Time For A French Kiss?

Meanwhile, across the pond…

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Monsters Under The Bed.

“To some extent the market’s resilience is justified; in other cases, however, it looks like a case of when rather than if potential shocks get priced in.”

Russell Shuffle Day, Brexit Anniversary, & Crude Carnage

It’s Russell reshuffle day, which means equities will likely be jarred out of any summer lull, if only for a moment. As Bloomberg notes, “in four of the last five years, reconstitution day ranked in the 10 busiest trading sessions, [but] at the same time, it rarely triggers big price swings in the market.” It’s…

“Hakuna Matata”?

“In our opinion, this is not dangerous market complacency but a reflection of an abnormally tranquil macro environment, with a benign economic outlook, very supportive financial conditions, and lower political risks”…

Stocks Super Happy, Oil “Flirts With Collapse,” UK Brexits, France Wonders Why No One Voted

Generally speaking, it was a quiet overnight session as traders look forward to a light calendar in the days ahead – or at least compared to the last two weeks. There was of course another “van attack” in the UK (“van attack” has become “a thing” now). Additionally, Monday marks the start of Brexit negotiations.…

How The ECB “Actively” Rescued Markets Ahead Of The French Election

“But the ECB is more than just a “passive acquirer” of assets, in our view. We think they are taking an active role in bond buying to manage the fallout from policy uncertainty (and prevent a tightening in credit conditions that would ensue if they didn’t).”

It’s Too Quiet: Except For China. And South Korea. And Collapsing Metals.

It’s Tuesday, and they’re voting in South Korea. There’s an annoying power vacuum over there at a precarious time. Here’s a deliberately deadpan rundown: Turns out the former president – Park Geun-hye – was bribing people and abusing her power and shit like that. She’s in jail and apparently is refusing to vote. So that’s fun. Turnout is…

“Nazi-Be-Gone” Rally Fizzles As Female Hitler Loss Seen Largely Priced In

Ok, so it’s Monday and France didn’t elect a fascist. So we’ve got that going for us. That said it looks like the Street got this one right – it feels like a “sell the news” event pretty much across the board. As documented earlier the euro gave back its knee-jerk to $1.1023 to trade all…

One Bank Weighs In On The Euro’s “Sell The News” Moment

“The Euro went up a bit, down a bit and ended pretty much where it was last week. It faces two short-term challenges”…

“We’re Still Not As Dumb As Americans!” Sunday Night Satire

“We are smarter than the Americans, true, but they have set the bar very low, no?”

Macron Elected President Of France In Landslide

Like father, like daughter. Crushed.

DB Explains Why Le Pen’s Performance Was “Less Impressive Than The Numbers Suggest”

“The National Front rise is less impressive than these figures suggest.”

Wall Street Weighs In On Macron Win

“And since we believe a Macron presidency has been embedded in market pricing since then, we do not expect his victory in today’s run-off to have a significant impact on markets from tomorrow.”

Barclays Tells You What To Expect If Macron Wins

Assuming Macron does indeed carry the day, here are the two possible scenarios and what to expect, according to Barclays…

#MACRONLEAKS Tied To RT-, Sputnik-Linked Twitter Accounts, Alt-Right “Jack”Ass

“DFRLab tracked the onset of the campaign to the Twitter account of Jack Posobiec. They also include @Languillem, which in March was the most active amplifier of Kremlin outlets RT and Sputnik in French, as the DFRLab has reported.”