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Futures Fail To Surge On European Commission Slashing Growth Outlook As Crude Plunge Continues
Despite last night's Nikkei futures smash, in the hours that immediately followed, algos had an easy time levitating both European stocks and US futures on the usual no volume, until suddenly, a little after the European open, the European commission released an Easter egg when it finally admitted, with less than 2 months left in the year, that a European triple dip is in the card, when it slashed its May growth and inflation forecasts across the board for not only Europe but the rest of the world as well.
The commission said it now expects gross domestic product in the 18-country Eurozone to grow 0.8% this year, down from 1.2% growth it forecast this spring. In 2015, the eurozone economy will likely grow 1.1%, also less than the 1.7% growth seen in the spring. In 2016, growth in the currency union will rise to 1.7%, the commission said, as the WSJ summarized. Needless to say this latest set of expectations by Jean-Claude "You have to lie" Juncker, will also be severely over-optimstic, and we eagerly look ahead to 2015 growth being slashed to negative at the next EC growth revision in six months.
Yet what is strange is that while traditionally such a major downward growth revision would have been sufficient to send futures soaring - why: because in a world where only central banks are left, it means more central bank global bailouts of course - this time the adverse update actually had the impact of sending futures to their lows of the session, granted just a few tiny points since the market is clearly disconnected with even the most pro forma, non-GAAP version of reality, but the reaction direction was clearly unexpected.
Perhaps this is explained by the ongoing devastation in both WTI and Brent, which were trading at $76.70 and $82.50 at last check, both down almost 3% as the plan to use Saudi Arabia to crush Russia has instead backfired and the Saudi princes are now openly looking at destroying the US shale infrastructure, as we forecast in the worst, for Obama, scenario.
So looking at fixed income and equity markets, European equities enter the North American open, mostly in negative territory as participants shrug off initial BoJ-inspired gains, with attention instead turning towards the EU Commission who cut their Euro-Area growth and inflation forecasts for 2014 and 2015. The continuation of the slide seen in WTI prices has placed further heavy pressure on energy-related names, with the energy-heavy FTSE 100 being squeezed as a result. In terms of this morning’s earnings reports, they painted a relatively mixed picture with the notable outlier Hugo Boss (-5.7%) after they cut their FY forecasts. On an index specific basis, the FTSE MIB leads the way for Europe, with Banca Monte dei Paschi (+12.2%) higher after NIT Holding Limited said it has proposed a EUR 10bln investment for the Co.’s restructuring. Elsewhere in Italy, both Snam and Terna trade firmly in the green after yesterday’s heavy losses that buoyed the index.
Fixed income products initially softened alongside the higher open in European equities, with news that Apple are to launch Euro-denominated bonds and hawkish comments from ECB’s Nowotny who went against his ‘never say never’ attitude on Friday, also adding to the downside. Nonetheless, heading into the North American open Bunds have staged a turn around with some analysts suggesting that yesterday’s sell-off is somewhat overdone, with other analysts also suggesting short-covering head of the ECB on Thursday and thus prices have broken back above 151.00. However, this move was then further extended by the aforementioned EC forecasts, with German, France and Italy’s growth prospects all being cut.
In FX markets, AUD continues to recover from overnight losses, which stemmed from the Australian ABS revising their unemployment rate higher to 6.2% from 6.1%, with markets instead focusing on the RBA dropping their ‘AUD remains historically high’ phrase. Elsewhere, EUR/USD continues to remain magnetised by 5.9bln due to roll-off at 1.2500 for today’s NY cut, while GBP has slipped back below 1.6000 following the lacklustre UK construction PMI release (61.4 vs. Exp. 63.5 (Prev. 64.2)) which came in at a 5-month low. Furthermore, the USD-index has given back some of yesterday’s gains underpinning JPY and thus dragging USD/JPY back below 114.00.
WTI crude futures trade down USD 1.60 after extending on yesterday’s losses, with WTI closing below USD 80/bbl for the first time since 2012 after Saudi Arabia lowered its prices for US crude exports amid speculation that stockpiles increased. Saudi Arabia cut its price of oil to the US in December while raising prices to Asia. The state-owned producer Saudi Aramco lowered the premium for Arab light relative to us gulf coast benchmarks by USD 0.45 per barrel. Some analysts also suggest that the European Commission slashing their growth forecasts have also hampered energy prices due to the impact on demand for future oil consumption. Elsewhere, spot gold consolidated above recent lows overnight as the USD-index marginally weakened overnight while a lack of physical demand and weak technicals present a bleak outlook for the yellow metal.
