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Feds warn more than 300,000 Hondas and Acuras pose grave risk of exploding airbags and should be parked until fixed. …read more

Source: Stop driving these Hondas, says regulator

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By Tyler Durden

First S&P downgraded the UK, now it’s the EU’s turn.

Long-Term Rating On Supranational Institution The European Union Lowered To ‘AA’ On Brexit Referendum; Outlook Stable

The European Union (EU) supranational borrows on the capital markets to lend to member states and certain other governments on a back-to-back basis. The long-term rating on the EU partly relies on the capacity and willingness of its 28 members to support it. We currently rate the EU at ‘AA’.) OVERVIEW

• After the decision by the U.K. electorate to leave the EU as a consequence of the June 23 consultative referendum, we have reassessed our opinion of cohesion within the EU, which we now consider to be a neutral rather than positive rating factor.
• We think that, going forward, revenue forecasting, long-term capital planning, and adjustments to key financial buffers of the EU will be subject to greater uncertainty.
• As a consequence, we are lowering our long-term rating on the supranational European Union to ‘AA’ from ‘AA+’ and affirming the ‘A-1+’ short-term rating.
• The outlook is stable, reflecting our opinion that under most scenarios, including a U.K. withdrawal from future (though not current) budgetary commitments, our anchor ratings on the EU will remain at the current level of ‘AA/A-1+’.

RATING ACTION

On June 30, 2016, S&P Global Ratings lowered its long-term issuer credit rating on supranational institution, the European Union (EU), to ‘AA’ from ‘AA+’. The ‘A-1+’ short-term rating was affirmed. The outlook is stable.

RATIONALE

The rating action stems from S&P Global Ratings’ view that the U.K. government’s declared intention to leave the union lessens the supranational’s fiscal flexibility, while reflecting weakening political cohesion. As a consequence of the decision by the U.K. electorate to leave the EU following the June 23 referendum, we have reassessed our previously favorable opinion of solidarity within the EU to neutral from positive. Our baseline scenario was previously that all 28 member states would remain inside the EU. While we expect the remaining 27 members to reaffirm their commitment to the union, we think the U.K.’s departure will inevitably require new and complicated negotiations on the next seven-year budgetary framework, known as the Multiannual Financial Framework (MFF), from 2021-2027. Going forward, revenue forecasting, long-term capital planning, and adjustments to key financial buffers of the EU will in our view be subject to greater uncertainty.

The long-term rating on the EU relies on the capacity and willingness of the 10 wealthiest EU members that are net contributors to the EU budget. We calculate the anchor rating on the EU by determining the GDP-weighted rating of these net contributors, which is now ‘AA’. We can modify this anchor rating up or down according to our assessment of:

• The EU’s fiscal flexibility;
• The EU’s large and underfunded pension and other employee liabilities of 58.6 billion as of end 2014 (2015 financial statements have yet to be released);
• The EU’s guarantees given or received;
• Our view of the permanence of the political cohesion in the EU, and the risks to …read more

  Source: S&P Downgrades European Union From AA+ To AA – Full Text

      

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Senator Elizabeth Warren insulted Silicon Valley in the worst way: She compared some of the biggest tech companies to banks that caused the financial collapse. …read more

Source: Warren: Tech companies have become ‘too big to fail’

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By Tyler Durden

With BoE’s Carney hinting at moar easing over the summer, cable is diving (plunging back down to a 1.32 handle) and UK Gilt yields plunged to new record lows at 90bps…

In context…

As The FTSE 100 surges above Brexit highs…

…read more

Source: Markets React To BOE’s Announcement Of More Easing: Yields, Sterling Tumble

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By Tyler Durden

Over the past few days, the size of the Fed’s Reverse Repos have been rising rapidly, with yesterday’s operation jumping to $143 billion among 52 counterparties, the highest in months as the quarter end collateral scramble goes full throttle. Nowhere is this more obvious than in the overnight general collateral rate. As Stone McCarthy reports, the overnight general collateral rate has jumped to 0.75% this morning. The GC rate has spiked at the end of every quarter for over a year, as money funds face increased regulations and need to streamline their balance sheets at quarter end, in other word “window dress” balance sheets and make them appear better than they are for regulatory purposes.

Following previous quarter end spikes, the GC rate has dipped back to more usual levels the next day. However, this quarter end spike followed a week of highly elevated rates, so the decline may not be as abrupt as prior quarter end spikes.

The fed funds rate has dropped to 0.28% this morning, down from 0.42% yesterday. Even though the fed funds rate had been elevated for the past week, that didn’t stop it from its usual quarter end drop. The fed funds rate has dropped at month-end for over a year, with the largest moves tending to occur at quarter end. It then bounces back to usual levels by the next morning. Today’s drop followed a week of elevated fed funds levels, so it will be interesting to see if the fed funds rate reaches such high levels by tomorrow morning.

We look forward to today’s last of the month and quarter reverse repo for more insight on just how significant the regulatory collateral shortage remains.

…read more

Source: General Collateral Rate Surges To Post Fed-Hike Highs On Quarter End Window Dressing

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By Phoenix Capital Research

The market has exploded higher based on verbal intervention.

The verbal intervention came from Germany’s Finance Minister Wolfgang Schauble. Yesterday Schauble announced that, “measures to avoid market chaos have been successful.”

Traders took this to mean that Central Banks were coordinated a massive intervention. So everyone on the planet bought stocks.

The reality however is that this is the usual end of the month performance gaming, combined with short covering. Volume has been ABYSMAL on this rally because no one actually believes it.

And why would they?

EU banks are imploding, trading at levels not seen since the depths of the 2011-2012 crisis.

In the US, the Russell 2000, which tends to lead the S&P 500, has failed to confirm the move higher. If anything, it suggests we’re going to new lows.

This whole situation is feeling just like late 2007/ early 2008. Once again stocks are holding up because investors believe Central Banks can save the world… despite the obvious warning signs that a major crisis is coming.

On that note, we are already preparing our clients for this with a 21-page investment report titled the Stock Market Crash Survival Guide.

In it, we outline the coming crash will unfold…which investments will perform best… and how to take out “crash” insurance trades that will pay out huge returns during a market collapse.

We are giving away just 1,000 copies of this report for FREE to the public.

To pick up yours, swing by:

https://www.phoenixcapitalmarketing.com/stockmarketcrash.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

…read more

Source: Two Warning Signs That This Bounce is Not to Be trusted

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