• Tag Archives Norway
  • “Markets Have A Mind Of Their Own” But One Trader Warns “Nothing Lasts Forever”

    Despite new record highs in stocks, Bloomberg’s former FX trader Richard Breslow fears other markets (the dollar’s downfall, collapsing rates/curves, crashing commodities) have become too “fatalistic” amid the summer doldrums.
    Let’s start with some of the things we know with certainty. Yield curves will keep on flattening. Probably invert and drive home the point to everyone that the Fed committed a dreadful policy mistake. The dollar will never rally again. Just look at the numbers and you have to be a U. S. bear. And look how efficiently the latest European bank bailouts were handled this weekend. They really have their act together. Oil? It’s going to single digits, of course. And there’s nothing you can do to stop it or the carnage it will cause in places like Norway and Canada.
    It’s summer, markets have a mind of their own and there’s no percentage in fighting the tape.
    In fact it’s odd how fatalistic people seem to be. We used to furiously debate where and when we’d find the canary in the coal mine warning of an imminent market reversal to pounce on. Now, there seems to be blanket resignation that the trend is your master.

    This post was published at Zero Hedge on Jun 26, 2017.


  • US Is A “Second Tier” Country, According To Social Progress Index

    Most Americans’ idea of happiness involves lounging by the water or on a beach somewhere. But it turns out, human happiness can flourish even in freezing climates far from the equator.
    To wit, the Social Progress Imperative, a US-based nonprofit, released the results of its annual Social Progress Index report, which purports to rank countries based on the overall wellbeing of their citizens. Four Scandinavian countries – Denmark, Finland, Iceland and Norway claimed the top spots, while the US placed 18th out of 128, leaving it in what the SPI defines as the ‘second-tier’ of countries based on citizens’ wellbeing, according to Bloomberg.
    Luckily, being ‘second-tier’ doesn’t seem that bad, according to a definition found in the report.
    ‘Second-tier countries demonstrate ‘high social progress’ on core issues, such as nutrition, water, and sanitation. However, they lag the first-tier, ‘very high social progress’ nations when it comes to social unity and civic issues. That more or less reflects the U. S. performance. (There are six tiers in the study.)’
    ‘We want to measure a country’s health and wellness achieved, not how much effort is expended, nor how much the country spends on healthcare,’ the report states.

    This post was published at Zero Hedge on Jun 21, 2017.


  • The Treasonous Secession Of Climate Confederacy States

    After President Trump rejected the Paris Climate treaty, which had never been ratified by the Senate, the European Union announced that it would work with a climate confederacy of secessionist US states.
    Scotland and Norway’s environmental ministers have mentioned a focus on individual American states. And the secessionist governments of California, New York and Washington have announced that they will unilaterally and illegally enter into a foreign treaty rejected by the President of the United States.
    The Constitution is very clear about this. ‘No state shall enter into any treaty.’ Governor Cuomo of New York has been equally clear. ‘New York State is committed to meeting the standards set forth in the Paris Accord regardless of Washington’s irresponsible actions.’
    Cuomo’s statement conveniently comes in French, Chinese and Russian translations.

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


  • Key Events In The Coming Quiet Week: US Industrial Production In Focus

    It is a relatively quiet week for economic news in the and Eurozone with focus turning to UK data, Japan 1Q GDP, inflation in Canada & Australia’s employment report. Norway GDP should show continued improvement and the Riksbank proposal on a new policy target will also draw interest. In EM there are monetary policy meetings in Chile, Indonesia, Mexico and Poland.
    The start to the week is even more quiet today with no significant data to highlight, while in the US the May empire manufacturing reading is due along with the NAHB housing market index for May.
    On Tuesday, with little of note in Asia it’ll be straight to Europe where the final April CPI revisions are due in France along with the April CPI/RPI/PPI data docket in the UK. Euro area Q1 GDP and March trade data follows, while the May ZEW survey is also due in Germany. In the US tomorrow we’re due to receive April housing starts, building permits and industrial production data.
    We’re kicking off Wednesday in Japan where the March industrial production print is due. In the UK we’ll get March and April employment data, while April CPI for the Euro area is also due.
    There is no data of note in the US on Wednesday.
    Thursday kicks off in Japan again with the Q1 preliminary GDP report, while in China we’re also due to get April property prices data. In France on Thursday we’ll get Q1 employment data while in the UK we’ll get April retail sales. In the US on Thursday the data includes initial jobless claims, Philly Fed business outlook for May and Conference Board’s leading index for April.
    It’s a quiet end to the week on Friday. In Germany we get April PPI while in the afternoon session we get the flash consumer confidence reading for the Euro area in May. There is no data in the US on Friday.