Market Wrap
European shares reverse earlier gains and fall with the oil & gas and tech sectors underperforming and real estate, financial services outperforming. The European Commission cut its growth forecasts for the euro area. Companies including Glencore, Santander, BMW and Continental had results.
Saudi Arabia cut prices for crude exports to U.S. customers. The Spanish and Dutch markets are the worst-performing larger bourses, the Swedish the best. The euro is stronger against the dollar. German 10yr bond yields fall; French yields decline.
Commodities decline, with WTI crude, Brent crude underperforming and natural gas outperforming. U.S. ISM New York, factory orders, trade balance due later.
- S&P 500 futures down 0.2% to 2007.5
- Stoxx 600 down 0.1% to 333.8
- US 10Yr yield down 2bps to 2.32%
- German 10Yr yield down 4bps to 0.81%
- MSCI Asia Pacific up 1.4% to 142.3
- Gold spot up 0.3% to $1169/oz
Bulletin headline summary from Bloomberg and Ransquawk
- European equities slip mostly into negative territory, shrugging off initial gains as focus shifts towards the EU Commission cutting their Euro-Area growth and inflation forecasts for 2014 and 2015.
- Energy markets continue to see further misery, with WTI at its lowest level since Oct’11 as participants continue to react to Saudi Arabia slashing prices for US crude exports.
- Looking ahead, attention turns towards the release of US trade balance, factory orders, API inventories and US mid-term elections
- Treasuries gain, led by long end, as traders await ADP tomorrow, ECB Thursday, October nonfarm payrolls Friday; bunds higher as European Commission cuts growth forecasts for euro region.
- European Commission lowers 2014 GDP forecast for euro region to 0.8% from 1.2%, 2015 to 1.1% from 1.7%; says inflation in the euro area will be even weaker than ECB predicts
- Japan’s Government Pension Investment Fund will have to buy $187b of Japanese and foreign equities to meet the asset-allocation targets it set last week, based on June holdings
- JGB 30Y yield has fallen as much as 20.5bps in two days to reach 1.39%, lowest since April 2013, following BOJ decision last week to boost bond purchases to JPY80t ($704b) annual pace
- Republicans appears poised to gain the six seats needed to win control of the Senate, even if that outcome isn’t immediately known late Tuesday or early Wednesday
- JPMorgan said it faces a U.S. criminal probe into forex dealings and boosted its maximum estimate for “reasonably possible” losses on legal cases to the highest in more than a year
- Oil tumbled, with West Texas Intermediate falling 2.6% to $76.75/bbl, as Saudi Arabia cut the cost of its crude to the U.S.
- Ukrainian President Petro Poroshenko said rebel-held elections in the country’s east violate a two-month-old cease-fire, as he threatened to scrap the law granting greater autonomy to the separatist regions
- Israel pushed forward with plans to build homes in east Jerusalem, defying U.S. criticism of measures that would expand the Israeli presence on territory the Palestinians claim for a future state
- China plans a $16.3b fund to finance construction of infrastructure linking its markets to three continents as President Xi Jinping pushes forward with his plans to revive the centuries-old Silk Road trading route
- Sovereign yields lower. Asian stocks mostly higher, Nikkei +2.7% as Japan returns from holiday. European stocks, U.S. equity-index futures decline. Brent crude lower, copper and gold gain
US Event Calendar
- 8:30am: Trade Balance, Sept., est. -$40.2b (prior -$40.1b)
- 9:45am: ISM New York, Oct. est. 62 (prior 63.7)
- 10:00am: Factory Orders, Sept., est. -0.6% (prior -10.1%)
- 10:00am: IBD/TIPP Economic Optimism, Nov., est. 46.5 (prior 45.2)
* * *
DB's Jim Reid concludes the overnight recap
The conclusion from yesterday's global PMIs was that the US are behaving like Real Madrid and Europe, and in particular Italy, like Liverpool. The final European manufacturing PMIs were generally a touch weaker with the Eurozone print revised lower to 50.6 with Italy the underperformer (49 vs 50.6 expected and 1.7 points lower than last month). The US surprised on the upside coming in at 59.0 (vs. 56.2 expected, +2.4 points on last month and the highest since March 2011). In the pdf today we've updated our PMI vs YoY equity table to take into account yesterday's numbers. The data is based on a regression between the two variables over several years of data. This simple analysis suggests that given current ISMs, equity markets are too low in the US, Germany, UK and Spain and too high in Japan and Italy. However can the US PMI really stay at these levels if global activity continues to be soft and will Japan's increased asset buying mean that Japan equities stay above where activity suggests it should be in a similar way to US equities did during QE3. The answer to the latter question is probably yes so we only use the table as a guide to valuations.
