This week’s press conference is set to offer little in the way of fireworks with June/July touted as a more opportune time for the ECB to unveil their next stage of major policy announcements. Draghi will likely make some reference to the recent softness in data but ultimately maintain that risks to economic growth are ‘broadly balanced’
One unexploded Tomahawk cruise missile and one high accuracy air-launched missile launched by the US and its allies on Syria on April 14 have been brought to Moscow...
"We live in an era that represents an ultimate crossroads for civilization; a time of great uncertainty. Will we seek truth in the trials we face, and thus the ability to create our own solutions? Or, will we take a seemingly easier road by embracing whatever solutions are handed to us by the establishment?"
The ECB's CSPP pace has fallen sharply over the last four weeks Is this a signal that a new CSPP regime has started in Q2, three months earlier than we expected? According to DB, "the ECB may well have decided to slow down corporate purchases in Q2 already in order to wean the market off the addictive effects of the CSPP."
What traders refer to as the “liquidity smile” formed by the pattern of trading volumes has recently become more pronounced and turned it into a “liquidity smirk” due to the lopsided importance of the 3.30-4pm trading window.
No obvious catalyst for the big drop this morning - aside from perhaps Chinese police seizing mining equipment in Tianjin - but Bitcoin Cash is plunging and Bitcoin is back below $9,000 as the entire crypto space is getting hit...
After closing Tuesday just a fraction away from 3.00% (2.9995% to be precise), the drama over the 10Y yield continued, with a block seller appearing in early trading, pushing the yield as high as 3.03%.
"What ails the Middle Kingdom? Waning credit appears to be taking a toll on growth. The Chinese credit impulsed dropped to 25.39% as of March 31, the lowest since the 2015 yuan devaluation."
“Under the instruction by President Putin, the Bank of Russia has been implementing the program of increasing the absolute share of gold in the gold and currency reserves of Russia for many years."
The continuing steady accumulation of gold reserves continues and it was notable how Russian media channels loudly pronounced the continuing diversification into gold
If the big story yesterday was the surge in 10Y TSY yields to just shy of 3.00% (2.996% to be precise), then it is only reasonable that the failure of the 10Y yield to rise above 3.00% overnight is today's "big story"...
"The schadenfreude in the investment industry is grotesquely palpable. We love to see others crash and burn, the bigger the better. Serves them right. I knew I was smarter. They were greedy and didn’t understand the risks they were taking...But what if we decided to stop playing this awful game?"
The ECB is about to capitulate on implementing rules that would have forced European banks to set aside more money against hundreds of billions in bad loans, after suffering a political backlash.
