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ECB Trapped: Steinhoff Liquidity Collapses As Lenders Pull Credit Lines

When yesterday we discussed the latest troubles facing embattled retailer Steinhoff, whose bonds are owned by none other than the ECB, we said that while the company’s bonds mature in 2025, its bankruptcy is at most months away. In retrospect, and in light of the latest news, that may have been optimistic, because it now […]

Frontrunning: December 5

Clash Over Young Immigrants Hangs Over Year-End Budget Talks (BBG) Businesses Lobby for Breaks After Last-Minute Tax Changes (WSJ) Senate Bill ‘Bombshell’ Could Raise Taxes on Tech (BBG) Europe sucked into sell-off, sterling suffers Brexit blues (Reuters) After Tax Overhaul, GOP Will Pivot to Revamping Welfare (WSJ) Exiled son of slain Yemen ex-leader calls for […]

Denmark’s New Law Could Block Nord Stream 2

Authored by Zainab Calcuttawala via OilPrice.com, A new law passed by the Danish government could authorize regulators to block the passage of the Russian Nord Stream 2 gas pipeline on security or foreign policy grounds, according to a new report by Reuters. Under previous laws, the two reasons above would not have constituted valid grounds […]

Demographic Dysphoria: Swiss Village Offers Families Over $70,000 To Live There

Across the world, demographic dysphoria is taking shape, creating numerous headaches for governments. To avoid the next economic downturn, governments are searching for creative measures to increase population growth and deliver a sustainable economy. In Europe, a near decade of excessive monetary policy coupled with a massive influx of refugees have not been able to reverse negative […]

Dijsselbloem Admits “We Used Taxpayers’ Money To Bailout The Banks”

“We had a banking crisis, a fiscal crisis and we spent lot of the tax-payers’ money – in the wrong way, in my opinion – to save the banks” outgoing Eurogroup head Jeroen Dijsselbloem said adding “so that the people criticizing us and saying that everything was being done for the benefit of the banks […]

ECB Minutes Are A Dud, Fail To Excite Markets

For all the excitement surrounding today’s ECB minutes release, they turned out to be a dud, with the EURUSD failing to move even 10 pips, and Bund yields largely unchanged. Contrary to expectations, the minutes did not disclose anything new, instead echoing what Peter Praet said on Monday. Of note, the minutes revealed that ECB […]

Euro Tumbles On Report ECB Is “Concerned And Divided” Over End To QE

Talk ’em up, then slam ’em down. The familiar pattern of “clear and transparent” central bank communication was on full display moments ago, when following months of build up to an ECB taper announcement, the ECB used its favorite mouthpiece, Reuters, to “trial balloon” that an ECB decision over whether to announce a firm end-date […]

Breslow: This Is The Only Thing Preventing A Full Blown Market Panic

"If you want a friend in this market… get a dog," exclaims former fund manager Richard Breslow as he reflects on the farcical 'market' that traders contend with everyday. Via Bloomberg, If what is going on in the world wasn’t so serious, it would be entirely appropriate to describe any market moves that happen today […]

Euro Slides After ECB Releases FX Forecasts Topping At 1.18 In 2019

Having concluded that Draghi’s speech was on the margin dovish, not least of all due to Draghi’s parting shot at Euro bulls, saying that “nothing will derail ECB’s will to deliver inflation”, a refreshed version of “Whatever it takes”, the EURUSD has since slumped from session highs, and was back under 1.20, in fact filling […]

What Share Of Bond Markets Do Central Banks Own: Deutsche Bank Answers

With the latest ECB statement due out in just two days, traders are curious to see how Mario Draghi will escape from the trap in which the European central bank has found itself: on one hand, seeking to temper the recent dramatic rise in the Euro, on the other running out of QE eligible private-sector […]

German Central Bank Completes Repatriation Of $28 Billion In Gold Three Years Ahead Of Schedule

On January 16, 2013, the Bundesbank – one of the biggest gold holder in the world, with 3,378 tonnes – shocked the world: out of the blue, the German central bank announced that by December 31, 2020, it intends to store half of Germany’s gold reserves in its own vaults in Frankfurt, up from only […]