Netherlands

Tyler Durden's picture

Futures Flat With Greece In Spotlight; UBS Reveals Rigging Settlement; Inventory Surge Grows Japan GDP





The only remarkable macroeconomic news overnight was out of Japan where we got the Q1 GDP print of 2.4% coming in well above consensus of 1.6%, and higher than the 1.1% in Q4. Did it not snow in Japan this winter? Does Japan already used double, and maybe triple, "seasonally-adjusted" data? We don't know, but we do know that both Japan and Europe have grown far faster than the US in the first quarter.

 
GoldCore's picture

Global Debt Now $200 Trillion!





With a global population of 7.3 billion this works out out at over $27,200 of debt for every man, woman and child alive today. 

 
Tyler Durden's picture

Despite Surging Euro S&P Futures Jump On Stop Hunt, Lack Of Daily Bund Rout





It has gotten to where just the lack of a rout in Bunds or any other government issue is enough to activate the "bullish" outside stop hunting algo, which is probably why ES has jumped overnight in another illiquid, newsless session. Curiously, Bunds shave not sold off even though the EUR has jumped sharply by almost 100 pips overnight to a 3 month high also on no news (with some amusing acrobatics by the USDJPY alongside) traditionally a bearish indicator for the Dax and thus the S&P. Perhaps the algos are just late, or maybe the "weak dollar is good for stocks" thesis has been activated, but in any event this morning's ramp higher in the ES will continue until all upside stops are hunted down by Virtu and crushed mercilessly.

 
Tyler Durden's picture

Presenting Spain's "Part-Time" Recovery





Spain's economic data lost all credibility once the local bureau of economics, statistics and other goalseeked numbers decided to arbitrarily start adding what it estimated was the "contribution" from not only local drug dealers but also hookers. No surprise then that the government has proudly declared quarter after quarter that Spain is one of Europe's most boom economies. And yet, while the GDP data was clearly fabricated, Spain's job numbers did seem impressive. And then we looked at the following chart of full-time versus part-time Spanish workers, and it all quickly fell into place.

 
Tyler Durden's picture

Global Bond Rout Returns With A Vengeance; 10Y Treasury Tumbles Under Key Support; Futures Pounded





It all started again in Asia, although not in China where the berserker mania bid for stocks has returned and the SHCOMP is now up nearly 5% in the past two days following the PBOC's latest easing, but in Japan where once again the massively illiquid JGB market, of which the BOJ owns roughly a third as of this moment, is going through yet another shock period (if not quite VaR yet) with last night's 10 Year JGB auction seeing the lowest Bid to Cover since 2009. This was the beginning, and promptly thereafter bond yields around the globe spiked once more, with 10-year Treasury yields climbing to a five-month high, as the global rout in debt markets deepened. The biggest casualty so far is the Bund, which having retraced some of the flash crash losses from two weeks ago is once again in panic selling mode, and while not having taken out the recent 0.8% flash crash wides, traded just shy of 0.75% this morning.

 
Tyler Durden's picture

Futures Jittery As Attention Returns To Greece; China Stocks Rebound On Latest Central Bank Intervention





With the big macro data out of the way, attention today and for the rest of the week will focus on the aftermath of the latest Chinese rate cut - its third in the past 6 months - which managed to boost the Shanghai Composite up by 3% overnight but not nearly enough to make up for losses in the past week; any resumption of the 6+ sigma volatility in the German Bund, which already has been jittery with the yield sliding to 0.52% only to spike to 0.62% shortly thereafter before retracing some of the losses; and finally Greece, which in a normal world would have concluded its negotiations during today's Eurogroup meeting and unlocked up to €7 billion in funds for the coming months. Instead, Greece may not only not make its €770 million IMF payment tomorrow but according to ever louder rumors, is contemplating a parallel currency on its way out of the Eurozone.

