Only in the new normal of manic algos and goal-seeked short-squeezes could actual news that Iran is undercutting OPEC by slashing prices to maintain market share be out-followed by hopefulness driven by upbeat comment from Janet Yellen (because she has nailed everyting so far) and more chatter about a production freeze (which makes no sense whatsoever given the Iran news). For now, WTI is trading above $39.50 ahead of today's rig count data, back at 2-week highs.
In the final day of the week, it has again been a story of currencies and commodities setting stock prices, however instead of yesterday's Yen surge which slammed the USDJPY as low as 107.67 and led to a global tumble in equities, and crude slide, today has been a mirror imoage after a modest FX short squeeze, which sent the Yen pair as high as 109.1, before easing back to the 108.80 range. This, coupled with a 3.5% bounce in WTI, which is back up to $38.54 and up 4.9% on the week as speculation has returned that Russia and OPEC members can reach a production freeze deal on April 17, led to a global stock rebound which will see the S&P open back in the green for 2016.
If the IMF is engineering a financial crisis in Europe in order to gain more power and influence, why wouldn’t the Fed be doing the same for the IMF in America? Just as the international bankers use stimulus and rate policy as tools, so, to, do they use chaos.
The actions and intentions of Saudi Arabia and Russia - the two largest oil-producing nations attending the Doha meeting on 17 April - have dashed all hopes of any fruitful outcome. The most important meeting of the last three decades, which has promised to forge new friendships and a new cartel, is turning out to be the biggest farce, even before the curtain is raised.
US and UK – Not Panama – Biggest Tax Havens for Money Laundering Criminals
Customs officials at the Greek-Turkish border crossing of Kipoi have confiscated the largest amount of gold that anyone has ever attempted to smuggle out of the country. The loot was found hidden in a taxi and consisted of 18 bars of unrefined gold, weighing 33.5 kilos, along with four crosses made of oure gold (11.6 grams). The gold was found last Friday during a police check on cars planing to cross the border. The suspects hid seven gold bars and the four crosses in the car’s passenger armrest while the other 11 bars were concealed in their luggage.
Unlike yesterday's overnight session, which saw some subtantial carry FX volatility and tumbling European yields in the aftermath of the TSY's anti-inversion decree, leading to a return of fears that the next leg down in markets is upon us, the overnight session has been far calmer, assisted in no small part by the latest China Caixin Services PMI, which rose from 51.2 to 52.2. Adding to the overnight rebound was crude, which saw a big bounce following yesterday's API inventory data, according to which crude had its biggest inventory draw in 2016, resulting in WTI rising as high as $37.15 overnight
What’s left for the Empire of Chaos in the Eurasian front is the wishful thinking of attempting to encircle both Russia and China, while both keep actually expanding all across the Eurasian Heartland, shedding US dollars and buying gold, signing a flurry of contracts in yuan and selling oil and gas to all and sundry.
We expect the short covering to begin tonight, tomorrow and for the next 8 days before the Doha Meeting.
- Panama Papers: Biggest Banks Are Top Users of Offshore Services (WSJ)
- Panama Papers probes opened, China limits access to news on leaks (Reuters)
- Credit Suisse CEO Distances Bank From ‘Panama Papers’ (WSJ)
- Fed's Evans says market more pessimistic on U.S. rate hikes (Reuters)
- IMF's Lagarde Says Risks to Weak Global Recovery Are Increasing (BBG)
Today the farce that is Obama's foreign policy was finally complete: in a statement by Iranian Deputy Chief of Staff Brig-Gen Maassoud Jazzayeri, Iran actually used Obama's infamous "red line" phrase... against the US president when "Iran warned the US on Monday that any attempt to encroach on the Islamic Republic's ballistic missile program would constitute the crossing of a "red line."
In a new and unexpected retaliation by Saudi Arabia for Iran's intransigence, moments ago the FT reported that Saudi Arabia has taken steps to slow Iran’s efforts at increasing oil exports, banning vessels that transport Iranian crude from entering their waters, according to traders and shipbrokers.
The early exuberance in oil has faded today as WTI tumble to fresh one-month lows, crucially losing the key 40-week moving average once again as the downtrend looks set to continue. With BNP Paribas warning that WTI is set to revisit the lows of the year, the time for redeterminations looms large over a sector that has been bid up once again on hope that this time it's different.
In a quiet start to the week following last week's surprisingly strong rebound which followed a stronger than expected jobs report (perhaps to demonstrate that good news is once again good news), Japan stocks continued to sink as the USDJPY dropped to fresh lows, while commodities declined for a fifth day as the supply glut from crude to copper weighed on prices, dragging down commodity currencies. European equities rose, rebounding from a one-month low.
"Unprecedented Leak" Exposes The Criminal Financial Dealings Of Some Of The World's Wealthiest PeopleSubmitted by Tyler Durden on 04/03/2016 22:35 -0400
An unprecedented leak of more than 11 million documents has revealed the hidden financial dealings of some of the world's wealthiest people, as well as 12 current and former world leaders and 128 more politicians and public officials around the world. The data allows a never-before-seen view inside the offshore world — providing a day-to-day, decade-by-decade look at how dark money flows through the global financial system, breeding crime and stripping national treasuries of tax revenues.