Reuters

Heavily-Armed Gunman Killed After Opening Fire In German Cinema

Update: Police report shooter is dead.

Witnesses are reporting multiple shots fired as Bild reports a heavily-armed man is at large in a cinema complex in Viernheim, Germany. The armed man has barricaded himself in the center and SWAT are on their way...police say up to 50 wounded.

Gundlach Will Sell European Stocks Into "Remain" Pop; Bashes SolarCity Deal

With cable trading just shy of 1.49, and well above what many banks had expected was the currency's maximum "surge" rebound from last week's lows in the case of a "Bremain" victory, the looming question among trading desks ahead of tonight's official results is whether the market has fully priced in the brexit favorable outcome. According to at least one person the answer is yes. Jeffrey Gundlach said that his firm is considering selling its position in European equities early Friday on a "Bremain" vote

As Of This Moment, Barclays Is Not Accepting FX Stop Loss Orders

"Both Barclays Electronic Trading Desk and Barclays Voice Spot Trading Desk will endeavour to operate as close to normal levels of service as the Disrupted Market Conditions allow.  However, taking into account the potential Disrupted Market Conditions during the EU Referendum Period, Barclays has decided to impose certain restrictions on its electronic and voice FX Stop Loss order offering during this period and would like to highlight certain matters with respect to Disrupted Market Conditions."

Frontrunning: June 23

  • ‘Brexit’ Vote: U.K. Heads to the Polls in Historic Referendum on EU Membership (WSJ)
  • The Brits Have No Good Options on Europe Vote (BBG)
  • Stocks Rise With U.S. Futures as Pound Gains While U.K. Votes (BBG)
  • Trump and Clinton Place Bets to Woo Undecided Voters (BBG)
  • China brushes off doubts over support on South China Sea, says it is growing (Reuters)

NATO General Admits Russia Is Not A Threat To The Region

Over the course of the past few months, the United States has pushed NATO to build up troops on Russia's border, held war games in its backyard, and deployed aircraft carriers to the Mediterranean. The rationale for such actions has always been very vaguely communicated, but as NATO European Command General  Philip Breedlove said, it has all been to send a signal of deterrence to Russia. However, the reality is that, according to General Petr Pavel, chairman of the NATO Military Committee, there is no intelligence that suggests Russia is planning any broad-scale aggression whatsoever.

Yellen Credibility Watch Day 2: "Humphrey Hawkins" Hearings Live Feed

Yesterday she hinted "sell stocks" and "vote remain," before admitting The Fed's forecasting skills were worse than Punxatawney Phil. While today's prepared remarks will be the same, we wonder what the politicians on The House Financial Services Committee will have learned ahead of today's Q&A - most notably will the topic of gender, race equality be dragged up once again because of its crucial import to those campaigning in the forthcoming elections. Following Bank of Japan's Kuroda's overnight capitulation that "monetary policy doesn't always turn out as expected,"  we wonder if Yellen will be forced to admit the same.

Gartman Flip-flops Again: 'The Trend Is, Has Been And Shall Be Upward"

"The trend is, has been and likely shall continue to be upward. TINA rules the day; TINA is “Queen.” TINA it is then. It will end when it ends and it will eventually end badly of course for such things always do.  But between now and that hundred years the trend for interest rates is lower and the trend for equity prices is higher."

Frontrunning: June 22

  • Nervy global investors revisit 1930s playbook (Reuters)
  • Stocks Trade Near Week High Before Brexit Vote; Commodities Gain (BBG)
  • Yellen May Face Tougher Crowd in House Appearance (WSJ)
  • In SolarCity Bid, Tesla’s Musk Targets Customers Wanting All (BBG)
  • Trump to detour from campaign to visit Scotland golf properties (Reuters)

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.

Blackouts Loom With California In Power Grid Emergency: "All Customers Should Expect 14 Days Without Power"

All customers, including homes, hospitals, oil refineries and airports are at risk of losing power at some point this summer because a majority of electric generating stations in California use gas as their primary fuel. In April, millions of electric customers in Southern California were warned they could suffer power outages on up to 14 days this summer due to the closure.

More Banker Layoffs: RBS To Cut Another 900 Jobs

Bank layoffs are now coming at a rapid pace in what is a clear sign of desperation by the firms to cut costs enough to keep shareholders happy as NIRP continues to hammer bank profits.