• Tag Archives North Korea
  • Doug Noland: Crisis of Confidence

    Global markets are indicating heightened vulnerability. Thursday trading saw the S&P500 decline 1.54%, the second biggest decline of 2017. The session also saw the junk bond market under pressure. A notable $2.18bn of junk fund outflows this week spurred the headline, ‘Risk Exodus Gets Real With Biggest Fund Redemptions in 6 Months.’ Currency markets are increasingly unstable. The euro traded to 1.1838 on Monday and fell to a trading low of 1.1662 on Thursday. The dollar/yen rose to 110.95 on Wednesday before reversing course to a near nine-month low of 108.60 during Friday trading. Gold traded to $1,300 in early Friday trading, the high going back to the election. Early-week market relief over the North Korean situation quickly shifted to unease over festering domestic issues.
    August 16 – Wall Street Journal (Gabriel Wildau): ‘One of the most influential analysts of China’s financial system believes that bad debt is $6.8tn above official figures and warns that the government’s ability to enforce stability has allowed underlying problems to go unchecked. Charlene Chu built her reputation as China banking analyst at credit rating agency Fitch, where she was among the earliest to warn of risks from rising debt, especially in the country’s shadow banking system… In her latest report, Ms Chu estimates that bad debt in China’s financial system will reach as much as Rmb51tn ($7.6tn) by the end of this year, more than five times the value of bank loans officially classified as either non-performing or one notch above. That estimate implies a bad-debt ratio of 34%, well above the official 5.3% ratio for those two categories at the end of June… ‘What I’ve gotten a greater appreciation for is how everything is so orchestrated by the authorities,’ she said. ‘The upside is that it creates stability. The downside is that it can create a problem of proportions that people would think is never possible. We’re moving into that territory.”

    This post was published at Wall Street Examiner on August 19, 2017.


  • Weekend Reading: Losing Faith?

    33% of surveyed asset managers in latest BoA ML GFMS believe corporate profits will improve, down from 58% earlier in year $SPX $SPY pic.twitter.com/u8HC2l6PTB
    — Babak (@TN) August 15, 2017

    Last week, I penned the following:
    ‘Now, you would suspect the possibility of nuclear war might just be the catalyst to send markets reeling, but looking at the market’s reaction on Thursday, I suspect there will be t-shirts soon reading:
    ‘I survived the threat of nuclear war and the ‘great crash of 2017′ of 1.5%’’
    Of course, as markets touched on their 50-dma, the algos kicked in hard on Monday morning sending the markets surging higher. The reason, according to the media, was the reduction in global risk as Donald Trump briefed Kim Jung-Un about the U. S.’s retaliatory response should North Korea decide to attack Guam.
    I was able to acquire a copy:

    This post was published at Zero Hedge on Aug 18, 2017.


  • “From Nukes To Terrorism”: Battered Investors Flee Risk For Safety Of C And Gold

    The global risk-off mood accelerated overnight on Trump “stability concerns”, coupled with fallout from the Spain terrorist attack and lingering North Korea tensions, even if the VIX is off its latest highs, trading just above 15. Investors fled into German and U. S. Treasury bonds and bought gold for the third day in a row, as the appeal of such top-notch assets grew further due to a deadly attack that killed at least 13 people in Barcelona.
    “In a week where we started by worrying about nuclear war, markets have quickly moved on from this, with yesterday’s weak session more of a response to fears that Mr Trump’s strategy for the economy and business is falling apart and later the terrible terrorist attack in Barcelona,” is how DB’s Jim Reid summarized the week’s psychedelic events.
    Concerns that Trump’s stimulus is in peril spiked following speculation that his top economic advisor, former Goldman COO Gary Cohn, was set to resign roiled markets on Thursday until reports that he’d opted to stay on board steadied the ship, however heightened terror fears added to the risk off sentiment after at least 13 people died when a van plowed into pedestrians in Barcelona. The terror attack was a reminder of lingering geopolitical risks, with nerves still raw after last week’s escalation of tensions on the Korean peninsula.

    This post was published at Zero Hedge on Aug 18, 2017.


