30Y Treasury Yield Breaks Below 3.00% Amid Best Week In 2 Months

Well at least something makes some sense. Whether it is a safety bid from the ramping up of global terrorist attacks or a reflection of a possible Fed policy error (or their jawboning over low equilibrium rates), US Treasury yields at the long-end are rallying. 30Y just broke back below 3.00% to push it to its best week since late September...

Caught On Tape: Suicide Bomber Detonates As Al-Qaeda Storms Checkpoint In Yemen

It may be all about ISIS these days, but just because al-Qaeda has been relegated to terrorist also-ran status doesn't mean they're not still operating and indeed, AQAP is still considered the group's most active and powerful branch. New footage uploaded today depicts a massive explosion at a checkpoint near Shibam, Yemen (the "Manhattan of the desert") as al-Qaeda battles both the Iran-backed Houthis and government forces for control of the country.

Gartman: "It Is Time To Sell Crude Oil Once Again"

"It is time to sell crude oil once again, and the risks are small while the potention seems large. Let’s sell a bit of both WTI and Brent crude, sufficient to be one unit in aggregate with nearby January WTI trading at or near to $41.85 and nearby Brent trading at or very near to $44.23."

EU's Founding Treaty To Be "Reconsidered", Seeking End To Passport-Free Travel

Between the French (Interior Minister Cazeneuve: "we're face with a new kind of terrorism", and Hungary (PM Orban: "allowing people into our own back yard" who may then commit acts of terrorism was irresponsible), AP reports that the EU's founding treaty with regard to passport-free travel - the so-called Schengen Agreement - is to be reformed. "We want Europe, which has lost too much time on a certain number of questions, to note the urgency and take decisions today," exclaimed Cazeneuve, with Orban adding "the founding treaty is currently an obstacle to this and I believe it needs to be reconsidered." According to Cazeneuve, the reforms will happen by year-end.

Frontrunning: November 20

  • French, U.S. Troops Enter Mali Hotel as Gunmen Hold Hostages (BBG)
  • Top suspect seen on CCTV in metro during Paris attacks (Reuters)
  • Paris Attacks’ Alleged Ringleader, Now Dead, Had Slipped Into Europe Unchecked (WSJ)
  • Global shares march on as alarm bells ring for metals (Reuters)
  • European Stocks Rise With Asian Shares as Zinc, Ringgit Advance (BBG)
  • World leaders arrive for summit amid heavy security (Reuters)

Futures Rise, Global Stocks Set For Best Week In Six Unfazed By Terrorism Concerns

Futures are modestly higher in early trading having tracked the USDJPY once again almost tick for tick, with the carry trade of choice rising to 123 shortly after Mario Draghi's latest speech pushed the dollar strong initially only to see most gains promptly evaporate against both the Yen and the Euro. European shares are likewise little changed, after gaining earlier, while Asian stocks rise; oil also advanced in early trading only to drop to its lowest overnight level moments ago, a few dimes over $40, with aluminum and copper both posting modest increases.

The Party Is Over: Goldman Sees "Limited Equity Upside" As "Bernanke Put" Is Replaced With "Yellen Call"

"We see a risk that the ‘Bernanke put’ will gradually be replaced by the ‘Yellen call’. The ‘Bernanke put’ captured the intuition that when the risks to growth, monetary policy reacts aggressively to bad news. Now that these risks have receded, we expect the Fed will shift to an easing bias, implying that monetary policy will likely begin to react more aggressively to good news... Rallies in risk sentiment may be met by less accommodative monetary policy – the ‘Yellen call’.