Two weeks ago, in order to preserve Goldman's happy narrative that US growth is still strong (which is ironic because while on one hand Goldman tells its clients to buy the dollar, at the same time it tells Trump to short it), Goldman tried to justify the apparent collapse in loan growth, which as we showed earlier this week, is growing at the slowest pace in 6 years, and will soon contract outright.
Over the weekend, New River CIO Eric Peters had a simple and concise summary for events over the past year: "Pretty much everything that happened in 2016 can be explained by two things; China and oil prices,” he said. “Literally, that’s it."
Today, thanks to a research report from UBS titled "Where is the epicentre of the reflation trade?", we have confirmation that Peters was spot on.
For the 14th straight week, US oil rig counts rose (by 11 to 683). This is the highest since April 2015.
and leads US crude production to its highest level since Aug 2015.
The question is, as OilPrice.com's Nick Cunningham asks, will Shale kill off the recent oil price rally again?
At roughly 7pm local time, the United States military for the first time ever, used a GBU-43 bomb to target caves and tunnels in Aghanistan, denying operational space to ISIS, Sean Spicer said during a press briefing.
.@PressSec: "The United States takes the fight against ISIS very seriously." https://t.co/AtIMfKSdrE pic.twitter.com/Sa9BW10Sgi
— FOX Business (@FoxBusiness) April 13, 2017
Following yesterday's icy meeting in Moscow between Rex Tillerson and Russian diplomat Sergey Lavron, the propaganda campaigns between the U.S., Syria and Russia seem to be ratcheting up to full force.
Speaking with the BBC earlier this morning, Syrian President Bashar al-Assad said the U.S. account of the recent chemical weapons 'attack' in Syria was a "100% fabrication" which can only lead him to the conclusion that the West must be working "hand and glove with the terrorists."