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European Stocks Fall To 3 Month Lows On "Carmaker Cartel" Fears, Sliding PMIs; US Futures Lower

European Stocks Fall To 3 Month Lows On "Carmaker Cartel" Fears, Sliding PMIs; US Futures Lower

In a mixed session, which has seen Asian stocks ex-Japan broadly higher, the European Stoxx 600 index dropped as much as 0.6% after data Markit PMI data signalled euro-area economy grew in July at its slowest pace in six months while carmakers extended declines on continued concern about antitrust collusion in the industry.  Germany’s DAX Index was hardest-hit euro-area benchmark, down as much as 0.8%. Autos continued to be the worst-performing sector on the Stoxx Europe 600 after EU and German regulators said they are studying possible collusion among German automakers.

Junk Bonds Are Finally Starting To Care About Oil

Junk Bonds Are Finally Starting To Care About Oil

Back in May, we pointed out an interesting observation made by Goldman: unlike late 2015 and most of 2016, when equities demonstrated surprising resilience to the swoon in oil prices, in 2017 OPEC's failure to stabilize oil prices finally hit energy equities disproportionately.  As Goldman said in mid-May, discussing the latest crude oil selloff, which has been "even more pronounced for longer-dated contracts reflecting increasing concerns over future balances in 2018 and beyond"...

Rig Count Rises To April 2015 Highs As Analysts Warn "Oil Market Rebalancing Hasn't Even Started Yet"

Rig Count Rises To April 2015 Highs As Analysts Warn "Oil Market Rebalancing Hasn't Even Started Yet"

After falling for the first time this year two weeks ago, Baker Hughes reports US oil rig count rose once again (up 2 to 765) for the 24th week in the last 25, to the highest since April 2015.

"The so-called re-balancing is likely to happen later than earlier," Michael Poulsen, an analyst at Global Risk Management Ltd, said on Friday.

It does appear we have reached an inflection point in the rig count numbers (if the historical relationship with crude holds)...

 

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