Find The Lowest Price HERE

By Tyler Durden

With European stocks tumbling, it was only a matter of time before someone pulled the biggest circuit breaker of all, i.e., the plug. And sure enough:

• EUREX SAYS IT DOESN’T CURRENTLY HAVE STOXX UNDERLYING PRICES
• EURO STOXX 50 AND STOXX 600 HAVE NOT CALCULATED FOR 50+ MINS
• DEUTSCHE BOERSE SPOKESWOMAN CONFIRMS STOXX 600 NOT CALCULATING

And from the exchange:

Emergency Information Failure STOXX underlying feed

Due to technical problems with the price data feed, the Eurex system does not currently have STOXX underlying prices. Please do not hesitate to call Market Supervision for any questions you may have. Aufgrund technischer Probleme beim STOXX Preisdatenstrom werden derzeit die Basiswertpreise nicht aktualisiert. Sollten Sie Fragen haben, wenden Sie sich bitte an Market Supervision.
Market Supervision +496921111210

We expect the exchange to promptly fix itself just as soon as a bid reappears.

…read more

Source: European Market Breaks: Stoxx 50, Stoxx 600 Have Not Calculated Prices For Nearly An Hour

100% Pure Garcinia Cambogia Extract – Appetite Suppressant – Carb Blocker Capsules – 2100 MG – 90 Caps

Find The Lowest Price HERE

By Tyler Durden

Submitted by Michael Shedlock via MishTalk.com,

In the wake of Brexit, the EU and German Chancellor Angela Merkel responded to the UK with spite and vengeance.

Merkel insists that if the UK pursues a Norway-style solution, it will have to accept the EU’s migration rules along with it.

Ironically, had the EU’s migration rules been more sensible, the UK would not have left in the first place.

Following a close election in which there were voting irregularities, Austria’s Constitutional Court Orders Rerun of Presidential Election.

Citing serious irregularities in the counting of postal votes, Austria’s constitutional court issued an unprecedented rule mandating a rerun of the presidential election in which Green party candidate Alexander Van der Bellen narrowly beat Freedom Party and anti-immigration candidate Norbert Hofer

Hofer was ahead before postal votes were counted. Perhaps he wins the second chance election.

Hungary Announces Referendum on Migration

Hungary is so fed up with EU’s refugee polices that it announced an October Referendum on EU Migrant Plan.

“Is it the goal of European policy to stop migrants at the borders, to keep processes under control, to conduct procedures outside our borders and to then decide on admitting certain individuals? Is it our goal to let them in and to redistribute them later?” Hungary’s prime minister Viktor Orban said in Brussels last month.

Four Countries Fed Up With EU

Poland, Hungary, Slovakia and the Czech Republic issued a joint statement “The genuine concerns of our citizens need to be better reflected. National parliaments have to be heard.“

Poland’s deputy prime minister Mateusz Morawieck said “The British voice was the voice of reason.”

For details, please see Four Countries Blame Jean-Claude Juncker for Brexit, Two Seek His Ouster.

The EU Prison

Financial Times writer Martin Wolf asks “Is the best way to preserve the EU bloc to make it a prison, rather than a desirable place of refuge?”

Other than a stray sentence here and there, I seldom agree with Wolf on anything.

This time, he generally gets things correct in his article How Europe Should Respond to Brexit.

The UK is leaving. That has to be the assumption of its EU partners, particularly if free movement of people remains an inviolable principle. So how should the rest of the bloc respond?

The UK’s almost certain departure is a threat to the EU on two dimensions.

First, the UK is a neighbour, a market, a financial centre, a security partner and a link to the wider world. It is in the EU’s interest to achieve a mutually satisfactory relationship, however infuriating the UK must be. This argues for the pragmatic position taken by Alain Juppé, frontrunner in the race for the French centre-right presidential nomination. He even suggests that restrictions on free movement of people should be negotiable. If so, that would surely have obviated Brexit.

Second, Brexit is a precedent. The first country to leave the EU is, inevitably, an example to those that wish to follow suit and a warning to those who oppose it. It is natural for …read more

Source: Can The EU Survive As A Prison? Who Has The Keys?

