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UK public sector borrowing sees second highest August on record FTSE rises
UK public sector borrowing sees second highest August on record FTSE rises

European stocks recovered some of yesterday's losses on Tuesday morning in London, as new data from the Office for National Statistics showed the UK's public sector borrowing had seen its second highest August on record.

pNetwork hacked - Over 12M USD worth of Bitcoin stolen!
pNetwork hacked - Over 12M USD worth of Bitcoin stolen!

Cross-chain DeFi platform pNetwork has been hacked on Binance Smart Chain to the tune of approximately $12.7 million worth of Bitcoin.

China's Evergrande is probably 'too big to fail': Market strategist
China's Evergrande is probably 'too big to fail': Market strategist

The thought of a Lehman Brothers-esque collapse in China sent U.S. investors running for the exits Monday.

Why Brent Johnson Santiago Capital CEO believe that Banks will Crash the Market
Why Brent Johnson Santiago Capital CEO believe that Banks will Crash the Market

Synopsis: Brent Johnson, CEO of Santiago Capital, is joined by Steven Van Metre of Steven Van Metre Financial to discuss the most pressing issues on the macro landscape. After exploring whether quantitative easing (QE) and low rates are inflationary or deflationary, Johnson and Van Metre take a deep dive into the plumbing of the Treasury market and specifically the operations of the Fed’s FOMC. Van Metre explains why he believes the Fed’s policies have actually caused banks to tighten their lending standards rather than loosen them as the Fed intended. The pair then take a look at swap lines and the Eurodollar funding market as well as the effect a credit contraction would have on the U.S. dollar. Lastly, Van Metre talks about his Real Vision journey and how the knowledge he’s gained has helped him as a financial advisor

Oil Rebounds After Industry Report Shows Shrinking U.S. Supplies

Oil rebounded in post-market trading after an industry report showed declining U.S. inventories.


Futures in New York edged up after closing 0.4% lower on Tuesday. Domestic crude supplies fell 4.73 million barrels last week, according to people familiar with data from the industry-funded American Petroleum Institute. Gasoline stockpiles declined 6.23 million barrels, the API said. The fuel supply drop would be the largest since March if U.S. government data confirms it Wednesday.

U.S. benchmark crude futures are poised for the second monthly drop since October with the delta variant interrupting a rebound in demand. Though global inventories are expected to tighten through the end of the year, new movement restrictions have dampened fuel consumption in some countries.

A rise in cases of the highly contagious delta variant has prompted new restrictions across the world. The positive test rate in Indonesia is the worst in Asia, while Thailand and Vietnam have introduced curfews to curb the spread of the virus. In the U.S., health officials said fully vaccinated people should go back to wearing masks indoors in places where infections are soaring.

“It’s more of a hit to sentiment at this point,” said John Kilduff, a partner at Again Capital LLC. “The petroleum complex is much more sensitive to the Covid-19 developments, particularly when they are going negative.”

While the International Monetary Fund sees global economic growth rebounding by the most in four decades this year, unequal access to vaccines will widen the economic recovery gap between advanced and developing economies, the fund said in an updated World Economic Outlook released Tuesday.

“There are serious concerns about whether or not the global economies will hit a hiccup as a result of additional Covid variants,” said Gary Cunningham, director of market research at Tradition Energy.

The API also reported inventories declined by 126,000 barrels at the nation’s biggest storage hub at Cushing, Oklahoma, while distillate inventories fell 1.88 million barrels last week.


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