Italy

Global Wealth Update: 0.7% Of Adults Control $116.6 Trillion In Wealth

In 2016, 3.5 billion adults, or 73% of total, had wealth under $10,000 accounting for 2.4% of global wealth. In contrast, the 33 million millionaires comprise 0.7% of the adult population, but own 46% of household wealth. And the, at the very top, 50,800 are worth at least $100 million, and 5,200 have assets above $500 million.

FX Markets Signal Brexit-Like Disruption As Italy Referendum Looms

FX traders are pricing in as big a potential disruption event for Italy's referendum as they did (correctly) for the Brexit vote. So-called 'currency-vigilantes' are buying EURUSD protection across the Dec 4th date of the vote in size as Italian bond spreads (over Bunds) push to 30-month highs.

Italy's Government On Verge Of Collapse: Next Trumpian Domino To Fall?

Italy’s government is on the verge of collapse. Prime minister Matteo Renzi reiterated his position just yesterday, he will not hang on if a referendum he seeks does not pass. Polls show the referendum will fail. Then again, polls have not been remarkably accurate recently, to say the least. On the other hand, this poll shows a strong preference to what is labeled “populism”.

The Serfs Have Rebelled - Europe Next?

Hayek’s The Road to Serfdom described how personal freedoms are progressively eroded by the state in the name of the common good. In the main, the serfs are patient and tolerant of their masters, but in a democracy, the establishment behind the state risks being challenged. And that has happened twice this year, first with Brexit and now with Trump in America... but remember the serfs never win, as Hayek recognised.

Euro In Historic Slide As Dollar Surge, Bond Rout Continues

More of the same this morning as the dollar extended its advance on the still undeteremined Trump reflationary policy measures after Yellen signaled an interest-rate hike could be imminent, while bond yields around the globe rose again, metals declined,  European stocks advanced and futures were modestly in the red just shy of all time highs.

Totally Out Of Touch: Nicolas Sarkozy Seeks "Marshall Plan" For Africa

Does the average unemployed youth in Greece, Italy, or Spain give a rat’s ass about a Marshall plan for Africa? Hell no! They want a Marshall Plan for Greece, for Italy, and Spain. Sarkozy’s Marshall Plan for Africa idea shows how much out of touch these politically correct buffoons are.

3 Things: Retail Sales, Recurring Ignorance, & Return Reality

There was an awful lot of cheering about the recent retail sales report which showed an uptick of 0.8% which beat the analyst’s estimates of 0.6%. However, if we dig deeper behind the headlines more troubling trends emerge for the consumer which begins to erode the narrative of the "economy is doing great" and “there is no recession" in sight.

French PM: "Europe Is In Danger Of Falling Apart"

"Europe is in danger of falling apart," French prime minister Manuel Valls said at an event organized by the Sueddeutsche Zeitung newspaper. "So Germany and France have a huge responsibility."

BOJ "Fires Warning At Bond Market" Sending Global Yields, Dollar Lower; All Eyes On Yellen

Global bond yields and the dollar both weakened after the Bank of Japan offered to buy an unlimited amount of debt at fixed yields, stabilizing the global bond rout, while investors awaited testimony from Fed Chair Janet Yellen that will help shape the outlook for interest rates ahead of a December rate hike that is now seen as near certain.