This is shameful on behalf of the underwriters. Both Morgan Stanley and Goldman Sachs (who the else, huh?) should go fuck themselves, for pricing the Snapchat IPO the way they did. There is no reasonable explanation as to why they'd price it so expensively, other than greed.
According to the just released Monthly Treasury Statement, in April the US Treasury collected $456 billion and spent $273 billion, resulting in a budget surplus of $182 billion, higher than the $179 billion expected, and well above last year's $106.5 billion surplus. In a surprising jump in government revenues, receipts rose 3.9% y/y in April while outlays plunged a whopping 17.7% y/y. The increase in the surplus is due entirely to calendar quirks and a shift in the timing of some corporate income tax payments.
Authored by John Rubino via DollarCollapse.com,
When it comes to the oil market, the narrative over the past year, ever since OPEC's first aborted meeting last April, has been just one: limit crude supply in hopes of rebelancing the oil market, reducing excess inventories, in the process sending the price of oil higher. However, echoing what we have warned for many months, overnight the world’s biggest independent oil trader said OPEC's efforts could be in vain because the oil producing cartel is seeking to control the wrong thing: it's not a matter of supply, but global demand which is simply not there.
Yesterday's 3 Year auction was mediocre at best. Today's sale of $23 billion in 10Y paper was terrible.
Today's auction, unlike last month's super-strong sale of 10Y paper, was one of the worst auctions in recent history, first printing at a 2.40% yield, tailing the When Issued 2.32% by 1.8 bps, the biggest tail since February's 1.9bps. The yield was higher than April's 2.332% but lower than the 2.68% from March.