Europe

On Friday, David Cameron trumpeted a “deal” the British PM says he secured with the EU that will reduce the UK’s financial burden as it relates to refugees and other EU nations.

To be sure, the “agreement” seems more symbolic than anything. Indeed, it’s not even clear exactly what it is Cameron accomplished with negotiations in Brussels. Apparently, the UK won concessions on welfare curbs and financial regulation, and the ambiguity surrounding the agreement didn’t stop the PM from proclaiming he had secured “special status” for Britain in the EU.

While we have previously observed the massive glut of oil product in the US, which has led to such arcane developments as a "parking lot" of oil tankers outside of Galveston, TX...

... or ships loaded to the brim with crude making U-turns in the middle of the Atlantic Ocean, taking advantage of the supercontango while unable to find buyers...

Authored by Stephen Roach, originally posted at Project Syndicate,

The push to ban cash, in particular notes with a high denomination (such as $100 dollar bills), is picking up momentum.  The European Central Bank President announced earlier this week that Europe is strongly considering phasing out the 500 euro note. Sovereignman.com reports: Yesterday, former US Treasury Secretary Larry Summers published an op-ed in the Washington Post about getting rid of the $100 bill. Prominent economists and banks have joined the refrain and called for an end to cash in recent months.

Submitted by Lance Roberts via RealInvestmentAdvice.com,

That didn’t take much. After a three-day rally, the media is back into “bullish” mode suggesting the bottom is likely in and by the end of this year, it’s all going to be just fine.

https://player.cnbc.com/p/gZWlPC/cnbc_global