Europe

Every year for the past four, Goldman started off the year with an undauntedly optimism and a bullish forecast, one which usually involved a material increase to GDP expectations and, just as importantly, rising 10Y bond yields. And every year for the past four, it took Goldman a few months before it was forced to trim both its GDP forecast and cut its expectations where the 10Y would end the year.

Another day, another stunning reversal in Brazil's neverending Rousseff impeachment saga.

Just hours after Brazilian stocks and currency tumbled when the head of Brazil's lower house Waldir Maranhao said he would annul the soon to be former president's impeachment process, the drive to oust President Dilma Rousseff is once again back on track after Maranhao reversed a decision that had earlier threatened to throw the entire impeachment process into chaos.

In what has been an approximate repeat of the Monday overnight session, global stocks and US futures rose around the world as oil prices climbed toward $44 a barrel, with risk-sentiment pushed higher by another plunge in the Yen which has now soared 300 pips since the Friday post-payroll kneejerk reaction, and was trading above 109.20 this morning.

British Prime Minister David Cameron has urged the people of Britain to not allow the Brexit campaign to influence their decision, warning that the Continent could descend into WW3 if Britain leaves the EU. Mr Cameron said Britain must remain in the EU in order to ensure the stability of Europe. Mirror.co.uk reports: Introduced by Labour ex-Foreign Secretary David Miliband at the British Museum in London, he said: “Can we be so sure peace and stability on our continent are assured beyond any shadow of doubt? Is that a risk worth taking?

Authored by Bill Bonner of Bonner & Partners, annotated by Acting-Man's Pater Tenebrarum,

Everybody Is Unhappy

PARIS – “France?”

We were in a cab on the way from Charles de Gaulle Airport yesterday. We had innocently asked our cab driver how things were going in the country. He had some thoughts…

French president Francois Hollande: against all odds, he managed to attain the most powerful position in French society. And yet, even he is unhappy.