    

100% Pure Garcinia Cambogia Extract – Appetite Suppressant – Carb Blocker Capsules – 2100 MG – 90 Caps

Looking for something special ? Find The Lowest Price HERE

Find The Lowest Price HERE

By Tyler Durden

That Goldman’s David Kostin has been warning about the possibility of a sudden, sharp drawdown in the market, is not new: we first reported on that in early May when we presented “Six Reasons Why Goldman Is Suddenly Warning About A “Large Drop” In The Market” in which we cited the head Goldman equity strategist who said that “unbalanced distribution of upside/downside risks suggests “sell in May” or buy protection.” He adds that “we continue to expect S&P 500 will end 2016 at 2100, roughly 3% above the current level even as “a shift in investor perception of various risks could easily trigger a drawdown.”

Specifically, he warned that “a drawdown during the next few months could find the S&P 500 index falling by 5%-10% to a level between 1850 and 1950. 16 drawdowns greater than 5% have occurred since 2009, including the 13% correction that lasted 3 months and ended in February (Exhibit 1). S&P 500 trades at 2047 and has a forward P/E of 16.7x based on bottom-up adjusted EPS of $123. A 5% pullback would lower the P/E to 15.8x, implying an index level of 1950. A 10% correction would reduce the P/E to 15.0x and the index level to 1850.”

Two months, and one brief Brexit swoon later, Goldman is back with another similar warning, now expecting a 5-10% drop in the “next few month”, which Goldman expects will be met with another round of BTFDing, and pushing stocks once again higher, as they close the year at 2,100. To wit:

The S&P 500 enters 2H 2016 just 3% above where it began the year. Tactically, we continue to expect the market will experience a pullback of 5%-10% during the next few months before ending the year at 2100. Strategically, we expect a continuation of the range-bound market that has challenged investors for nearly two years. Although investors appear complacent in the wake of Brexit, a maturing economic cycle with elevated valuations, decelerating buybacks, and growing political uncertainty provide the basis for potential market weakness in the second half. At the same time, above-trend US economic growth, a return to positive but slow earnings growth, a cautious Fed, and the lack of investment alternatives around the globe will support equity prices without providing a catalyst for further upside. Our 3-, 6-, and 12-month S&P 500 price targets are 1950, 2100, and 2150.

Just like in May, Kostin blames the upcoming selloff on a “drawdown” in risk, one which he expects will trough when PE multiples hit 15x.

Most recent drawdowns have troughed at a forward P/E of roughly 15x. Given consensus bottom-up next-12-month EPS of $123, this same multiple would value the S&P 500 at roughly 1850, or 13% below its recent high of 2115 reached in early June. In 16 S&P 500 pullbacks of 5% or more since 2009, the S&P 500 has declined by a median of 7%, which would bring the S&P 500 to roughly 1950.

A small problem emerges if …read more

Source: Goldman Warns Of A Sharp Plunge In Stocks In "Next Few Months"

100% Pure Garcinia Cambogia Extract – Appetite Suppressant – Carb Blocker Capsules – 2100 MG – 90 Caps

Find The Lowest Price HERE

By Tyler Durden

The flight to safety following last week’s quarter-end window dressing is accelerating, with constant news and flashing red headlines of record low yields across DM government bonds once the norm, and as of moments ago Denmark’s 10Y bonds joined the exclusive club of sub-zero yields; gold has soared to fresh multi-year highs above $1,370, the risk-off currency, the Yen, soaring and sending the USDJPY just above 100, while sterling crashed overnight once again below 1.27, levels not seen since 1985.

European banks continue to struggle and while Monte Paschi was halted up 10% earlier following the previously halted shorting ban, both Deutsche Bank and Credit Suisse have plunged to new all time lows, this time on concerns that the two trouble banks could be forced out of the Stoxx 50 Europe index according to an LBBW analysis while BlackRock cutting the region’s shares to underweight, with a negative view on the euro area’s banking sector, did not help. To be sure, all eyes remain on both Italian banks as well as UK property funds, where the announcement of more gating is widely perceived as imminent.

Indeed, as Bloomberg summarizes, it’s safety first for investors around the world as Brexit, no longer a risk on catalyst as it was a week ago, has instead become a reason to offload risk. Demand for haven assets sent bond yields to record lows after Federal Reserve Bank of New York President William Dudley said Brexit’s significance could escalate if it triggers turmoil in markets beyond the U.K.

Based on overnight analyst quotes, the euphoria is certainly gone by now: “Everyone is trying to react to a situation we’ve never been in before,” said Stewart Richardson, chief investment officer at RMG Wealth Management in London. “We’ve had shocks to the system before, but we haven’t had one like this. And we won’t know the answers for a long time.”