Markets in Europe were weaker yesterday following the softer data and some weaker corporate earnings. There also seemed to be fairly low expectations ahead of the ECB on Thursday which weighed on markets. The Eurostoxx closed -1.0% and the Dax -0.8% although the main underperformers were the peripheral assets led by the FTSE MIB with a 2.1% decline whilst 10 year yields in Italy and Spain rose 7bps with Portugal and Greece 12bps and 10bps higher respectively. The Euro sold off 0.35% versus the Dollar.
Italy's data didn't help the peripherals yesterday, and Spanish politics is quietly bubbling under the surface due to both ongoing Catalonian tensions and also with some chatter about Sunday's El Pais poll putting Podemos - a left wing insurgent party set up only 10 months ago - in the lead nationally having seen support surge over the past month. Most observers think this is largely a protest reaction after recent political scandals but the evidence from Syriza in Greece, the Five Star movement in Italy and even UKIP in the UK (to name but a few) show that these new radical parties can create serious political shockwaves even if they've yet to make the leap into power. However the risk is that one day we may wake up to a maverick political leader elected somewhere in Europe given recent trends. The irony is that the ECB don't want to let politicians off the hook and are therefore being careful with public QE. However the longer they leave it the higher the risk that they help elect politicians that will be much more confrontational towards them and ones that they will struggle to do business with at all.
Talking of elections, it’s the US mid-terms today and in my career I can't remember such a low level of interest in it from a financial market point of view. Perhaps that's because there's been such a gridlock politically in recent years that nobody really expects much to change afterwards. Governments around the world are not really politically able to drive or shape growth at the moment and everything is being left to central bankers. It’s unlikely that much will changes after these elections.
Whilst we’re on the US price action was fairly volatile yesterday as an early boost from the PMI print was offset later in the day with a sell-off in the energy sector causing the S&P to close fairly flat (-0.01%). Credit markets mirrored the moves in equities whilst the DXY Index rallied a further 0.4%. Interestingly we saw the Fed’s Fisher applauding the FOMC’s action, or lack of it, in response to the recent market volatility after reporting that he chose to vote with the majority of policy makers last week. After dissenting against the September policy decision, Fisher acknowledged the positive wording in the statement this time round with regards to the labour market and mentioned that the US economy is headed towards increasing employment and inflation rising to the 2% target. Just wrapping up the US, yesterday we had the quarterly Fed bank lending survey which was fairly uneventful on the whole with a ‘modest net fraction of banks easing their standards’ during the period. The report also stating that a large majority of banks expect an increase in retail business lending over the next year.
Looking at markets in Asia this morning, there seems to be no sign of a breather in Japan following yesterdays public holiday as the Nikkei (+3.3%) and Topix (+3.0%) extend Friday’s rally, the former index briefly rose above the 17,000 level for the first time since 2007 whilst the Yen is 0.51% lower versus the Dollar and 30y JGB’s 13bps tighter. Elsewhere in Asia markets are largely muted with bourses in China, Hong Kong and Taiwan broadly unchanged. The Aussie Dollar is +0.46% versus the US Dollar as we type following strong retail sales data and a wider trade deficit whist the RBA kept rates on hold as expected.
Core markets aside, the Russian ruble weakened 0.8% versus the Dollar yesterday to extend declines to nearly 25% over the calendar year after Germany warned the nation of stronger sanctions following news that elections organized by pro-Russian rebels in eastern Ukraine were backed by a Russian foreign minister. Meanwhile a Reuters report yesterday quoted a senior NATO general as saying that ‘Russia’s border with eastern Ukraine has softened to the point of becoming completely porous’.
Before we look at the day ahead, it’s worth noting the movements in the oil price yesterday. Brent declined 2.1% and WTI -0.7% after Saudi Arabia, the largest OPEC producer, slashed prices for oil sold to the US. This follows price cuts earlier last month which prompted concerns over OPEC members looking to capture market share. As we reported in yesterday’s EMR, October was the month that Oil officially dipped into bear market territory and so far this month we’ve seen little evidence of this trend correcting.
