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US Futures, European Stocks Rebound, Bonds Fall Ahead Of US Data Deluge

The overnight session started with more weakness out of Asia, where chatter that the BOJ may end up doing nothing despite all the trial balloons (as we hinted yesterday), sent the USDJPY sliding, pushing the Nikkei lower, leading to a 7th consecutive decline in the Topix, the longest such stretch since 2014 even though the BOJ is now actively buying a record amount of ETFs. However, the modest dip in S&P futures and European stocks proved too much for BTFD algos, and risk promptly rebounded.

European Leaders Discuss Plan For European Army

"We are going to move towards an EU army much faster than people believe." But the creation of a European army, a long-held goal of European federalists, would entail an unprecedented transfer of sovereignty from European nation states to unelected bureaucrats in Brussels, the de facto capital of the EU.

The World Is Turning Ugly As 2016 Winds Down

The negative reverberations in our current economic and political environment are becoming so strong that it is impossible for people to not feel at least some uneasiness in their gut. We imagine this is the same kind of sensation many felt from 1914 to 1918 during World War I and the terrible birth of communism, or perhaps in the early 1930s at the onset of the Great Depression and the rise of fascism. Some global changes are so disturbing that they send shockwaves through the collective unconscious before they ever hit the mainstream. People know that something is about to happen, even if they cannot yet clearly define it.

Global Market Rout Abates As Bond Selloff Pauses, Oil Rebounds

After a sudden rout in financial markets that wiped $2 trillion in global market cap over the past week showed signs of easing, overnight stocks tried to stage another "BTFD-type" comeback with European stocks climbing for the first time in five days as oil and metals prices gained. S&P futures were modestly in green, although they faded earlier gains, on the back of a slide in the USDJPY which initially spiked to 103.31 only to fade back to the mid 102-range.

Former DNC Chair Calls For "Contingency Plan" If Hillary's Health Forces Her Out Of The Race

In the biggest surprise emerging following Hillary's "medical event", even democrats have admitted what was formerly unthinkable: the preparation of a "contingency plan" in case Hillary's health forces her out of the race. A former DNC chairman said that the Democratic party’s congressional leaders should immediately come up with a process to identify a potential successor candidate for Hillary Clinton "for the off-chance a health emergency forces her out of the race."

"There Will Be More Attacks" French PM Warns 15,000 Being Radicalized

With anti-EU right-wing Front National leader Le Pen surging in the polls, French PM Manuel Valls appears to be taking a populist shift to more radically right also. During a TV interview this weekend, Valls said there were at least 15,000 people "on the radar of police and intelligent services who were in the process of being radicalized," but argued that Sarkozy's plan to "systematically place French citizens suspected of having militant links in special detention facilities" was the wrong solution.

The Great 9/11 Coverup

Did you happen to notice that after more than a decade of the ‘news’ media’s demanding publication of “the missing 28 pages” (which turned out actually to have been 29 pages) from the U.S. Congress’s investigation into 9/11, the document’s press-coverage, finally, on 15 July 2016, turned out to have been little-to-none? Whatever the truth of the matter is, the U.S. Government has been lying, and continues to lie, about 9/11. For at least the past 16 years, we’ve been living in a dictatorship. And the evidence suggests that this has been the case ever since at least 1981.

Negative Interest Rates & The War On Cash, Part 3: "Beware The Promoters"

The main promoters of cash elimination in favour of electronic currency are Willem Buiter, Kenneth Rogoff, and Miles Kimball... in order to implement substantially negative interest rates..."If all central bank liabilities were electronic, paying a negative interest on reserves (basically charging a fee) would be trivial. But as long as central banks stand ready to convert electronic deposits to zero-interest paper currency in unlimited amounts, it suddenly becomes very hard to push interest rates below levels of, say, -0.25 to -0.50 percent, certainly not on a sustained basis. Hoarding cash may be inconvenient and risky, but if rates become too negative, it becomes worth it."

"Dear Mark Zuckerberg. No, I Will Not Remove This Picture..."

"Dear Mark Zuckerberg. I follow you on Facebook, but you don’t know me. I am editor-in-chief of the Norwegian daily newspaper Aftenposten. I am writing this letter to inform you that I shall not comply with your requirement to remove a documentary photography from the Vietnam war made by Nick Ut. Not today, and not in the future..."

Another Greek Standoff: Europe Refuses Athens' Bailout Payment Until Reforms Are Implemented

Greece is once again facing a bailout standoff with its creditors as eurozone countries have refused to release additional funds to Athens this month. Athens has infuriated its Euro peers because it has so far passed just two of the 15 reforms that were a condition of last year’s rescue package, and yet demands full payment. For now, Europe has said enough.

Boeing Gets "Mind-Boggling" $2 Billion Bonus Despite Failed Missile Defense System Tests

From 2002 through early last year, the Pentagon conducted 11 flight tests of the nation's homeland missile defense system. The interceptors failed to destroy their targets in six of the 11 tests -- a record that has prompted independent experts to conclude the system cannot be relied on to foil a nuclear strike by North Korea or Iran. Yet, as The LA Times reports, over that same time span, Boeing, the Pentagon's prime contractor, collected nearly $2 billion in performance bonuses for a job well done...