ratings

Futures Slide As Weak Start To Q2 Continues Amid Global Growth, Political Jitters

Global stocks were pressured by a poor start to the second quarter in the US, where carmakers reported disappointing sales data, slamming auto stocks around the globe. The selling has persisted for a second day, with Asian stocks, S&P futures fall and European shares all partially in the red today after their biggest decline in two weeks.

Rand Tumbles After S&P Downgrades South Africa To Junk: Full Text

While CDS markets had largely priced in a downgrade (with levels approaching those of Brazl), FX markets seemed surprised when moments ago S&P downgraded South Africa to junk, cutting it from BBB- to BB+, in the aftermath of last week's sacking of finance minister Gordhan by president Zuma.

The American Dream, Twice Removed

"The demise of America comes in small steps. But it’s unstoppable. The same is true for every other housing bubble. When no-one can afford to buy a home anymore but a bunch of Russians and Chinese, rental prices surge. And then shortly after that the whole thing goes up in smoke."

LIBOR Pains

LIBOR is a benchmark reference rate (which explains why some banks were so eager to manipulate it). The pricing of all kinds of floating-rate debt is tied to it (corporate loans, mortgages, student loans, credit card debt, and assorted derivatives, such as currency and interest rate swaps, etc.). That has now become a problem.

Gordhan Learned He Was Fired On TV

South Africa's sacked finance minister Gordhan told reporters that he and his deputy "learnt our fate from the TV screen. Not from any phonecall, chat or conversation. So that was I’m sure as interesting for us as it was for you."

 

Kremlin Rejects US, EU Call To Free Detained Protesters As Court Fines Opposition Leader Navalny

One day after snap protests against corruption and Russia PM Medvedev broke out across numerous Russian cities, leading to the detention of hundreds of protesters as well as opposition leader Aleksey Navalny, the Russian opposition activist was found guilty of staging an unsanctioned rally, and will be fined 20,000 rubles (US$350) for his role in organizing what the authorities said was an illegal protest in Moscow on Sunday.

South Africa's Zuma Unexpectedly Recalls Gordhan From International Roadshow; Rand Tumbles

The rand tumbled as much as 1.7% and banking shares on the Johannesburg bourse fell more than 2% after South African President Jacob Zuma unexpectedly ordered Finance Minister Pravin Gordhan to return from an investor roadshow to Britain and the United States on Monday because he "did not give permission for the trip" a government source said.

Millennials Don't Consider Themselves Adults Until 30

The median age of millennials is 30 - meaning that half are older and half are younger - and 30 happens to be the age at which millennials tend to self-identify as adults according to new research by CBS.

Only 1 In 6 Americans Hold 'Favorable' View Of FBI Director Comey

The Director of The FBI has managed to do what many have failed to do - bring a desperately divided nation together. James Comey is unpopular across the political spectrum, according to a new poll that finds voters have a negative opinion of Comey by a more than two-to-one margin.