Newspaper

Boris Johnson Wins Key Support To Become PM As Labour Leader Foils Leadership Coup

In the short day since David Cameron announced his resignation, the UK is undergoing a chaotic and very much ad hoc politcal transformation, in the middle of which is none other than Boris Johnson, the leader of the successful "Leave" campaign, who however has cause to celebrate tonight because according to the Sunday Times, the former London mayor has won the backing of a key colleague to replace David Cameron as prime minister.

Turkey Gloats: "The Crusader Union Falls Apart"

Earlier today, we showed the front pages of British newspapers on the first day after the historic Brexit referendum. Just as amusing front pages, howeve,  abound in Turkey and especially among the pro-government (and thus government-controlled) press, such as the Akit newspaper, which looks at the chaos in the UK and says "the Crusader Union falls apart."

Is Soros Wrong?

"There is an argument that a Brexit might look similar to the aftermath of sterling?s ignominious exit from the ERM on ?Black Wednesday? 16 September 1992. In a current environment where central banks and governments have failed to generate a strong enough economic recovery to normalise interest rates amid persistent deflationary pressures, one would have thought a substantial decline in one?s currency would be welcomed ?- for that is one way to inject a modicum of inflation back into the economic system."

Surging Far-Right Movements Across Europe Are Making Hitler Popular Again

An Argentinian man has purchased more than 50 items of Nazi memorabilia from a controversial auction in Munich. The single purchase, said to have totaled more than $683, 000 (£462,000), included a jacket owned by Adolf Hitler and silk underwear that once belonged to Nazi military leader Hermann Goering.

Eerie Calm Across Markets One Day Before The Main Event: Asia, Europe, US Unchanged

There is an eerie quiet across markets, one day before the year's main risk event: with the UK referendum vote starting in less than 24 hours and results due out shortly after, it is as if even the algos have stopped frontrunning other algos, in a market so thin and illiquid even the smallest order can result in a gap, either higher or lower. As a result, European, Asian stocks and S&P futures are little changed ahead of Thursday, with the Stoxx Europe 600 Index swinging between gains and losses more than five times so far today.

How Much Of Our Culture Are We Surrendering To Islam?

Democracies are, or at least should be, custodians of a perishable treasury: freedom of expression. For the first time in Europe since Hitler ordered the burning of books in Berlin's Bebelplatz; movies, paintings, poems, novels, cartoons, articles and plays are literally and figuratively being burned at stake... The same hatred as from Nazis is coming from Islamists and their politically correct allies. We do not even have a vague idea of how much Western culture we have surrendered to Islam.

Panicked Brits Rush To Buy Gold Bars, Stuff Them In Home Safes

Worried British savers are scrambling to buy gold bars and "stuffing them in safes at home, data suggests, as fears mount that a Brexit-induced financial meltdown could be just around the corner." The paper cites Google search data for the term "home safe" which is running 61% higher than the level at which it peaked in November 2008, the point of the financial crisis, and is now higher than at any point since. In other words, whether intended or not, locals are more terrified of the outcome of Thursday's vote than the near-collapse of the financial system in the aftermath of Lehmans' failure.

Janet Yellen’s $200-Trillion Debt Problem

More than $10 trillion of government bonds now trade at negative yields. And another $10 trillion or so worth of U.S. stocks trade well above their long-term average valuations. And there’s more than $200 trillion of debt in the world – with about $60 trillion added since the global financial crisis. All of this sits on the Fed’s financial applecart. Does Janet Yellen dare upset it? Nah. It will have to upset itself.

Regulator Alleges Sweden's Largest Bank Has $9.7 Billion Capital Shortfall

Sweden's largest bank is under pressure today after Svenska Dagbladet reported an internal document from Sweden's Financial Supervisory Authority indicates that Nordea bank had a capital shortfall of $9.7 billion at the end of last year. Newspaper Svenska Dagbladet published an article that alleges an analyst at Sweden's FSA had discovered that internal bank models used to assess risk of loss on its loan portfolio had understated risk by as much as half at the end of last year

Stocks, Sterling Rise As "Brexit" Fears Forgotten; Dollar Drops Ahead Of Yellen Speech

Tuesday's overnight price action has been a continuation of yesterday's Brexit relief rally, as investors focused on the two latest polls favorable to Remain in Thursday's referendum (while ignoring the YouGov poll which gave Leave a small lead), and hoping the doom and gloom by George Soros will convince the undecideds to vote against Leaving. As a result, global stocks continued their advance while pound extending the biggest rally since 2008.

Cable Pumps'n'Dumps On Latest Polls As Telegraph Backs "Leave"

With bookies' odds shifted by a mere GBP25k bet overnight, and decoupled from the only post-Cox death polls' "leave" bias, traders were focused on the release of new polls tonight... YouGov "Leave" +2pts; ORB "Remain" +7; and NatCen "Remain" +6