Citigroup

EU To Retaliate "Within Days" If US Imposes New Sanctions On Russia

According to an internal memo leaked to the press, Brussles said it should act "within days" if new sanctions the US plans to impose on Russia prove to be damaging to Europe’s trade ties with Moscow. Retaliatory measures may include limiting US jurisdiction over EU companies.

Frontrunning: July 21

  • Euro surge to two-year high prompts stocks pause (Reuters)
  • Short Sellers Give Up as Stocks Run to New Records (WSJ)
  • U.S. toughens stance on foreign deals in blow to China's buying spree (Reuters)
  • Trump team seeks to control, block Mueller’s Russia investigation (WaPo)
  • Trump Would Set Off a Chain Reaction by Trying to Fire Mueller (BBG)

Germany Blocks Defense Exports To Turkey In "Worst Crisis Since World War II"

The "worst crisis between Germany and Turkey since World War II" just took another turn worse, after German media reported that in the latest escalation to date between Berlin and Ankara, Chancellor Angela Merkel will freeze present and future Turkish orders of defense goods amid souring diplomatic relations between the two nations.

Frontrunning: July 20

  • Futures flat as investors await earnings deluge (Reuters)
  • Investors Brace for Clues on ECB’s Tapering Plans (WSJ)
  • When Will the ECB Pull Its Trillions From the Markets? (BBG)
  • Citing Recusal, Trump Says He Wouldn’t Have Hired Sessions (NYT)
  • Trump Urges GOP to Seek Agreement on Health Measure (WSJ)

Frontrunning: July 18

  • U.S. Republicans left scrambling after health bill sinks again (Reuters); Republicans Give Up on Health-Care Reform, Now Seek Straight Repeal (BBG)
  • Trump Blames Democrats and a ‘Few Republicans’ for Health-Bill Wreck (BBG)
  • House Republicans Set Out Plan to Rewrite Tax Code (WSJ)
  • House GOP Budget Ignores Trump’s Cuts to Domestic Agencies (BBG)
  • House Republicans unveil 2018 budget with tax reform instructions (Reuters)

Frontrunning: July 17

  • Americans Feel Good About the Economy, Not So Good About Trump (BBG)
  • GOP Leaders Brace for CBO Estimate on Revised Health-Care Bill (BBG)
  • From $2 Billion to Zero: A Private-Equity Fund Goes Bust in the Oil Patch (WSJ)
  • Turkey Building Up Army Base in Qatar, Erdogan Adviser Says (BBG)
  • U.S. Companies Have a New 401(k) Fix: Spend More (WSJ)

Congress Begins To Ask If Amazon Is Getting Too Big, Antitrust Hearing Called

Is Amazon getting too big? While that question has yet to be formally asked by the US government, on Friday we got a hint that it may be next on the agenda after the top Democrat on the House Antitrust Subcommittee, David Civilline, voiced concerns about Amazon's $13.7 billion plan to buy Whole Foods Market.

US Equities: Unwinding The Yellen Leveraged Buyout

"Corporate credit spreads are the key indicator to watch, both in terms of the economy and the financial markets.  It’s a game of financial musical chairs. Ray Dalio, Janet Yellen and all of us are dancing.  When does the music stop?"