Recession

UK Chancellor Osborne Breaks Silence, Fails To Calm Markets; Says In No Rush To Trigger Article 50

While the global market eagerly awaits outgoing UK PM David Cameron's address to Parliament on Monday after a weekend of political turmoil that left Britain looking rudderless following the shock vote to leave the European Union, this morning Chancellor George Osborne made his first statement since the EU referendum in a bid to calm the turmoil in financial markets that has followed the UK’s vote to leave the EU last Thursday.

Brits Lead Revolt Against Age Of Inequality, BofAML Favors "Gold, Vol, & Cash Positions"

Brexit is the biggest electorate riposte yet to The Age Of Inequality created by policymakers to save (some) of the world, and as BofAML's Michael Hartnett warns, investors must anticipate a shift to an increasingly populist policy response. The backdrop of Quantitative Failure nonetheless means a renewed bull market in risk assets is impossible unless fiscal policy can quickly arrest the downside in GDP & EPS forecasts.

Goldman Sees A UK Recession, Shocked By A Fed "Tightening Cycle Unlike Any In Modern History"

Looking at the UK, Goldman says "we expect a recession – albeit mild by historical standards – in the first half of next year. The weaker outlook will also weigh on the inflation outlook. Meanwhile, back in the US, "our forecasted path for the funds rate now looks quite unlike any tightening cycle in modern Fed history—one increase, followed by an extended pause, followed by gradual but steady increases over the subsequent three years."

Stockman: "At Last The Tyranny Of The Global Financial Elite Has Been Slammed"

At long last the tyranny of the global financial elite has been slammed good and hard. You can count on them to attempt another central bank based shock and awe campaign to halt and reverse the current sell-off, but it won’t be credible, sustainable or maybe even possible. The central bankers and their compatriots at the EU, IMF, White House/Treasury, OECD, G-7 and the rest of the Bubble Finance apparatus have well and truly over-played their hand. They have created a tissue of financial lies; an affront to the very laws of markets, sound money and capitalist prosperity.

Greenspan: "This Is The Worst Period I Recall; There's Nothing Like It"

"This is the worst period, I recall since I've been in public service. There's nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away. I'd love to find something positive to say."

Which US Companies And Sectors Have The Most Exposure To Brexit

At the company level, 30 companies in the S&P 500 have revenue exposure of more than 10% to the United Kingdom, led by Newmont Mining (64%), Molson Coors Brewing (34%), and PPL Corporation (31%). At the sector level, the Energy (6.4%), Information Technology (4.0%), and Materials (3.7%) sectors have the highest revenue exposures to the United Kingdom.

Durable Goods Orders Crater In May - Longest Non-Recessionary Slump In American History

Durable Goods Orders cratered 2.2% in May, drastically below -0.5% expectations - the worst since Feb. The entire data series disappointed with unexpected declines in Durables Ex-Transports and non-defense orders and shipments. However this is now the 17th month in a row of YoY Core Durable Goods declines, something that has never happened without a US economic recession being present.

Central Bankers Around The Globle Scramble To Defend Markets: BOE Pledges $345BN; ECB, Others Promise Liquidity

There was a reason why we warned readers two days ago that "The World's Central Bankers Are Gathering At The BIS' Basel Tower Ahead Of The Brexit Result": simply enough, it was to facilitate an immediate response when a worst-cased Brexit vote hit. And that is precisely what has happened today in the aftermath of the historic British decision to exit the EU.  It started, as one would expect, with Mark Carney who said the Bank of England is ready to pump billions of pounds into the financial system as he stands at the front line of Britain’s defense against a Brexit-provoked market crisis.