Europe

Bailins Coming In EU - 114 Italian Banks Have NP Loans Exceeding Tangible Assets

One look at S&P futures this morning reveals an unchanged market, however it is again the violent sector rotation that is taking place behind the scenes that is the real story, with defensive sectors real estate, retail, food, utilities outperforming while investors continue to bail and book profits on tech stocks after sharp gains since the start of the year.

Authored by Jacob Bojesson via The Daily Caller,

The head of Germany’s domestic intelligence agency warned Sunday of the risk wives and children of Islamic State fighters pose upon their return to Europe.

About one-third of the close to 1,000 Germans who travelled to fight for ISIS have returned to the country.

Authored by Mac Slavo via SHTFplan.com,

Scientists are sounding the alarm about a volcano eruption in Antartica that could cause global health problems. The ash from this eruption could encircle the globe, affecting millions of people.

Coming in a little late to the game, UBS today released its top 5 themes and 19 trades for 2018. Not surprising from the bank whose base case S&P forecast is 2,900 one year from now (with potential upside to 3,200), and who just told CNBC that "valuations are still somewhat cheap", the bank is optimistic, if not "rationally euphoric" and writes that it all boils down to one question: will the Kool-Aid party continue, or "will underlying macro shifts reveal fragilities in asset valuations" and more specifically, will the yield curve invert. To wit: