Europe

Submitted by Raul Ilargi Meijer via The Automatic Earth blog,

“Those are my principles, and if you don’t like them… well, I have others.”

 

– Groucho Marx

Even as US crude oil inventories just hit a fresh record high for another week, both in Cushing and across all other regions, a more curious accumulation of excess oil inventory has emerged: according to the IEA, global oil production exceeded consumption by just over 1 billion barrels in 2014 and 2015.

The EU postponed a decision on whether to extend approval of the controversial weedkiller ingredient for another 15 years amid uproar that it may cause cancer. On Tuesday four EU states forced the delay of a vote to renew the licence for glyphosate -the main ingredient in Monsanto’s weedkiller ‘Roundup’- which has been found to be ‘probably carcinogenic’ Opposition to the relicensing also came from environmental groups, as well as an online petition that gathered 1.4m signatures.

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After yesterday's last hour selloff sent the S&P to the very edge of the critical support trendline which, as shown yesterday, meant 1980 had to be defended at all costs...

... so far the support has held, and in overnight trading European stocks have managed to rebound on the back of more levitation in oil, while US equity futures have ignored a drop in the USDJPY which touched 112.20 in morning trading, and have jumped by 0.5% as of this moment, up 10 points to 1,990.