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Citi’s “What If?” Scenarios: Part 2

Yesterday we published the first set of 7 “What If” scenarios that didn’t make it into the Citi Credit team’s (already rather gloomy) year-ahead forecast. Because while Citi’s “base case” was clearly bearish (our summary can be found here), what was left unsaid was even more unsettling, if not troubling. As the bank’s credit team […]


Tory Power Base Takes Another Hit After Theresa May’s Right Hand Man Fired Over Pornography

Tory (lack of) power-base takes another hit. The UK prime minister’s right hand man Damian Green has been fired from his post based on the allegations over pornography usage. In an ongoing saga Damian Green was “asked to quit” after he made “inaccurate and misleading” statements over what he knew about claims pornography was found […]


Global Stocks Roar To Record Highs As Tax Reform Is “Priced In” All Over Again

Global stocks and US equity futures roared upward to new record highs to start the second-to-last week of the year, boosted by optimism over a Republican agreement on the shape of U.S. tax cuts aimed at lifting growth; incidentally this is the 6th consecutive day that the “tax bill” has been priced in by the […]


Norway Is Moving To Decriminalize All Drug Use

Authored by Carey Wedler via TheAntiMedia.org, Norway is the latest country to move toward decriminalizing drugs and promoting addiction treatment rather than punishing addicts. This week, a majority of members of the Norwegian parliament directed the national government to reform its policies. “The majority in the parliament has asked the government to prepare for reform,” a spokesperson […]


Theresa May Humiliated As Tory Rebellion Leads To Key Brexit Vote Loss

Prime Minister Theresa May suffered a humiliating defeat for her key Brexit law on Wednesday after pro-European members of her own party openly defied her orders in a vote in Parliament. The vote in the UK Parliament was described as being “knife-edge” with the BBC’s chief political correspondent, Norman Smith, called it a “Big Bananas […]


Trader: UK Does Brexit Best When It Does Nothing At All

From the latest Macro View by current Bloomberg macro commentator and former Lehman trader, Mark Cudmore U.K. Does Brexit Best When It Does Nothing At All: Macro View With apologies to my compatriot Ronan Keating, there’s a non-negligible and rising probability that Brexit doesn’t happen. Ultimately that would be a positive for U.K. assets. An […]


Pound Tumbles Amid Brexit Chaos, “Headline Havoc”

Cable traders are suffering through a news overload this morning, with the optimism and euphoria which sent the pound to two month highs as recently as 2 days ago fading fast on speculation whether UK PM Theresa May will be able to engineer a Brexit breakthrough in time. And following overnight speculation that her cabinet […]


Asian Market Rout Goes Global On Tech, Tax And Government Shutdown Tremors

A selloff which started in Asia, driven by renewed liquidation of Chinese and Hong Kong tech stocks and accelerated by weaker metal prices which pushed the Shanghai Composite below a key support and to 4 month lows… … which sent the Nikkei to its worst day since March and the second worst day of the […]


Tax Euphoria Fades As Tech Rout Spreads

One look at S&P futures this morning reveals an unchanged market, however it is again the violent sector rotation that is taking place behind the scenes that is the real story, with defensive sectors real estate, retail, food, utilities outperforming while investors continue to bail and book profits on tech stocks after sharp gains since […]


How The U.S. Dictatorship Works

Authored by Eric Zuesse via The Strategic Culture Foundation, A recent article in the Washington Post described how the current US tax-‘reform’ bill is being shaped; and it describes, basically (at least as far as tax-law changes are concerned), the operation of a US dictatorship by the super-rich. First of all, however: there is no longer any realistic question […]


“You’re Right, I’m A Threat To Big Banks” – UK Opposition Leader, Jeremy Corbyn, Lashes Out At Morgan Stanley

Earlier this week, Morgan Stanley published a report arguing that UK opposition leader, Jeremy Corbyn becoming Prime Minister, was a bigger threat to UK asset markets than Brexit. MS saw a two thirds chance of a snap UK election in the second half of 2018 when UK can’t secure a satisfactory Brexit deal and the […]


Hungary’s Ruling Party Hands Out Book Targeting George Soros

Authored by Jacob Bojesson via The Daily Caller, Hungary’s ruling party is stepping up its campaign against billionaire investor George Soros by distributing a book that accuses the financier of pursuing a plan to flood Europe with migrants. The book, titled “George Soros,” is written by Andreas von Rétyi – a German author known for pushing […]


Frontrunning: November 27

$10,000 in sight for bitcoin as it rockets to new record high (Reuters) Senate Plans Tax Vote Amid Trump Sales Pitch (BBG) Tax-Hike Fears Trigger Talk of Exodus From Manhattan and Greenwich (BBG) Retailers’ Emails Are Misfires for Many Holiday Shoppers (WSJ) Uncertainty Hangs Over CFPB as Two Vie to Lead Agency (WSJ) China Shares […]


Budget Preview: Chancellor Philip Hammond’s Impossible Task To “Square The UK’s Circle”

At lunchtime today, Philip Hammond will give the weakened Conservative government’s first budget in the new parliament. Against a likely backdrop of downgrades for the economy from the OBR, the Chancellor will be under immense pressure to provide a sound plan going forward on many issues. As Statista's Martin Armstrong notes, the NHS has already had its […]


Britain’s Gravest Economic Challenge Isn’t Brexit

Authored by Paul Wallace, op-ed via Reuters.com, Few British budgets have mattered as much as the one that Philip Hammond will deliver to the House of Commons on Nov. 22. The chancellor of the exchequer must shore up Theresa May’s perilously shaky government ahead of a vital Brexit summit of European leaders in mid-December. At […]