One day after Goldman issued a confused, rambling note in which the bank cuts its 3-month WTI price target by $7.50 from $55 to $47.50 saying "Spot WTI oil prices at $43/bbl are now back to November pre-OPEC deal levels, down from $52/bbl just a month ago and vs. our prior 3-mo $55/bbl forecast.
While the public's attention is keenly focused on whether Illinois will reach a budget deal in the next 2 days ahead of the next fiscal year which begins on July 1, avoiding the first ever downgrade to junk for a US state as the state piles up some $15 billion in unpaid bills and now oews more than $800 million in interest on the unpaid balances alone, the financial peril facing Connecticut is just as dire.
Yesterday's 'dead cat bounce' in FANG stocks has been erased as broad-based weakness stemming from increasing recognition of hawkish central bank chatter is hitting stocks and bonds. Bank stocks bounce after stress test 'success' are saving some indices from bigger losses.
FANG stock erased yesterday's gains...
Bank stocks bounced overnight and remain green but are fading as the day progresses...
All major indices are in the red with The Dow holding up better as Nasdaq is hit hard...
Authored by Dave Forest via OilPrice.com,
South Africa’s chamber of mines officially filed suit this week to block the country’s challenging new mining charter. But elsewhere in the world, some of the biggest investors in natural resources are ramping up their financial commitments — to a new target region for mining and energy deals.
Latin America.
As noted earlier, it was a stronger than expected quarter for the US, in which US households reportedly spent far more than initially estimated, with Real Consumer Spending rising 1.1%, above the 0.6% expected, and contributing 0.75% to the bottom line annualized growth, or just over half the 1.4% GDP print. As Citi commented after the GDP data, "The market didn’t expect this much of a positive revision in the Q1 GDP print; in fact, it didn’t expect a revision at all. We zoom in on the personal consumption print, which has seen an uptick of 0.5% to 1.1%."