Looking at the agenda today, we’ve got the European Commission forecasts to look forward to which will be interesting ahead of the ECB on Thursday. Peripheral nations will be worth keeping an eye on with the Spanish unemployment figure and ECB member Costa speaking at a conference on the Portuguese economy. Away from Europe and other than the mid-terms in the US, we’ve got the September factory orders print and the latest trade data which our US team highlighted yesterday could influence the Q3 GDP number.
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DIE MARKET !!
DIE! DIE! DIE!!
Probably most notable is trying to restore the petrodollar, beatin and bash with chinese side deals.
"hey looky here, if you played the global game the way we set it up, you'd be saving big bucks. Now you can just suck it!!"
Same as it ever was...
Because Obama!
EVEN PIERS MORGAN IS BASHING OBONGO NOW!
http://www.dailymail.co.uk/news/article-2819111/Piers-Morgan-Ten-reasons...
INCONCEIVABLE !
Maybe Jesse Ventura and Ted Nugent turned Piers around after all!
Morgan is an asshole. He was too stoopid to have a spot on dancing with the stars.
Rejects all end up in broadcasting or politics.
The market is dead, remember?
What you meant to say was Die Zombie!
The ES contract, the S&P500 contract is surging backwards at the time stamp of this post. I was watching a five minute chart of the trading for about 20 minutes. They had a nice tight trading range above yesterdays close there for a couple of hours; but the news from Europe kind of dented their enthusiasm. On a lighter note; Marketwatch reports that the FTSE 100 in London is okay with the new lower oil prices, because the tobacco companies are doing so well. So, it doesn't matter what price oil is as long as you sell a lot of ciggys. Very entertaining.
If the mkt dies, you die, fixed it for ya.
The Market, The?
"Futures fall..."
The wrong things and people are "falling".
Crude "Plunge"?
It's a MASSACRE!!!
"Crude "Plunge"?"
Look out below.
Oil and gas was the only significant job creator in US.
Ever seen a "dead zone" around a new Wal Mart after a year or so? Same thing here on a massive scale. No money, no buy oil. period.
No money, no buy oil. period.
Oh come on, you dont follow the official lines being peddled?
But, but TPTB keep saying everything is okay, couldn't be better, not to worry...
http://olduvai.ca
The global elite may not welcome lower oil prices but the rest of us will! Take a look at the impact.
The global elite seem to have anything which makes the rest of us better off.
There's only one thing they have in common that makes the rest of us better off. Death amongst themselves. Without us dieing too that is.
House of Saud has one weapon - oil. Silly of our State Dept. to expect they would not use it to protect their lone revenue stream.
Lots of noise coming too. Look at this site - find an Asian wife, buy a t-shirt or check out Kate Upton's titties.
Just don't look down.
At what point do oil companies start letting people go
Here in Lafayette La that is the biggest industry along with Houston
They found that Jet??
Oil companies restructured a while ago, including shedding off their downstream businesses.
Well; no one can answer that question. it depends on the company and what it's operations are and its expenses. they don't have a iicense to print money, so they have to operate at a profit to pay you. But I wouldn't get worried about it right now; first off, it won't do any good, and secondly, as I say, it depends on what kind of company you're talking about and what they're doing, exactly. ps. I like lafayette, La. I hung around there for a couple of weeks once; just basically as a tourist; or visitor.
oil will go back up tomorrow, after the usa elections.
Dammit......I knew it......which is why I bought gas yesterday.
That would be funny if that happens. However, I wonder if this is simply the tide going out before the tsunami comes in.
Nope. It won't.
nov 2008 $55 1 year later $75
nov 2010 $85 1 year later $90
nov 2012 $90 1 year later $98
nov 2014 $78 1 year later $??
nov 2014 $78 1 year later renminbi??
fixed for you
Did you forget the last time the speculators took the price down to $32 dollars a barrel; it was only a few years ago. Of course the price changes over a year; but your contention that it's going to change based on the election is very unlikely.
oh PUHLEEZE!
btw, saying tomorrow was an exageration. it may take as long as next week. /s
Whats your IQ dude?!!
Back over 80 by Friday. 85 by Turkey and 90 by Xmas. Count on it.
they may wait until after black friday to jack it
Maybe not this time.
