I strongly suspect that Ms. Holmes' delusions that she's going to pull herself out of this mess will, at long last, be dismissed when the reaction she gets to this "3 for 1" offer is the sound of crickets.
'Reflation'-themed fund-flows are fading fast (with equities, cyclicals outflows accelerating), and 'higher rate beneficiaries'-linked bond flows (bank loans, HY, inflation protected) slowing to multi-month lows. As RBC's head of cross-asset strategy, Charlie McElligott notes, their model shows the ETF inflow story is no longer a price-driver of short term stock market pricing... "it's a new regime."
With tail risk hedges (SKEW) at record highs, and normal risk hedges (VIX) beginning to rise, it appears anxiety over Trump-Trades is growing. This week saw VIX options activity soar to its highest since Brexit (led by bearish market VIX Call volumes). VIX over 13 yesterday was 2017's highs, but remains notably below the 'norms'.
So, the long and the short of it is that the RussiaGate story is spinning out of control, and Trump’s adversaries - who go well beyond Congress into the Deep State - might be getting enough leverage to dump Trump. Either they will maneuver him and his people into some kind of perjury rap, or they will tie up the government in such a web of investigative procedural rigmarole that all the country lawyers who ever snapped their galluses will never be able to unravel it.
"How does this work, you have the right to call Erdogan a ‘dictator’ but Erdogan doesn’t have the right to call you ‘fascist’ and ‘Nazi?’” the Turk said in an interview with CNN-Turk and Kanal D television channels. "They accuse me then they speak of Erdogan as a dictator."
With crude production at 13-month highs, the trend of rising rig counts (now up 10 weeks in a row) suggests OPEC remains anything but in control as the global inventory glut deepens. The last week saw the oil rig count rise by 21 (the most since January) to 652 - the highest since September 2015.
House leaders are reportedly mulling next steps if the health bill does not pas as GOP leaders are not confident that they have the votes to pass. The reaction in stocks, VIX, and bonds was very fast...
We need to know who colluded with the Russians, if anyone did. But more critically, we need to unearth the deep state conspiracy to sabotage a presidency. So far, the Russia-connection investigation has proven a dry hole. But an investigation into who in the FBI, CIA or NSA is unmasking U.S. citizens and criminally leaking information to a Trump-hating press to destroy a president they are sworn to serve could prove to be a gusher.
“The mistake was rapidly identified and eliminated, and the amounts overpaid were successfully demanded back. We regret that during works on the systems, this incident could happen due to human error owing to a configuration mistake.”
Nearly half of all French voters have yet to decide who they want to be president with only a month to go until the election, an opinion poll showed on Friday, as scandal-hit conservative candidate Francois Fillon launched an extraordinary attack on Socialist President Francois Hollande, accusing him of orchestrating a plot against him. The big question therefore remains - Is a “European Spring” in the making?
On a day when all eyes are on Washington and the healthcare vote, President Trump just won an important victory as a Virginia judge refused to block his revised travel ban against six predominantly Muslim countries (even though, as Bloomberg reports, the directive remains on hold because of court orders in two other states).
Passengers on an NJ Transit train said their train bumped into an Amtrak train in Penn Station at the height of Friday's morning commute, damaging the side of the NJ Transit train and possibly knocking the Amtrak one slightly off the tracks, NBC New York reports.
Following Europe's surging PMIs (to six year highs), US data was extremely disappointing. Both Services and Manufacturing PMI disappointed, tumbling to the lowest levels since before the election. Simply put, the 'soft' data is converging back lower to the dismal reality of the 'hard' data.
For those curious if today's healthcare vote will take place during market hours, the answer is: it will be dicey. An email from the majority whip Steve Scalise notes that the tentative timing of today's vote will be sometime between 3:45pm and 4:45pm, with a walk off the Floor expected between 4:30pm and 5:30pm.