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


  • ‘WE ARE SEEING NO SELLING OF PHYSICAL GOLD OR SILVER’

    Time and time again we are seeing fraud taking place in the precious metals’ market. Thousands of tonnes of paper silver and paper gold are being dumped over just a few hours or days. For anyone who doesn’t understand what is happening, let me categorically state that this has nothing to do with the real physical market in gold and silver. No, this is blatant manipulation by governments and bullion banks as well as speculators. And since governments are involved, it is sanctioned by them with no consequences for the traders who are rigging the market.
    BULLION BANKS FEAR THE DAY THEY MUST TURN PAPER GOLD INTO PHYSICAL What is happening has nothing to do with real markets or real supply and demand. What we are seeing is governments trying to obfuscate their total mismanagement of the economy and the currency. So far, the bullion banks have been fortunate that gold and silver paper holders haven’t called their bluff and asked for physical delivery. Because we know and the banks know that the day they will need to come up with the real gold and silver bars, it is game over. Because they haven’t got physical gold or silver to cover even a fraction of their paper shorts. Between futures exchanges, bullion banks, including precious metals derivates contracts, there are hundreds of ounces of paper gold and silver outstanding for every ounce of physical backing.
    The problem is that it is not only the bankers that are the culprits in this game. No, governments are just as culpable. Western banks officially hold 30,000 tonnes of gold. Virtually no Western central bank has ever had a physical audit of their gold. The US had their last audit during Eisenhower’s reign in 1953?
    Western central banks have in the last few decades been liquidating a major part of their gold holdings. For example, he UK sold half of their gold holdings at the end of the 1990s and Switzerland sold over half. Norway sold ALL their holdings in the early 2000s.

    This post was published at GoldSwitzerland on May 12, 2017.


  • Key Events In The Coming Week: Inflation, Spending In The Spotlight

    With the French election now finally in the rearview mirror, this week’s focus is on global inflation releases, with the spotlight falling on the US and China, as well as retail sales in the US. We also have BoE and RBNZ rates meetings. In other data we note industrial production in the Eurozone, UK and Norway along with US retail sales and Fed speakers.
    Key developed market events
    Thursday, May 11: New Zealand, RBNZ meeting. GS 1.75%, consensus 1.75%, last 1.75%. Looking to the May meeting, while the RBNZ is likely to remain on hold for now, we expect upgrades to the Bank’s inflation forecasts and – possibly – a more constructive description for the global growth outlook. Thursday, May 11: United Kingdom, BOE meeting. GS 0.25%, consensus 0.25%, last 0.25%. We expect no change in Bank Rate or in other policy settings, yet for the MPC to express some skepticism about the flatness of the forward curve for UK rates. Friday, May 12: United States, CPI (Apr). Core: +0.21% mom, consensus +0.2% mom, last -0.1% mom. We expect a 0.21% increase in April core CPI following last month’s outright decline, reflecting a relatively large state-level tobacco tax increase as well as the waning drag from Verizon unlimited data plans. Friday, May 12: United States, Retail sales (Apr). Core: +0.4% mom, consensus +0.4% mom, last +0.6% mom. We estimate core retail sales (ex-autos, gasoline, and building materials) rose 0.4% in April, reflecting improving sales in mall-based discretionary categories after tax refund-related weakness in February and a likely drag in March from unseasonably cold and snowy weather. At the same time, preparations for Winter Storm Stella likely boosted food and beverage sales (+0.5% in March), and we look for sequential softness in that category.

    This post was published at Zero Hedge on May 8, 2017.


