Volkswagen

Frontrunning: November 22

  • Record highs for Wall Street quartet send other stocks higher (Reuters)
  • Oil prices rise to highest this month on hopes of OPEC deal (Reuters)
  • OPEC Likely to Reach Output Consensus, Delegate Says (WSJ)
  • Trump’s Targets in First 100 Days: Trade, Regulation, Corruption (BBG)
  • Trump Poised to Push Nafta Changes, Pressure Mexico on Trade (WSJ)

Frontrunning: November 21

  • Dollar dips, stocks fall as Trumpflation trade pauses (Reuters)
  • A profile of RenTec's Medallion fund: Inside a Moneymaking Machine Like No Other (BBG)
  • Mattis, Christie, Giuliani in contention for top posts (Reuters)
  • Paulson’s Big Long: A Bet on Trump Yields Power and Profit (BBG)
  • Ex-PM Fillon is favorite to win French conservative presidential ticket (Reuters)
  • In weekend of deliberation, Mattis favored for Trump Pentagon chief (Reuters)

Volkswagen To Cut 30,000 Jobs, 5% Of Workforce

Following a tumultuous year of declining sales as a result of its emissions-cheating scandal, today Volkswagen agreed to cut 30,000 job , roughly 5% of its global salesforce of 624,000. After months of intense talks, labor and management agreed on a package to balance cost-cutting with investment as the auto industry shifts away from traditional combustion engines and adapts to car-sharing services and self-driving technologies.

Euro In Historic Slide As Dollar Surge, Bond Rout Continues

More of the same this morning as the dollar extended its advance on the still undeteremined Trump reflationary policy measures after Yellen signaled an interest-rate hike could be imminent, while bond yields around the globe rose again, metals declined,  European stocks advanced and futures were modestly in the red just shy of all time highs.

Frontrunning: November 14

  • Trump shapes White House, hires establishment figure, firebrand (Reuters)
  • The Trump Effect: Rout in Global Bonds and Emerging Markets Intensifies (BBG); Government Bond Rout Deepens (WSJ); Dollar soars as U.S. yields spike; global shares divided (Reuters)
  • Oil pinned near three-month lows as gloom grows over OPEC (Reuters)
  • Thin Rank of Donors May Contend for Top Posts (WSJ)
  • Trump’s Election Upends Agenda for Obama’s Last Foreign Trip (BBG)

Frontrunning: November 7

  • FBI boost for Hillary as tight race hits final day (Reuters)
  • Risk plays roar back as Clinton's prospects brighten (Reuters)
  • Stocks, Dollar Rally After FBI Finds No New Evidence to Charge Clinton (WSJ)
  • Don’t Worry When the Stock Market Goes Crazy After Election (BBG)
  • Republicans, Democrats vie for control of Congress on Tuesday (Reuters)
  • The Bond Market Is at an Epic Turning Point (BBG)

Frontrunning: October 26

  • Florida Once Again a Focus in 2016 Campaign (WSJ)
  • Trump Has Slim Edge in Bloomberg Poll of Florida (BBG)
  • NATO seeks troops to deter Russia on eastern flank (Reuters)
  • Arbs Stay on Sidelines of AT&T-Time Warner Deal (WSJ)
  • Holiday Forecast for Apple Crumbles (BBG)
  • Saudi Arabia Faces Tough OPEC Equation With Mounting ‘Exemptions’ (BBG)

Frontrunning: October 18

  • Commodity stocks lift global shares, inflation in focus (Reuters)
  • FBI Papers Show State Department Fought Clinton Email Classification (WSJ)
  • Russia Declares Pause in Aleppo Bombing so Rebels, Civilians Can Flee (NBC)
  • Syria rebels reject Aleppo withdrawal after Russian statement (Reuters)
  • UK lawmakers will 'very likely' have to ratify final Brexit deal: government lawyer (Reuters)

German Politicians Accuse US Of "Economic War" Against Deutsche Bank

The German parliament’s economics committee chairman Peter Ramsauer, in an interview with Welt am Sonntag, said the move against Deutsche "has the characteristics of an economic war", adding that the US had a "long tradition" of using every available opportunity to wage what amounted to trade war "if it benefits their own economy", and the "extortionate damages claims" being made in the case of Deutsche Bank were an example of that.

DOJ Is Assessing Size Of Criminal Penalty It Can Levy On Volkswagen "Without Putting Company Out Of Business"

When two weeks ago the DOJ announced a whopping $14BN settlement "ask" from Deutsche Bank, some wondered if there was an element of punitive retaliation aimed at Europe's "assault" on Apple's taxes. That question will surely grow louder when overnight Bloomberg reported that the DOJ is now assessing "how big a criminal fine it can extract from Volkswagen AG over emissions-cheating without putting the German carmaker out of business."

"Hillary Rally" Fizzles As DB Hits New Record Low; Volkswagen Slammed; Oil Slides On Iran Statement

A rally in global risk that started during last night's first presidential debate on the market's take that Hillary came out on top fizzled, following news that the DOJ is assessing how big a criminal fine it can extract from Volkswagen (-3.8%) over emissions-cheating "without putting the German carmaker out of business", while Iran's oil minister Zanganeh told reporters Iran is ununwilling to freeze output at current levels. Deutsche Bank dropped to a new all time low while its default risk hit fresh record highs.

Frontrunning: September 23

  • Futures slip after three-day rally as oil dips (Reuters)
  • Charlotte protests diminish early on Friday as family views video (Reuters)
  • Undecided Voters Are Proving a Tough Sell for Clinton and Trump (BBG)
  • Facebook Overestimated Key Video Metric For Two Years (WSJ)
  • Trump received $1.6 million from Secret Service (Politico)

Frontrunning: September 20

  • How Police Tracked Down Bombing Suspect Suspect Ahmad Khan Rahami (WSJ)
  • Dollar Falls With Treasuries Amid Fed, BOJ Countdown; Oil Rises (BBG)
  • Fed again poised to cut longer-run interest rate forecast (Reuters)
  • Pipeline Break Lights a Fire Under Gasoline Prices Across Southeast (WSJ)
  • U.S. investigators seek motive for NY, NJ weekend attacks (Reuters)
  • Carrie Tolstedt: In the Eye of the Wells Fargo Storm (WSJ)

Why Socialism Is Here To Stay

“[T]he government has to take resources from someone before it can dole them out to others. This act of taking destroys an economy. The more you take from the productive members of society, the less productive they become. That’s the primary lesson of the history of socialism.”