There has been a bevy of negative news in the past 48 hours which perhaps explains why futures are fractionally in the green as of this moment.
It appears as though the ECB has had enough of the thorn in its side that is Germany in this latest round of back and forth, and has taken to what it does best: jawboning. In an article published today in the Frankfurter Allgemeine Sonntagszeitung newspaper, executive board member Benoit Coeure writes a rambling article defending ECB's policies, tells Germany that the ECB is the reason for its economic success, and downplays the issues that any savers may be having under NIRP.
Germany's Third Largest Party Adopts Anti-Islam Manifesto: Says "Muslims Are Not Welcome In Germany"Submitted by Tyler Durden on 05/01/2016 11:26 -0400
One week after Austria was shocked by the news that its right-wing, anti-immigrant Freedom Party, had swept the competition, gathering over 35% of the vote and leaving the other five candidates far behind, Europe's anti-immigrant juggernaut just added to its momentum when neighboring Germany's populist AfD party adopted an anti-Islam policy on Sunday in a manifesto that also demands curbs to immigration according to AFP. The biggest surprise however, is that the three year-old party is now also Germany's third strongest party.
In the latest clear sign that low oil prices are taking their indirect toll not only the US shale sector, leading to billions in capex cuts and hundreds of thousands of lost oil and gas jobs, on Friday Saudi newspaper al-Watan reported that the multinational construction conglomerate Saudi Binladin Group (which was founded in 1931 by Sheikh Mohammed bin Laden Sayyid, father of Osama bin Laden who was removed as a shareholder in the business in 1993 and disowned by the family) has laid off 50,000 staff as pressure on the industry rises amid government spending cuts to survive an era of cheap oil.
The initial refugee welcome in Germany is rapidly turning to rejection as the nation plan to ban EU migrants from most unemployment benefits for five years after arrival as a senior German politician has called for an "Islam law" that would limit the influence of foreign imams and prohibit the foreign financing of mosques in Germany. As The FT reports, the proposals, which are far tougher than had been expected even a few months ago, highlight the government’s concern over growing public anxiety about immigration and the related advance of the Alternative for Germany party, the most popular rightwing grouping since the second world war.
Perhaps it is merely a coincidence but just weeks after Deutsche Bank became the first bank to admit to rigging the gold market (and agreeing to rat out fellow manipulators) yesterday afternoon the head of Deutsche Bank's "integrity committee" announced he would resign two years before his time, which is a polite way of saying he was fired.
Following the surge in sexual assaults in Swedish swimming pools, and helpful leafletting, refugee "integration" efforts across European nations have taken a turn for the worse - despite all the politically-correct jawboning. First the German town of Bornheim banned adult male asylum seekers from the public pool, but now, the Danish capital of Copenhagen has taken a leaf out of 1960s America and introduced segegrated hours for boys and girls after a huge number of immigrants suddenly took up swimming in the refugee-heavy district of Tingbjerg.
Deputies were called to the company's corporate headquarters on Wednesday morning after a person was found dead, but only few details were immediately available. Multiple police vehicles could be seen at the campus.
Last week, Nazimuddin Samad sat at his computer at home and penned a few critical lines against the Islamist drift of his country, Bangladesh. The day after, Samad was approached by four men shouting "Allahu Akbar!" ("Allah is great!") and hacked him to death with machetes. But this and other shocking killings have not been worth of a single line in Europe's newspapers. Is it because these bloggers are less famous than the cartoonists murdered at Charlie Hebdo? Is it because their stories did not come from the City of Light, Paris, but from one of the poorest and darkest cities in the world, Dhaka? No, it is because the West has capitulated on freedom of expression.
- Trump, Clinton press closer to general election showdown (AP)
- Acela primaries: Winners, losers (Hill)
- Trump Says He's `Presumptive Nominee' as Clinton Wins Four (BBG)
- In the battle for Hollywood endorsements - and cash - Clinton rules (Reuters)
- U.S. Oil Rises Above $45 a Barrel for First Time Since November (BBG)
- Spin: Near-Zero Growth Happens Often in Slow-Motion U.S. Economy (BBG)
The Swedish Expressen newspaper reported that the country's security service received information from their Iraqi colleagues about an imminent terror threat in the country. About seven to eight Islamic State terrorists arrived in Sweden to carry out attacks in Stockholm, Expressen sources claimed and added that "according to the information, the terrorists are planning to attack civilian targets in the capital.'
- The Fed Is Meeting in April to Talk About June (BBG)
- Global stocks, oil prices climb as investors ready for Fed (Reuters)
- Apple Results to Show How Far iPhone Sales Have Fallen (BBG)
- On Election Eve for five states, Trump rips Cruz and Kasich (Reuters)
- President Xi Jinping’s Most Dangerous Venture Yet: Remaking China’s Military (WSJ)
- Oil's Recovery Inches Higher as 'Fracklog' Awaits Price Trigger (BBG)
With the Fed decision just one day away, followed the very next day by the increasingly more irrational BOJ, stocks had no desire to make significant moves and overnight's boring session was the result, as European stocks and U.S. index futures rose modestly but mostly hugged the flatline while Asian declined 0.2% for a third day as raw-material shares declined and Tokyo equities slumped before central bank meetings in the U.S. and Japan this week. China’s stocks rose the most in almost two weeks, up 0.6% but failed to rise above 3000 on the Shanghai Composite, in thin trading.
Ever since the inception of the European Economic Community, British politicians across the entire political spectrum have been perceptive enough to realize that Britain will lose its sovereignty and turn into a vassal of the France-Germany axis. Unfortunately, most voters in the British referendum glean their information from the sound bites of politicians on television. This circumstance leaves the public open to manipulation, uninformed, and ignorant of the facts.
Who could have seen that coming? It appears President Obama's ill-advised Op-Ed and visit to The United Kingdom, exhorting his "friends" to 'just say no' to Brexit and vote democratically to stay part of an undemocratic superstate, has backfired for the establishment. A poll by YouGov suggests that Obama's high profile intervention in the UK's EU Referendum failed with 65% of Brits seeing his comments were not "appropriate."