  • Gold Seeks Interim High While Household Debt Grows Out Of Control | Golden Rule Radio

    The following video was published by McAlvany Financial on Aug 17, 2017
    Gold seeks an interim high while new reports show that household debt is way out of control. The US Dollar Index decline continues as the FED start speaking out about no further rates hikes in 2017 being a likely outcome. Germany challenges the ECB asset buys and goes to the European Court over it. We recap the price movements of Silver, Platinum, Palladium, The Dow Jones Industrial, S&P 500, NASDAQ, & DOW Transports. What financial indicators are on the horizon? Look no further than the Geopolitical circumstances surrounding the North Korean Nuclear Threat and domestically to Trump’s opposition in Congress & within the Senate. Will infrastructure, tax reform, and budget for the wall come to fruition or will Trump face further roadblocks? Thank you for listening, please submit your questions in the comment section below and subscribe to receive regular weekly updates on the Precious Metals Markets.


  • Global Equity Markets Mixed In Wake Of Dovish FOMC Minutes

    (Kitco News) – World stock markets were mixed in overnight trading Thursday. U. S. stock indexes are pointed toward weaker openings when the New York day session begins. Still, equities bulls are having the better week. There has been a perceived de-escalation in the U. S. and North Korea stand-off regarding its nuclear missiles, which has boosted trader and investor risk appetites. However, this matter will likely be on the front burner of the marketplace soon.

    This post was published at Wall Street Examiner on August 17, 2017.


  • S&P Futures, Euro, Stocks Fall After Fed’s Low Inflation Warning

    S&P futures, European stocks and bond yields all fell in early trade alongside oil and the euro after the latest Fed minutes expressed concern over weak U. S. inflation, while Asian equities rose overnight ahead of WalMart earnings and the latest ECB minutes. Gold rose as high as $1,290 before fading most gains as the USDJPY rebounded. Fund futures are now pricing in about a 40% chance the Fed will raise rates by December, compared to 50% before the Fed’s minutes.
    Last week’s market turmoil and resultant near record jump in volatility in the wake of heightened tensions between the U. S. and North Korea has continued to ease, bringing down gauges of equity and bond volatility and repairing most of the damage done to stock markets, in fact as Bank of America showed, the retracement in the VIX on Monday was among the fastest on record.

    This post was published at Zero Hedge on Aug 17, 2017.


  • Global Stocks Rise Amid Unexpected ECB “Trial Balloon”; Dollar Flat Ahead Of Fed Minutes

    European markets continued their risk-on mood in early trading for the third day, rising to the highest in over a week and rallying from the open led by mining stocks as industrial metals spike higher after zinc forwards hit highest level since 2007, lifting copper and nickel. The EUR sold off sharply, boosting local bond and risk prices after the previously discussed Reuters “trial balloon” report that Draghi’s speech at Jackson Hole would not announce the start of the ECB’s taper. The EURUSD has found support at yesterdays session low. Bunds have rallied in tandem before gilts drag core fixed income markets lower after U. K. wages data surprises to the upside. Early EUR/JPY push higher through 130.00 supports USD/JPY to come within range of 111.00.
    In Asia, Japan’s JGB curve was mildly steeper after the BOJ continued to reduce its purchases of 5-to-10-yr JGBs; the move was consistent with the BOJ’s desire to cut back whenever markets stabilize, according to Takenobu Nakashima, strategist at Nomura Securities Co. in Tokyo. The yen is little changed after rising just shy of 111 overnight. The S. Korean Kospi is back from holiday with gains; The PBOC weakened daily yuan fixing; injects a net 180 billion yuan with reverse repos; the Hang Seng index rose 0.9%, while the Shanghai Composite closed -0.2% lower. Dalian iron ore declines one percent. Japan’s Topix index closed little changed. South Korea’s Kospi index rose 0.6 percent, reopening after a holiday. The Hang Seng Index added 0.8 percent in Hong Kong, while the Shanghai Composite Index fell 0.2 percent. Australia’s S&P/ASX 200 Index advanced 0.5 percent. Singapore’s Straits Times Index was Asia’s worst performer on Wednesday, falling as much as 1.1 percent, as banks and interest-rate sensitive stocks dropped.
    The Stoxx Europe 600 Index rose 0.7%, the highest in a week. The MSCI All-Country World Index increased 0.3%. The U. K.’s FTSE 100 Index gained 0.6%. Germany’s DAX Index jumped 0.8% to the highest in more than a week. Futures on the S&P 500 Index climbed 0.2% to the highest in a week. Global markets are finally settling down after a tumultuous few days spurred by heightened tensions between the U. S. and North Korea. Miners and construction companies led the way as every sector of the Stoxx Europe 600 advanced as core bonds across the region declined. Crude gained for the first time in three days after industry data was said to show U. S. inventories tumbled 9.2 million barrels last week.

