In their latest technical analysis report, UBS' Michael Riesner and Marc Muller warn that, it’s been a long time since we had such a relatively clear and one-sided picture on the sentiment side, which we can just describe as tactical contrarian and too complacent.
Defying numerous skeptics, today's historic OPEC decision to cut production, a first since 2009, marks a clear turning point in cartel, and especially Saudi Arabian, politics: individual country quotas have been allocated to all members, a third-party production verification process has been established, and the world’s largest crude oil producer Russia has committed to freeze production.At least, that's what the deal looks like on paper.
For those who missed today's fireworks, which saw oil soar as much as 10%, here are the key details.
Submitted by Simon Black via SovereignMan.com,
It’s happening faster than we could have ever imagined.
Every time we turn around, it seems, there’s another major assault in the War on Cash.
India is the most notable recent example– the embarrassing debacle a few weeks ago in which the government, overnight, “demonetized” its two largest denominations of cash, leaving an entire nation in chaos.
But there have been so many smaller examples.
Barely having confirmed he will be Donald Trump's nominee for Treasury Secretary, Steven Mnuchin proceeded to roil the bond market when the former Goldman banker told CNBC he would look at extending the maturity of future Treasury issuance, hinting at 50 and 100 Year bonds, which promptly sent long-term US bond yields surging by the most since the turmoil following Trump’s election victory.
What else could we use for today...
November was quite a month...