  • Denmark: Debt Bomb, Waiting for an Inflationary Spark

    The recent prosperity comes with a cost.
    By Nick Kamran – Letters from Norway:
    From the outside looking in, the Danish economy appears as blissful as the country itself, which usually tops ‘The Happiness Index.’ The unemployment rate ticked down to 4.2% in the most recent release from 4.3% in 2016. Denmark, ranked 20th in economic complexity in 2015, has a mostly even trade balance, and $50K GDP per capita in 2016, making it among one of the richest nations in the world.
    Moreover, Danish GDP-per-capita growth led in the Nordics for the past ten years, from 2007 to 2016: Denmark 28.5%, Sweden 22.0%, Norway 14.6% Finland 12.2%. Although Denmark exports substantial agricultural and natural resource-based products, they are also major players in pharmaceuticals and machinery. Top companies include AP Mller-Mrsk, Novo Nordisk, Vestas, and Danske Bank, representing shipping, pharma, clean energy, and finance.

    This post was published at Wolf Street by Nick Kamran ‘ Mar 31, 2017.


  • Taxing Property Going Crazy

    The Left is fighting so hard to keep dominating everyone else, that it is hard not to see how society in starting to implode in the West. In Norway, the hunt for taxes has been so bad, they have now even been raising property taxes to include a dog house in the back yard.
    Meanwhile in Greece, people are not taking property that is left to them because they cannot pay the inheritance taxes to accept the property. This was one of the final stages in the collapse of Rome. People just walked away from their property because of taxes.
    Armstrong Economics

    This post was published at Armstrong Economics on Mar 18, 2017.


  • Are 100-Year Mortgages Next? Effects of Negative Real Interest Rates on Nordic Housing Bubble

    Wage Growth vs. Housing Price Growth By Nick Kamran, an American living in Oslo, Letters from Norway:
    Historically, central banks throughout Europe had one mandate: price stability. They did not worry about employment or economic growth, only currency integrity. Setting interest rates to contain inflation ensured that a Krone or a Euro would purchase tomorrow what it could today. Nevertheless, since the ebbing of the 2008 financial crisis, The ECB, of which Finland is a member, officially added full employment and economic growth to their mandate. The Norwegian, Swedish, and Danish Central Bank’s followed suit, stating that they would consider ‘other factors’ than inflation when basing an interest rate decision.
    Hence, instead of remaining impartial – leaving it to lawmakers, markets, and the public to deal with the prevailing interest rate – the central banks became involved in policy making. Adding employment and economic growth to their mandate equates to the National Institute of Standards changing the definition of the meter to help an engineering firm, working on a major bridge project, meet budgetary and timeline constraints. In addition to creating a dilemma, the additional mandates made central banks appear politically biased.

    This post was published at Wolf Street on Mar 4, 2017.


  • Norway Wealth Fund Gains $53 Billion in 2016 On Trump Rally

    After previously announcing plans to withdraw at least $15 billion to fund 2017 budget deficits, the $860 billion Norwegian sovereign wealth fund announced last December that it would change it’s portfolio allocations to try to make up for the withdrawals. The change would eventually result in 75% of the fund’s capital being allocated to global equities, up from the previous 60% allocation…you know, because equities never go down so more is always better.
    Now it seems that, at least for now, that bet has paid off to the tune of about $53 billion or 6.9% of the fund’s AUM. Meanwhile, the fund’s CEO, Yngve Slyngstad, attributed the gain to the Trump rally saying that “after the presidential election in the U. S., markets priced in higher growth and inflation in the global economy.” Per Bloomberg:
    The $900 billion Government Pension Fund Global returned 6.9 percent in 2016, after rising 2.7 percent the previous year, the Oslo-based investor said on Tuesday. Stocks gained 8.7 percent, bonds rose 4.3 percent, and real estate investment grew 0.8 percent.

    This post was published at Zero Hedge on Feb 28, 2017.