    This post was published at Zero Hedge on Aug 16, 2017.


  • World’s Largest Hedge Fund Bridgewater Buys $68 Million of Gold ETF In Q2

    – World’s largest hedge fund Bridgewater buys $68 million of gold ETF in Q2
    – Investors poured $870 million into SPDR Gold in Q2
    – Billionaire Paulson keeps 4.36 million shares in SPDR Gold
    – ‘Risks are now rising and do not appear appropriately priced in’ – warns Dalio on Linkedin
    – Investors should avoid ETFs and paper gold and own physical gold
    – Given negative interest rates, companies should consider allocating some of corporate deposits to physical gold as done by Munich Re
    ***
    Hedge-fund managers including billionaire John Paulson are being rewarded as investor worries over everything from uneven economic data to U. S.-North Korean tensions fuel a rally in bullion.
    At the end of June, Paulson & Co. owned 4.36 million shares of SPDR Gold Shares, a U. S. government filing showed Monday. That’s unchanged from the three months through March. Bridgewater Associates, the world’s largest hedge fund, added the ETF to its portfolio in the quarter, with the purchase of 577,264 shares valued at $68.1 million, a regulatory filing showed Aug. 10. Templeton Global Advisors Ltd. boosted its stake in Barrick Gold Corp.

    This post was published at Gold Core on August 16, 2017.


  • AUGUST 15/ANOTHER RAID BY THE CROOKED BANKERS: GOLD DOWN $11.00 AND SILVER DOWN 44 CENTS/KIM AND TRUMP SILENT ON THE NORTH KOREAN POWDER KEG/CHINA REINS IN ITS SHADOW BANKING SECTOR AND WE SHOULD…

    GOLD: $1273.70 DOWN $11.00
    Silver: $16.70 DOWN 44 cent(s)
    Closing access prices:
    Gold $1271.90
    silver: $16.64
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $1281.93 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1274.90
    PREMIUM FIRST FIX: $5.02
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1279.81
    NY GOLD PRICE AT THE EXACT SAME TIME: $1274.15
    Premium of Shanghai 2nd fix/NY:$5.66
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1274.60
    NY PRICING AT THE EXACT SAME TIME: $1274.80
    LONDON SECOND GOLD FIX 10 AM: $1282.30
    NY PRICING AT THE EXACT SAME TIME. $1282.30
    For comex gold:
    AUGUST/
    NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 26 NOTICE(S) FOR 2600 OZ.
    TOTAL NOTICES SO FAR: 4547 FOR 454700 OZ (14.14 TONNES)
    For silver:
    AUGUST
    70 NOTICES FILED TODAY FOR
    350,000 OZ/
    Total number of notices filed so far this month: 900 for 4,500,000 oz

    This post was published at Harvey Organ Blog on August 15, 2017.


  • Gold Prices ‘Shed Crisis Premium’ as N.Korea’s Kim ‘Backs Down’ to ‘Foolish Yankees’

    Gold prices fell 1.4% in Asian and London trade Tuesday, erasing all of August’s prior gains as world stock markets rose for a second day amid reports of easing tensions between the US and North Korea after last week’s threats of nuclear missile strikes.
    As Washington’s Secretary of Defense James Mattis said it would be “game on” if Pyongyang attacked, the pariah state’s regime said it would wait and watch the next move from “the foolish Yankees” before sending “enveloping fire” at the US island and military base of Guam.
    “We are very…I’d say almost ecstatic that Kim Jong Un has backed off,” said Guam Homeland Security Advisor George Charfauros.
    Listen to Jeff Christian on Metals, Lithium, and Electric Vehicles
    “The yellow metal continued to see some of its recent risk premium wiped away during Asian hours today,” said Tuesday morning’s note from Swiss refiners and finance group MKS Pamp.

