India

Futures Stumble As Global Bond Yields Drop To All Time Lows, Precious Metals Spike

Whether it is due to the conclusion of quarter-end window dressing, or due to a more poor manufacturing data out of China overnight, but the new quarter is starting off poorly for risk with Europe flat and US equities lower, while the scramble for safety means that bond yields across the developed world just hit new all time lows as precious metals are surging once again on ongoing speculation central banks will do anything to keep markets propped up and buy up even more assets.

Brexit: Russia's Comfort Level Rises, US Loses Eurasian Plot

Putin spoke calmly and in a detached tone, when asked for his reaction to Brexit. But he hinted he is insightful enough to recognize the opportunity brought up by fate. The bottom line is that the EU and NATO are complementary. And Brexit upholds that national interests prevail over European collective interests. Without doubt, Brexit is also, partly at least, a reflection of the overall weariness in Europe with the continued NATO expansion eastward.

Central Bankers Around The Globle Scramble To Defend Markets: BOE Pledges $345BN; ECB, Others Promise Liquidity

There was a reason why we warned readers two days ago that "The World's Central Bankers Are Gathering At The BIS' Basel Tower Ahead Of The Brexit Result": simply enough, it was to facilitate an immediate response when a worst-cased Brexit vote hit. And that is precisely what has happened today in the aftermath of the historic British decision to exit the EU.  It started, as one would expect, with Mark Carney who said the Bank of England is ready to pump billions of pounds into the financial system as he stands at the front line of Britain’s defense against a Brexit-provoked market crisis.

Peak Oil Consumption Dead Ahead (But Price Is Anybody's Guess)

global oil consumption is likely soon to peak (OECD to continue declining; China+Russia+Brazil to begin declining; Africa+India flatlining; the RoW the wildcard)... and all those spouting EIA estimates are likely spouting bogus information. However, this isn't just true for oil consumption but true for most commodity consumption & general consumption world over.

Why A UK Billionaire Believes Brexit Would Be "Good For The UK"

"The EU will disintegrate when we leave. They will realise there is nothing left. The political union is going to be a disaster and they'll want a free-trade area. Do you know who'll be the first country invited to that free trade area? The U.K."

Frontrunning: June 21

  • Tiny Tilt in ‘Brexit’ Polls Roils Global Markets (WSJ)
  • Oil prices slip after rally as market turns cautious (Reuters)
  • What to Watch for in Janet Yellen’s Congressional Testimony (WSJ)
  • Cracks emerge in the European consensus on Russia (Reuters)
  • Iraqi forces retake two Falluja districts from Islamic State, push west (Reuters)

Stocks, Sterling Rise As "Brexit" Fears Forgotten; Dollar Drops Ahead Of Yellen Speech

Tuesday's overnight price action has been a continuation of yesterday's Brexit relief rally, as investors focused on the two latest polls favorable to Remain in Thursday's referendum (while ignoring the YouGov poll which gave Leave a small lead), and hoping the doom and gloom by George Soros will convince the undecideds to vote against Leaving. As a result, global stocks continued their advance while pound extending the biggest rally since 2008.