Estimated consensus (non-GAAP) S&P500 EPS growth for Q3 and is 0.8% and 7.3% Y/Y.
WTI futs settle up 66c (+1.4%) at $48.99 per barrel
Brent futs settle 64c higher (+1.3%) @ $50.35 per barrel
Baker Hughes US Rig Count 1-Jul: 431 (prev 421)
Weidmann: Much Will Depend On A Quick And Reasonable Negotiation Regarding UK/EU Relations
Bundesbank’s Weidmann: MonPol Already Very Accommodative, Doubtful Further Action Would Have Any Stimulatory Effect
Weidmann: The ECB And Other Important Central Banks Have Pledged More Liquidity If Needed
So the market is rallying on ECB easing which isn't happening in response to a Brexit which hasn't actually happened
NY Fed Q2 GDP Forecast At 2.1%, Q3 At 2.2% (Previously ‘Slightly Above 2%’) https://www.newyorkfed.org/research/policy/nowcast …
Fed’s Fischer: Preparing For July FOMC, Watching Markets Closely -Will Have Better View Of Conditions By July - CNBC
Fed's Fischer: No Plans To Move Into Negative Territory - CNBC
Global bond madness: Government bond yields fall to fresh record lows led by UK Gilts. http://on.ft.com/2957iuN
The Volatility Index is down 42.5% this week, on pace for the largest weekly decline in ... history. $VIX
fred walton @fredwalton216 8hr
Expect more panic buying episodes....
China , Japan & Europe "Post Brexit " - in focus...
May 2016: euro area unemployment rate 10.1% (Apr 10.2%), EU 8.6% (Apr 8.7%) #Eurostat http://ec.europa.eu/eurostat/documents/2995521/7545626/3-01072016-AP-EN.pdf/ …
#China June NBS PMIs
-Manufacturing 50.0 (50.1) -Non-manufacturing 53.7 (53.1)
JPN pension fund GPIF poised for $50 bln FY loss, biggest since 2008. Official results delayed until after elections
Brexit Aftermath & UK Politics ....
#ToryLeadership Latest Numbers:
Let's see if the referendum petition gets 50,000 signatures...
Noting any referendum , if one occurs , might not be supported by voters...
Labour's Anti-Semitism Inquiry condemned "incendiary" Hitler mentions. Meanwhile... http://order-order.com/?p=239902
AUDIO Labour MP: "The Only People Who Have Coloured Skin Are People Who Run Takeaways" http://order-order.com/2016/07/01/labour-mp-people-coloured-skin-people-run-takeaways/ …
Conservative Leadership Race: Party MP backers May: 77 Crabb: 21 Gove: 18 Leadsom: 17 Fox: 9 Undeclared: 188
Arron Banks Keen to Bankroll Leadsom Campaign: http://order-order.com/2016/07/01/arron-banks-offering-bankroll-leadsom-campaign/ …
Gove: I will honour pledges made during referendum campaign, I will end free movement, I will use budget contribution on NHS
BOE easing: - At least 1 rate cut during summer - Easing banks capital requirements - Restarting QE probably the next shoe to drop
they will use all levers to help growth. not bearish GBP with US rates catching a safe haven bid gbp may bottom here
Now both monetary and fiscal easing as expected
The FTSE 100 is 6.3% higher on the week, on course for its best performance since 2011: A Brecovery
Tory leader election is basically: "Soft Brexit landing by staying in single market" versus "Hard Brexit landing by leaving single market"
Once referendum ball gets in motion , might be hard for politicians to control how voters react..
Regarding possibly using pension funds to bailout -need we ask , what could go wrong ?
Keep your eyes on wobbling Italy...
Italy forced to rescue Vento Banca...keep your eyes on the Italian Banks..
Winds of change blowing for Italy too ?
First intervention by a EU or EZ Gov't into its banking system since the U.K. vote to leave the EU.
Very difficult to find current news , in english language regarding French labor protests and overall situation.
Odds & Ends.....
Austria takes steps to control migration on Balkan route http://bit.ly/29eFKH6
Greek gov't looking for support of 200/300 MPs for proposed changes to apply immediately, rather than after next general election #Greece
#Greece govt publishes election law draft. No bonus seats for biggest party -> proportional representation. 3% threshold, 17-yr olds to vote
Libya's 'unity government' suffers blow as four ministers resign http://ow.ly/Zp9v301Pjtq
Oddest part of Puerto Rico default: PR is paying weaker Public Building Authority debt & defaulting on GOs #muniland
ICYMI! The Swiss 50-year bond #yield is now NEGATIVE!
BRAZILIAN MAY INDUSTRIAL PRODUCTION -7.8% VS YEAR AGO
AUSTRIA ELECTION - May presidential election void - Vote count irregularities - Far-right candidate Hofer lost narrowly - Re-run Sept/Oct
Bitcoin set to come under siege in France ?
Where is Pedro Sánchez? Five days after the elections, the PSOE leader is keeping very quiet indeed. That is being noticed.
Puerto Rico’s default would be the first from a state-level borrower on G.O debt since Arkansas in 1933.
Fico-"We have to focus on mechanisms that function, not on those that don't function," as per relocation mechanisms.
#Libya Three months after arriving, UN-backed government remains in Tripoli naval base. Eastern (Tobruk) govt. not accepting its authority.