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Futures Rise Following "Dramatic" UK Election Result, All Eyes On Payrolls

Tyler Durden's picture




 

While the US is waking up in anticipation of what is once again said to be the "most important nonfarm payrolls number" at least since the last most important such number, because anything 250,000 and above puts the June rate hike right back on the Fed calendar, while a collapse in this lagging indicator will be explained away with harsh rain showers in April, and send stocks soaring (not to mention the 10Y promptly back under 2%) due to yet another delay in tightening expectations despite Yellen's outright warning of overvalued stocks, the UK has been up all night following a dramatic election, whose outcome has been largely the opposite of what the experts predicted, with Conservatives set to win an outright majority, resulting in embarrassment for Labor, the Liberal Democrats and the UKIP, both of which have already seen dramatic changes in their leadership, and moments ago all three leaders, Miliband, Clegg and Farage announced they would stand down as party leaders.

 

The biggest losers so far:

As noted previously, the conservative victory is unleashed a risk on mode for UK assets, and has sent both cable and the FTSE higher on what were ubiquotous expectations of outcomes that were only negative for risk, once again confirming that the so-called experted usually have no idea what they are talking about.

To summarize, the Conservative Party look set to retain their grip on Parliament as they unexpectedly gained a majority in Parliament bolstering UK assets, especially the FTSE 100 (+1.7), as it outperforms continental Europe (Eurostoxx50 +0.6%). A long list of sectors including UK financials, gambling names, homebuilders have been supported by the Conservative victory, with utilities the best performing in Europe as this was the sector that was widely expected to be the worst hit if the Labour Party did come into power. Elsewhere, the upside in the FTSE has filtered through to European stocks which sits in mild positive territory. Syngenta (+17%) are among the best performing stocks in Europe following the approach from US listed company Monsanto for CHF 449/shr, which was later rejected.

In fixed income markets, a relief rally took place in Gilts (+81 ticks) lifting Bunds (+16 ticks) in sympathy, and saw UK paper trade open higher by over 150 ticks in reaction to the results of the UK election however, Gilts have since pulled off best levels following a bout of profit taking. This now opens the door for foreign investment as short-term uncertainty has abated which has attributed to the upside in Gilts. Moreover, analysts at UBS said that there will be a relief rally in UK markets in the short term, however warned that ongoing fears of a Brexit will soon present themselves. Furthermore, analysts at Deutsche Bank suggest that despite the premise of an EU referendum in 2017, it is not expected for investors to focus on this in the short term.

In FX markets, GBP/USD surged to its highest level since February 26th overnight and printed its largest move since 2009 after reports began to emerge that the Conservative could have a majority, although GBP/USD has pared back some of the move higher. Elsewhere, the USD-index (0.00%) trades flat heading into today’s release of Non-Farm Payrolls which is expected to pick-up from last month poor figure of 126K.

Overnight, AUD/USD was weighed on by the Chinese trade data and the latest quarterly SOMP from the RBA. The bank cut CPI and GDP forecasts, as expected, but struck a sombre tone on the economy in comparison to Tuesday's decision. They noted that non-mining investment pick-up was unlikely in the next year and unemployment rate is to stay elevated for longer. Further moves lower in AUD/USD were capped by the 100 DMA at 0.7860, prompting a pullback in the pair to trade flat heading into the North American crossover.

WTI (-0.1%) and Brent (-0.2%) Crude futures trade relatively flat amid little fundamental news driving much direction as the USD-index holds a neutral bias ahead of today’s non-farm payrolls release. Elsewhere, spot gold (+0.4%) has recovered from yesterday’s selloff with following suit spot silver (+0.5%).

In summary: European shares maintain gains, though are off intraday highs, with the real estate and travel & leisure sectors outperforming and autos, construction  underperforming. David Cameron set to return as U.K. prime minister as Conservatives win unexpected majority. SNP wins 56 of 59 seats in Scotland. Sterling rises most since 2009, FTSE 10 gains most since Jan. German 10-yr bond yields pare earlier losses to rise for 10th session. The U.K. and Swiss markets are the best-performing larger bourses, Swedish the worst. The euro is weaker against the dollar. Irish 10yr bond yields fall; U.K. yields decline. Commodities gain, with Brent crude, soybeans underperforming and natural gas outperforming. * U.S. nonfarm payrolls, unemployment, average earnings, labor  force participation, wholesale inventories due later.

