Business

The energy bankruptcy wave has been officially unleashed.

After just yesterday Energy XXI became the latest shale company to seek bankruptcy protection, this morning another troubled energy producer, Goodrich Petroleum announced a prepackaged Chapter filing meant to implement a financial reorganization after struggling to restructure its debt amid declining energy prices.

• Global stocks, dollar and oil cool ahead of Doha meeting (Reuters)
• Oil Falls Before Doha as Global Markets Brace for Weekend Risk (BBG)
• China Growth Slows; Revival Policies Appear to Gain Traction (WSJ)
• White House hopefuls Clinton, Sanders joust in Brooklyn brawl (Reuters)
• Trump talks up 'New York values' as protesters demonstrate against him (Reuters)
• Sanders Can’t Clarify Wall Street Plan in Testy Clinton Debate (BBG)
• Goldman's Blankfein Said to Push Deepest Cost Cuts in Years (BBG)

Good news is still bad news after all.

After last night's China 6.7% GDP print which while the lowest since Q1 2009, was in line with expectations, coupled with beats in IP, Fixed Asset Investment and Retail Sales (on the back of $1 trillion in total financing in Q1)...

The IMF’s Special Drawing Rights, the RMB and gold 

The full article with additional charts and tables is published
on GoldMoney.com can be downloaded
here.

Heading into tonight's datagasm from China, SHCOMP tumbled and Yuan was strengthening (while money-market rates were ticking higher). Then it began... Retail Sales BEAT (+10.5% vs. +10.4% exp), Industrial Production  BEAT (+6.8% vs. +5.9% exp), Fixed Asset Investment BEAT (+10.7 vs. +10.4% exp) and last - but not least - GDP MEET (+6.7 vs. +6.7% exp) - though still the weakest since Q1 2009. The post-data reaction was initially opsitive but then faded fast as reality hit on the lack of stimulus coming.