Chart: Dollar-yen below 101 -
So far today 30-yr JGB record 0.015% 20-yr JGB ZERO, 1st time 10-yr JGB record -0.265% Aussie 10-yr record 1.849% Taiwan 10-yr record -0.27%
And yuan continues to weaken as well....
At +0.25%, 1-month US T-bills have a higher yield than ... 50 YEAR bonds in Switzerland which have gone negative...
US Yield curve continues to flatten...
"This used to be an exclusive club with only 1 member: Switzerland. A proud day today at 7 members strong." - Draghi
FRENCH 9-YEAR BOND YIELD DROPS BELOW ZERO FOR FIRST TIME
Sterling slides further to 31y low of $1.3024.
Banks Battered As Bond Yields 'Comey-kaze' Dive To Record Lows http://www.zerohedge.com/news/2016-07-05/banks-battered-bond-yields-comey-kaze-dive-record-lows …
Sure , why not...
Shares of Banca Monte dei Paschi plunges to fresh all-time low of <0.30€ as Italy said to plan capital injection.
35 bn invested in these types of funds. At present , redemptions halted at two funds ( 5 bn invested therein.)
Third property fund suspends trading. About 11bn gated now.
Other CRE funds to watch today- Legal & General (-5.6) , Aberdeen Asset Management (-6.1) , Land Securities (-4.3.)
Contagion after Standard Life stopped redemptions..
Greenspan Warns A Crisis Is Imminent, Urges A Return To The Gold Standard http://www.zerohedge.com/news/2016-06-27/greenspan-warns-crisis-imminent-he-urges-return-gold-standard …
DUDLEY: MON POL LIMITED IN ABILITY TO ADDRESS INCOME INEQUALITY.
DUDLEY: INVESTMENT OUTLOOK HAS BEEN WEAKER THAN EXPECTED
DUDLEY: LOW INFL ALLOWS US TO BE PATIENT
Bad day for crude oil , smacked by record high East Coast gas inventories..
UK Politics & Post Brexit News ......
Note Crabb has pulled out the race , while Fox was eliminated. Down to just 3.
First Round.... May: 165 Leadsom: 66 Gove: 48 Crabb: 34 Fox: 16 Fox goes out. Huge vote for May.
From Vernon Bogdanor in the Times today. He has a point
Why Juncker has found himself on the hotseat..
Around European Horn ( Sans Greece ) .....
Shockingly , VW involved in another scandal !
EU COMMISSION FINDS SPAIN,PORTUGAL IN FISCAL BREACH - MNI
ECOFIN CLD DECIDE ON SANCTIONS NOW OR POSTPONE; EC TO ANNOUNCE SANCTIONS PROPOSAL THURS - MNI
French PM forces contested labor laws through parliament http://dw.com/p/1JJR9
The French govt uses emergency measure to pass labor bill through Parliament w/o a vote — for a 2nd time.
Rules that everyone agreed upon , can't pick and choose whom they apply to now.
As if the German auto industry needed more bad news! Reports of investigation of a steel cartel in the sector. Car names at session lows.
ATHEX: Bank stocks nosedive to four-month low http://dlvr.it/LkS324
No Greek rail, Athens metro or ISAP services on Wednesday http://dlvr.it/LkPZ7B
Finance minister says capital controls to be gradually relaxed http://dlvr.it/LkJm7V
Hillary dodges Major Political Bullet.....
No charges recommended..
WH has said the presidential seal isn't displayed at campaign events. (@markknoller)
Fwiw - some level of discontent bubbling up today...
Pres. Obama and Hillary Clinton have boarded Air Force One for flight to attend Clinton campaign rally in Charlotte, North Carolina.
"The Donald" is not pleased , which is also not a shocker.
Odds & Ends....
Venezuela has paid "$36 billion to creditors -- “a huge amount of money” -- over the previous 20 months."
In the wake of #Karrada bombing leaving 300+ innocent victims, Iraqis call on Gov to execute convicted terrorists
Iraq executes five convicted of terrorism, declines HR appeals; timing linked to Karrada bombing http://news.trust.org/item/20160704101751-71q0d/ …
1 hurt in suicide attack on #indonesian police station ahead of Jokowi visit http://atimes.com/2016/07/suicide-attack-on-indonesian-police-station-officer-injured/ …
Fwiw , initially the bomber was alleged to be Pakistani. Early in the investigation though..