Business

Following the previously noted ongoing rise in yields around the globe on the back of this week's unexpected and coordinated central bank hawkish jawboning which sent 10Y Bunds as high as 0.43%, double where they were earlier in the week...

Remember when Warren Buffett anecdotally "took a bath" when he decided to effectively rescue Bank of America with a $5 bilion equity injection in 2011? He may be due for another bath any minute.

Walgreens, Boots Alliance and Rite Aid terminated their $9.4 billion merger agreement, amid heavy anti-trust concerns, and unveiled on Thursday a new deal to buy more than 2,000 of Rite Aids stores for $5.2bn. RAD shares tumbled as much as 20% on the news.

• Global Bonds Gyrate as Investors Try to Parse Central Banks’ Next Stimulus Moves (WSJ)
• Republicans struggle to salvage healthcare effort (Reuters)
• States' Medicaid spending to increase (Reuters)
• Apple's iPhone turns 10, bumpy start forgotten (Reuters)
• Fed’s Stress Tests: All Banks Cleared on Payouts to Shareholders (WSJ)
• Bitcoin's Become So Volatile That It Looks Like a Steroidal ETF (BBG)
• They Built the First Phone You Loved. Where in the World Is Nokia Now?  (BBG)

By Bill Blain of Mint Partners, Blain’s Morning Porridge – June 29th 2017

What a difference a day makes

“And a new day will dawn for those who stand long, and the forests will echo with laughter.”

What a fascinating week this is shaping up to be – on Monday I speculated it was going to be about Central Bankers re-thinking where we are. I guess I guessed right.

One of my colleagues from BGC, Ara Levonian, summed it up nicely in his daily comment this morning: