Europe

If you want our take - and let’s face it, you must because that’s why you’re here - we wouldn’t put too much faith in today’s announced Syrian “ceasefire” agreement.

Although the deal calls for the cessation of hostilities as of Saturday at midnight, you shouldn’t expect the Russians and the Iranians to halt their advance on Aleppo and likewise, you shouldn’t expect Turkey to stop shelling the Azaz corridor in a largely transparent effort to keep the supply lines to the rebels open.

Bad news is awesome news again... oh and short squeezes, VIX manipulation, and crude contract rolls are the new 'fundamentals'... Just one waffer thin mint of monetary easing...

Submitted by Erico Matias Tavares via Sinclair & Co.,

Dr. Tino Sanandaji is an economics researcher at the Stockholm School of Economics, Sweden. He holds a PhD from the University of Chicago. A Kurd from Iran who moved to Sweden at the age of 9, he has written extensively about immigration policy as a researcher and contributor to prominent Swedish journals such as the National Review and Real tid.

Authored by Saxobank CIO Steen Jakobsen, via TradingFloor.com,

• Cameron's EU deal is far short of what he promised
• This represents formal acceptance of a two-tier Europe
• Populists elsewhere already calling for their own referendums
• By October, Cameron and Merkel could be history and Le Pen's star shining

 No wonder David Cameron looks worried.  

WTI crude prices are up almost 6% this morning with April (the new front-month) trading above $33.50 - testing post-DOE plunge stops. The irony of the ramp is that it comes amid terrible global PMIs (demand), a report from IEA of oil staying in glut for longer than expected (supply), and warnings from Abu Dhabi's biggest bank that $20 oil is possible. Oh well, we are sure the algos know what they are doing... despite veterans of the 1980s oil glut warning it could take 7 to 10 years to emerge from the current slump.