Market Conditions

Energy Giant Schlumberger Fires Another 8,000 As "Market Conditions Worsened" In Q2

"As a result of the weakness in activity that will persist through 2016 as expected, we have made another significant adjustment to our cost and resource base, including the release of more than 16,000 employees during the first half of 2016 and a further streamlining of our overhead, infrastructure, and asset base."

The Peak Oil Paradox - Revisited

Is 'Peak Oil' dead and buried forever, or is it lurking in the shadows, waiting to derail the global economy again?

S&P Cuts Deutsche Bank Outlook To Negative On "Challenging Operating Conditions"

It has been a while since investors focused their attention on the world's "most systematically risky" bank, Deutsche Bank. Moments ago, S&P made sure to remind us that nothing is fixed, when it released a report saying that "Operating Conditions May Challenge Strategy Execution" but keeping the bank at a BBB+ rating.

Bank of America Profit Tumbles 19% As NIM Hits Record Low, EPS "Beat" On Surge In Cost-Cutting

Moments ago Bank of America joined the parade of "beating" banks despite declining earnings, when it reported adjusted Q2 EPS of $0.37 (excl. DVA), "higher" than a sharply reduced in recent weeks consensus estimate of $0.33, even as profits tumbled 19% from the $0.45 a year ago on sliding revenues of $20.6 billion ($20.4bn reported), vs consensus of $20.4 billion: the top line was $1.6 billion lower than a year ago if $0.9bn higher than Q1.

Empire Fed Unexpectedly Drops As New Orders Tumble, Labor Conditions Deteriorate

While recent regional Fed manufacturing indices had shown a pickup in recent weeks, moments ago the Empire Fed, aka the New York State manfucaturing index, disappointed, declining five points from 6 to 0.55, below the 5.0 expected print. The volatile series has now printed below zero, at zero, above zero, below zero, above zero and at zero over the past 6 months.

US Futures, Global Markets Storm Higher As More Details Emerge About Japan's "Helicopter Money"

The global meltup continues with the S&P set to open at new all time highs, some 20 points higher from yesterday's close, however the driver for the latest rally is not so much the imminent BOE announcement which is expected to cut rates by 25 bps from 0.50%, but a dramatic surge in the USDJPY just after 1am Eastern when Bloomberg revealed more details about Ben Bernanke's masterplan for Japan's helicopter money.

Fed's Beige Book Repeats "Modest Improvement", No Rate Hike Odds Reaction

The Beige Book offered its ubiquitous modest, moderate, mummified growth outlook with little insight into whether the Fed is considering any rate hike in the immediate future, with the following summary of the Fed's two non-market mandates: "Labor market conditions remained stable as employment continued to grow modestly since the previous report and wage pressures remained modest to moderate. Price pressures remained slight."

6 Regional Feds Voted To Hike The Discount Rate In Early June, Up From 4 In April

Back in April, when the world was still reeling from the China devaluation inflicted market slump, the Fed's discount rate minutes for the months of March/April showed that 4 regional Feds wanted a 25 bps rate hike, up from just two  - the Richmond Fed and Kansas City - in the Feb/March meeting. Moments ago the Fed released its latest May/June Discount Rate Minutes which revealed that both the (Jim Bullard's) St. Louis and Boston Feds joined four other regional Feds, Cleveland, Richmond, Kansas City and San Francisco, in seeking a quarter point increase in Fed discount rate to 1.25 percent prior to the June 14-15 FOMC meeting.

Global Stocks Surge On Rising Hopes Of Japan "Helicopter Money"

A quick headline search for the phrases "Japan stimulus" and "helicopter money" is all one needs to understand the very familiar reason for today latest overnight global stock rally, which has sent the USDJPY surging some more, in the process pushing the Nikkei higher by 2.5%, China up over 1% (with the help of some late FX intervention by the PBOC), European stocks up 1%, US equity futures up 0.5%, and so on, in what is a global wave of green on the back of the helicopter money which after Bernanke's visit to Japan, market participants are now convinced is just a matter of time.

Fed's Labor Market Conditions Index Tumbles For 6th Straight Month

Despite Friday's 'magnificent' goldilocks jobs print, The Fed's Labor Market Conditions Index (once Janet Yellen's favorite indicator... until it started to turn down... and now just "experimental") tumbled 1.9% in June, dramatically worse than expected and down for the 6th straight month.

Fear The No Fear

Don’t put on the “party hats” just yet...