Business

It appears The IEA has come to the same reasoning as we have been pointing out for weeks - "freezing" production at what is already the highest output levels ever is "meaninglesss." As Reuters reports, Saudi Arabia is the only country with the ability to increase output, a senior executive from the International Energy Agency (IEA) said on Wednesday. This reality check appears to have stalled crude's exuberant run as WTI pushed below overnight API "build" lows.

When last we checked in on Credit Suisse, things weren’t going so well.

The bank had just reported a $6 billion loss - in the fourth quarter. The red ink for 2015 totaled some $3 billion, representing the firm’s first annual loss since the financial crisis. Shares promptly plunged 13% to their lowest level in nearly a quarter century.

Via Dana Lyons' Tumblr,

Data from the volatility market suggests that expectations in the near-term may have finally gotten a bit too complacent.

• Futures little changed day after Brussels attacks (Reuters)
• Trump, Clinton win big in Arizona, but Cruz, Sanders show fight (Reuters)
• Belgium identifies Brussels bomb suspect, suicide bombers (Reuters)
• After Brussels Terrorist Attacks, Security Ramped Up in U.S. Cities (WSJ)
• Terror Impact Threatens Cameron EU Pitch, Merkel's Open Door (BBG)
• Brussels Attacks Will Jolt 2016 U.S. Presidential Race (WSJ)
• Mounting debts could derail China plans to cut steel, coal glut (Reuters)

Following two days of rangebound moves, where Monday's modest market rebound was undone by the Tuesday just as modest decline (despite the early surge higher on the latest "bullish for stocks" European terrorism), overnight equity action continued to be more of the same, and as of this moment S&P 500 futures were unchanged, while European stocks were modestly higher.