Stress Test

French 30-Year Bond Sale Over 4 Times Oversubscribed

In its first bond sale since the presidential election and the first big test of investor sentiment after Emmanuel Macron won the presidency, France received more than €31 billion in demand for a a €7 billion bond offering maturing in just over 30 years.

"Canada Hasn't Seen A Bank Run Such As This In Decades" - Finance Minister Says Home Capital Bailout Is Possible

"In the early hours of Monday, May 1, exhausted representatives for Home Capital and a group of lenders hung up the phone in frustration. A deal to give the company an emergency $2-billion loan appeared to be falling apart. Directors at the mortgage firm felt that without the money, they wouldn’t be able to open for business a few hours later. The dramatic story of a financial institution’s near-collapse."

Kashkari Slams Dimon: "If Demand For Loans Is High, Why Are You Buying Back Your Stock?"

"Dimon argues that the current capital standards are restraining lending and impairing economic growth, yet he also points out that JPMorgan bought back $26 billion in stock over the past five years. If JPMorgan really had demand for additional loans from creditworthy borrowers, why did it turn those customers away and instead choose to buy back its stock?"

Key Events In The Coming Week

The key economic releases this week are the consumer confidence report on Tuesday, the third estimate of Q4 GDP on Thursday, and the PCE report as well as Personal Income & Spending data on Friday. In addition, there are several scheduled speaking engagements by Fed officials this week.

Global Stocks Slide, S&P Futures Tumble Below 50DMA As "Trump Trade" Collapses

Global stocks are lower across the board to start the week, as concerns about Trump's administration to pull off a material tax reform plan finally emerge, pressuring S&P futures some 20 points lower this morning, following European and Asian shares lower, while crude oil prices fall unable to find support in this weekend's OPEC meeting in Kuwait where a committee recommended to extend oil production cuts by another 6 months.

Is Trump About To Hammer The Federal Reserve?

The Trump mandate on “America First” is being misconstrued as an isolationist policy but is in fact the cover for integrating America into the emerging multilateral.

Beware Trump Tweets, And Other Major Catalysts In 2017 According To JPMorgan

In the latest macro update from JPM's Adam Crisafuli, the strategist writes that the Trumpflation rally which more than doubled the market's YTD gains since the Trump election, has gotten ahead of itself and that "it seems like a lot of headwinds that have been accumulating below the surface for weeks are quietly moving to the fore."

Italy Slams ECB For Revealing It Has A "Bank Run" Problem

"It would have been useful, if not kind, to have a bit more information from the ECB about the criteria that led to this assessment," Italy's economy minister Pier Carlo Padoan told Il Sole 24 Ore, as he slammed the ECB. "I was a bit surprised to receive the news, out of the blue and on Christmas day."

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."