  • French Nuclear Watchdog Gives An Update On Mysterious Radioactive Iodine Blanketing Europe

    1/5 [february 20 2017] No health concerns following the detection of #radioactive #Iodine in Europe in January 2017 — IRSN France (@IRSNFrance) February 20, 2017

    On Sunday we reported that concerns have spread in Europe about a potential nuclear “incident” following a recent report by a French nuclear watchdog agency – the Institute for Radiological Protection and Nuclear Safety (IRSN), the French national public expert in nuclear and radiological risks – that radioactive Iodine-131 had been observed across much of northern and central Europe. Since the isotope has a half-life of only eight days, the detection was an indication of a rather recent release. As the Barents Observer added, “where the radioactivity is coming from is still a mystery.”
    The emission was rumored to have originated close to the Arctic circle, with some speculating that a nuclear test of emergency had taken place in Russia in January and the fallout then spread to Norway and onward to Europe:
    “Iodine-131 a radionuclide of anthropogenic origin, has recently been detected in tiny amounts in the ground-level atmosphere in Europe. The preliminary report states it was first found during week 2 of January 2017 in northern Norway. Iodine-131 was also detected in Finland, Poland, Czech Republic, Germany, France and Spain, until the end of January”, the French Institute de Radioprotection et de Sret Nuclaire wrote in a press release.

    This post was published at Zero Hedge on Feb 20, 2017.


  • Concerns Grow About A Nuclear “Incident” In Europe After Spike In Radioactive Iodine Levels

    Concerns about a potential, and so far unsubstantiated, nuclear “incident”, reportedly in the vicinity of the Arctic circle, spread in the past week after trace amounts of radioactive Iodine-131 of unknown origin were detected in January over large areas in Europe according to a report by the Institute for Radiological Protection and Nuclear Safety, the French national public expert in nuclear and radiological risks. Since the isotope has a half-life of only eight days, the detection is an indication of a rather recent release. As the Barents Observer adds, “where the radioactivity is coming from is still a mystery.”
    The air filter station at Svanhovd – located a few hundred meters from Norway’s border to Russia’s Kola Peninsula in the north – was the first to measure small amounts of the radioactive Ionide-131 in the second week of January. Shortly thereafter, the same Iodine-131 isotope was measured in Rovaniemi in Finnish Lapland. Within the next two weeks, traces of radioactivity, although in tiny amounts, were measured in Poland, Czech Republic, Germany, France and Spain.
    Norway was the first to measure the radioactivity, but France was the first to officially inform the public about it.
    “Iodine-131 a radionuclide of anthropogenic origin, has recently been detected in tiny amounts in the ground-level atmosphere in Europe. The preliminary report states it was first found during week 2 of January 2017 in northern Norway. Iodine-131 was also detected in Finland, Poland, Czech Republic, Germany, France and Spain, until the end of January”, the official French Institute de Radioprotection et de Sret Nuclaire (IRSN) wrote in a press release.

    This post was published at Zero Hedge on Feb 19, 2017.


  • Keiser Report: Banks appeased, crocodiles feasting (E1032)

    The following video was published by RT on Feb 14, 2017
    In this episode of the Keiser Report, Max and Stacy discuss how Deutsche Bank made $462 million disappear through the magic of derivatives. In the second half, Max interviews Trond Andresen, who campaigned long ago to keep Norway out of the euro, to discuss the anti-EU mood across Europe and how the rancor could save the euro… should anyone want to save it.


  • The Norwegian Economy In 2017: Black Swans Hovering Overhead

    Submitted by Nick Kaman of Letters from Norway
    Introduction:
    Norwegians are just now starting to grapple with the effects of their ‘single cylinder’ economy, mostly dependent on oil and gas (ca. 60% of exports). Despite optimism about $50-$70/barrel oil, American crude output is surging, on track to be the highest ever, since 1970, while cracks start to form in OPEC’s latest agreement. In addition to the oil tailspin, a flock of ‘black swans’ have taken flight, led by one with a very orange beak.
    Source: ZeroHedge.com – Where are the Black Swans Hiding
    The global sovereignty movement is in full swing. People are finally asking about the role of government, what they are getting in return for their taxes, and what they can do at home. The Chinese economic risks as well as the continued fracking proliferation, now going global, pose the greatest threat to oil prices in 2017. That is already evident in the latest supply report. Meanwhile, Norway continues to spend its’ savings instead of investing it into a new economic engine. Even worse, individual Norwegians keep digging themselves into debt.
    Oil: Global Fracking Proliferation:
    When OPEC challenged America, it forced the engineers on the Great Plains to innovate. Fracking continues to get better cheaper and faster, driving the costs down to $45 per barrel! Now the technology is going global, bringing more oil to market. That may explain the surging inventories.

