A Free Society is an Educated Society

"Radical Earnings Cut": JPMorgan Sounds Alarm After BMW's Forecast Shock BMW shares cratered in Germany after the automaker warned investors it would slash its 2026 margin guidance to as low as 1%, down from a prior estimate of as high as 6%, amid weakening demand in China, Middle East-related pressures, rising energy costs, and a deteriorating consumer backdrop hitting sales and profitability. BMW now expects its pretax profit to fall sharply this year, versus a prior expectation of a moderate decline, and for deliveries in the auto segment to slide, compared...

Monaco Bombing Attack Suspect Shot Dead In Ukraine, Intelligence Officer In Custody The saga of the Monaco package bomb attack carried out last week against an exiled Ukrainian oligarch just got even wilder and more mysterious, as the prime suspect has been found shot dead near Kiev. The Guardian reports that "Ukrainian prosecutors said on Tuesday the woman had been found with a gunshot wound to the head and that two men had been arrested in connection with the case, including an officer with Ukraine’s military intelligence agency (HUR) and a former...

Ugly 3Y Auction Stops Through At Highest Yield In 20 Years Despite Plunge In Foreign Demand, Record Directs With bond traders still bruised from the catastrophic, "mega-tailing" 5Y auction two weeks ago, some were looking toward this week's restart of Treasury coupon auctions with trepidation, although after the brutal selloff in recent weeks, there probably was enough concession to avoid another disaster. And sure enough, after we got the results of of today's $58BN three-year auction, everyone can exhale because the auction was a bit better... even if the internals...