Business

It was just last week when we said that Cushing may be about to overflow in the face of an acute crude oil supply glut.

Back in 2012, BNP Paribas exited the North American reserve-based lending market, when it sold its RBL unit to Wells in an effort to shore up its balance sheet amid the turmoil generated by the eurozone debt crisis.

A little over two years later, in the fall of 2014, BNP got back into the RBL game in the US. That probably wasn’t a good idea.

While broad-based contagion from Deustche Bank's disintegration is clear in European, US, and Asian bank risk, there is another major financial institution whose counterparty risk concerns just went vertical...

Credit Suisse...

With the stock at 27-year lows, it appears investors are seriously questioning Chief Executive Officer Tidjane Thiam’s restructuring plans.

First it was Goldman confirming that when it comes to penning "investment theses", all Wall Street knows how to do is jump on a momentum bandwagon, when it said overnight that  there’s scope for gold prices to "extend much higher over time." Now it's Bank of America's turn.

Here is the latest chart magic from BofA's technical strategist Paul Ciana:

Staying long gold

 

Gold Surges 3.2% To $1,241/oz As Deutsche Bank And Other Stocks Fall Sharply

Gold has surged over 3% today on increased safe haven demand as stocks and in particular bank stocks see sharp falls. German shares have nose dived again and German colossus Deutsche Bank has fallen over 8%.

Futures - 1 Day Relative Performance - Finviz.com