Amid chatter of rifts among the populist leaders and a technocrat premier-designate who seems incapable of moving forward, deciphering what happens next in Italy is hard - as evidenced by the early gains in Italian bonds starting to be erased.
"The positive news is that many of the most complacent bullish positions have now been cleaned out.... Most of the main reasons to be bearish EM have rapidly shifted the other way."
If there’s one thing that Elon Musk likes more than pseudoprofundity, it’s superlatives. Small wonder, then, that he has had an easy time convincing its fan base that Tesla makes the “safest car on the road”:
The pace at which technology is evolving can feel dizzying at times, but it’s not likely to slow down anytime soon. Here are some of the ways we suspect the technology of today will shape the world in the century to come...
JPM investment bank chief Daniel Pinto warned that Q2 markets revenue will be flat compared with a year earlier, and down 15% from 2016, sending bank stocks - already slammed by the collapse in Italian bonds - sliding.
Despite it being a holiday shortened week, with both the US and UK off on Monday, it's still a busy one for data with the latest payrolls report and PCE data in the US, and European politics the main highlights.
"Today, America is nearly 70 trillion dollars in debt, and that debt is shooting higher at an exponential rate...We are literally on a path to national suicide."
"I do think we're all feeling like where we were back in 2007. There was sort of a smell in the air; there were some crazy deals getting done. You just knew it was a matter of time."
With the "smart" money exiting the stock market in droves, yield curves collapsing, extreme speculative positioning in bonds, and a dramatically diverging economic reality from market narratives; what's the cheapest way to hedge against dramatic downside?
The Summer of 2018 continues to look like a staging period for considerable economic volatility to come, much like the summer of 2008 was 10 years ago.
For much of the overnight session, the market's attention was focused on North Korea's amicable reaction to Trump's cancellation of the June 12 summit, generating a build up of risk-on sentiment. Then things started to go south...
And while making 100-year loans to an insolvent country with a long history of default is especially insane, it’s important to realize there are a lot of “Argentinas” out there today...
"Should BTP 10-year spreads head above 200bp, the spill-over effects onto other EMU sovereigns would likely intensify. The most vulnerable market in this scenario – based on historical patterns – would be Portugal."
Year over year usage numbers for April 2018 - the height of the scandal - were actually up 7%. And, to boot, the 583 million purged robot accounts made no difference to advertising audience reach...
"A technical adjustment of the IOER rate to a level 5 basis points below the top of the target range could keep the effective federal funds rate well within the target range."