Market Wrap

  • S&P 500 futures up 0.2% to 2088
  • Stoxx 600 up 1.7% to 395.4
  • US 10Yr yield down 2bps to 2.16%
  • German 10Yr yield up 1bps to 0.6%
  • MSCI Asia Pacific up 0.5% to 151.1
  • Gold spot up 0.2% to $1187.2/oz
  • Eurostoxx 50 +0.6%, FTSE 100 +1.7%, CAC 40 +0.7%, DAX +0.5%, IBEX +0.5%, FTSEMIB +0.8%, SMI +1.3%
  • Asian stocks rise with the Shanghai Composite outperforming and the Kospi underperforming.
  • MSCI Asia Pacific up 0.5% to 151.1; Nikkei 225 up 0.5%, Hang Seng up 1.1%, Kospi down 0.3%, Shanghai Composite up 2.3%, ASX down 0.2%, Sensex up 1.9%
  • 8 out of 10 sectors rise with financials, consumer outperforming and energy, staples underperforming
  • Euro down 0.43% to $1.1218
  • Dollar Index up 0.15% to 94.77
  • Italian 10Yr yield down 4bps to 1.74%
  • Spanish 10Yr yield down 1bps to 1.74%
  • French 10Yr yield down 0bps to 0.89%
  • S&P GSCI Index up 0.2% to 442.7
  • Brent Futures down 0.1% to $65.5/bbl, WTI Futures up 0.3% to $59.1/bbl
  • LME 3m Copper up 0.2% to $6413.5/MT
  • LME 3m Nickel up 0.5% to $14205/MT
  • Wheat futures up 0.4% to 474.5 USd/bu

Bulletin Headline Summary from Bloomberg and RanSquawk

  • A Conservative majority victory in the UK election bolsters the FTSE 100 (+1.7%) and European stocks (+0.6%) alike 
  • Gilts (+77 ticks) outperforms while UST’s (+5.5 ticks) and Bunds (+15 ticks) follow suit, albeit off best levels
  • Looking ahead today sees the release of Non-Farm payrolls, US employment, average hourly earnings, Canadian unemployment rate, ECB’s Constancio, Fed’s Dudley and SNB President Jordan
  • Treasuries gain, paring weekly loss, before report forecast to show the U.S. economy added 228k jobs in April with unemployment rate falling to 5.4% from 5.5%.
  • Payrolls report could signal that economy is emerging from first-quarter slump, economists say
  • “With yeterday’s recent sell-off in core fixed income and the subsequent reversal, look for today’s Job figure to be a ‘buy on dips’ opportunity,” ED&F Man’s Tom di Galoma writes
  • China’s exports fell 6.4% y/y, missing expectations of a 1.6%  rise; imports contracted 16.2%, worsening from a 12.7% contraction in March
  • David Cameron is set to return as U.K. prime minister after steering his Conservatives to an unexpected majority, helped by a landslide for nationalists in Scotland at Labour’s expense
  • Tory victory comes after campaign that saw Cameron’s pledge of a referendum on EU membership by 2017 share almost equal billing with his record of delivering economic stability
  • German industrial production fell 0.5% in March vs expectations for a 0.4% gain
  • Greek Finance Minister Yanis Varoufakis said his government is prepared to go “down to the wire” in talks with its creditors as policy makers signal they’re losing patience with the country after months of brinkmanship
  • In its latest attempt to prop up struggling banks Greece plans to introduce a special tax on large ATM withdrawals and bank transfers
  • Australia’s central bank lowered its growth forecast, predicted higher unemployment and said it was prepared to adjust policy if needed as business spending fails to fire and China struggles with an economic transition
  • Sovereign bond yields fall.  Asian, European stocks gain, U.S. equity-index futures higher. Crude oil, copper and gold higher

