Thanksgiving Day in 2014 will remain in the history books for one key event: that is the day when OPEC effective collapsed, after Saudi Arabia refused to comply with demands by other OPEC members to cut oil production, unleashing the biggest ever drop in the price of oil, ultimately surpassing even that seen after the great financial crisis in duration and severity.
Submitted by Constantin Gurdgiev via True Economics blog,
Global growth leading indicators are screaming it, Baltic Dry Index is screaming it, PMIs are screaming it, BRICS are living it, and now Ifo surveys are showing it: global economy is heading into a storm.
The latest warning is from the Ifo World Economic Climate Index.
Per Ifo release:
What a difference five days makes.
Recall last Wednesday evening, when none other than Goldman decided to be the latest to piggyback on gold's torrid momentum, by saing "there’s scope for the gold price to extend much higher over time." This is what Goldman's chartists predicted:
Submitted by Charles Kennedy via OilPrice.com,
In an oil sector first, the oil-rich United Arab Emirates (UAE) has offered free oil to India in return for a storage deal at India’s planned underground facility as the supply glut worsens and some analysts predict that ‘’peak storage” could sending prices crashing further.
The UAE’s Abu Dhabi National Oil Company (ADNOC) has agreed to store crude oil in India's maiden strategic storage facility, sweetening the deal by saying India could take two-thirds of the oil for free.
Having bounced 22% off Thursday's lows, amid endless confidence-inspiring chatter (of buybacks, bailouts, bank CEO buys, and SWFs saving the day), Deutsche Bank closed lower on the day, tumbling over 6% from its opening highs as the reality of the credit markets continues to sink in.
So, no, Deutsche Bank (and its $64 trilion derivatives book) is not "fixed" - far from it...
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