Business

Another day, and another round of increasingly uglier news from the global energy sector.

Moments ago, energy giant ConocoPhillips announced it would cut the company’s quarterly dividend to 25 cents per share, compared with the previous quarterly dividend of 74 cents per share. This took place after reporting its biggest quarterly loss in almost a decade as independent oil producers feel the squeeze from the sharp decline in crude prices.

Seven days ago, Deutsche Bank turned in what various sellside desks described as “horrible”, “grim” results for both Q4 and 2015 as a whole.

The bank posted its first annual net loss since the financial crisis, reporting red ink that totaled more than $7 billion as investment banking revenue fell plunged by some 30%.

On Thursday, we learn that Credit Suisse lost nearly $6 billion in the fourth quarter. The 2015 net loss came to nearly $3 billion. 

• EU Slashes 2016 Inflation Forecast to 0.5% as Growth Seen Slower (BBG)
• Bank of England cuts UK growth forecasts (FT)
• Investors Cast Wary Eye on Fed Rate Increases (WSJ)
• U.N. halts Syria talks as government closes in on Aleppo (Reuters)
• Credit Suisse Drops as Investment Bank Slump Deepens Losses (BBG)
• Six OPEC states ready for emergency meeting with non-OPEC members — Venezuela's minister (TASS)
• Redstone seen resigning as Viacom chair after stepping down at CBS (Reuters)

After yesterday's torrid, chaotic moves in the market, where an initial drop in stocks was quickly pared and led to a surge into the close after a weaker dollar on the heels of even more disappointing US data and Bill Dudley's "serious consequences" speech sent oil soaring and put the "Fed Relent" scenario squarely back on the table, overnight we have seen more global equity strength on the back of a weaker dollar, even if said weakness hurt Kuroda's post-NIRP world and the Nikkei erased virtually all losses since last Friday's surprising negative rate announcement.

A Wells Fargo bank insider, who claims to be a teller, has said that the bank are training their staff to deal with an imminent “emergency scenario”. The insider reports: I am a teller at Wells Fargo here in the US this is also my first time using this proxy. They started training us today for a bank holiday. They didnt mention the word bank holiday, but they did train us for an “emergency scenario”. They told us it’s just a drill. Ive been working here for 3 years, and we never had a drill before..