US Event Calendar

  • 8:30am: Change in Nonfarm Payrolls, April, est. 228k (prior 126k)
    • Change in Private Payrolls, April, est. 225k (prior 129k)
    • Change in Mfg Payrolls, April, est. 5k (prior -1k)
    • Unemployment Rate, April, est. 5.4% (prior 5.5%)
    • Average Hourly Earnings m/m, April, est. 0.2% (prior 0.3%)
    • Average Hourly Earnings y/y, April, est. 2.3% (prior 2.1%)
    • Average Weekly Hours All Employees, April, est. 34.5 (prior 34.5)
    • Underemployment Rate, April (prior 10.9%)
    • Change in Household Employment, April (prior 34)
    • Labor Force Participation Rate, April (prior 62.7%)
  • 10:00am: Wholesale Inventories m/m, March, est. 0.3% (prior 0.3%); Wholesale Sales m/m, March, est. 0.5% (prior -0.2%)

DB's Jim Reid concludes the overnight recap

Away from the UK election, trade data out of China has also kept the market on edge this morning. The print will only put more pressure on the PBOC for further easing measures after the country reported a -6.2% yoy fall for exports, well below expectations of a rise of +0.9%. Imports were also weak meanwhile, with the -16.1% yoy reading below market consensus of -8.4%. Despite the numbers, equity markets are higher as we go to print in China - no doubt buoyed by the hope of more stimulus – with the Shanghai Comp (+1.26%) and CSI 300 (+1.13%) both rising. Elsewhere, the Hang Seng (+0.72%), Nikkei (+0.67%) and Kospi (+0.03%) are all up.

Outside of this the main story in town continues to be European government bonds. A few weeks ago it was interesting to hear Jamie Dimon's remarks about last year's flash crash in US treasuries being a ‘1 in every 3 billion years or so’ event. Well on his abacus the moves in bunds yesterday couldn't have been too far away from this. We closed pretty much where we opened at 0.588% but this masked a big lurch higher in yield to 0.775% intra-day. Indeed, 3 weeks ago 10 year bunds hit a low of 0.048% intra-day with the vast majority thinking it only a matter of time before they'd cross through zero. The scale of the move yesterday will likely add to the debate about liquidity in a regulation heavy post crisis world as there was little fundamentally to justify such volatility.

Once again the moves were not just confined to Bunds, there were similar intraday moves for other core European yields as France (-0.6bps), Netherlands (+0.5bps), Sweden (+1.3bps) and Switzerland (+0.9bps) all eventually closed more of less where they started. It was a much better day in peripheral bond markets meanwhile as, despite a +10bps move higher in yield intraday, Italy (-14.1bps), Spain (-15.2bps) and Portugal (-13.5bps) all closed meaningfully tighter. Bunds appear to also be dictating a lot of the direction in US Treasuries as the benchmark 10y closed 6.3bps tighter yesterday at 2.180% after hitting an intraday high of 2.309%. We’ve highlighted before the substantial moves in percentage terms for Bunds – of course exaggerated by the low yields – but it’s still interesting to see that for the last 3 weekly moves, the +58.2%,+140.2% and +99.9% moves over the course of the week are the third, first and second highest in data going as far back as 1990.

Away from bonds, it was a better day for equities too meanwhile as the S&P 500 (+0.38%), Dow (+0.46%), Stoxx 600 (+0.08%) and DAX (+0.51%) closed higher. Energy stocks were the underperformer however after a rough day for oil markets with WTI (-3.27%) and Brent (-3.29%) coming off their recent 5-month highs to close at $58.94/bbl and $65.54/bbl respectively. Elsewhere, the Dollar snapped two-days of declines as the DXY closed +0.58% while Gold closed 0.65% lower at $1184/oz.

So with markets waking up to the UK election result, attention will quickly turn to the April payrolls print this afternoon in the US. In turns of current estimate, Bloomberg consensus is currently running at +228k while our colleagues in the US are slightly below that at +225k. After the poor March report, the hawks will be looking for some signs of a strong snapback to support any near term Fed liftoff view. Our colleagues note that jobless claims have been supportive through the month of April with the four-week moving average declining to 285k and close to its post recession low (and has since fallen further to the lowest reading since May 2000). This compares to a four-week moving average during the March reporting period of 305k. In any case, a lot will be riding on today’s print with the Fed and the market very much on data watch now with hopes that we see a rebound from the soft first quarter in the US.

