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Global Stocks Rise To Record Highs As Tax Reform Is “Priced In” All Over Again

Yesterday we joked that with the US House of Representatives set to vote for the GOP tax bill on Tuesday, markets would “price in” the same tax legislation they have been pricing in every day for the past year, all over again… Get ready for US markets to price in tax reform all over again […]

Global Stocks Roar To Record Highs As Tax Reform Is “Priced In” All Over Again

Global stocks and US equity futures roared upward to new record highs to start the second-to-last week of the year, boosted by optimism over a Republican agreement on the shape of U.S. tax cuts aimed at lifting growth; incidentally this is the 6th consecutive day that the “tax bill” has been priced in by the […]

Mueller Subpoena Spooks Dollar, Sends European Stocks, US Futures Lower

Yesterday’s torrid, broad-based rally looked set to continue overnight until early in the Japanese session, when the USD tumbled and dragged down with it the USDJPY, Nikkei, and US futures following a WSJ report that Robert Mueller had issued a subpoena to more than a dozen top Trump administration officials in mid October. And as […]

Futures Jump, Global Stocks Rebound From Longest Losing Streak Of The Year

After five consecutive daily losses on the MSCI world stock index and seven straight falls in Europe, there was finally a bounce, as investors returned to global equity markets in an optimistic mood on Thursday, sending US futures higher after several days of losses as global stocks rebounded following a Chinese commodity-driven rout.  The House […]

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, […]

Goldman Still Sees 65% Chance Of Tax Reform Passing; Expects Senate To Make These Changes…

After a wave of GOP defections in recent days and waffling on timing, Goldman’s economics team apparently still sees a 65% chance of a tax reform bill being enacted by “early 2018,” but warns that the final bill may look nothing like the one recently proposed by the House. As we pointed out yesterday (see: […]

Trump Is About To Crush Home Prices In Counties That Voted For Hillary: Here’s Why

As discussed last Friday, several notable surprises in the proposed GOP tax bill involved real estate, and would have an explicit – and adverse – impact on not only proprietors’ tax bills, but also on future real estate values if the republican tax bill is passed. And, as the following analysis by Barclays suggests, they […]

Dow Futures Over 23,000: Dollar, Global Stocks Jump As China Congress Begins

World stocks stayed near peaks and currencies moved in tight ranges on Wednesday as China’s 19th Communist Party Congress opened while focus in Europe turned to speeches from top euro zone central bankers before next week’s key policy meeting, as well as Catalonia’s ultimatum due on Thursday. S&P futures are solidly in the green as […]

Global Stocks Just Shy Of Record Highs As Dollar, Yields Rise On Taylor Tension

Global markets traded near all-time highs on Tuesday, with S&P futures, Asian shares and European stocks all flat this morning, while oil continued to gain on Kurdish geopolitical concerns while most industrial metals fell.  The euro extended its recent slide and stocks drifted as Spain’s escalating hard-line response to the Catalonian secession threat fueled concern […]

Global Equities Hit New All Time High Ahead Of The Fed; VIX < 10; Japan Stocks Surge

S&P futures are little changed as the Fed begins its two-day FOMC meeting pushing the VIX below 10, down 1.3% and falling for the 7th day; European shares are lower as is the dollar while Japanese stocks soar on the back of a tumbling yen as a snap election in Japan now appears imminent. Despite […]

Key Events In The Coming Week: All Eyes On Fed Balance Sheet Announcement

This week attention will fall on US FOMC rate decision, BoJ policy rate announcement, German and NZ elections. Economic data releases include PMI in the Euro area, retail sales in the UK and existing home sales in US. In Emerging Markets, there are monetary policy meetings in South Africa, Indonesia, Hungary, Taiwan and Philippines. BofA […]

Global Stocks Storm To New Record High Ahead Of Historic Fed Announcement

Last week’s bullish sentiment that sent the S&P not only to a new all time highs, but a burst of last-second buying pushed above 2,500 for the first time ever, has carried through to the new week, with European and Asian shares rallying across the board, US futures again the green, and world stocks hitting […]

US Workers’ Wage Expectations Unexpectedly Collapse

Cue the latest economic (and Phillips curve) paradox. On one hand, the US unemployment rate is at a 16 year low of 4.4%, suggesting little if any slack in the US economy, and according to anecdotes from both the Fed’s Beige Book and industry sources, labor shortages are so acute that – if one believes […]

Builders Complain Of Record Labor Shortages: Up To 75% Of Employers Can’t Find Workers

Late last month we reported the remarkable anecdote of an Ohio factory owner who has numerous blue-collar jobs available at her company, but has one major problem: she is struggling to fill positions because so many candidates fail drug tests. Regina Mitchell, co-owner of Warren Fabricating & Machining in Hubbard, Ohio, told The New York […]

Global Stocks Rise Amid Unexpected ECB “Trial Balloon”; Dollar Flat Ahead Of Fed Minutes

European markets continued their risk-on trend in early trading, rising to the highest in over a week and rallying from the open led by mining stocks as industrial metals spike higher after zinc forwards hit highest level since 2007, lifting copper and nickel. The EUR sold off sharply, boosting local bond and risk prices after […]