Russia’s largest oil company Rosneft has already completed the switch away from the U.S. dollar to euros in its export contracts to minimize risks from potential new U.S. sanctions...
"The negative-rate experiment, if you will, around the world has effectively not worked. So we’re hoping we’re not going to mimic a policy that hasn’t worked."
One week ago we reported that such hedge fund icons as Steve Cohen, Ken Griffin, and Dmitriy Balyasni were among the prominent investors hammered by the quant quake. We can now add Third Point's Dan Loeb to the list.
Another very strong auction, which is to be expected in a time when Europe is sliding into recession, China can't get its credit impulse to bounce, and the Fed is not only cutting rates but also boosting its balance sheet by tens of billions each months.
...survey point to GDP growth of just under 1.5% at the start of the fourth quarter, and a near-stalling of new order growth to the lowest for a decade suggests that risks are tilted toward growth remaining below trend in coming months.
While yesterday's closing ramp was 'triggered' by The Fed hiking the size of its liquidity bailouts, it appears the US market open was all the algos needed to dump their overnight gains...