    This post was published at FinancialSense on 08/15/2017.


  • Better Investor Risk Appetite Fuels World Stock Markets Rallies

    World stock markets were mostly higher again Tuesday, on a further apparent de-escalation of the U. S. and North Korea stand-off regarding its nuclear missiles. North Korean news reports Tuesday said President Kim Jong Un has decided not to fire missiles at Guam. The U. S. secretary of defense and secretary of state, as well as other Trump administration officials, in recent days said they are trying to achieve denuclearization of North Korea through diplomacy. U. S. stock indexes are pointed toward higher openings when the New York day session begins.
    The safe-haven assets gold and U. S. Treasury bonds are seeing price pressure from the better risk appetite in the world marketplace so far this week. Gold prices are down about $11.00 an ounce in pre-U. S.-session trading Tuesday.

    This post was published at Wall Street Examiner on August 15, 2017.


  • Is this the Start of a Hot New Metals Bull Market?

    Major U. S. indices slid for a second straight week as President Donald Trump and North Korea both escalated their saber-rattling, with Kim Jong-un explicitly targeting Guam, home to a number of American military bases, and Trump tweeting Friday that ‘Military solutions are now fully in place, locked and loaded.’ The S&P 500 Index fell 1.5 percent on Thursday, its largest one-day decline since May. Military stocks, however, were up, led by Raytheon, Lockheed Martin and Northrop Grumman.
    As expected, the Fear Trade boosted gold on safe haven demand. The yellow metal finished the week just under $1,300, a level we haven’t seen since November 2016. Last week, Ray Dalio, founder of Bridgewater Associates, the largest hedge fund in the world, said it was time for investors to put between 5 and 10 percent of their portfolio in gold as a precaution against global and domestic geopolitical risks. The threat of nuclear war is at the top of everyone’s mind, but Dalio reminds us that our indecisive Congress could very well fail to agree on raising the debt ceiling next month, meaning a ‘good’ government shutdown, as Trump once put it, would follow.
    Dalio’s not the only one recommending gold right now. Speaking to CNBC last week, commodities expert Dennis Gartman, editor and publisher of the widely-read Gartman Letter, said that he believed ‘gold is about to break out on the upside strongly’ in response to geopolitical risks and inflationary pressures. Gartman thinks investors should have between 10 and 15 percent of their portfolio in gold.

    This post was published at GoldSeek on Tuesday, 15 August 2017.


  • Diversify Into Gold Urges Dalio on Linkedin – ‘Militaristic Leaders Playing Chicken Risks Hellacious War’

    – Don’t let ‘traditional biases’ stop you from diversifying into gold – Dalio on Linkedin
    – ‘Risks are now rising and do not appear appropriately priced in’ warns founder of world’s largest hedge fund
    – Geo-political risk from North Korea & ‘risk of hellacious war’
    – Risk that U. S. debt ceiling not raised; technical US default
    – Safe haven gold likely to benefit by more than dollar, treasuries
    – Investors should allocate at least 5% to 10% of assets to gold
    – ‘If you don’t have 5-10% of your assets in gold as a hedge, we’d suggest that you relook at this’
    – ‘If you do have an excellent analysis of why you shouldn’t have such an allocation to gold, we’d appreciate you sharing it with us …’
    by Ray Dalio via Linkedin
    There are returns, and there are risks. We think of them individually, and then we combine them into a portfolio.
    We think of returns and opportunities as coming from those things we’d bet on, and we think of risks as the adverse market consequences of us being wrong due to our being out of balance. We start with our balanced beta portfolio – i.e., that portfolio that would most certainly fund our intended uses of the money.

    This post was published at Gold Core on August 15, 2017.