    This post was published at Zero Hedge on Feb 13, 2017.


  • JAN 16/MARTIN LUTHER KING HOLIDAY SPECIAL REPORT/GOLD TRADING IN EUROPE/TRUMP TAKES ON MERKEL ET AL IN GERMANY/TRUMP AND THE CHINESE SPAR OFF/EVERYBODY TO BE INSURED WITH THE REPEAL OF OBAMACARE/…

    Gold at (1:30 am est) $1202.90 UP $7.60
    silver at $16.81: UP 9 CENTS
    Access market prices:
    Gold: $1202.90
    Silver: $16.81
    THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON
    The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning
    The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
    Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
    And now the fix recordings:
    MONDAY gold fix Shanghai
    Shanghai FIRST morning fix Jan 16/17 (10:15 pm est last night): $ 1219.16
    NY ACCESS PRICE: $1202.00 (AT THE EXACT SAME TIME)/premium $17.16
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    Shanghai SECOND afternoon fix: 2: 15 am est (second fix/early morning):$ 1219.16
    NY ACCESS PRICE: $1205.80 (AT THE EXACT SAME TIME/2:15 am)
    HUGE SPREAD 2ND FIX TODAY!!: $13.36
    China rejects NY pricing of gold as a fraud/arbitrage will now commence fully
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    London Fix: Jan 16/2017: 5:30 am est: $1202.75 (NY: same time: $1202.70 (5:30AM)
    London Second fix Jan 16.2017: 10 am est: $1203.00 (NY same time: $1103.00 (10 AM)
    It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
    Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.

    This post was published at Harvey Organ Blog on January 16, 2017.


  • Turkey’s “Long Arm” In Europe

    Submitted by Burak Begdil via The Gatestone Institute,
    Turkey has finally won the title of having the world’s first spook-imams. Turkey is exporting its political wars and tensions to Europe. That is not a good sign for the Old Continent. Officially, Turkey’s General Directorate for Religious Affairs (Diyanet in Turkish) has a mission about offering institutional religious services independent of all political ideologies. In practice, Diyanet’s understanding of “offering institutional religious services” can be different from what the term should mean. Recently, the office of Istanbul’s mufti, an official of Diyanet, described the location of a mosque as “… it was [in the past] a filthy Jewish and Christian neighbourhood.” After press coverage, the depiction was removed from the web page.
    Diyanet’s “institutional religious services” may sometimes even overlap with what in other countries people call intelligence. In a briefing for a parliamentary commission, Diyanet admitted that it gathered intelligence via imams from 38 countries on the activities of suspected followers of the US-based preacher Fetullah Glen, whom the Turkish government accused of being the mastermind of the attempted coup on July 15. As if it is the most normal thing in the world, Diyanet said its imams gathered intelligence and prepared reports from Abkhazia, Germany, Albania, Australia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Denmark, Estonia, Finland, Georgia, the Netherlands, the United Kingdom, Sweden, Switzerland, Italy, Japan, Montenegro, Kazakhstan, Kenya, Kyrgyzstan, Kosovo, Lithuania, Macedonia, Mongolia, Mauritania, Nigeria, Norway, Poland, Romania, Saudi Arabia, Tajikistan, Tanzania, Turkmenistan and Ukraine.

    This post was published at Zero Hedge on Jan 1, 2017.


  • Scandinavia – Leader in the War on Cash

    The Scandinavian countries Sweden, Denmark and Norway are regarded as a pioneer in the the effort to eliminate money and move totally electronic. Denmark closed its final Mint outsourced the operation to Finland. This means that there is no coinage in the three states struck anymore. In this war on cash, about 20% of all transactions were settled in Denmark last year with cash. In Germany and Austria, cash transactions accounted for 80%. Scandinavia is pushing hard to eliminate all cash completely to enable 100% efficient tax collecting.
    The demand for paper dollars is rising in Europe significantly. The average person will continue to increase their hoarding of US dollars, especially in the aftermath of India. Especially with Trump in office, there will be no cancellation of cash overnight. Even getting rid of $100 bills will be extremely problematic since the 1990s, about 50% of all paper dollars are held outside the United States, which was the Federal Reserve’s estimate back in the 1990s.

