Authored by Nick Cunningham via OilPrice.com, Every week the crisis in Venezuela takes a turn for the worse… There are now signs that its oil industry is entering a dangerous new phase. Argus Media reports that Venezuela has begun to “proactively shut in oil production to cope with nearly replete terminal storage, further accelerating an output decline […]
Argentina’s central bank is once again the only (dollar) seller in town, after a mix of direct intervention and changes to bank reserve requirements has prompted a rebound in the peso but has pummelled the bank stocks (and the broad MERVAL index). BCRA bragged about its plans to sell as much as $400 million today and […]
If you watch the mainstream business media frequently enough during the day, you will be reminded, almost incessantly, that ‘stocks’ are at record highs, Amazon and Apple are fighting it out in the trillion-dollar-market-cap chase, and Netflix calls are safer than Treasuries. Trade wars are shrugged off, slumping economic data is ignored, and the flaccidity […]
Authored by Mike Shedlock via MishTalk, The BIS blasts cryptos over scaling issues, energy, and trust. The BIS is correct. Cryptos are fatally flawed as money. A Bank of International Settlements (BIS) report examines cryptocurrencies in depth. The study, called “Looking Beyond the Hype” investigates whether cryptocurrencies could play any role as money. Bloomberg, Reuters, […]
Bill Gross’s retaliation for his ex-wife’s decision to smuggle a $35 million Picasso out of the Laguna Beach Mansion they once shared (leaving her ex-husband none the wiser) has been swift…and stinky. According to the <a href=" Bill Gross’s retaliation for his ex-wife’s decision to smuggle a $35 million Picasso out of the Laguna Beach […]
Moments after Angela Merkel received a 2-week ultimatum to resolve Germany’s increasingly contentious refugee issue which could culminate with Merkel resignation, Donald Trump decided to capitalize on Merkel’s misfortune, and in a tweet claimed that “the people of Germany are turning against their leadership as migration is rocking the already tenuous Berlin coalition. Crime in […]
Authored by Charles Hugh Smith via OfTwoMinds blog, Rising wedges tend to lead to declines, so ignore them. At long last, we have reached the Nirvana of consensus: the stock market is heading to new all-time highs. Even the perma-Bear camp seems to have accepted the inevitability of new all-time highs ahead: The FANG stocks are […]
Following what was widely dubbed as “the most important week of the year“, which saw major announcements by both the Fed and ECB, things slow down sharply but central banks remain in the spotlight again with the ECB’s Forum on Central Banking due to take place in Sintra, with speakers including Draghi, Powell and Kuroda […]
Every investor and fund on Wall Street is trying to discern where the blossoming trade dispute between the US and China will go next now that the first punches have finally been thrown. The US has already threatened to issue another “tit” for China’s “tat”, which China announced on Friday by unveiling a slate of […]
Adding insult to injury, one day after Germany’s historic loss to Mexico (which resulted in a man-made earthquake in USA’s southern neighbor), Europe’s most important country is facing the “Destiny Day” to a political crisis like no other in its recent history. For almost 13 years as chancellor, Handeslblatt writes this morning, Angela Merkel managed […]
Heading into Friday’s much anticipated OPEC meeting in Vienna, the focus has shifted from (declining) global demand-side concerns to specific supply-side actions, and while it is broadly expected to conclude with an oil production increase – the first since the historic production cut agreement in late 2016, is set to be contentious with members Iran, […]
Munich prosecutors have arrested Audi CEO Rupert Stadler, also a member of parent company Volkswagen’s board, on concerns he might try to suppress evidence, in what is the highest-profile arrest of a Volkswagen executive since the diesel emissions scandal exploded into public view nearly three years ago. The arrest comes a month after Audi admitted […]
Bulletin Headline Summary from RanSquawk: Oil rebounds on OPEC source reports mentioning an output hike of 300k-600k bpd (vs. 1.5mln bpd touted previously) The Dollar is mixed overall, but the index did revisit 95.000+ ytd peaks (around 95.150) Looking ahead, highlights include comments from Fed’s Dudley, Bostic and Williams, BoC’s Deputy Governor and ECB President […]
Submitted by Bill Blain of Mint Partners Iceland, Rising worries about immigration, trade and oil prices… whatever next. “A free man can live on fish. Independence is better than meat.” Today, its’ all about Iceland! The giant-killing demi-gods of football slaughtered Argentina in a 1-all draw! [Think Led Zep riff : Da da da dada!] […]
Authored by Andrew Korybko via Oriental Review, Trump promised to replace what he termed as “fool trade” with fair trade when it comes to America’s economic partnerships, especially those with NAFTA and the EU. Tweeting from Singapore after the failed G7 Summit in Canada, the President wrote that “Fair Trade is now to be called Fool Trade […]