There's a reason this week's EIA survey showing gasoline and oil supplies declining has failed to stop RBOB prices from collapsing to 7-month lows: The start of the summer has done nothing to revive sluggish demand. That's because despite what the EIA survey said, little has been done to reduce record fuel inventories.
The stock market is luvin' McDonalds stock, which has continued its recent relentless rise to all time highs, up 26% YTD, oblivious to the carnage among the broader restaurant and fast-food sector. There is a reason for Wall Street's euphoria: the same one we discussed in January in "Dear Bernie, Meet the "Big Mac ATM" That Will Replace All Of Your $15 Per Hour Fast Food Workers."
A day after US student Otto Warmbier was laid to rest at a funeral service in his home town of Cincinnati on Thursday, the North Korean foreign ministry released a statement to local state-controlled television saying his death was a mystery and dismissing accusations that he had died because he was tortured and beaten during his captivity, according to Reuters.
Authored by Mike Krieger via Liberty Blitzkrieg blog,
Just when you thought air travel couldn’t get any more invasive, authoritarian and downright miserable, the Department of Homeland Security and two U.S. carriers are determined to prove you wrong.
Yesterday, Harrison Rudolph, a law fellow at the Center on Privacy & Technology at Georgetown Law, wrote a very troubling article at Slate titled, DHS Is Starting to Scan Americans’ Faces Before They Get on International Flights. Here’s some of what we learned:
Welcome to the one year anniversary of the Brexit vote. Welcome also to the annual Russell rebalance, traditionally one of the busiest trading days of the year: according to Bloomberg, last year's rebalance helped propel a near record turnover of over 15 billion shares, as a result of the $8.5 trillion in stocks linked to the various Russell indices, many of which will be forced to find new owners after today's index recomposition. In fact, in four of the last five years, reconstitution day ranked in the 10 busiest trading sessions.