Asia

A new virus that attacks both farmed and wild tilapia has been identified by a team of international researchers. Tilapia is one of the most widely consumed inexpensive proteins globally. The virus, called the Tilapia Lake Virus (TiLV), is said by the researchers to be the cause of the mass die-offs of the fish which occurred in Israel and Ecuador in the last few years. A paper produced on the virus by the research team lays out a plan for developing a vaccine to protect the global tilapia supplies from contracting TiLV.

Two days after stocks slid in a coordinated risk-off session, and one day after a DOE estimate of US oil inventories sent US stocks surging while the failed Allergan-Pfizer deal unleashed torrential hopes of a biotech M&A spree leading to the single best day for the sector in 5 years, sentiment has again shifted, this time due to a violent surge in the Yen as the market keeps testing the resolve of the Japanese central bank to keep its currency weak, and so far finding it to be nonexistent.

A Huge Leak

The “Panama Papers” tax haven leak is big …

After all, the Prime Minister of Iceland resigned over the leak, and investigations are taking place worldwide over the leak.

But Why Is It Mainly Focusing On Enemies of the West?

But the Panama Papers reporting mainly focuses on friends of Russia’s Putin, Assad’s Syria and others disfavored by the West.

Former British Ambassador Craig Murray notes:

Unlike yesterday's overnight session, which saw some substantial carry FX volatility and tumbling European yields in the aftermath of the TSY's anti-inversion decree, leading to a return of fears that the next leg down in markets is upon us, the overnight session has been far calmer, assisted in no small part by the latest China Caixin Services PMI, which rose from 51.2 to 52.2 (even if the employment index dropped to a three year low, suggesting China's labor problems are only just starting).

China’s Gold Intent – ICBC Bank Reclassified as an LBMA Market Maker

ICBC Standard Bank, China and the world's largest bank, has been reclassified as a spot Market Making Member of the London Bullion Market Association (LBMA) with effect from today according to a note posted on the LBMA website last night at 2100 GMT.

According to the post: