"I was here till 5 o'clock this morning working through this and we've made some progress but there's still no deal.”
That’s from British PM David Cameron, who was apparently up all night in an effort to understand why his country should stay in the EU. Unless Cameron hears what he wants to hear, he will not campaign for the UK to remain in the bloc ahead of an expected referendum on membership in June.
Not even this morning's mandatory European open ramp has been able to push US equity futures higher, and as a result moments ago the E-mini hit session lows on rising concerns about Brexit as talks drag on in Brussles, but mostly as a result of overnight confusion about China's loan explosion and whether the PBOC has lost control over its maniacally-lending banks.
There are 60 major stock exchanges throughout the world, and their range of sizes is quite surprising.
As Visual Capitalist's Jeff Desjardin notes, at the high end of the spectrum is the mighty NYSE, representing $18.5 trillion in market capitalization, or about 27% of the total market for global equities.
One look at Japan's bond yields, which moments ago hit a fresh record low for the 20Y maturity as the curve slowly but surely inverts...
.... and one would think Haruhiko Kuroda would be delighted.
After all, when he launched NIRP three weeks ago, a world in which negative rates are now a reality, it should have been clear to everyone even children, that yields would collapse as the scramble for any positive yield was unleashed.
As we predicted over a year ago, in a world in which QE has failed, and in which the ice-cold grip of NIRP has to be global in order to achieve its intended purpose of forcing savers around the world to spend the taxed product of their labor, one thing has to be abolished: cash.