  • VIX Tumbles, Global Stocks And Dollar Rally As Korea Tensions Ease

    Overnight bulletin summary
    Global equities trade higher amid easing geopolitical tensions Pound tumbles on weaker than expected inflation data Today’s calendar includes US retail sales, Empire Fed, import prices, NAHB, and API crude oil inventories Global stocks and US futures are up for a second day, with the VIX sliding 0.65 vols to 11.68 (-5.2%) and haven assets dropping, after a KCNA report report suggested North Korea had pulled back its threat to attack Guam after days of increasingly bellicose “fire and fury” rhetoric with President Trump, and hours after China took its toughest steps to support U. N. sanctions against Pyongyang, while the possibility of a Sino-American trade war was played down. The report, from KCNA on Tuesday, said Kim praised the military for drawing up a ‘careful plan’ to fire missiles toward Guam. Kim was cited by KCNA saying he would watch the U. S.’s conduct ‘a little more.’
    “There is a more relaxed attitude being taken towards the Korean situation in markets. With the report North Korea has put its plans on hold, there is a sense of stepping back from the brink,” Rabobank analyst Lyn Graham-Taylor said.

    This post was published at Zero Hedge on Aug 15, 2017.


  • AUGUST 14/3RD CONSECUTIVE RAID ATTEMPT BY OUR BANKERS FAILED WITH RESPECT TO GOLD AND SILVER/OPEN INTEREST IN SILVER CONTINUES TO FALL DESPITE THE RISE IN PRICE WHICH INDICATES BANKER CAPITULATIO…

    GOLD: $1284.70 DOWN $3.10
    Silver: $17.14 up 6 cent(s)
    Closing access prices:
    Gold $1282.20
    silver: $17.08
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $1292.87 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1287.85
    PREMIUM FIRST FIX: $5.02
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1290.15
    NY GOLD PRICE AT THE EXACT SAME TIME: $1285.70
    Premium of Shanghai 2nd fix/NY:$4.45
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1281.10
    NY PRICING AT THE EXACT SAME TIME: $1281.95
    LONDON SECOND GOLD FIX 10 AM: $1282.30
    NY PRICING AT THE EXACT SAME TIME. $1282.30
    For comex gold:
    AUGUST/
    NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 34 NOTICE(S) FOR 3400 OZ.
    TOTAL NOTICES SO FAR: 4521 FOR 452,100 OZ (14.062 TONNES)
    For silver:
    AUGUST
    20 NOTICES FILED TODAY FOR
    100,000 OZ/
    Total number of notices filed so far this month: 830 for 4,150,000 oz

    This post was published at Harvey Organ Blog on August 14, 2017.


  • It’s the End of the World as We Know It (and I Feel Fine)

    The Butter Battle Book is a 1984 rhyming story by the late, great Dr. Seuss and a personal favorite of mine from back in ‘the day.’ Written as a thinly-veiled critique of the Cold War, the book proceeds in a rather predictable manner, but, in traditional ‘Seussian’ fashion, the overall message mostly takes a backseat to the colorful, inventive language and artwork it features. As Wikipedia describes the plot:
    The Yooks and the Zooks live on opposite sides of a long curving wall. The Yooks wear blue clothes; the Zooks wear orange. The primary dispute between the two cultures is that the Yooks eat their bread with the butter-side up, while the Zooks eat their bread with the butter-side down. The conflict between the two sides leads to an escalating arms race, which results in the threat of mutual assured destruction… Eventually, each side possesses a small but extremely destructive red bomb called the “Bitsy Big-Boy Boomeroo”, and neither has any defense against it… No resolution is reached by the book’s end, with the generals of both sides on the wall poised to drop their bombs and waiting for the other to strike.
    For unfortunate reasons, the book was brought to mind once again last week when the saber-rattling tensions with North Korea escalated to the point that fear of a cold war going hot was all most investors were talking about. We now have two ‘generals on both sides of the wall poised to drop their bombs,’ and the reaction by the market gave us our first spike in volatility in quite a while. For now, it remains just a war of words, but for obvious reasons, our inboxes were flooded with fears from clients and financial advisors about how to proceed. In fact, I received more than few slightly-panicked missives from our advisors that went something like this: ‘My clients are afraid the market is about to crash and want to sell all their stocks, what should I tell them?’

