Reuters

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Frontrunning: April 21





  • World stocks gain along with oil, clock ticks down to ECB (Reuters)
  • Draghi Expected to Defend ECB in Face of German Criticism (WSJ)
  • Trump, Cruz, Kasich seek to win over Republican leaders at party meeting (Reuters)
  • Donald Trump Plans to Adopt More-Traditional Campaign Tactics (WSJ)
  • Japan, Not Germany, Leads World in Negative-Yield Bonds (BBG)
 
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Meet Trump 2.0: "Be Afraid, Anti-Trump Forces, Be Very Afraid"





Donald Trump 2.0 made his official debut Tuesday night following his sweeping victory in New York reestablishing him as the man to beat in the Republican presidential race. That version of Trump was markedly more disciplined, gentler and more appealing than the version of Trump we've seen for much of the last year. And, that fact should scare the hell out of establishment Republicans who believed that their efforts to keep Trump from the 1,237 delegates he needs to formally capture the GOP nomination was beginning to catch on.

 
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"We Are Taking Them To The Cleaners" - State Street Caught Stealing From Clients With Up To 1,900% Markups





One of the more egregious examples in recent history of "nickel and diming" one's clients was revealed today when Massachusetts' top securities regulator alleged a unit of custody bank State Street routinely overbilled customers for items such as messaging services, even as an executive worried one client might "discover that we are taking them to the cleaners."

 
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China Gold Yuan Trading To Boost Power In Gold and FX Markets – End Manipulation?





China launched yuan denominated gold bullion trading today in a move that will further boost its power in the global gold and fx markets. Critics of the existing pricing mechanisms hope that it will lead to increased transparency and may end price manipulation.

 
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Frontrunning: April 20





  • After big New York wins, Trump and Clinton cast themselves as inevitable (Reuters)
  • Eastern States Take Turn in Presidential Primary Spotlight (WSJ)
  • China's Stocks Tumble Most in Seven Weeks to Break Trading Calm (BBG)
  • Oil falls on end to Kuwaiti strike, supply outlook (Reuters)
  • Oil price's decline weighs on global stock markets (Reuters)
 
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China Launches Yuan Gold Fix To "Exert More Control Over Price Of Gold"





Overnight a historic event took place when China, the world's top gold consumer, launched a yuan-denominated gold benchmark on Tuesday as had been previewed here previously in what Reuters dubbed "an ambitious step to exert more control over the pricing of the metal and boost its influence in the global bullion market."

 
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China Retaliates In Trade Wars - Increases Steel Output To Record High





A funny thing happened when US slapped a major tariff on China's steel exports... prices exploded higher. But the almost 50% surge in steel prices since mid-December back to 15-month highs have left traders equally split on what happens next. Will record production levels exaggerate a global glut amid tumbling exports and rising tariffs, or will China's trillion-dollar surge in credit fuel yet more so-called "iron rooster" projects driving domestic demand even higher. For now, it appears the former is more likely as US Trade reps suggested further protectionism looms.

 
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Iran Is Ready To Flood The World With Oil... It Just Has No Ships To Deliver It





As increasingly more of Iran's tanker fleet is currently utilized or is otherwise out of commission, Iran desperately needs foreign ships to execute its plans for a big export push to Europe and elsewhere and meet its target of reaching pre-sanction sales levels this year. There is just one problem: nobody is willing to give their spare tankers to Tehran, no matter the price.

 
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The Chinese Start Buying Silver: BofA Says "Momentum Breaks Out To Highest In Years"





Spiking demand for silver has pushed it to fresh 10 month highs above $17/ounce. One reason suggested for the buying came from Reuters, which said "that there is heavy buying in silver in Shanghai, and that has triggered buying in gold as well," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. This may just be the beginning as technicians are finally starting to pay attention.

 
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Frontrunning: April 19





  • Early Warning Signs of Recession Flash Faintly in U.S. Jobs Data (BBG)
  • Who Needs Buybacks? One S&P 500 Variant Just Rallied to a Record (BBG)
  • The unpredictable new voice of Saudi oil (FT)
  • Saudi's Other Warning Makes Oil Traders Sweat After Doha Failure (BBG)
  • U.S. oil investors rush for protection at $35 as Doha talks collapse (Reuters)
  • Trump candidacy: Where some fear to tread others see a path to victory (Reuters)
 
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Massive Suicide Bomb Attack Near US Embassy In Afghanistan Kills Over 28, Injures Hundreds





A massive Taliban suicide bomb as well as a gun attack on a government security office in central Kabul near the US embassy during rush hour on Tuesday killed at least 28 people and wounded more than 320 in Afghanistan earlier today, a week after the militant group announced a spring offensive.

 
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Marc Faber: “Messiah” Central Banks Currency Printing “Will Not End Well”





Marc Faber has warned that a new financial crisis is coming and will be worse than the 2008 one and warned that the “messiah” central banks “helicopter money ” policies “will not end well ...”

 
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Obama Sends More Troops To Iraq; Authorizes Use Of Apache Helicopters; Gives $415 Million To Local Army





Back in 2014 Obama promised that as part of the US war against ISIS, there would be "no ground troops in Iraq." Moments ago U.S. Defense Secretary Ash Carter gave the latest confirmation that Obama was not being exactly "honest", when during a visit to Baghdad in which he met U.S. commanders, Iraqi Prime Minister Haider al-Abadi, and Iraqi Defence Minister Khaled al-Obeidi, he announced that the US would send another 200 additional troops, raising the number of U.S. troops in Iraq to about 4,100.

 
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