Credit Suisse

A Venezuelan Tanker Is Stranded Off The Louisiana Coast

A tanker loaded with 1 million barrels of Venezuelan heavy crude has been stranded for over a month off the coast of Louisiana, not because it can't sail but as a result of Venezuela's imploding economy, and its inability to obtain a bank letter of credit to deliver its expensive cargo.

Frontrunning: August 11

  • Trump: military solutions 'locked and loaded' against North Korea threat (Reuters)
  • Any Korean war could quickly escalate (Reuters)
  • Could a North Korean Nuclear Missile Hit the White House? (BBG)
  • Standoff Leaves China With Few Options (WSJ)
  • Trump and Kim's War of Words Has Asia Bracing for Conflict (BBG)

Global Market Rout Spreads: VIX Marches Higher As China Stocks, Currency Plunge

The global rout resulting from tensions over the North Korean nuclear standoff continued on Friday following a third day of escalating verbal exchanges between Trump and Kim, with European and Asian shares tumbling as volatility across the globe spiked, with the selloff in US futures continuing albeit at a more modest pace.

The Secret History Of The Banking Crisis

"Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for?"

No Worries Anywhere: Vol Not Priced For Budget Ceiling Debate

"...There is 'no event risk' currently priced in options that allow investors to hedge against [debt ceiling uncertainty]...The tranquility in equities presents something of a juxtaposition to fixed income, where jitters have risen in a portion of the US Treasuries market."

Swiss Banks Paid Out €1 Billion In Negative Interest Rates In The First Half

Swiss banks paid 970 million Swiss francs ($1 billion) in negative interest rate charges in the first half of 2017, a 40% surge from the previous year, as clients continued to hoard even more cash despite every possible action undertaken by the central bank to force savers to spend, or better yet, invest the funds.

Global Markets, Futures Slide Spooked By Poor Amazon Earnings, US Politics

S&P futures have tracked both European and Asian markets lower, which were dragged down by the big EPS miss and guidance cut reported by Amazon on Thursday. Meanwhile, the pounding of the dollar has resumed with the euro and sterling strengthening against the dollar due to renewed political concerns

Deutsche Bank Tumbles After Abysmal Trading Results

Deutsche Bank shares tumbled 4% on Thursday after the bank reported a plunge in overall company revenue which slumped to the lowest in three and a half years, as Investment Banking revenue dropped 16%, while FICC tumbled a whopping 12% Y/Y and 30% Q/Q, with CEO John Cryan taking a page out of the Goldman playbook and blaming "muted client activity."