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"Worse May Be To Come" As US Services Slump Into Contraction, Business Confidence At Record Lows

"Worse May Be To Come" As US Services Slump Into Contraction, Business Confidence At Record Lows

From the narrative-destroying 49.8 preliminary print for US Services PMI (the lowest since the government shutdown in 2013), today's final February Services PMI printed an even worse 49.7 (below 50.0 expectations) even as stocks have soared in the last 2 weeks. Business confidence tumbles to its lowest since Aug 2010 (record lows). This drops the composite PMI to a dismal 50.0, implying negative GDP growth in Q1.

JPMorgan Goes Underweight Stocks "For The First Time This Cycle", Says To Buy Gold

JPMorgan Goes Underweight Stocks "For The First Time This Cycle", Says To Buy Gold

Less than 24 hours ago we presented the latest reason by JPM's Mislav Matejka explaining why the equity strategist refuses to buy this market, to wit: "equities are down ytd, but notably the ’16 P/E is not much cheaper today than it was at the start of the year. In fact, for the US, the P/E multiple is currently higher than it was on 1st January, at 16.8x vs 16.6x then."

It's Official: Canada Has Sold All Of Its Gold Reserves

It's Official: Canada Has Sold All Of Its Gold Reserves

One month ago, when looking at the latest Canadian official international reserves, we noticed something strange: Canada had sold nearly half of its gold reserves in one month. According to the February data, total Canadian gold reserves stood at 1.7 tonnes. That was just 0.1 per cent of the country’s total reserves, which also include foreign currency deposits and bonds. 

As we noted, the decision to sell came from Finance Minister Bill Morneau’s office.

Bill Gross Previews The Financial Apocalypse: "The Classical Economic Model Has Reached A Dead End"

Bill Gross Previews The Financial Apocalypse: "The Classical Economic Model Has Reached A Dead End"

Bill Gross takes a turn for the downright apocalyptic (with a +/- 5 billion year error margin) in his latest letter speculating on the future of banking and finance under NIRP in a world where the "credit based economic system appears to be in the process of devolving from a production oriented model to one which recycles finance for the benefit of financiers"; a world in which "the negative interest rates dominating 40% of the Euroland bond market and now migrating to Japan like a Zika like contagion, are an enigma to almost all global investors"; a world where our "finance based economic

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