Authored by Kevin Muir via The Macro Tourist blog,
The Eurostoxx outperformance of the past month has garnered a lot of attention, but there is another similar trade many investors are missing. Not only that, but it has a positive carry, something that is sorely lacking in this day and age of NIRP.
Since early April, the German Bund / US T-note 10 year yield spread has rallied 35 basis points, rising from negative 220 bps to 185 bps.
A very sad but awfully truthful 30-second reality check from a female BBC host speaking on MSNBC...
http://www.liveleak.com/ll_embed
Source: Liveleak.com
"Europe is getting used to attacks like this...we have to because we are never going to be able to totally wipe this out... as ISIS gets squeezed in Syria and Iraq we're going to see more of these kinds of attacks taking place in Europe... and Europe is starting to get used to that..."
She is 100% correct sadly,
PCR misrepresented on newstarget.com
A reader has alerted me to the misrepresentation of my position by Jayson Veley on newstarget.com.
UPDATE: I sent a comment on the article challenging its misrepresentation of my position, as did readers who alerted me to the misrepresentation. Neither my comment nor the readers’ comments have been posted. This tells me that Jayson Veley is not a reliable writer and newstarget.com is not a reliable website.
So the most deadly terror attack in Britain in 12 years, US economic data collapses, a terrible T-Bill auction, and Trump's budget hits... sending stocks to record highs...
The number of futures betting on euro-area equity turbulence crashed 44% from a record following last week’s expiration, as it appears Emmaniel Macron's victory has seemingly saved the world...
As Bloomberg details, that was the second-biggest one-day drop on record, after a 53 percent decline in open interest back in August 2010, when the market was much smaller.