Germany

With Janet Yellen Just Hours Away, Directionless Markets Wait For A Signal

With Yellen's much anticipated speech just hours away, the already comatose market flatlined overnight in another directionless session, with European stocks and US equity futures practically unchanged, while Asian shares to a two-week low, led by Japan, as investors showed a reluctance to take on risk before Yellen’s speech. The dollar was a tad lower, along with oil which is set for its first weekly drop in a month. 

Deutsche Bank CEO Warns Of "Fatal Consequences" For Savers

The CEO of Deutsche Bank unveiled a striking warning, which however, in was not aimed at his old nemesis Mario Draghi, but at Germany itself, hinting that if Deutsche Bank goes down it is taking everyone down with it, when he warned of "fatal consequences" for savers and pension plans.

Global Stocks Decline Along With The Dollar, As Jackson Hole Begins

Global stocks declined broadly, led by European equities which fell for the first time this week while currency markets continued their subdued tone even as the recent 4-day rally in the USD appears to have topped out, as investors took to sidelines ahead of the Jackson Hole meeting which begins tonight. Japanese and Chinese stocks had suffered modest drops in Asia.  S&P 500 Index futures slipped 0.2%, continuing yesterday's modest selloff.

Four More Mega-Banks Join The Anti-Dollar Alliance

Today, four of the world’s largest banks announced a brand new joint venture to create a new financial settlement protocol built on blockchain technology. Deutsche Bank from Germany, UBS from Switzerland, Santander from Spain, and Bank of New York Mellon have joined together to launch what they’re naming the very un-sexy “utility settlement coin”. If foreign banks are able to transact directly with one another without having to go through the US banking system, then why would they need to park trillions of dollars in the United States?

France To Deploy 3,000 Troops To Schools: "The Threat Is Real" Education Minister Says

France interior minister Bernard Cazeneuve announced France would deploy about 3,000 reserve troops, train school authorities and ramp up school anti-terror drills in case of attacks, its education and security ministers announced on Wednesday, a week before the start of a new academic year. "The threat is high, it is real," the French Education Minister Vallaud-Belkacem added.

Germany Debates Putting "Troops On Streets" To Protect Against Terrorism

One day after Merkel government was considering "bringing back nationwide conscription in times of crisis", such as situations in which the country needs to "defend NATO’s external borders", strongly hinting at the possibility of a future war, which followed this weekend's shocking announcement that Germans should prepare to stockpile several days of food and water "in case of an attack of catastrophe", today Germany debates putting troops on streets to protect against ISIS.

French 'Extremist' Screams "Allahu Akbar", Stabs British Woman To Death In Australia

Australian police are investigating a possible "extremist" attack involving a French national who stabbed a British woman to death and injured two others while reportedly yelling "Allahu Akbar." As Reuters reports, the police are looking into possible "mental health or drug misuse" issues and any "indication of an extremist slant or he was radicalized," an officer said, noting the man was in Australia on a valid tourist visa and had no known links to radical groups such as Islamic State.

S&P Set For New Record Highs As Futures, Dollar Rise; Oil Slides

In a rerun of yesterday's overnight session, European indexes trade higher while US index futures were modestly in the green, set to propel the S&P 500 to new all time highs. Emerging Market dropped the most in three weeks alongside commodities, as today the market was predisposed hawkishly on a US rate hike ahead of Yellen's Friday speech, pushing the US dollar higher and oil resumed its pre "anonymous sources" headlines slide.

Is The EU Volcano About To Erupt?

Europe is more splintered now in many ways than it was before the adoption of the Euro. Anger is visible everywhere. The volcano is ready to blow.

EU President: "Borders Are The Worst Invention Ever Made By Politicians"

If The British needed any more confirmation of their decision to leave The EU, Jean-Claude Juncker, president of the European Commission, just gave them a big one. The often incoherent "when it's important, you have to lie" politician spewed more United States Of Europe tripe this morning when he called for European nations to drop border controls, claiming that borders were "the worst invention ever." Britain's new PM, Theresa May, was not amused...