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headlines

'Exciting' New ETF Launches - EUCL, CRZY, STPD & More...

We've been struggling with the impact some very esoteric funds might be having in the market. We've also been struggling with the concept that some esoteric funds are attracting more capital than some basic mutual fund strategies. We're not sure what it means and maybe after 5 weeks of grinding higher on little volume with minimal volatility we're just angry - especially as that now seems to be the forecast going forward. But we cannot shake our fixation that some complex funds are impacting markets in ways we haven't thought about - and that tends not to end well.

Russia Frustrated After Doha Breakdown: "How Can Iran Be The Reason For Failure When It Wasn't Even Here?"

Russian Energy Minister Alexander Novak spoke to Russian media following the conclusion of the talks, and it was evident he was quite frustrated. Mr. Novak explained that the 11 OPEC states and seven outsiders present during the meeting had spent two months drafting an agreement that would cap oil production at January levels in an effort to stabilize oil prices, and it was all undone by the fact that Saudi Arabia, Qatar, UAE, and "predominantly other Gulf States" insisted that Iran be included in the deal (Iran did not attend the talks).

Goldman On Doha: "Bearish For Prices ", Expect "High Price Volatility"; Saudi Oil Production May Jump

"we view this outcome as bearish for oil prices given consensus expectations for a “soft guidance” freeze at January production levels"... "We therefore view risks to our Saudi forecast as skewed to the upside: it is at the guidance provided by the deputy crown prince in his latest interview with Bloomberg this week, with such volumes presented as contingent on a deal to freeze production being reached."

No Deal: Doha Talks End Without Agreement

OPEC, NON-OPEC MINISTERS FINISH OIL TALKS IN DOHA, NO AGREEMENT - RTRS
OIL PRODUCERS END DOHA TALKS: OMAN MINISTER - BBG
DOHA OIL TALKS FINISH WITHOUT FREEZE DEAL: NIGERIAN MINISTER - BBG
OIL-PRODUCING NATIONS WILL MEET AGAIN, PROBABLY JUNE: NIGERIA - BBG

And Scene: In Last Minute Iran Pulls Out Of Doha Meeting

The "OPEC production freeze" farce was fully exposed this morning when after pretending whether or not to participate in the Qatar meeting, Iran finally decided it will not attend the Doha meeting, two sources familiar with the situation told Reuters. Iran's oil minister had not been scheduled to attend, but Tehran was due to send Iran OPEC Governor Hossein ‎Kazempour Ardebilli, oil ministry news agency Shana reported on Friday. Iran had been informed that only those countries willing to agree to freeze their output level should attend.

Doha Is Done: Saudi Prince Drops Bomb - "No Deal Without Iran...We Are Selling At Every Opportunity"

In what appears to be a Doha party-pooping statement, Saudi deputy crown prince Mohammed bin Salman stated unequivocally that The Kingdom won’t restrain its oil production unless other producers, including Iran, agree to freeze output at a meeting this weekend in Doha. This a major problem because - if you remember - this week's melt-up in oil (and thus stocks) was predicated on an anonymous diplomat cited by Interfax saying a deal will get done without Iran (which the Russians refused to confirm). All that hope crushed by a reality that has been painfully obvious that no side will be given in the Iran-Saudi tete-a-tete... and now, as Citi warned "expect a sharp sell-off."

"If No Agreement, Expect A Sharp Selloff" - All You Need To Know About Doha

Sunday’s producer meeting is all about nothing no matter what agreement might be forged. At best, the agreement will be, as Russia’s energy minister has stated, a gentlemen’s affair, with no binding commitments, no concrete next steps beyond having a review meeting, and no procedure for moving to production cuts.

Futures Fade As Chinese "Good News Is Bad News" For Fed, Oil Drops As Doha Concerns Emerge

Good news is still bad news after all. After last night's China 6.7% GDP print which while the lowest since Q1 2009, was in line with expectations, coupled with beats in IP, Fixed Asset Investment and Retail Sales (on the back of $1 trillion in total financing in Q1)  the sentiment this morning is that China has turned the corner (if only for the time being). And that's the problem, because while China was a good excuse for the Fed to interrupt its rate hike cycle as the biggest "global" threat, that is no longer the case if China has indeed resumed growing. As such Yellen no longer has a ready excuse to delay. This is precisely why futures are lower as of this moment, because suddenly the "scapegoat" narrative has evaporated.

Battery Charges Against Trump Campaign Manager Lewandowski Dropped - Live Webcast

When Trump campaign manager Corey Lewandowski was charged with misdemeanor battery on March 29 for allegedly grabbing and pulling down former Breitbart employee Michelle Fields, it made all the headlines on March 29. Not so much today when moments ago when Florida authorities decided they won't proceed with their case against Lewandowski, saying there wasn't enough evidence to convict him of attacking a reporter at a rally last month.