"...traditionally such a major downward growth revision would have been sufficient to send futures soaring..."
Traditionally... since 2008. We have such long memories these days.
TAKE YOUR ADDERALL GODDAMMIT!!!!
But back to the subject. Oil inventories stand at 2.8 mB, or well within the +5/-5 mB limits. In other words, exactly normal.
In fact, every chart I'm looking at shows trends at or near the 0 sigma level, ie, exactly in the middle of the curve.
Will oil's "plunge" test the lower resistance boundaries? I'd say it's too early to tell. I'd say it all depends on two things- consumption changes and the bond market. So far, consumption is not rising- bad news for price corrections in oil. The bond market is primed for a yield breakout- the nightmare scenario that will see vampire zombies roaming the streets.
Will oil's drop burst the shale bubble? Again, too early to tell. Oil to gas price ratio stands at about 24- no resistance tests here. But a breakout in bonds will stomp the shale bubble into the dirt and make it a little grease spot no-one will remember outside of PhD dissertation conversations between pinhead hopefuls and their academic adsvisors.
As long as shale drillers get cheap money, they will weather the storm. But if low oil prices somehow shock the bond market, then shale drillers will feel as exposed as an orchid in, well, Williston.
And once said oil shale industry is caput, do Saudi's tripple oil price in the blink of an eye?
It's hard to believe that people didn't think that the destruction of American oil production was first on the list. The break even point for shale oil production is MUCH higher than conventional. For an administration that is interested in the destruction of the country, it is just a logical progression.
Create as much confusion as possible.
Assuming the red team gets ahold of the US Senate, the complete confusion puzzle will get a very large piece. The picture is almost complete.
How have past presidents distracted the American public from internal woes?
Drive out shale players and get your cronies to buy it on the cheap?
Oh no... there is a conspiracy against the Americans.
dp
dp
So all in all it looks pertty rosy for the fiat pumping freaks and their followers. What would Paul Krugman do? LOL!
We need MOAR! That'll fix it!
oil gun-shot at 1000 psi, accross the bow;clean upon the starboard...
lower prices mean more out for diner..
it will be spent.
$76 oil and gasoline still stubbornly hanging on to $3 a gallon. The last time oil went below $80 I filled up for $1.99 in South Carolina.
Oil may trade down but holders of the gasoline contracts will make sure they make extra profit there.
Gasoline should be below $2.50 a gallon but it isn't. Plus if oil does trade up a few dollars gas prices will immediately shoot up $.30 even though they haven't dropped anywhere close to a level that reflects the current price of crude.
It doesn't matter what the per barrel cost is. Oil has turned into a political weapon, not a commodity meant for consumption. Consumption is a byproduct.
Hey the Koch Brothers gotta eat to pal!
At least the Kock brothers have never tired to steal Nevada land to give to their Chinese cronies......you'll have to go see Harry Reid for that.
We only have 100 Senators.....but trust me....it's good to be one of them.
No, but they do control the large majority of refiners in the US that pretty much set the price on gas as they pass on their costs. Also, the US was sold long ago to the Chinese. All your seeing is the selling of the remaining scraps.
The Koch Bros are backing Monica Wehbe for Oregon Senator. Big time.
And the biatch is against labeling of GMO products.
It's a dysfunctional country; we don't any refinery capacity thanks to the EPA. If the crude prices stay down some more benes. will come through the pipeline; itt takes a little time; they're still cracking crude they paid for at last months price, you know.
It has more to do than just EPA.
Forget low gas $. States will raise gas taxes to make up the difference.
No soup for you
Pennsy 10 cents a gallon this year, next year, and the following year. This was with a republicrat govenor. You cant drive 10 miles in pennsy without finding a paving or bridge crew. They are stripping over roadkill, its unreal, and its been like that for the last 6 years. Some Roads they resurface every year..... (I78)
He said he wouldn't raise taxes. They all have to,it's called fees. Same
$2.40 in Baton Rouge.
The euro-zone is in a far bigger mess than recent headlines and figures suggest. Most of the growth in the Euro-zone over recent years has been in Germany and that bright spot is now under pressure. Italy has been in recession for two years; France’s economy has been stagnant for months. Now that Germany is in trouble, many economist think the chances of a Japan-style deflationary spiral have risen sharply.
