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Tax Turmoil & China Contagion Slam US Stocks, Treasury Yields Tumble

October 30, 2017 Tyler Durden 0

Is it the bears turn now?

 

Chinese bonds and stocks were ugly overnight as the calm of the congress came to an end…

 

Small Caps were slammed today – worst day since August. Nasdaq managed to scramble back to green in the last few mins, but failed to hold it…

 

Small Caps (and the rest of the market) are catching down to their decoupled volatility markets…

 

As hope for meaningful tax-reform disappeared (“gradual” was the key word that disappointed markets…

 

Total chaos reigned in telecoms with rumors about Softbank sending Sprint/T-Mobile tumbling then rebounding…

 

Financials extended their losses from Friday and continued to catch down to the flattening yield curve…

 

Treasury yields extended Friday’s declines – this is now the biggest 2-day drop in 10Y yields since June…

 

The long-bond was rallying all day but yields extended their drop when Tresury Sec Mnuchin commented that ultra-long issuance lacked demand…

 

The Dollar Index extended Friday’s losses…

 

Dollar weakness prompted gold strength…

 

WTI clung to gain today (as RBOB leaked lower) amid more jawboning from OPEC/Saudis…

 

Bitcoin hit a new record high at $6300…

 

And finally, the most extreme positioning ever…

Most extreme bullish positioning in Rydex history: pic.twitter.com/384R9sh6Ct

— Jesse Felder (@jessefelder) October 30, 2017

“probably nothing”

 

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Iraqi Pipeline Disruption Takes 250,000 Bpd Off The Market

October 30, 2017 Tsvetana Paraskova 0

Crude oil from northern Iraq, including from the Kurdistan region, stopped flowing from the oil pipeline between Kirkuk and the Turkish Mediterranean port of Ceyhan early on Monday local time, Bloomberg reports, citing a port agent. According to a Kurdish shipping source who spoke to Reuters, the flows resumed on Monday after a technical stoppage for several hours that had completely halted the flow of crude. The flow was still reduced to 200,000-220,000 bpd, according to the source. The typical flow of the pipeline is some 600,000 bpd, and it…

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Bahrain Wants Qatar’s GCC Membership Frozen

October 30, 2017 Tsvetana Paraskova 0

In the latest chapter of the ongoing spat between some Arab countries and the world’s leading LNG exporter Qatar, Bahrain’s Foreign Minister Shaikh Khalid bin Ahmed bin Mohammed Al Khalifa has called for freezing Qatar’s membership in the Gulf Cooperation Council (GCC). In a series of messages on Twitter, Al Khalifa said that Bahrain would not attend the next GCC meeting if Qatar is present, and criticized it for refusing to comply with the demands of the Saudi-led coalition that had imposed a blockade on Qatar. Qatar, Bahrain,…

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Bahrain Wants Qatar’s GCC Membership Frozen

October 30, 2017 Tsvetana Paraskova 0

In the latest chapter of the ongoing spat between some Arab countries and the world’s leading LNG exporter Qatar, Bahrain’s Foreign Minister Shaikh Khalid bin Ahmed bin Mohammed Al Khalifa has called for freezing Qatar’s membership in the Gulf Cooperation Council (GCC). In a series of messages on Twitter, Al Khalifa said that Bahrain would not attend the next GCC meeting if Qatar is present, and criticized it for refusing to comply with the demands of the Saudi-led coalition that had imposed a blockade on Qatar. Qatar, Bahrain,…

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U.S. Crude Imports Soar Amid Rising Refinery Output

October 30, 2017 Matt Smith 0

I’ve been on the road – on walkabout as the Australians would say – for the last four weeks, doing a number of speaking engagements and trips across America. As we all know, all paths lead back to energy, hence, on my travels I have seen a bunch of energy infrastructure that I normally just study on a screen. Hark, here are some of those places, and some corresponding insights via our ClipperData.   A couple of weeks ago I was in Philadelphia. On the way from the airport to the southside of the city, you pass by PES’ Philadelphia…

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