Testimony

Frontrunning: June 12

  • Tech selloff spreads to Europe and Asia, politics lifts euro (Reuters)
  • GE Names Flannery CEO as Immelt to Step Down After 16 Years (BBG)
  • Trump to Call for Curbs on CFPB (WSJ)
  • Sessions Testimony Will Keep Attention on Russia Probe (WSJ)
  • France Is on the Verge of an Astonishing Political Transformation (BBG)

"Tech Wreck" Goes Global Dragging Worldwide Markets Lower; Cable, USDJPY Slide

Following Friday's "tech wreck" European equity markets have opened lower, with the Stoxx 600 sliding back under the 50DMA for the first time since December, mirroring Asian markets as Friday’s "FAAMG" volatility in U.S. markets spreads globally. European banks lag as the Spanish regulator stepped in to prevent another bank collapse, this time of LiberBank which we profiled yesterday, by banning short-selling in the regional commercial bank to mitigate Popular-related contagion.

The Phony War Against Donald Trump

"Unless and until Robert Mueller’s investigators uncover evidence that crimes were committed by Trump associates - and that Trump knew about them or committed some himself - the only scandal here is Trump’s disregard for Washington’s myths and norms. "

FX Week Ahead Preview: Focus Returns To The US Economy As Politics Run Riot Once Again

FX Week Ahead: Focus returns to the US economy as politics have run riot once again. Theresa May clearly made a big mistake in calling the snap election, and the Pound has suffered accordingly. It is a key week for central banks next week, headlined by the FOMC meeting on Wednesday, which is widely expected to result in a 25bp rate hike as the Fed maintain course for ‘normalisation’. 

Russia Retaliates Against Obama Expulsions, Plans To Seize US Property In Moscow

One of the last acts of Obama's presidency was to "impose costs" on Russia over election-hacking allegations (so far unproven) by expelling 35 Russian diplomats and seizing two compounds in NY and MD. Putin initially warned of "proportional response" but then surprised many by "refusing to sink to 'kitchen' diplomacy." However, six months later, Reuters reports Russia may seize U.S. diplomatic property in Moscow.

CNN Fires Host Who Called Trump A "Piece Of Shit"

"CNN has decided to not move forward with production on the acquired series ‘Believer with Reza Aslan,'” CNN said in a statement. “We wish Reza and his production team all the best. "