On the topic of employment data, yesterday’s initial jobless claims print was certainly supportive as the 265k number came in better than expected (278k expected). Consumer credit for March was also encouraging with the $20.5bn reading ahead of $15.8b expected and the highest since July last year. It was the turn of the Chicago Fed’s Evans to speak yesterday who reiterated earlier comments from Yellen this week saying that ‘the stock market is high, there’s no doubt about it’. Evans did however reiterate his view that 2016 liftoff is more favorable in order to be confident that inflation is picking up. European data flow was fairly light yesterday, with just a softer German factory orders reading (+0.9% mom vs. +1.5% expected) and French industrial production (-0.3% mom vs. +0.1% expected) reading of note.

Overnight we have published our latest HY monthly where we take a look at supply and demand dynamics within the European HY market. We show that while issuance is running at record levels through the first 4 months of the year redemptions are also up strongly on the same period in 2014. Therefore net issuance is actually down marginally YTD. In addition we have seen continued demand with 16 consecutive weeks of inflows into Western European HY. That said our analysis also highlights that flows tend to follow performance and therefore are likely to offer limited insight into the future direction of HY credit.

For now we still think the search for yield driven by the combination of QE supported low government bond yields and low defaults should be supportive of HY, particularly as you move down the rating spectrum. That said there are potential macro headwinds to negotiate such as Greece and the Fed that could cause a few bumps in the road.

Moving on, the Greece talks look set to continue beyond next Monday as both Greek finance minister Varoufakis and his German counterpart Schaeuble reiterated their low expectations for an outcome on Monday. The latter said yesterday that ‘one shouldn’t expect spectacular results on Monday’ and that handing out aid to Greece without any reforms in place is a ‘bottomless pit that doesn’t make sense’, while Varoufakis was quoted as saying that Greece is prepared to go ‘down to the wire’ but that ‘certainly we’re going to have an agreement in the next couple of weeks or so’. One potential development to keep an eye on next week is the suggestions of any changes to haircuts to Greek collateral. Greek press Ekathimerini reported that the ECB is expected to decide after Monday’s Eurogroup whether or not to tighten the screws on liquidity with haircut changes being a potential measure. That decision will likely be based on whether or not enough ‘progress’ is being made on talks, for which we likely won’t know until leaks post the meeting.

Taking a look at today’s calendar now, German and UK trade data will warrant some focus this morning along with industrial production data in the firmer. Focus will of course however be on this afternoon’s payrolls print in the US while the usual associated employment data will be released alongside including the unemployment rate and average weekly earnings. Wholesale inventories and trade sales round off the releases today.

 

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Fri, 05/08/2015 - 06:50 | 6072095 RealityCheque
RealityCheque's picture

Meet the new cunt. Same as the old cunt.

Fri, 05/08/2015 - 06:58 | 6072110 stocktivity
stocktivity's picture

It's all Bullshit!!!

Fri, 05/08/2015 - 07:17 | 6072142 Latina Lover
Latina Lover's picture

It does not matter who votes. It only matters who COUNTS the votes.

Stalin.

Fri, 05/08/2015 - 07:25 | 6072157 Ghordius
Ghordius's picture

Stalin? The same one that is currently being "rehabilitated" in some countries? That adage of him is important, nevertheless less relevant where you have paper ballots in the classic style

so I hereby would like to thank all the volunteers of all parties that went into the ordeal of checking in person in the polling stations that counting was done properly

Fri, 05/08/2015 - 07:29 | 6072163 NoDebt
NoDebt's picture

Ghordo- at least they got rid of that Nigel Farage guy.  He must have been such a pain in your ass.

Fri, 05/08/2015 - 07:34 | 6072172 SickDollar
SickDollar's picture

Rigged big time

Fri, 05/08/2015 - 07:39 | 6072180 janus
janus's picture

obscenely so...it's a goddam outrage.

