Third Point

The Imperial Collapse Clock Ticks Closer To Midnight

"...Trump has been totally brought to heel, a fact that’ll become increasingly crystal clear in the months ahead. This is now your standard Wall Street and military-industrial complex run Presidency..."

Dan Loeb: "None Of Our Early Predictions Have Come To Pass"

"In our January letter to investors, we shared our view that 2017 would be a year characterized by reflation globally, an end to central bank easing, and a US economy juiced up by the Trump administration’s increased fiscal spending and tax reform. So far, none of these predictions has come to pass."

Frontrunning: June 28

  • Global Bonds Sell Off, Sparking Fears of Further ‘Taper Tantrum’ (WSJ)
  • Facing revolt on healthcare, GOP senators delay vote (Reuters)
  • Global businesses dig out from latest cyber attack (Reuters)
  • Cyber attack hits property arm of French bank BNP Paribas (Reuters)
  • Obama Choked on Russia Long Before the 2016 Election (BBG)

Frontrunning: June 27

  • Stocks, dollar ease as central bank officials take center stage (Reuters)
  • Euro surges on Draghi comments, dollar slips (Reuters)
  • Yuan Surges in Afternoon Trade Amid Talk PBOC Supported Currency (BBG)
  • U.S. threatens Syria, says Assad is planning chemical weapons attack (Reuters)
  • Google Gets Record $2.7 Billion EU Fine for Skewing Searches (BBG)

Frontrunning: June 26

  • Italian Bank Deal Raises Questions About Eurozone Rules (WSJ)
  • UK PM May strikes $1.3 billion deal to get Northern Irish DUP support for her government (Reuters)
  • Nestle Targeted by Dan Loeb in Activist’s Biggest-Ever Bet (BBG)
  • Nestle 'committed' to strategy as activist investor moves in (Reuters)
  • Troubled Air-Bag Maker Takata Files for Bankruptcy (WSJ)

Italy Bank Bailouts Send European, Global Stocks Higher; Gold Flash Crashes

S&P futures point to a higher open following gains in Asia but mostly Europe, where stocks are sharply higher following the €17 billion bailout of the two Veneto banks in Italy, the biggest taxpayer funded bank rescue in modern Italian history, as well as Dan Loeb's activist campaign of the world's biggest food company, Nestle

Quiet Start To Quad Witching: Stocks Rebound Around The Globe, BOJ Hits Yen

Today is quad-witching opex Friday, and according to JPM, some $1.3 trillion in S&P future will expire. Traditionally quad days are associated with a rise in volatility and a surge in volumes although in light of recent vol trends and overnight markets, today may be the most boring quad-witching in recent history: global stocks have again rebounded from yesterday's tech-driven losses as European shares rose 0.6%, wiping out the week's losses.

Frontrunning: April 28

  • World stocks pause near record highs (Reuters)
  • 'If there's a shutdown, there's a shutdown,' Trump says (Reuters)
  • Trump’s Tax Plan Hits First Land Mine: Blue State Republicans (BBG)
  • Congress to Vote on Stopgap Bill to Keep Government Open (WSJ)
  • Tillerson Seeks to Boost Pressure on North Korea at UN Meeting (BBG)