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“This is Groundhog Day”: Spanish Stocks Battered By Catalan Vote, Bitcoin Crashes

Spanish stocks and the euro fell, while Spanish government bond yields hit their highest levels in over a month after Catalan secessionists delivered an unexpected blow to the government of Spanish PM Rajoy by winning the Catalan regional election. Meanwhile across the Atlantic, U.S. equity futures and the dollar rose on the last trading session […]


Sharing Risks To Counter Germany’s Plans Seeing Target2 Collaterilazation With Gold Reserves

Marcello Minenna, a division head at the Italian securities regulator, emailed his plan to "Cure the Eurozone". Despite being quite soft (there will not be permanent transfers between Member States), the recent proposals of the European Commission to deepen integration in the economic and monetary union could meet the opposition of Germany as soon as […]


Beware The Falling Knives: The ECB Has Some Bad News For Junk Bond Buyers

Two weeks ago, as part of our continuing coverage of the Steinhoff fiasco in which it emerged that the ECB was the mystery and (not so) proud buyer of just issued Steinhoff (now junk) bonds (maturing in 2025 but set for bankruptcy much sooner) and which lost more than half of their value overnight when […]


The ECB Has Some Bad News For Junk Bond Buyers

Two weeks ago, as part of our continuing coverage of the Steinhoff fiasco in which it emerged that the ECB was the mystery and (not so) proud buyer of just issued Steinhoff (now junk) bonds (maturing in 2025 but set for bankruptcy much sooner) and which lost more than half of their value overnight when […]


Zombie Corporations: Over 10% Of Global Companies Depend On Cheap Fed Money

Authored by Mike Shedlock via www.themaven.net/mishtalk, Ten percent of corporations survive only because central banks have kept real interest rates negative. The BIS defines Zombie firms as those with a ratio of earnings before interest and taxes to interest expenses below one, with the firm aged 10 years or more. In simple terms, Zombies are […]


European, Asian Stocks Slide But US Futures Rebound As Tax Deal Fears Ease

U.S. equity index futures point to a higher open, having rebounded some 10 points off session lows with the VIX stuck on the edge between single and double digits, while European and Asian shares decline as investors assess central banks’ shift toward tighter monetary policy and concern over tax overhaul ahead of final plan.  It […]


ECB Unveils New, Higher Inflation Forecasts; Pushes Bund Yields Higher

While the rest of Draghi’s presser was uneventful, the two things investors were looking for were the ECB’s revised GDP and inflation forecasts. And while the first saw a modest improvement across the board relative to the September forecast as follows: 2017 at 2.4% vs 2.2% In Sept. 2018 at 2.3% vs 1.8% 2019 at […]


Watch Live: Mario Draghi Explains Why The ECB ‘Taper’ Is So Positive

Having left rates unchanged and confirmed the tapering of QE, there is only one thing left for the former Goldmanite to do – explain to the masses why this is all so positive and no reason at all to worry about rationality-shattering bond yields across the eurozone (and beyond). As expected, there was little surprise […]


ECB Keeps Rates Unchanged, Sees Current Policy Stance “Contributing To Favorable Liquidity Conditions”

As expected, there was little surprise in the ECB monetary policy decision, which kept all three key ECB rates unchanged, and which announced that rates will “remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases.” As it unveiled before, QE will run at […]


What To Expect From The ECB

Submitted by RanSquawk ECB Monetary Policy Decision Due At 12:45 GMT, 13:45 CET, 07:45 EDT, On Thursday 14th December 2017, Press Conference Due At 13:30 GMT, 14:30 CET, 08:30 EDT Unanimous expectations look for the ECB to leave its three key rates unchanged.  As a reminder October’s announcement revealed that the Bank will be trimming […]


An Italian Regulator’s Risk-Sharing Plan To “Cure The Eurozone”

Authored by Mike Shedlock via www.themaven.net/mishtalk, Marcello Minenna, a division head at the Italian securities regulator, emailed his plan to "Cure the Eurozone".  Marcello Minenna, the head of Quantitative Analysis and Financial Innovation at Consob, the Italian securities regulator, pinged me recently with his plan to save the Eurozone. The plan requires debt guarantees with […]


ECB Caught In Sprawling Scandal After Bonds It Owns Implode

While you were sleeping, the stock and bonds of a relatively unknown company in the US, but is a household name in much of the rest of the world, Steinhoff International Holdings NV, plunged after its chief executive officer resigned amid accounting irregularities, with the company announcing that it was indefinitely delaying the release of […]


Are Markets Too Optimistic About Global Growth? (Spoiler Alert, Yes!)

Authored by Saxo Bank's Head of Macro Strategy, Dembik Christopher, via TradingFloor.com, We expect softer-than-consensus 2018 growth Lowflation structural, not transitory Housing bubbles remain a concern (Bitcoin not so much) The year 2018 starts with four main questions: Is economic growth on a solid footing? Will inflation ever come back? Should we fear higher bond […]


Euro Area Inflation Unexpectedly Misses Despite Sliding Unemployment

The euro stumbled, dropping to session lows on Thursday after Eurostat reported that despite a welcome decline in Europe’s unemployment rate to 8.8%, the lowest level in 9 years, Eurozone inflation missed expectations, rising from 1.4% to 1.5%, below the 1.6% consensus expectations, reminding the ECB that Phillips curves around the globe remain broken and […]


US Futures, World Stocks, Bitcoin All Hit Record Highs

US equity futures continued their push higher overnight (ES +0.1%), and the VIX is 1.5% lower and back under 10, after yesterday’s blistering surge in US stocks which jumped 1%, the most since Sept. 11, following Powell’s deregulation promise, ahead of today’s 2nd estimate of U.S. Q3 GDP which is expected to be revised up. […]