Business

As was widely expected, moments ago the "sleepy" ECB announced that all its three key rates remain unchanged: "the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively." There was one notably addition: the ECB announced it has "started to expand our monthly purchases under the asset purchase programme to €80 billion" as was also expected considering the tremendous rip in European corporate bonds.

Full statement:

• World stocks gain along with oil, clock ticks down to ECB (Reuters)
• Draghi Expected to Defend ECB in Face of German Criticism (WSJ)
• Trump, Cruz, Kasich seek to win over Republican leaders at party meeting (Reuters)
• Donald Trump Plans to Adopt More-Traditional Campaign Tactics (WSJ)
• Japan, Not Germany, Leads World in Negative-Yield Bonds (BBG)
• Obama starts talks with Gulf leaders aimed at easing strains (Reuters)
• Soros: China Looks Like the US Before the Crisis (BBG)

In a surprise move, earlier today Sweden's Riksbank announced that it would expand the country's QE program by another 45 billion kroner - consensus was for no increase - while keeping its rate at the already record negative -0.50%. "With continued expansionary monetary policy abroad, there is a risk that the krona will appreciate earlier and faster than in the forecast," the Riksbank said. 

One day after stocks were this close from hitting new all time highs on what have been either ok earnings, if looking at non-GAAP data, or atrocious earnings, based on GAAP, and where any oil headline is now immediately translated as bullish by the oil algos, so far futures are relatively flat, while European stocks were at their moments ago in anticipation of the latest ECB announcement due out in just one hour.  However, unlike last month's "quad-bazooka", this time the market expects far less from Draghi.

The Lie That Corporations Have “Rights”

Written by Jeff Nielson (CLICK FOR ORIGINAL)

People have rights – at least we used to have them, until the mythological “War on Terror” was rammed down our throats as a pretext for stripping us of many rights. Corporations cannot have rights, which should be evident to all citizens in our pseudo-democracies.