    This post was published at FinancialSense on 08/14/2017.


  • Gold Market Morning: August-14-2017: Gold and silver consolidating ahead of tackling $1,300?

    Gold Today – New York closed Friday at $1,294.00. London opened at $1,282.75 today.
    Overall the dollar was weaker against global currencies, early today. Before London’s opening:
    – The $: was weaker at $1.1799 after the Friday’s $1.1754: 1.
    – The Dollar index was weaker at 93.33 after Friday’s 93.47.
    – The Yen was weaker at 109.76 after Friday’s 109.09:$1.
    – The Yuan was weaker at 6.6691 after Friday’s 6.6672: $1.
    – The Pound Sterling was slightly stronger at $1.2995 afterFriday’s $1.2975: 1
    New York closed $7.00 higher than Shanghai’s close yesterday. Then today sees Shanghai lifting the gold price again. But London pulled it down $6 lower. London and Shanghai see the gold price differently with London being more volatile that Shanghai as you can see above. Shanghai still needs to take gold above $1,300 for the gold price to run higher.
    As we said on Friday, ‘Today and next week become important days for the gold price. It is also the time when North Korea said they would fire a missile towards Guam!’
    Silver Today – Silver closed at $17.07 yesterday after $17.06 at New York’s close Wednesday.

    This post was published at GoldSeek on 14 August 2017.


  • World Stock Markets Up As U.S.-North Korea Tensions Perceived As Easing A Bit

    (Kitco News) – Global stock markets were mostly higher Monday, on some easing of fears the U. S. and North Korea are headed toward military conflict soon. The U. S. secretary of defense and secretary of state, as well as other Trump administration officials, on Sunday said they are trying to achieve denuclearization of North Korea through diplomacy. Also, China on Monday said it has banned key North Korean imports.

    This post was published at Wall Street Examiner on August 14, 2017.


  • 15,000 Nuclear Weapons In The World – Mapping Who Has What

    Between North Korea’s constant nuclear test provocations and the recent ‘fire and fury’ comments by President Trump, concerns about nuclear conflict are re-ignited around the world.
    So, how many nuclear weapons are there, and what exactly is happening right now? Let’s launch into it.

    This post was published at Zero Hedge on Aug 14, 2017.


  • VIX Tumbles, S&P Futures, Global Stocks Rebound Sharply As Korea Fears Fade

    The VIX tumbled by nearly 3 vols, down to 13.10 last, or over 18% lower and global stocks and S&P futures rebounded sharply on Monday as tensions over an imminent conflict with Pyongyang receded after U. S. officials played down the likelihood of a nuclear conflict with North Korea, recovering from fears of a U. S.-North Korea nuclear standoff drove them to the biggest weekly losses of 2017, while the dollar too rose off four-month lows it had hit against the yen.
    As DB summarizes the latest events in the ongoing N. Korean crisis, this could be a pivotal week in the stand-off as last week Kim Jong-un did say that they would be ready to attack Guam by “mid-August” which if we are being literal is this week. However a lack of much news on the story over the weekend is surely a positive for now. Indeed the CIA’s director Pompeo tried to calm nerves by speaking to Fox news on Sunday, noting that ‘… I’ve seen no intelligence that would indicate that we’re in (the cusp of a nuclear war) today…’ and would not be surprised if NK tested another missile. Further, national security adviser McMaster also said there’s no indication war will break out. Perhaps these comments were a response to Trump’s comments on Friday that ‘military solutions are…locked and loaded, should NK act unwisely…’.
    European shares bounced after falling nearly 3% last week, with the STOXX 600 up 0.7% following on from a 0.9 percent jump in MSCI’s index of Asia-Pacific shares outside Japan. The Stoxx Europe 600 Index headed for its first gain in four days, tracking increases across markets including South Korea. As the chart below shows, Still, Europe may be due for a pullback: the MSCI Europe Index hasn’t had a 10% correction in more than a year.

    This post was published at Zero Hedge on Aug 14, 2017.