Authored by Cyril Widdershoven via OilPrice.com,
OPEC exports have come under pressure this week from technical threats to oil fields, with Saudi Arabia’s Manifa problems grabbing the headlines.
It was another painfully low-volume overnight session, which however did not prevent global stocks from hitting another record highs, capping their best week in over two months as the dollar stayed close to nine-month lows following Yellen's dovish retreat in which she noted caution on persistently low inflation (hence today's CPI print will be especially important) as odds of future rate hikes in 2017 and 2018 dropped.
One month ago, when describing the bizarre, not to mention systemically dangerous practice of dozens of small and mid-cap Chinese companies and executives offering to backstop losses on their employees' purchases of company shares, we couldn't quite explain it, although it seemed to revolve around a simple, and fraudulent, ponzi scheme: the same executives who were making the "make whole guarantee" had themselves taken out substantial loans collateralized by a pledge on their own stock.
Authored by Brandon Smith via Alt-Market.com,
The dollar was broadly weaker after dovish comments from Fed Governor Lael Brainard amid reverberations from reports of Donald Trump Jr.’s contact with a Russian lawyer; European equities rebounded with oil while S&P futures were 0.2% higher at 2,428; Treasury yields are 1-2bps lower across the curve with the 10y at 2.346% ahead of Yellen’s much anticipated testimony this morning (House today, Senate tomorrow) for further clues on the trajectory of monetary policy while the Bank of Canada is expected to hike rates later.