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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 […]


The 10 “Grey Swans” Events For 2018

One of the traditional push backs against attempts to predict “black swan” events is that they are by default unpredictable, rendering the entire exercise moot. However, for the second year in a row, Nomura’s Bilal Hafeez has found a loophole, or rather loop-animal: the grey swan. As Hafeez writes, while he would like to be […]


Tax Reform & The “Japanification” Of America

Authored by Lance Roberts via RealInvestmentAdvice.com, On Friday, Kevin Brady of the House Ways and Means Committee was on my radio program discussing the “Tax Cuts & Jobs Act” bill which was released later in the day. Here are the details of the release he referenced in the interview. Of course, the real question is how are […]


Beware The Falling Knives: The ECB Has Some Bad News For Junk Bond Buyers

Two weeks ago, as part of our continuing coverage of the Steinhoff fiasco in which it emerged that the ECB was the mystery and (not so) proud buyer of just issued Steinhoff (now junk) bonds (maturing in 2025 but set for bankruptcy much sooner) and which lost more than half of their value overnight when […]


The ECB Has Some Bad News For Junk Bond Buyers

Two weeks ago, as part of our continuing coverage of the Steinhoff fiasco in which it emerged that the ECB was the mystery and (not so) proud buyer of just issued Steinhoff (now junk) bonds (maturing in 2025 but set for bankruptcy much sooner) and which lost more than half of their value overnight when […]


Zombie Corporations: Over 10% Of Global Companies Depend On Cheap Fed Money

Authored by Mike Shedlock via www.themaven.net/mishtalk, Ten percent of corporations survive only because central banks have kept real interest rates negative. The BIS defines Zombie firms as those with a ratio of earnings before interest and taxes to interest expenses below one, with the firm aged 10 years or more. In simple terms, Zombies are […]


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 […]


Japan’s Exports Boom But Inflation Refuses To Follow The Script

Japanese exports boomed in November 2017, rising +16.2% versus a year earlier and beating consensus expectations of +14.7%. It was the fifth straight month of double-digit growth and the strongest since August. Last month, growth of +14.0% had undershot expectations of +15.7%. Imports in November grew slightly less than expected at +17.2% versus the consensus […]


Morgan Stanley: These Are The 5 Cs That Will Shape 2018

Morgan Stanley’s Chetan Ahya, global co-head of economics, who undeterred by Morgan Stanley’s dire credit outlook, is especially optimistic about the coming year, and in today’s Sunday Start writes that the bank’s key call for 2018 is that “the global cycle will stay stronger for longer” and explains that his constructive view is borne out […]


FX Weekly Preview: Dollar Squeeze A Growing Concern, But Longer Term Bears Likely To Temper It

Submitted by Shant Movsesian and Rajan Dhall MSTA from fxdailyterminal.com Over the past week, the argument that the tax reform aimed at corporates specifically could prompt a period of USD repatriation – much like an amnesty – has been growing in sentiment, and whether one believes in this, remains an upside risk we shouldn’t ignore.  […]


The Great Oil Swindle

Authored by Chris Martenson via PeakProsperity.com, … is leading us to destruction. When it comes to the story we're being told about America's rosy oil prospects, we're being swindled.  At its core, the swindle is this: The shale industry's oil production forecasts are vastly overstated. Swindle:  Noun  – A fraudulent scheme or action. And the swindle […]


Four Charts Prove The ‘Economic Recovery’ Is Just A Fed-Induced Entitlement Program For The Wealthy

“Economic recovery” in America no longer means what it used to mean.  Historically “economic recovery” was largely characterized by job and wage growth, distributed across the income spectrum, and a rebound in GDP growth to north of ~3%-5%.  These days, the notion of “economic recovery” has been hijacked by the Fed and bastardized in such […]


Have We Reached Peak NFL?

Authored by Charles Hugh Smith via OfTwoMinds blog, How will the owners and managers of the multi-billion-dollar NFL empire handle the league's decline phase? OK, I get it: pro football is so popular because it's one of the last refuges of modern life that hasn't been ruined by politics. Oops, scratch that. But we shouldn't […]


Industrial Production Disappoints In November – Remains Below 2014 Peak

“Recovery” is a funny word that seems to mean very different things to different people… Industrial Production rose just 0.2% in November (below the 0.3% rise expected) but October was revised higher from 0.9% to 1.2% amid storm reconstruction.   And so while The Dow Jones Industrial Average has ‘recovered’ its way to new record […]


European, Asian Stocks Slide But US Futures Rebound As Tax Deal Fears Ease

U.S. equity index futures point to a higher open, having rebounded some 10 points off session lows with the VIX stuck on the edge between single and double digits, while European and Asian shares decline as investors assess central banks’ shift toward tighter monetary policy and concern over tax overhaul ahead of final plan.  It […]