Pizzaflation is creeping through the nation. Inflation is slow, and subtle, and making our favorite things like Pizza unaffordable. Pizzaflation explains the deterioration of the US Dollar in something we all love; Pizza.
Good news is still bad news after all. After last night's China 6.7% GDP print which while the lowest since Q1 2009, was in line with expectations, coupled with beats in IP, Fixed Asset Investment and Retail Sales (on the back of $1 trillion in total financing in Q1) the sentiment this morning is that China has turned the corner (if only for the time being). And that's the problem, because while China was a good excuse for the Fed to interrupt its rate hike cycle as the biggest "global" threat, that is no longer the case if China has indeed resumed growing. As such Yellen no longer has a ready excuse to delay. This is precisely why futures are lower as of this moment, because suddenly the "scapegoat" narrative has evaporated.
After yesterday's shocking Dutch referendum outcome, in which a vast majority of local voters rejected a Ukraine-European Union treaty on closer political and economic ties, seen by many as an indication of "Euroskepticism", moments ago European Commission President Jean-Claude Juncker explained how that made him feel. According to Reuters, "he was saddened by the outcome." "The president is sad," European Commission spokesman Margaritis Schinas told a regular news briefing.
The outcome of a non-binding Dutch referendum on broader European Union ties with Ukraine was too close to call on Wednesday, with a vital turnout threshold hanging in the balance, exit polls showed. The vote, launched by anti-EU forces, is seen as test of the strength of eurosceptics on the continent just three months before Britain votes on whether to stay in the European Union.
While the Pfizer-Allergan $160 billion merger may be the most notable casualty of the Treasury's decree, there are various other deals working on corporate inversion deals or who have carried out inversions in the past. They are shown in the list below,
The market's slumberous levitation of the past month, in which yesterday's -0.3% drop was the second largest in 4 weeks and in which the market had gone for 15 consecutive days without a 1% S&P 500 move (in March 2015 the sasme streak ended at day 16) may be about to end, after an overnight session, the polar opposite of yesterday's smooth sailing, which has seen a sudden return of global risk off mood.
With European markets closed across the continent on Monday as the Easter holiday continues, overnight Asia was busy with China Shanghai Composite letting off some steam, and closing down 0.7% at session lows on concerns the Shanghai and Shenzhen home bubble have been popped by the politburo, Japan was a different story with the Yen sliding following a report by the Sankei newspaper that Abe will announce in May his intention to delay the planned levy hike, coupled with additional reports that Japan will unveil a major fiscal stimulus (and just on Friday Abe said he is "not thinking at all about supplemental budget" at this time).
History teaches that ethnic minorities can bring about unrest in the long run. Current European leadership and European leading elites have maneuvered Europe into a situation that will spin out of control and result in a vicious circle of violence. Europe faces an existential crisis.
"The tactic of detaining people first and asking questions later will likely become increasingly common. There will be lots more of them. They are going to be what's called over-broad. They are going to just try to find people or evidence that may stop the next terrorism attack, and they will figure out who they have under custody."
Two days after the tragic terrorist attacks in Brussles, the situation remains extremely fluid, with the largest concern being that more sleeper cells may be activated especially since the third man who participated at the Zaventerm airport suicide bombing is still at large. Here, courtesy of the Guardian and Politico, are the most recent key developments out of Belgium.
Ian Taylor, CEO of oil trader Vitol said on Tuesday that "stocks of crude and products continue to build and these will weigh upon the market". Global distillate stocks in the developed world are close to a record high, in the thick of refinery maintenance season, and in the run-up to the time when gasoline use hits its summer high point, but interest in diesel typically fades. "Absent run cuts, the market faces another round of rapid stockbuilds once refineries return from maintenance>"