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“This is Groundhog Day”: Spanish Stocks Battered By Catalan Vote, Bitcoin Crashes

Spanish stocks and the euro fell, while Spanish government bond yields hit their highest levels in over a month after Catalan secessionists delivered an unexpected blow to the government of Spanish PM Rajoy by winning the Catalan regional election. Meanwhile across the Atlantic, U.S. equity futures and the dollar rose on the last trading session […]

Global Bond Rout Eases As Nervous Traders Watch For “Selling On The Tax News”, Catalan Vote

U.S. equity futures are little changed with the GOP Tax Plan now a done deal and no more daily “pricing in” of tax reform possible, as traders nerviously look to see if others will now be “selling the news”, a preview of which we got yesterday when US equity indexes closed red across the board […]

Full Preview Of Janet Yellen’s Last Ever Rate Hike

In previewing today's FOMC decision, which will also be Janet Yellen's last rate hike decision and press conference before she is replaced by Jay Powell, there is a TL/DR version, which is summarized by the chart below and which shows that according to the market, the probability of a rate hike today is 100%… which […]

Key Events In The Coming Week: Yellen’s Swan Song And Final Rate Hike; Draghi’s Silence, US Inflation

After last week’s payrolls report, the year is starting to wind down for economic events and capital markets, but not before one last hurrah for central banks: indeed, it is a very busy week dominated by central bank meetings for the FOMC, ECB, BOE, SNB and Norges Bank. We will also observe the controversial Alabama […]

Albert Edwards: “Here’s Why The Current Situation Is Even Worse Than The 2008 Crisis”

Back in May, we first reported that Goldman became the first bank to dare to ask if the Fed has lost control of the market, if in slightly more polite terms of course. This is how Jan Hatzius phrased it: “Despite two rate hikes and indications of impending balance sheet runoff, financial conditions have continued to […]

Asian Stocks Smash Records; Dollar Slides As Crude Surges To July 2015 Highs

Global shares hit another record high on Wednesday, propelled higher by what increasingly more call (ir)rational exuberance, and investors’ unflagging enthusiasm for tech stocks. That said, S&P futures are unchanged the morning before Thanksgiving (at least before the market open ramp), as are European stocks (Stoxx 600 is flat), despite the euphoria in the Asian […]

Bonds, Futures, Global Stocks All Rise, Boosted By “Germany’s Brexit Moment”; TSY Curve Collapse Continues

S&P 500 futures are higher, continuing on yesterday’s momentum, after European and Asian shares also rose alongside a rebound in oil, as the year-end performance chase appears to be accelerating. There were several different moving parts in a mixed European session, in which early Euro strength gave way to weakness… … which in turn pushed […]

Key Events In The Coming Holiday-Shortened Week

It’s a relatively quiet, holiday-shortened (in the US) week, in which volumes are expected to grind lower as we head into the Thanksgiving holiday. In the US, existing home sales will be reported on Tues, expected to edge up to 5.4mn saar in Oct from 5.39mn in Sep. One day later, we get the durable […]

Fed Officials Push Radical Change In Monetary Policy As Powell Takes Over

Oh no…with the Federal Reserve in a state of flux as one Chairman prepares to step down and another (shock horror, who is not an economist) takes over, some of his colleagues who think they’ve found the “Holy Grail” of monetary policy are agitating for change. And, dare we say it, hoping it will raise […]

Global Stocks Tumble, Asia Plunges On Chinese Commodity Carnage

The euphoria of the past month has ended with a thud and BTFDers are strangely missing as the commodity chill out of China (which overnight became full blown carnage), has unleashed a global risk-off phase ahead of today’s critical CPI data, resulting in broad and sharp selling across global markets, as European stocks followed declines […]

Key Events In The Coming Week: Taxes, Inflation, Yellen, Draghi, Kuroda And Brexit

This week’s economic calendar features several key data releases and Fedspeak. The main data release in US include: CPI inflation, retail sales, industrial production, housing data and monthly budget statement. We also get the latest GDP and CPI reading across the Euro Area; the employment report in the UK and AU, Japan GDP, China IP, […]

What Selloff: Futures Rebound, Nikkei Extends Record Winning Streak

European shares are modestly lower as investors monitor tense events in Spain and as focus turns to Thursday’s ECB meeting; US equity futures have rebounded from yesterday’s sharp but shallow selloff and are in the green amid rising odds of U.S. tax reform and the imminent unveiling of the next Fed chair while Asian shares […]

World Stocks At All Time Highs After Nikkei’s Record Winning Streak; Euro Slides With Spain On Edge

In an otherwise quiet session, Sunday’s convincing election victory for Japanese Prime Minister Shinzo Abe’s ruling coalition, which gave it another constitution-changing supermajority, pushed the Nikkei to the highest level since 1996, after a record 15 consecutive days of gains – the longest winning streak on record – and sent world stocks to new all-time […]

One of the Two Most Powerful Fed Officials Just Issued an Inflation Decree

The Fed is no longer even trying to hide the fact that it WANTS inflation. In the last month, the Fed has attempted to feign ignorance about the true nature of inflation. Fed Chair Janet Yellen even went so far as to claim the Fed doesn’t “fully understand” inflation during a Q&A session in September. […]

S&P Futures Flat, Spain Rebounds, Nikkei Closes At 21 Year High

S&P500 futures point to a slightly lower open, as Asian stocks rise to trade near decade highs, with Japan’s Nikkei 225 closing at highest since 1996. European stocks are little changed, with Spanish shares gaining after Catalan President rows back from an immediate declaration of independence. MSCI's all-world stocks index briefly hit a fresh record […]