What it all boils down to is Germany can’t keep buying Greek bonds and other bad debt with German taxpayer money until the end of time. The article below looks at the corner Central banks have painted economies into by attempting to paper over reality and how these polices will hinders growth for as long as the eye can see.
http://brucewilds.blogspot.com/2014/10/global-economic-malaise-due-to-debt.html
You're right. Eurofreaks are teetering on the preciplice of their own making; their fucking stupid Euro.
What it all boils down to; huuh. What it all boiils down to is a fish that's rotting from the head.
$CU is not a happy camper this AM.
It's 6:30 local here in the bakken, and all you can see is stream of uhaul trailers heading out of the state. This is what many would want you to believe. There will be larger fish consuming the smaller fish that depend on higher prices to survive. The M&A people should be coming here in droves. When they do show up, remember its the oil field. Please do not come to the Bakken dressed up like you are leaving the set of Brokeback Mountain. (you would not believe what I have seen, when it comes to Wall Street types that show up out here)
It's 6:30 local here in the bakken, and all you can see is stream of uhaul trailers heading out of the state. This is what many would want you to believe. There will be larger fish consuming the smaller fish that depend on higher prices to survive. The M&A people should be coming here in droves. When they do show up, remember its the oil field. Please do not come to the Bakken dressed up like you are leaving the set of Brokeback Mountain. (you would not believe what I have seen, when it comes to Wall Street types that show up out here)
Industrialists are not fools; they're not .gov employees. We;ll see some innovation some leanin and meanin; and some re-financing, and some M&A's; but they'll keep on truckin.
I agree completely
The first part of your post is sad indeed, the second part is funnier than hell!
Futures FAIL to surge on bad news?!!
What up with ZH headlines? Do they MUST have to use certain words like, surge, plunge etc in every headline?
Whats next... Futures Fail To Surge on Market Crash??
If you feel that strongly about it.....why not?
I dont feel, Im a professional.
When the going gets weird....the weird turn pro - Dr Hunter S Thompson
I agree it is getting bad as marketwatch.
Oil will come surging back as soon as winter hits and its a colder then usual one. Always does. Lower prices before elections are always good for incumbents and whatever party sits in the White House. Plus the climate change bunch is out there in force right now spouting all the doom and gloom they can. Funny how this recent system set records for snow or the first time snow ever fell this early.
Taxes on fuel for what it is worth is figured not on price but is fixed per gallon for those that do not know. The states and the fed are losing nothing in the way of taxes as it is not based on price of oil.
"Italy's data didn't help the peripherals yesterday, and Spanish politics is quietly bubbling under the surface due to both ongoing Catalonian tensions and also with some chatter about Sunday's El Pais poll putting Podemos - a left wing insurgent party set up only 10 months ago - in the lead nationally having seen support surge over the past month. Most observers think this is largely a protest reaction after recent political scandals but the evidence from Syriza in Greece, the Five Star movement in Italy and even UKIP in the UK (to name but a few) show that these new radical parties can create serious political shockwaves even if they've yet to make the leap into power. However the risk is that one day we may wake up to a maverick political leader elected somewhere in Europe given recent trends. The irony is that the ECB don't want to let politicians off the hook and are therefore being careful with public QE. However the longer they leave it the higher the risk that they help elect politicians that will be much more confrontational towards them and ones that they will struggle to do business with at all."
a bit of soft QE agit-prop from Jim Reid?
1) yes, new parties do change the european landscape all the time. but it's not Podemos nor Syriza nor 5stars that are really pressing on the rudder of their countries. Not compared to... UKIP
2) what is this reference about a "public QE" - opposed to the "private QE" which is anyway not worth be called QE in the same league of the Japanese or American QEs? What does Jim even mean with "the ECB not letting politicians off the hook"?
imho the very knowlegdeble Jim Reid, from his London office, seems to misread the continent, which is known to be hard to read from the other side of the channel. The whole point of having a non-national currency is that politicians are supposed to be insulated from temptation of "getting help" by the very setup. go on dreaming of an european QE, and wake me up when this little piglet sprouts wings
Nothing happens by chance, the 1% saw this comming and acted a week before oil started to nosedive...
"22-Sep-2014 – The Rockefellers, who made their vast fortune on oil, and other philanthropies and high-wealth individuals on Monday will announce pledges to divest a total of $US50 billion from fossil fuel investments."
http://www.businessinsider.com.au/r-philanthropies-including-rockefeller...
Yeah, nothing fishy going on here!