 

Fri, 05/08/2015 - 07:41 | 6072182 Ghordius
Ghordius's picture

would be cool if you had a falsifiable theory about how. I do not think UKIP forgot to have election monitors, in the Thenet South polling stations

Fri, 05/08/2015 - 07:37 | 6072175 Ghordius
Ghordius's picture

not in my ass. sure, I never liked Nigel twisting and spinning the truth for cheap propagandistic shots. particularly when he talks about the EUR, mostly because his target group can be scared into believing that someone would force them to adopt the EUR (with old horror stories of the metric system thrown in)

but his main drive, to take the UK out of the EU? completely legitimate, in my eyes. considering how much Cameron is the champion of TTIP, I myself would prefer to see him doing that referendum this year, not in 2017, and even more to see the UK leaving the EU club

but above all, I'd prefer Britons to have a frank and honest discussion about the EU, something I see lacking completely. instead, I still see partisanship on the lowest denominator level

Fri, 05/08/2015 - 07:55 | 6072208 Motasaurus
Motasaurus's picture

UKIP got absolutely shafted. They outpolled Labour in actual percentages of the overall vote. How that amounts to a sinlge (possibly 2) parliamentary seats is beyond this Aussie to comprehend.

Fri, 05/08/2015 - 09:21 | 6072513 Which is worse ...
Which is worse - bankers or terrorists's picture

The goal is to turn the UK into a full-bore banker rape country. They have succeeded. 

Fri, 05/08/2015 - 07:56 | 6072194 Bangin7GramRocks
Bangin7GramRocks's picture

False flag! Jews! Benghazi! Take our guns! Illegals! Awwwwwwwwwwwwwwwww! I feel much better now.

Fri, 05/08/2015 - 07:08 | 6072131 Max Damage
Max Damage's picture

Yup, they couldn't even put Farage in the house of commons to at least challenge the fuckers. what a fuckin waste of space. emabarressed by the tossers in my country!!

Fri, 05/08/2015 - 06:51 | 6072098 Seasmoke
Seasmoke's picture

I guess They finally neutered Farage.

Fri, 05/08/2015 - 07:02 | 6072113 Ghordius
Ghordius's picture

damn! I really, really hoped Nigel Farage would at least win the seat of Thanet South. I was really hoping to view some of his EU Parliament diatribes in the Commons

Fri, 05/08/2015 - 07:04 | 6072121 gatorengineer
gatorengineer's picture

UKIP was the number 3 party as far as votes, but couldnt turn it into seats....

Fri, 05/08/2015 - 07:07 | 6072130 Ghordius
Ghordius's picture

First Past The Post. aka "The First Takes It All". To The Victor, The Spoils. All in all, kudos for the Brits to get so many parties into Parliament despite this electoral system

Fri, 05/08/2015 - 07:27 | 6072158 negative rates
negative rates's picture

Don't forget the golden rule, which trumps them all.

Fri, 05/08/2015 - 08:21 | 6072269 new game
new game's picture

nigel rose the white flag and left the room. hope he turned off the lights.

 

Fri, 05/08/2015 - 09:36 | 6072575 e_goldstein
e_goldstein's picture

Piss on their heads and tell them it's raining?

The British have been doing that for centuries.

Fri, 05/08/2015 - 07:12 | 6072137 gatorengineer
gatorengineer's picture

dupe

Fri, 05/08/2015 - 06:52 | 6072099 medium giraffe
medium giraffe's picture

Goodbye https.  Lol.

Fri, 05/08/2015 - 06:52 | 6072101 bigkahuna
bigkahuna's picture

ladies and gentlemen, ready your sphinctors...

Fri, 05/08/2015 - 07:02 | 6072114 gatorengineer
gatorengineer's picture

Amazing the lack of correlation between the results and what the media wanted, and predicted. They called a labour victory, and got the conservatives.  I dont follow UK politicc that closely, but I think there is as little difference between an L and a C there , as an R and a D here.

Fri, 05/08/2015 - 08:05 | 6072226 Relentless
Relentless's picture

Actually there's considerable distance. In the UK, Labour is an actual left wing party. Under Blair they were more centrist, but they've backed off of that somewhat. Meanwhile, the US has a right wing part and a really right wing party. If you transplanted the Democrats to France, you'd find that they're about as left wing as Maxine Le Pen's left nipple.

 

Fri, 05/08/2015 - 09:12 | 6072436 HowdyDoody
HowdyDoody's picture

Both Labour and Conservative are US stooges. They both had Obama advisors for example. Both have the same policy, as disctated by the US, apart from trivial cosmetic differences. The LibDems are/were the shit in the middle of a shit sandwich.

