After five consecutive daily losses on the MSCI world stock index and seven straight falls in Europe, there was finally a bounce, as investors returned to global equity markets in an optimistic mood on Thursday, sending US futures higher after several days of losses as global stocks rebounded following a Chinese commodity-driven rout.
Was Brexit also Putin’s fault?
The simmering anti-Russia hysteria that has emerged in the UK recently has finally boiled over, and it appears last night’s story in the Times of London claiming that a swarm of Twitter bots reportedly created by a troll farm possibly linked to Russian intelligene (sound familiar?) posted more than 45,000 messages about Brexit in 48 hours during last year’s referendum to try and “so discord” among the public was the grain of rice that tipped the scale.
A new CNN investigation has uncovered a network of slave markets operating in warehouses in various cities across Libya six years after NATO-led intervention in the country toppled the government of Muammar Gaddafi in support of US and UK backed rebels. And not only did CNN confirm the presence of slave auctions where human beings are being sold for as little as $400 in "liberated" Libya, but CNN's crew was actually able to film a live auction in progress, while also gathering the testimonies of multiple victims.
The euphoria of the past month has ended with a thud and BTFDers are strangely missing as the commodity chill out of China (which overnight became full blown carnage), has unleashed a global risk-off phase ahead of today's critical CPI data, resulting in broad and sharp selling across global markets, as European stocks followed declines in Asia while bonds and gold advanced. The equity retreat, which spread to U.S. stock futures, started with last night's sharp puke in Chinese commodities.
Today Credit Suisse released its latest annual global wealth report, which traditionally lays out what has become the single biggest reason for the recent "anti-establishment" revulsion: an unprecedented concentration of wealth among a handful of people, as shown in Swiss bank's infamous global wealth pyramid, an arrangement which as observed by the "shocking" political backlash of the past year, suggests that the lower 'levels' of the pyramid are increasingly unhappy about.