    This post was published at Armstrong Economics on Dec 21, 2016.


  • Doug Casey on Cuba

    Editor’s Note: Fidel Castro, the longtime Cuban politician and revolutionary, recently passed away. Doug Casey had the chance to meet the Cuban leader back in 1994. Here is an article Doug wrote about Cuba and his encounters with Fidel. It was written in the 1990s, but it’s still as relevant as ever.
    Half the fun of Cuba is getting there.
    I was there in the 1990s with about a dozen financiers from Europe. The contingent from England, Norway, and Switzerland came over together from London, changing planes in Miami for Panama. When an impertinent customs clerk asked one of them where he was going, he innocently responded ‘Cuba.’ All six men were hustled into a locked room, with all kinds of armed and uniformed types milling about, and were detained there for two hours while agents ran background checks on them. The government couldn’t have cared less if they missed their connection. Your tax dollars at work, winning friends and influencing people for America.
    It used to be there were no restaurants, no shops, no cars, and few hotels in Cuba. People were malnourished, and even at a couple of official receptions the staples were olives and Spam, because that was what they were able to barter for.

    This post was published at International Man


  • Norway Buying $130 Billion In Global Equities As Sovereign Wealth Fund Continues To Bleed Cash

    After being forced to withdraw at least $15 billion to fund 2017 budget deficits, the $860 billion Norwegian sovereign wealth fund has announced that it will change it’s portfolio allocations to try to make up the difference. The change will result in 75% of the fund’s capital being allocated to global equities, up from the current 60%. Sure, because funneling another $130 billion to the global equity bubble is just the prudent thing to do for an extra 40bps of “expected average annual real returns.”
    The central bank’s board, which oversees the fund, on Thursday recommended an increase in the equity share to 75 percent from 60 percent. That will raise the expected average annual real return to 2.5 percent over 10 years and to 3.5 percent over 30 years, compared with 2.1 percent and 2.6 percent, respectively, under the current setup.
    The world’s largest sovereign wealth fund said that it expects an annual return of only 0.25 percent on bonds over the next decade and that the expected ‘equity risk premium,’ or return on stocks over government bonds, will be just 3 percentage points in a cautious estimate.
    ‘In our analyses, this is clearly evident in global data: internationally, growth in firms’ cash flows and equity returns are correlated with growth in the global economy,’ Deputy Governor Egil Matsen said in a speech Thursday in Oslo. ‘Global economic growth in the coming years is expected to be below its historical level. This ‘pessimism’ is partly related to the driving forces behind the low level of the real interest rate.’
    Of course, the decision comes after the fund has been forced to withdraw capital over the past two years to fund budget deficits that are expected to reach over 8% of GDP.

    This post was published at Zero Hedge on Dec 2, 2016.


  • Global Stocks, US Futures And Yields, Rise As Oil Soars On OPEC Deal Optimism

    European, Asian stocks rise as do S&P futures as OPEC ministers gathering in Vienna appeared to be set to announce a deal to cut oil production and prop up global prices. Oil has surged over 7% as a result, also pushing US TSY yields and the dollar higher.
    With all eyes on Vienna, where optimism OPEC ministers will salvage a deal to cut production, oil has soared by over 6% reverberating through the financial markets, spurring oil’s biggest gain in two weeks and sending stocks of energy producers and currencies of commodity-exporting nations higher.
    Crude bounced off a two-week low as Iranian Oil Minister Bijan Namdar Zangeneh said producers will reach an agreement without his country freezing production. Russia’s ruble, Norway’s krone and Mexico’s peso advanced as oil companies led European stocks higher for the second day. Royal Bank of Scotland Group Plc slipped 4 percent after failing the Bank of England’s toughest-ever stress test.
    While some are skeptical, such as Stuart Samuels, a London-based sales trader at Oppenheimer Europe, who spoke to Bloomberg saying that ‘oil prices are driving today’s gains — anything other than a production cut and we’ll head south. Markets tracking the move in crude near-term is causing some volatility. I’d be inclined to take some profits,’ so far the algos are in charge forcing a furious squeeze.

    This post was published at Zero Hedge on Nov 30, 2016.