior Minister Cazeneuve: "we're face with a new kind of terrorism", and Hungary (PM Orban: "allowing people into our own back yard" who may then commit acts of terrorism was irresponsible), AP reports that the EU's founding treaty with regard to passport-free travel - the so-called Schengen Agreement - is to be reformed. "We want Europe, which has lost too much time on a certain number of questions, to note the urgency and take decisions today," exclaimed Cazeneuve, with Orban adding "the founding treaty is currently an obstacle to this and I believe it needs to be reconsidered." According to Cazeneuve, the reforms will happen by year-end.

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Frontrunning: November 20

  • French, U.S. Troops Enter Mali Hotel as Gunmen Hold Hostages (BBG)
  • Top suspect seen on CCTV in metro during Paris attacks (Reuters)
  • Paris Attacks’ Alleged Ringleader, Now Dead, Had Slipped Into Europe Unchecked (WSJ)
  • Global shares march on as alarm bells ring for metals (Reuters)
  • European Stocks Rise With Asian Shares as Zinc, Ringgit Advance (BBG)
  • World leaders arrive for summit amid heavy security (Reuters)
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Futures Rise, Global Stocks Set For Best Week In Six Unfazed By Terrorism Concerns

Futures are modestly higher in early trading having tracked the USDJPY once again almost tick for tick, with the carry trade of choice rising to 123 shortly after Mario Draghi's latest speech pushed the dollar strong initially only to see most gains promptly evaporate against both the Yen and the Euro. European shares are likewise little changed, after gaining earlier, while Asian stocks rise; oil also advanced in early trading only to drop to its lowest overnight level moments ago, a few dimes over $40, with aluminum and copper both posting modest increases.

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The Most Important Question About ISIS That Nobody Is Asking

We wonder how long until someone finally asks the all important question regarding the Islamic State: who is the commodity trader breaching every known law of funding terrorism when buying ISIS crude, almost certainly with the tacit approval by various "western alliance" governments, and why is it that these governments have allowed said middleman to continue funding ISIS for as long as it has?

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How Islamic Extremism Was Born

History takes no prisoners. It shows, with absolute lucidity, that the Islamic extremism ravaging the world today was borne out of the Western foreign policy of yesteryear.

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The Greatest Racket Of All Time

It seems it is high time for a strategic rethink in the Global War On Terror, but powerful forces are arrayed against it. Apart from the fact that a truly huge racket is at stake, the situation is also reminiscent of the proverbial guy with the hammer – everything looks like a nail to him. So we should reasonably expect more of the same, only in even grander style (as the so-called “surge” has shown, any successes tend not only to be temporary, but have a habit to soon give way to even greater disasters).

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Physical Sales Surge, as Paper Prices Plummet

People are scared, the market is uncertain and the world is for all intents and purposes in a constant state of turmoil and flux.

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Paris Attack "Mastermind" Killed In Police Raid

"Paris prosecutor says Abaaoud was been identified dead at the scene by his fingerprints. His body was found "riddled with impacts."

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Global Markets Surge Overnight On Fed Minutes Optimism; ECB Minutes Set To Keep Rally Going

While it is still unclear just why the FOMC Minutes which are said to have made a December liftoff "more likely" unleashed a dramatic market rally, one which sent both stocks and TSYs higher, the sentiment continued overnight, with both Asian stocks surging on the US momentum, as well as Europe, where the DAX gapped solidly above the 200 DMA as most European shares advanced, led by resources, travel stocks. U.S. futures continue their ramp higher, and at last check were another 8 points, or 0.4%, in the green.  But if the Fed Minutes were enough to unleash the latest leg in this rally, than the ECB's own minutes due also today, should send futures back over 2100 without much difficult, regardless of their actual content.

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Here Comes China: Xi "Vows Terror Fight" After ISIS Executes First Chinese Hostage

As a result of the latest announcement by ISIS, namely that it had just executed its first Chinese hostage, China's isolationist position has now changed and as Bloomberg reports "Xi Vows Terror Fight After IS Kills Chinese Captive".  As it further adds, China's President Xi Jinping condemned the Islamic State’s execution of a Chinese national, "an act that raises pressure on China to take a greater role in resolving Syria’s civil war."

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European Union Challenged From Right And Left, "Maybe Too Much To Endure"

The heinous ISIS attack in Paris is a game changer in Europe. In addition to the horrific amount of individual casualties, the attack has also threatened severe damage to the long term survivability of the European Union as a political entity. Based on the unpopularity and unfeasibility of immigration controls under the EU's Schengen Plan, the events have opened up the Union to renewed attacks from the right, just as its support from the left is crumbling as a result of opposition to EU-mandated fiscal austerity. This two-front onslaught may be too much for the Union to endure.
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Terrorists Planned Thursday Attack On Paris Mall; "Mastermind" Killed In Raid, WaPo Says

According to Reuters, the suspects targeted in a pre-dawn raid in France were planning to attack the Quatre Temps on Thursday, the busiest mall in France located in the business district at La Defense. Meanwhile, WaPo, citing European intelligence officials, says Abdelhamid Abaaoud was killed in Wednesday's operation.

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German Interior Minister Says Suicide Bomber's Syrian Passport "May Have Been Planted"

Overnight none other than the German Interior Minister Thomas de Maiziere said that the "Syrian passport found next to a suicide bomber in the Paris terror attacks may have been planted." “There are indications that this was a planted lead, but it still can’t be ruled out that this was indeed an IS terrorist posing as a refugee,” he told reporters in Berlin on Tuesday, referring to Islamic State, which France blames for organizing the violence.

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