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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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By Tyler Durden

Despite all the exuberance over the Brexit bounce in US (and UK) equities, never minds bonds, FX, and credit being far less enthusiastic, Deutsche Bank is plunging once again this morning. Having failed The Fed’s stress test for the second year running and been diagnosed by The IMF as the world’s most systemically dangerous financial entity, the giant Germanbank is getting slammed down almost 4% today, back near record lows as its ‘Lehman-esque’ path to devastation continues.

This is far from over!!

And if DB goes…

Then who’s next?

As we previously conclude, considering two of the three most “globally systemically important”,
i.e., riskiest, banks just saw their stock price scrape all time lows
earlier this week, we wonder just how nervous behind their calm facades
are the executives at the ECB, the IMF, and the rest of the handful of
people who realize just close to the edge of collapse this world’s most
riskiest bank (whose market cap is less than the valuation of AirBnB) finds itself right now.

…read more

Source: World’s Most Systemically Dangerous Bank Crashes Back To Record Lows

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By Tyler Durden

In the latest stunning development out of UK politics, moments ago during a press conference in which Boris Johnson -the man who led the Leave campaign – was widely expected to announce he would run for UK premier and Conservative party leader, the former London mayor, who was considered a frontrunner for the post, announced he would not stand for premier or Tory leader.

“I have concluded that person cannot be me” says Boris Johnson ruling himself out of Conservative election race https://t.co/S2p4nNxJst

— BBC Politics (@BBCPolitics) June 30, 2016

During his press conference in London Johnson said that “having consulted colleagues and in view of the circumstances in Parliament I have concluded this person cannot be me.”

More details from the FT:

In the latest stunning development out of UK politics, moments ago during a press conference in which Boris Johnson was widely expected to announce he would run for UK premier and Conservative party leader, the former London mayor, who was considered a frontrunner for the post, announced he would not stand for premier or Tory leader.

Theresa May, UK home secretary, also launched her Tory leadership campaign on Thursday with a promise to negotiate “the best possible terms when we leave the EU”, as bookmakers installed her as the favourite to succeed David Cameron as prime minister.

The infighting between leading advocates of Britain’s exit from the EU has compounded a deep sense of political instability and absence of leadership at a moment when a deeply divided country is contemplating the realities of life outside the union against a backdrop of market turmoil and economic vulnerability.

Mr Gove and Mr Johnson were a powerful duo at the head of the campaign to take Britain out of the EU and it had been assumed that the two would join forces at the top of a Tory government whose overriding task is to complete the UK’s divorce from the EU on the best possible terms.

Mr Johnson said now was a “moment for hope and ambition” in the UK, adding: “This is our chance to unite our party around those values and at the same time to unite our country and our society.”

“It is vital now in the Conservative party that we bring together everybody that campaigned for both the Remain and Leave sides… Having consulted colleagues, and in view of the circumstances in parliament, I have concluded that person cannot be me.”

BoJo’s exit from the race likely means that the more centrist, Home Secretary Theresa May, who currently in the poll leads, will likely be the next Tory leader. And while May has said she would not force a second referendum, the reaction in the sterling, which has spiked on the news, may suggest that BoJo’s relent hints that UK’s fate is not dead set.

Other Tory leadership candidates include Liam Fox, former defence secretary, and Andrea Leadsom, energy minister and another leading figure from the Leave camp, …read more

Source: In Shocking Move, Boris Johnson Says He Won’t Run For UK Prime Minister, Tory Leader: Sterling Spikes

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By Tyler Durden

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

In the end, the elites will be overthrown and a power vacuum will form. The transition period will be extremely difficult as the elites will fight their demise to the end. For you see, they care nothing for you they care about their power and control. Nevertheless, rulers have always only ruled by the will (or apathy) of the people and when the people become overly taxed and abused they always rebel. The main thing to think about is what kind of society do we want to rebuild from the ashes. I am of the view that it must be a return to the Constitution and an elimination of central banking power and secrecy. Let’s not fall for a demagogue or be pushed into a war when things are at their worst.

– From my 2010 post: The Elites Have Lost The Right to Rule

While the Trump and Brexit movements are indisputably fascinating merely as public indictments against the greedy and criminal status quo, they are equally meaningful from another perspective.

The reaction from many in the media to both Trump and Brexit have betrayed their ulterior motives by exposing dangerous, antidemocratic biases. Now this has nothing to do with whether or not you are in favor of either Trump or Brexit. Personally, I think Trump is a very unwelcome reaction to the destructive trends going on around us. He’s extraordinary divisive (even amongst people who hate the establishment), has no regard for civil liberties, and displays obvious authoritarian tendencies. Despite this point of view, I don’t focus obsessively on all the negative aspects of Trump in my posts, because I acknowledge that Trump is a symptom of a much larger problem, not the root cause of it. Dealing with symptoms can keep things settled for a time, but the problem will invariably return in far worse form should the underlying causes remain unresolved. People are acting as if it can’t possibly get worse than Trump. Believe me, it can get a lot worse.

With that out of the way, let’s talk about root causes. Donald Trump and Brexit are direct responses to a horribly rigged, parasitic and phony global economy. I’ve been writing about this dangerous reality and warning about its unpleasant inevitable outcomes for over half a decade. It’s not just me of course. Countless people have been doing it, including self-aware individuals from the 0.01%. Recall Nick Hanaeur’s article which I highlighted in the 2014 post: The Pitchforks are Coming…– A Dire Warning from a Member of the 0.01%.

He warned:

If we don’t do something to fix the glaring inequities in this economy, the pitchforks are going to come for us. No society can sustain this kind of rising inequality. In fact, there is no example in human history where wealth accumulated like this and the pitchforks …read more

Source: The Elites Have Lost The Right To Rule

    

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