James Clapper, who is charged with overseeing the declassification, reportedly said that it is “realistic” that the 28-page section of the 9/11 Commission Report would be available as early as June. “We are in the position of trying to coordinate interagency position on the declassification of the 28 pages,” he told attendees of an event sponsored by the Christian Science Monitor, The Hill reported on Monday.
Despite all eyes on the slighlty better than expected MAUs (310m vs 308m exp.), Twitter is being clubbed like a baby seal after-hours as it has slashed Q2 revenue: TWITTER SEES 2Q REV. $590M TO $610M, EST. $677.1M Most crucially, Twitter explains, "Revenue came in at the low end of our guidance range because brand marketers did not increase spend as quickly as expected in the first quarter." Which also does not exactly bode well for the overall ad spend market.
Drilled, uncompleted wells could return 500,000 barrels a day back to the market, according to Richard Westerdale, a director at the U.S. State Department’s Bureau of Energy Resources. The inventory of wells is known as the fracklog. “Once we start approaching $45 and above, the risk of a much sharper pullback starts to increase as a lot of shale becomes profitable again,” Angus Nicholson, an analyst at IG in Melbourne, said by phone. “It’ll bring more supply back into the market. This happened last year when a swathe of output hit the market after a price gain and subsequently led to oil dropping to record lows.”
"One of the things that we have been doing is spending a lot more time positioning our missile defense systems, so that even as we try to resolve the underlying problem of nuclear development inside of North Korea, we're also setting up a shield that can at least block the relatively low-level threats that they're posing right now"
The history of economic central planning is not exactly glorious. In fact, as American economist Thomas Sowell once noted, "in general [central planning] has a record of failure so blatant that only an intellectual could ignore or evade it."
At the top, with annual price increases over 9% and as high as 11.9% in the case of Portland, we also find Seattle Denver and - of course - San Francisco. On the other end are Washington, Chicago and oddly enough, New York. We wonder if Case Shiller used the UMich "random" telephone directory to calculate that NYC home prices rose at precisely the rate of core inflation in the past 12 months while ignoring the dramatic moves in the ultra luxury high end segment.
While one can blame algos and "macros" for snapping up oil the commodity, as Morgan Stanley did recently, another question is who is buying energy stocks to a level that makes little sense from a forward P/E multiple. The answer may have been revealed earlier today in Bank of America's breakdown of what smart money investors were doing. While we already reported that for the 13th, record, consecutive week, hedge funds, institutions and private clients were unloading risk exposure, one other group of client were buying energy stocks in record amounts: Pensions.
Shortly after the close today, Apple will report its much watched earnings which will be closely watched for several reasons. The biggest one is that since Q1 2014 AAPL has contributed 25% of the S&P’s 4.2% growth rate (excluding the EPS benefit of the company's massive buyback program). Furthermore, roughly 40% of the nearly 9% jump in Tech margins since 2009 is attributable to Apple alone. However, that was all in the past: this quarter Apple is actually forecast to subtract 0.7% from the S&P's bottom line.
Back In December, Spain held what turned out to be inconclusive elections as voters clearly rejected the status quo with the country's lowest turnout in three decades. While incumbent Rajoy gained themost seats he was unable to get a majority and now four months later, King Felipe appears to have thrown in the towel on trying to bring the sides together in a working coalition. A new election for Spain is now inevitable in the summer after the king said no candidate counts with enough support to form a government - after a third round of talks between party leaders, the king won’t nominate a candidate, the Royal Palace said in a statement.
Today we see five states hold the presidential primaries, the so-called "Acela Primary" as most of the states up for grabs fall along Amtrak’s Acela train line between Washington, D.C., and Connecticut, and with Hillary comfortable, and Trump looking for a sweep as he surges on the back of yet another failed "stop-trump" attempt, there should be no real surprises when polls close this evening.
Yesterday's 2 Year auction was surprisingly poor because, among other things, it was the first tailing auction since 2014. Moments ago the US Treasury sold $34 billion in another lackluster auction which saw the high yield print at 1.41%, tailing 0.2 bps through the When Issued.
Venezuela - home to the largest oil reserves in the world - will for the next 40 days experience a four-hour blackout every single day, and there are fears that the rationing could lead to unrest and trigger a decline in oil output at a time when the country is barely hanging on.
It has already been a very bad several years for hedge funds with 2016 starting off especially brutally, when moments ago we learned that it is about to get even worse for one of the most iconic names in the macro hedge fund space, Brevan Howard, which according to Bloomberg has been served with $1.4 billion in cash redemption requests.
During the last week we have highlighted the frightening similarity between the speculative spike in China commodity trading (which has sent industrial metals prices soaring in yet another 'error' signal for real supply and demand) and the pump-n-dump in Chinese stocks. Specifically, as Goldman warns the factor that "concerns us the most is the increased speculation in the Chinese iron ore futures market," and now, as Bloomberg reports, it appears that bubble is bursting as Steel and Iron Ore prices tumble most in 21 months after Chinese exchanges raise margins in an attempt to curb speculation.
The recent failure of North Korea’s missile tests reaffirms the deficiencies of its ballistic and nuclear programs. Perversely, it also increases the risk of an imminent greater destabilizing behavior.