Mitsuo Shimizu, deputy general manager with Japan Asia Securities, also opined saying that there are “fears the global economy will worsen due to Europe. The U.K.’s economic outlook is blurred with uncertainty and the pound’s recent weakness is likely to encourage speculative buying in the yen.”

After rallying last week on bets central banks will work to limit the fallout from Britain’s referendum, global equities are retreating again as the knock-on effects become evident and as central bank credibility and efficiency is once again questioned. Three asset managers froze withdrawals from U.K. real-estate funds on Tuesday following a flurry of redemptions and the Bank of England relaxed capital requirements for lenders. Societe Generale SA Chairman Lorenzo Bini Smaghi said a banking crisis in Italy, stoked by the referendum, could spread to the rest of Europe and rules limiting state aid to lenders should be reconsidered.

As noted earlier, yields continue to plunge: 10-year US Treasury yields fell as much as six basis points to 1.318% and was at 1.33% at 10:44 a.m. London time. Yields on 10-year government bonds in Australia, Japan, Germany, France and the U.K. also …read more

Source: "We’ve Never Had A Shock To The System Like This" – Global Selloff Accelerates On Brexit, Italy, "Unknown" Fears

100% Pure Garcinia Cambogia Extract – Appetite Suppressant – Carb Blocker Capsules – 2100 MG – 90 Caps

Find The Lowest Price HERE

By Tyler Durden

In a scandalous announcement, FBI director James Comey moments ago said that “although there is evidence of potential violations of the statutes regarding the handling of classified information” and he gave extensive evidence of just that, “our judgment is that no reasonable prosecutor would bring such a case.” He added that “prosecutors necessarily weigh a number of factors before bringing charges. There are obvious considerations, like the strength of the evidence, especially regarding intent. Responsible decisions also consider the context of a person’s actions, and how similar situations have been handled in the past.”

What is shocking is that the FBI director was clearly ignoring the US code itself, where in Section 793, subsection (f),”Gathering, transmitting or losing defense information“, it makes it quite clear that intent is not a key consideration in a case like this when deciding to press charges, to wit:

Whoever, being entrusted with or having lawful possession or control of any document, writing, code book, signal book, sketch, photograph, photographic negative, blueprint, plan, map, model, instrument, appliance, note, or information, relating to the national defense, (1) through gross negligence permits the same to be removed from its proper place of custody or delivered to anyone in violation of his trust, or to be lost, stolen, abstracted, or destroyed, or (2) having knowledge that the same has been illegally removed from its proper place of custody or delivered to anyone in violation of its trust, or lost, or stolen, abstracted, or destroyed, and fails to make prompt report of such loss, theft, abstraction, or destruction to his superior officer— Shall be fined under this title or imprisoned not more than ten years, or both.

What is even more shocking is that according to Comey, “we cannot find a case that would support bringing criminal charges on these facts.”

Well, we did. Here is the FBI itself, less than a year ago, charging one Bryan H. Nishimura, 50, of Folsom, who pleaded guilty to “unauthorized removal and retention of classified materials” without malicious intent, in other words precisely what the FBI alleges Hillary did (h/t @DavidSirota):

U.S. Magistrate Judge Kendall J. Newman immediately sentenced Nishimura to two years of probation, a $7,500 fine, and forfeiture of personal media containing classified materials. Nishimura was further ordered to surrender any currently held security clearance and to never again seek such a clearance.

According to court documents, Nishimura was a Naval reservist deployed in Afghanistan in 2007 and 2008. In his role as a Regional Engineer for the U.S. military in Afghanistan, Nishimura had access to classified briefings and digital records that could only be retained and viewed on authorized government computers. Nishimura, however, caused the materials to be downloaded and stored on his personal, unclassified electronic devices and storage media. He carried such classified materials on his unauthorized media when he traveled off-base in Afghanistan and, ultimately, carried those materials back to the United States at the end of his deployment. In the United States, Nishimura continued to maintain …read more

Source: Peak FBI Corruption? Meet Bryan Nishimura, Found Guilty For "Removal And Retention Of Classified Materials"

    

100% Pure Garcinia Cambogia Extract – Appetite Suppressant – Carb Blocker Capsules – 2100 MG – 90 Caps

Looking for something special ? Find The Lowest Price HERE