Market Manipulation

'Italeave' Looms As Italian Crisis Indicator Spikes To Record High After Trump Win

"The US election will help all those who have not had the courage to come out and say 'I will vote No'," proclaimed one of Italian PM Renzi's opponents as The FT reports the centre-left prime minister’s referendum on change is threatened by the global populist wave. Even before the US election, he faced a struggle to secure victory in the referendum, with most polls tilting in favor of voting 'No', albeit with many undecided voters, but opponents claim "many undecided voters in the polling booth will say ‘No No No’, just like Trump voters."

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)

Investors Have Pulled $8 Billion From Deutsche Bank's ETF Unit

DB has continued to hemmorhage cash with the FT reporting that the German lender's exchange traded fund unit has seen billions in outflows as Germany’s biggest lender considers whether to sell parts of its asset management business. Specifically, investors have pulled $8bn from Deutsche’s ETF arm so far this year.

The Noose Is Tightening Quickly On The Global Economy

At bottom, it is not central bank stimulus and intervention alone that drives equities and bond markets; it is the naive faith and willful ignorance of average market participants.  There is a problem with this kind of economic model, however.  Reality is never kept in check indefinitely.  Fiscal truths will be exposed, one way or another.

Some Deutsche Bank Clients Unable To Access Cash Due To "IT Outage"

Deutsche Bank suffered a further blow to its image over the weekend with a third alleged "IT outage" in the space of a few months on Saturday, that prevented some customers getting access to their money for a short time: "Customers can not access their cash because it is blocked", a customer complained to Germany's Handelsblatt.

Deutsche Bank Charged By Italy For Market Manipulation, Creating False Accounts

One day after Deutsche Bank stock soared from all time lows, on the back of what so far appears to have been a fabricated report sourced by AFP which relied on Twitter to "inform it" that the DOJ would reduce its RMBS settlement with the German Lender, today Bloomberg reported that Deutsche Bank and six of its managers were charged in Milan for colluding to falsify the accounts of Italy’s third-biggest bank and manipulate the market.

Wells Fargo CEO Grilled In Senate - Live Feed

Just when the images of Too-Big-To-Fail Bank CEOs facing faux-angry (but impotent under lobbying fees) politicians had moved to the back of the mind, Wells Fargo CEO John Stumpf will visit Capitol Hill to explain to the Senate Banking why he is "deeply sorry" about the massive and systemic fraud his bank visited upon Americans, and why he "accepts full responsibility" but will not resign (because he really owes it to the company to stay around and fix this mess).