Fri, 05/08/2015 - 07:06 | 6072125 SpanishGoop
SpanishGoop's picture

Stupid outdated voting system.

Ukip got 3.5 million votes and that's good for......1 seat in parliament.

 

Fri, 05/08/2015 - 07:50 | 6072198 agent default
agent default's picture

Similar concept to the US system.  Ensure that only the sound old boys get in.

Fri, 05/08/2015 - 08:27 | 6072288 Billy Sol Estes
Billy Sol Estes's picture

Yeah man, voting really matters....

Fri, 05/08/2015 - 09:13 | 6072481 HowdyDoody
HowdyDoody's picture

It ain't the voting, it's the selecting and counting that matter.

Fri, 05/08/2015 - 10:20 | 6072742 samjam7
samjam7's picture

I don't feel pity with brits they had the chance to change the system in 2011 and didn't want to. So anybody feeling underrepresented now should have thought about that in the referendum...

Fri, 05/08/2015 - 07:07 | 6072129 wmbz
wmbz's picture

Same old shit...Just the way they want it.

In '16 here in the USSA our morons will vote for the cackling cunt...Why? because we want the same old shit! More gubmint, less freedom.

Fri, 05/08/2015 - 07:18 | 6072145 gatorengineer
gatorengineer's picture

I wouldnt count your cunts before they are elected, she isnt nearly left enough for most of the Ds in this country.  There are R's running and that are likely to run, that are left of her (Jeb, Huntsman, Chris Crusty)

Fri, 05/08/2015 - 07:59 | 6072216 saints51
saints51's picture

There is not one republican candidate that can beat her. She doesn't even need fundraisers or to travel around the USA to spew her propaganda. She already won.Sad but true.

Fri, 05/08/2015 - 08:14 | 6072243 americanreality
americanreality's picture

Not even Mike HUCKABEE???  Ohhhh no.  Jeb is a Latino.  Could you imagine spending 1 hour in the same room as any of these cardboard candidates?  From either side?  Is Bernie an Obama in sheeps clothing?  How about handsome Carl Fiorioina?  He's got the business chops!   We're fucked.

Fri, 05/08/2015 - 08:18 | 6072261 gatorengineer
gatorengineer's picture

Sorry, I think Omalley will give her a run for it especially in the North and left coast.  as far as repubs, I think Walker would give her a good run, and I wouldnt count out Rubio....  Any of the others and well....  Canada is looking better all the time.

Fri, 05/08/2015 - 08:29 | 6072286 saints51
saints51's picture

Buddy we are on the same side, but people in this country want to be ruled. They need a master. Ron paul was our last shot. I think America is now a runaway train that will crash. Its not "if" it is "when". I hope I am wrong.

Not sure about Canada either. The crown controls that sorry bunch of losers(politicians). Was reading something the other day about the Power Corporation in Canada. A lot of their PM's are molded from this company.

Fri, 05/08/2015 - 07:24 | 6072154 Itchy and Scratchy
Itchy and Scratchy's picture

There goes the UKs last chance to get their country back. So much for the British backbone. BBC completely sells out to the EU nightmare. Goodbye Great Britain. you served the world well. Enjoy your new commie masters!.

Fri, 05/08/2015 - 07:29 | 6072161 Ghordius
Ghordius's picture

yeah, sure. this while Cameron will try further to sell TTIP to the EU, something that - if he succeeds - might even see all the non-UK countries leaving the EU. pass me whatever you are smoking, it seems quite strong

Fri, 05/08/2015 - 07:52 | 6072201 agent default
agent default's picture

Countries leaving the EU over TTIP?  Which ones do you have in mind, it sounds a bit of an exaggeration given the current climate.

Fri, 05/08/2015 - 08:09 | 6072233 Relentless
Relentless's picture

TTIP if passed would eviscerate the EU's ability to regulate imports.  So no more rules on GMO's, bent bananas, etc. Of course, it wouldn't curb the US's protectionist policy's though. Its a bit of a One Ring situation with Obama as Sauron and the EU as the nine kings of men.