 
Tyler Durden's picture

Futures Rise Following "Dramatic" UK Election Result, All Eyes On Payrolls





While the US is waking up in anticipation of what is once again said to be the "most important nonfarm payrolls number" at least since the last most important such number, because anything 250,000 and above puts the June rate hike right back on the Fed calendar, while a collapse in this lagging indicator will be explained away with harsh rain showers in April, and send stocks soaring due to yet another delay in tightening expectations despite Yellen's outright warning of overvalued stocks, the UK has been up all night following a dramatic election, whose outcome has been largely the opposite of what the experts predicted, with Conservatives set to win an outright majority, resulting in embarrassment for Labor, the Liberal Democrats and the UKIP, both of which have already seen dramatic changes in their leadership, and moments ago both Nick Clegg and Nigel Farage announced they would stand down as party leaders.

 
Tyler Durden's picture

Global Bond Rout Sends Futures Tumbling, Bund Has Sharpest Weekly Selloff In History





BOND SELLOFF DEEPENS; GERMAN 10-YR YIELD JUMPS 17 BPS TO 0.76%
SPANISH 10-YEAR BOND YIELD CLIMBS TO 2%; HIGHEST SINCE NOV. 24
ITALIAN 10-YEAR BOND YIELD CLIMBS ABOVE 2%; 1ST TIME THIS YEAR
10Y TREASURY YIELD CLIMBS 6BPS TO 2.31%, HIGHEST SINCE DEC. 8
U.K. 10-YR BOND YIELD CLIMBS 8 BPS TO 2.06%; MOST SINCE NOV. 24
JAPAN 10Y YIELD UP 7.5 BPS, SET FOR BIGGEST RISE SINCE MAY 2013

 
Tyler Durden's picture

Repatriation Of Gold From Fed Suggests Historic Vote Of No Confidence





Since 2012, there’s been an unprecedented call from foreign nations to repatriate their gold from Federal Reserve vaults in the U.S. This is an incredible development given many countries’ 71-year reliance on the Fed as a custodian for their bullion. Something huge must of happened in the last few years to prompt such action. That something may be a break in foreign gold holders’ trust in the Fed as a custodian of their precious metals.

 
Tyler Durden's picture

Gold Withdrawals From NY Fed Vault Refuse To Stop: 200 Tons Of Gold Repatriated In Past Year





We can officially confirm that the gold redemptions from the world's (allegedly) largest gold vault have continued, and another 10 tons of gold was put on a ship (or plane) in March in an unknown direction. Since Germany and the Netherlands started repatriating a portion of their gold held in Manhattan, some 217 tons of gold has been redeemed starting in February 2014 and just under 200 tons in the past 12 months.

 
Tyler Durden's picture

Futures, Treasurys Flat After Chinese Stock Bubble "Incident"; Bunds Stage Feeble Rebound





If yesterday's laughable lack of volume (helped by the closure of Japan and the UK) coupled with hopes that the end of the buyback blackout period was enough to send stocks surging if only to end with a whimper below all time highs despite what is now looking like three consecutive quarters of Y/Y EPS declines according to Factset, today's ramp will be more difficult for the NY Fed and Citadel to engineer, not least of all due to the headwind of the overnight "incident" by China's stock bubble which saw the Shanghai Composite tumble by 4%, the most since January.

 
Tyler Durden's picture

Is Nigel Farage The UK Election's "Kingmaker"?





Will a desire to protest the current establishment see Nigel Farage's UKIP broaden its mandate in the upcoming election? This UK election will mirror many elections around Europe (since the crisis started) in focusing on inequality and the need for political protest. This could make for big moves in the mandates... We foresee Scottish National Party and UKIP protest votes proving far more numerous than the latest polls suggest.

 
Tyler Durden's picture

Frontrunning: April 22





  • Because it just gets funnier: UK speed trader arrested over role in 2010 'flash crash' (Reuters)
  • ... and funnier: Mystery Trader Armed With Algorithms Rewrites Flash Crash Story (BBG)
  • Presidential hopeful Rubio reaches out to gay Republicans (Reuters)
  • Varoufakis Sees Differences Narrowing in Creditor Talks (BBG)
  • China Debt Mess Brings Out the Yin and Yang in Policy Makers (BBG)
  • Hedge Fund That Made 18% on Dollar Strength Now Bets on Drop (BBG)
  • Whistleblower Jim Marchese Scores Millions in Payout—Again (WSJ)
  • Release of Benghazi Report on Hillary Clinton Likely Pushed to Election Season (BBG)
 
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