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Global Stocks Drop Ahead Of Fed Rate Decision; Dollar Rises As Sterling Tumbles

European stocks declined for first session in five ahead of Wednesday's Dutch elections and Fed rate hike announcement. Fed concerns also dragged down Asian shares and S&P futures, while the dollar rose. Crude oil has ended its six-day drop. The pound tumbled 0.8% to the lowest since mid-January in a delayed reaction after Theresa May won permission to trigger the country’s departure from the EU.

Sturgeon To Give May An "Ultimatum" As UK Preapres For Critical Vote Ahead Of Article 50

On Monday the Brexit bill returns to the House of Commons, for debate after the House of Lords. The final bill must be approved by both houses. Should the bill pass Monday, the government could invoke Article 50 as early as Tuesday. Meanwhile BBC reports that Scotland's Nicola Sturgeon will give PM an ultimatum - give Scotland a different Brexit deal or she'll call for section 30, launhing another indepence referendum.

Vitol Warns U.S. Crude Exports Will Grow "A Lot More"

Rising production in the Permian, coupled with cheap pipeline and railway transport fees to the Gulf of Mexico, will enable the U.S. to significantly raise its already record-high crude oil exports.

Frontrunning: March 10

  • Futures rise as investors count down to jobs report (Reuters)
  • Individuals Tiptoe Further Into Long-Running Stock Rally (WSJ)
  • American Diplomats’ Comfort With Tillerson Gives Way to Unease (BBG)
  • EU leaders grope for unity as Britain walks out  (Reuters)
  • Trump's disputes with local governments could create fresh conflicts of interest (Reuters)
  • May Hears Hard Truths About Brexit as EU Prepares for Talks (BBG)

S&P Futures, Global Stocks Jump Ahead Of US Payrolls As Global Bond Rout Continues

European and Asian shares rise along with a jump in S&P futures which are pointing to a solidly green open on US payrolls day. The dollar, trading somewhat weaker against the euro was stronger against the yen, and was on track for its firth week of gains, while the rout in global Treasuries continued following a Mario Draghi conference that was interpreted as more hawkish than expected.

Crude Plunges Below $49, Dragging Markets Lower; All Eyes On Draghi

While trader attention will soon be focused on the ECB and any potential tightening hints from the central bank, a more pressing development as US traders walk in today, will be ongoing collapse in WTI, which after crashing 5.5% yesterday, has tumbled more than 2% this morning, sliding not only below $50 for the first time since December 1, but also dropped under $49, as a near record number of net long spec positions suddenly rushes to unwind their exposure.

Are We Witnessing The Weirdest Moment In Economic History?

"If you thought 2016 was weird, I suggest you get comfortable with the surreal because it is not going away anytime soon. 2017 is a veritable treasure trove of falling elevators... it seems to me that many of these events, stacked so closely together in the next few weeks, are not coincidental in their timing."

Ben Hunt's Mailbag - Life In Trumpland

"I wrote this note because I am so effin’ tired of being called a racist or a sexist because I don’t think that Donald Trump is evil incarnate... I think Trump is a narcissist and an ass, not a Fascist. Like most people in the financial services world, I deal with narcissists and asses every day … they’re not Hitler clones because the only thing they’re really true-believers about is their own self-aggrandizement."