Royal Bank of Scotland

Frontrunning: February 15

  • World stocks at 21-month highs on Yellen, U.S. outlook (Reuters); Dollar notches longest run of gains in five years before CPI data (Reuters)
  • Nervous About the ACA, GOP Divisions Emerge Over Repeal Effort (BBG)
  • Flynn Probed by FBI Over Calls With Russian Official (WSJ)
  • Russia Questions Mount for Trump White House Reeling From Flynn Fallout (BBG)
  • Trump knew for weeks aide was misleading over Russia (Reuters)

Frontrunning: February 13

  • 'Trump trades' on boost to economic growth come back with a bang (Reuters)
  • Trump's national security adviser Flynn trying to survive crisis (Reuters)
  • White House Is Sifting Options on Immigration Ban (WSJ)
  • North Korean Nuclear Ambitions to Be Defining Issue for Trump (BBG)
  • Netanyahu opposes Palestinian state, Israeli minister says ahead of U.S. visit (Reuters)
  • Speed Limits on Trump’s Infrastructure Drive: Federal Laws, Rare Species and Nimbys (WSJ)

Chinese Reserves Unexpectedly Drop Below $3 Trillion For The First Time Since 2011

Beijing surprised China-watchers this morning, when the PBOC announced that in January, China’s foreign-currency reserves dipped by $12.3 billion, below the key "psychological level" of $3 trillion, or $2.998 trillion to be exact, declining for the 7th consecutive month, and dropping to the lowest since early 2011.

Frontrunning: February 6

  • The Patriots’ Insane Comeback: One for the History Books (WSJ)
  • Euro fades in face of French election risks (Reuters)
  • Legal battles to test Trump and his travel ban (Reuters)
  • Standoff Looms Over Travel Ban; Trump Rips Judge (WSJ)
  • Trump Set to Attend NATO Summit in May (WSJ)

Frontrunning: January 26

  • Trump heads to Philly to charm congressional Republicans (Politico)
  • Trump Set to Lay Out Plans for Safe Zones Inside Syria (WSJ)
  • Trump Wants to Build a Wall. Finding Workers Won’t Be Easy (BBG)
  • Sanctuary cities face huge cuts by Trump policy (Reuters)
  • Trump Faces Criticism Over Prospect of Enhanced Interrogation Techniques (WSJ)
  • U.K. Commons to Complete Article 50 Bill Debate in Two Weeks (BBG)

Three "Cartel" FX Traders Criminally Charged With Currency Rigging

Moments ago, U.S. prosecutors charged three traders who made up the infamous "Cartel" currency rigging chat room, and who were at the heart of a criminal investigation that has ensnared the world’s biggest banks over the rigging of currency rates.

Frontrunning: December 30

  • Russia Set to Expel 35 U.S. Diplomats in Tit-for-Tat (BBG)
  • Trump’s Plan to Partner With Russia Faces Bigger Hurdle (WSJ)
  • Trump could reverse effects of Obama order on Russia (Reuters)
  • Gold Lures Investors Worried About Trade Wars and Trump Tweets (BBG)
  • Syria truce backed by Russia, Turkey, holds but clashes reported (Reuters)

Three Mini-Bubbles Are Bursting

The world has gotten so used to ultra-low interest rates that even economists and money managers seem to be shocked by what happens when rates start creeping back towards normal levels. Some of the mini-bubbles that formed in an essentially free-money environment are now starting to leak.

Frontrunning: December 28

  • Crude Rally Lifts Commodity Currencies; Bonds Rise: Markets Wrap (BBG)
  • Kerry Plans Middle East Speech as Israel Moves to Ease Tension (BBG)
  • Japan Looks to Smooth Over Past as New Threats Arise (WSJ)
  • Israel backs off East Jerusalem settlements (Reuters)
  • House Flipping Makes Comeback as Home Prices Rise (WSJ)

Credit Suisse Settles With DOJ For $5.3 Billion; Will Pay $2.5 Billion Civil Penalty

Credit Suisse agreed to pay $5.28 billion to resolve a U.S. investigation into its business in mortgage-backed securities as officials work through a backlog of crisis-era bank cases. The Swiss lender will pay a $2.48 billion civil penalty and $2.8 billion in relief for homeowners and communities hit by the collapse in home prices, it said in a statement Friday.

Frontrunning: December 5

  • Italy Sinks Into Political Limbo as Defeat Sweeps Renzi Away (BBG)
  • Investors Shrug Off Italy Referendum Result (WSJ); Markets Rise After Italy Turns Down Referendum (BBG)
  • Italy’s ‘No’ Poses Trouble for Eurozone (WSJ)
  • Oil tops $55 for first time in 16 months as OPEC deal fuels buying (Reuters)
  • Merkel regrets Renzi resignation but will work with new Italy government (Reuters)