Fri, 05/08/2015 - 14:29 | 6072914 Itchy and Scratchy
Itchy and Scratchy's picture

Cameron is the biggest Europhile of the bunch! Frau Merkle has the British lap-dog on a short leash! The UK doesn't stand a chance as the EU cancer spreads throughout the region! They will all need lots of 'strong smoke' by the time the Marxists finish with them!

Fri, 05/08/2015 - 07:38 | 6072176 huggy_in_london
huggy_in_london's picture

Are you drunk?

Fri, 05/08/2015 - 07:33 | 6072171 stocktivity
stocktivity's picture

"All eyes on payroll"....as if any economic figures coming out of the government matter anymore.   It's all about the Fed having the back of the top 1%

Fri, 05/08/2015 - 07:35 | 6072173 ross81
ross81's picture

Massive victory for the City spivs and financial elite in general. Not that today's Labour Party would've been much kinder to the working man.

 

Saw this great line on the Guardian's comments section: 'I felt a great disturbance in the Force, as if millions of oysters suddenly cried out in terror, and were suddenly silenced. I feel something terrible has happened.'

Fri, 05/08/2015 - 07:45 | 6072189 Wahooo
Wahooo's picture

MIC win is bullish for banks, war bonds and kill stocks.

Fri, 05/08/2015 - 07:54 | 6072203 jmcadg
jmcadg's picture

I don't believe it was a fix. Unfortunately tihs country is full of people scared to change things, even if what they have is not in their interest.

A nation of frogs in boiling water.

Fri, 05/08/2015 - 08:11 | 6072237 Relentless
Relentless's picture

There were no good options. All roads lead to Hell, Red, Blue or Yellow doesn't matter.

Fri, 05/08/2015 - 14:55 | 6073598 Itchy and Scratchy
Itchy and Scratchy's picture

Both great points! Hard to believe the Brits handed over their special country on a silver platter to a gang of low-life socialists, communisits, stalinists & maoists! The current brain-dead indocrinated masses can't see past their noses & can't tell the arse from the hole in the ground! By the time of 2020 election the U.K.  will be a faint shoadow of its former self beyond repair & reclaimation! Those that read the history books of the future will be astonished & gobsmacked the citizenry could be so stupid & foolish!

Fri, 05/08/2015 - 08:09 | 6072232 Billy Sol Estes
Billy Sol Estes's picture

Farage lost his seat bid by 6%, goddangit.

Fri, 05/08/2015 - 11:20 | 6072950 Itchy and Scratchy
Itchy and Scratchy's picture

The best by a country mile! Underestimated how soft, brain-washed & pathetic the electorate has become!

Fri, 05/08/2015 - 08:12 | 6072239 paint it red ca...
paint it red call it hell's picture

Like the Scottish independance vote landslide, nobody really wanted to rock the boat.

All's well here folks, nothing to see, move along.....

Fri, 05/08/2015 - 11:14 | 6072922 Itchy and Scratchy
Itchy and Scratchy's picture

On less than 5% of the popular vote!

Fri, 05/08/2015 - 08:17 | 6072255 GFORCE
Fri, 05/08/2015 - 09:24 | 6072522 Bazza McKenzie
Bazza McKenzie's picture

Supposedly great victory by Cameron.  His party got less than 37% of the vote and secured a majority of the seats.

So almost 2/3 of the electorate did not vote for the Conservatives but will be governed by them.  Not likely to give that government a lot of public acceptance once things start going wrong, as they invariably do.

And whilst they have a majority it is slim.  A few byelections over the next few years could easily wipe out that majority.

Fri, 05/08/2015 - 10:18 | 6072739 flapdoodle
flapdoodle's picture

The big news in this election is the SNP sweep in getting 50 new seats in Scotland. Perhaps TPTB let their guard down or were too busy in the rest of UK to control the vote there.

I wonder if folks in Scotland were finally responding to the stolen independence vote?

 

 

Fri, 05/08/2015 - 11:18 | 6072943 Itchy and Scratchy
Itchy and Scratchy's picture

My how the mighty have fallen. Great Britain controlled over 50% of the globe in the past century & now they are terrified to make their own laws, rule their own country & fight to regain their independence. A spoiled, soft, naïve, stupid & wet generation that don't have 1% of the strength, character & morality of their forefathers! What a pathetic crew now being led by an even more limp & docile pretender!

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