Reuters

Frontrunning: April 26

  • The Fed Is Meeting in April to Talk About June (BBG)
  • Global stocks, oil prices climb as investors ready for Fed (Reuters)
  • Apple Results to Show How Far iPhone Sales Have Fallen  (BBG)
  • On Election Eve for five states, Trump rips Cruz and Kasich (Reuters)
  • President Xi Jinping’s Most Dangerous Venture Yet: Remaking China’s Military (WSJ)
  • Oil's Recovery Inches Higher as 'Fracklog' Awaits Price Trigger (BBG)

As Fed Meeting Begins Futures Are Flat In Sleepy Session; Apple Earnings On Deck

With the Fed decision just one day away, followed the very next day by the increasingly more irrational BOJ, stocks had no desire to make significant moves and overnight's boring session was the result, as European stocks and U.S. index futures rose modestly but mostly hugged the flatline while Asian declined 0.2% for a third day as raw-material shares declined and Tokyo equities slumped before central bank meetings in the U.S. and Japan this week. China’s stocks rose the most in almost two weeks, up 0.6% but failed to rise above 3000 on the Shanghai Composite, in thin trading.

For The First Time US Deploys Two F-22 Raptors Close To Russia To "Deter Aggression"

Two American F-22 Raptor 5G stealth fighter jets and a refueling aircraft have been deployed to an airfield in Romania as manifestation of NATO’s support to its Eastern European members against Russian aggression. “For the first time in Romania, the next-generation combat aircraft F-22 Raptor, part of the US Air Force Europe mission, arrived today at Mihail Kogalniceanu military base,” the US Embassy said on its Facebook page Monday.

Pioneer Announces It Will Add More Rigs As Soon As Oil Hits $50

This is what Pioneer Natural Resources just said in its press release: "expecting to add five to ten horizontal drilling rigs when the price of oil recovers to approximately $50 per barrel and the outlook for oil supply/demand fundamentals is positive."

Why Oil Dropped: Saudis Set To Boost Production In Scramble For Chinese Demand

After meandering steadily higher for the past week, and completely ignoring the negative newsflow out of the Doha meeting, today oil took an unexpected leg lower to 4-day lows, leaving many stumped: what caused this drop? The answer: it looks increasingly likely that the Kingdom is targeting another 0.5-m b/d of sales, bringing its production up to a steadier 11-m b/d or higher as it scramble to regain Chinese market share lost in recent months to Russia.

Frontrunning: April 25

  • Obama sending more forces to Syria to consolidate gains against Islamic State (Reuters)
  • Global stocks, dollar stumble ahead of Fed, BOJ meetings (Reuters)
  • The Rise and Deadly Fall of Islamic State’s Oil Tycoon (WSJ)
  • Oil Producers Lock In Once-Snubbed Prices (WSJ)
  • Yellen's Scope for Summer Rate Hike Widens as ECB Signals a Hold (BBG)
  • 11,000 jobs at risk as BHS teeters on brink (The Times)

"It's A Trojan Horse" - Thousands Of Germans Protest TTIP Trade Deal One Day Before Obama Visit

One day before Obama visits Angela Merke in Germany to pitch the TTIP trade agreement, thousands of German protesters have once again come out on the streets of Hannover to say 'No' to the controversial TTIP US-EU trade deal. Many in Germany fear it will reduce consumer protection and undermine workers’ protection. In an interview with Bild, Obama said that "the Transatlantic Trade and Investment Partnership is one of the best ways to promote growth and create jobs." Ironically, this comes just as support for the TTIP is tumbling on both sides of the Atlantic.

Why Are Bankrupt Oil Companies Still Pumping?

A central tenet in the thesis by analysts about the oil markets rebalancing has been that as prices declined, oil companies would be forced into bankruptcy. That in turn would lead to declining production, and eventually a rebalancing of supply and demand in the market, followed by higher prices. That process is already taking longer than many expected, and it looks like more time is needed. That additional time to balance the market is being driven by an unexpected factor; bankrupt oil companies are still pumping.

Virginia Governor Allows Convicted Felons To Vote In Boost To Hillary's Election Odds

As the Richmond Times Dispatch reports, Governor Terry McAuliffe today signed an order to restore voting rights to more than 200,000 convicted felons in Virginia. The order applies to nonviolent and violent felons, and according to a confidential draft of research for the order obtained by the Richmond Times Dispatch, is authorized under the Constitution of Virginia. Why this surprising announcement now? As Reuters says, the "move that could help the Democratic nominee in November's presidential election."

Notorious Short Seller Raises $100 Million To Take Down Unknown Company

Kerrisdale Capital's Sahm Adrangi is no stranger to stirring up notoriety and self-promoting publicity if it helps generate inbound capital or profits. Back in 2013 New York magazine's spellbound Kevin Roose wrote an extended profile of the then-32 year old hedge fund manager and prominent short seller, describing him as "the hedge-fund world’s first full-on social-media-savvy investor can move markets with the flick of a tweet." Fast forward to today when we learn that Adrangi has synthesized all these components into his latest marketing gimmick: as Reuters reports Kerrisdale has raised approximately $100 million from investors to bet against a single stock.