It was the speech that most claimed lacked substance that just did exactly what most thought it couldn’t – rally global stock markets. Yes, Japan’s Biz Cap-Ex released at 3.8% compared to the previous 1.3%; that woke markets, then Manufacturing PMI released a smidgen worse but when the JPY started to fall, everyone blamed Trump. The fact that the market has re-priced a March hike from 50% to 80% hardly made the pages. The Nikkei loved the weaker Yen especially moved were key exporters all adding to the strong 1.5% rally. Shanghai and Hang Seng were small better bid (bit disappointing as China PMI better than expected) but in late US trading the futures market have added an additional 1% across the board.
I find it quite amusing that the pages announcing in Asian time zone “no substance”, lacked detail and disappointing – suddenly claim that $1tln will help infrastructure and defence stocks. Europe benefitted both on data and action as fresh money finally found its way into the market. All core indices saw gains of around 2% whilst both the Euro and GBP traded weaker. Mixed bag of tricks on the data front but probably a tad better for Germany which did see a small sell-off in bunds but then treasuries were down nearly 2pts so probably not that exciting really!
The US market could not wait to open with a 100 point gain seen in the opening minutes. By lunchtime time we were over 300 points higher, breaking both the psychological 21k for the DOW and the 2400 level for the S+P. Data was mixed initially but finished better (ISM 56 forecast was released at 57.7) with most talking FED. Towards the close we are pricing in a 80% chance of a move in March but many may wish to wait Janet Yellen when she speaks Friday. Given the DXY recent performance (now around 101.75), the rise of the S+P (+7% YTD) and 2yr yields their highest in nearly 8yrs the chances are this could be the start of the FED back in play.
2’s closed 1.28% (+5bp), 10’s at 2.46% (+10bp), Bunds 0.0.28% (+8bp) closes US/Germany spread at +218bp. France 0.91% (+3bp), Italy 2.11% (+4bp; can you really believe Italy trades 35bp through the USA!!!), Greece 6.75% (-22bp), Turkey 10.66% (+7bp), Portugal 3.89% (+6bp) and finally Gilts 1.19% (+4bp).
When you are losing you need to double or tipple down to make up for the bad message.
Treasury Secretary Steven Mnuchin gives Fox Business News’ Neil Cavuto an interview to discuss President Trump’s timeline for the ObamaCare repeal, budget and tax reform. The interview is int…
Source: Key Interview – Treasury Secretary Steven Mnuchin Talks To Neil Cavuto…
It all made sense earlier (to those attempting to write the narrative explaining why The Dow gapped open to 21,000) but the last couple of hours have seen an odd decoupling between the USD Index and bonds (and a recoupling of the USD Index and stocks). The question is – what happens next?
Who’s right? Bonds or the dollar?
Gold is rising as the USD drops (no decoupling there)
And have stocks run their course?
Still with options buyers surging into S&P 2,600 strike calls for December, what could go wrong
Via Daniel Lang of SHTFPlan.com,
Earlier this month, we all heard the news that the Oroville Dam was damaged, and that thousands of residents living in its shadow would have to be evacuated. Fortunately the dam held, and the residents of Oroville were able to return to their homes. For the most part the story has since faded from the news. However, the damage remains.
When the crisis was at its peak, you may have heard about what specifically went wrong with the dam. The main spillway was damaged when the dam operators attempted to release some water to control the depth of Lake Oroville. Essentially, a crater unexpectedly emerged in the middle of the spillway, and when the water flowed through that hole, it eroded the soil beneath. So the dam operators decided to let the water flow over an emergency spillway instead. But as the emergency spillway began to erode as well, an evacuation order was issued.
But hearing that doesn’t really do it any justice. To really appreciate the magnitude of what occurred that day, you have to see it with your own eyes. And now you can.
On Monday the California Department of Water Resources stopped the flow of water down the spillway so that they could assess the damage. Here’s what they found:
I have a feeling that this isn’t going to be fixed for a long time.
During WW II America, Brittan, Russia and the French resistance fought the Axis powers lead my Germany and totally destroyed them. What we need now is to save Western Civilization once more from the invasion of Islam which is in the process of bringing 5,000 years of progress to a screeching halt throwing us into a new Dark Age. So some strange reason the left or the progressive movement as they prefer to be called have aligned themselves with the the Medina faction of Islam (Jihadists) in there attempt to set up a one world government under the principles of Marxism. Trump had now correctly defined the obvious enemy as Radical Islamic terrorism he will now need to bring in the other half which is lead my George Soros with is Open Society movement which is Marxism; BTW Karl Marx was German.
If Le Pen can win in the French election than an alliance of America, Britain, Russia and France is possible and we could save Western Civilization once more. Russia does have clean up to do but the Russian people are good and even Putin could see the advantage of this new alliance. I hope trump can see this and put something like this together; as this not inconsistent with the MAGA movement.
Trumps message was exactly what we hope for when we elected him!
I agree that the Democrats are not in the “corner” and they can now either join the trump program and have some say or they can fight him tooth and nail and risk more losses and the state and national elections in 2018. Based on last night and past history i bet they will double down the resistance; forcing Trump to call them on the carpet and call for the citizens to, “Fire Them.”
I have created this site to help people have fun in the kitchen. I write about enjoying life both in and out of my kitchen. Life is short! Make the most of it and enjoy!
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