Here are three charts highlighting the dramatic transformation of the US stock market starting in 1899 and continuing through today, showcasing its relative domination of all global equity markets, the relative sizes of world markets, and how dramatically the equity composition has changed over the past 117 years.
"Today, Milo Yiannopoulos, Senior Editor at Breitbart News, announced his resignation from the company. "Breitbart News has stood by me when others caved. They have allowed me to carry conservative and libertarian ideas to communities that would otherwise never have heard them. They have been a significant factor in my success. I'm grateful for that freedom and for the friendships I forged there."
CSX announced on Tuesday that alongside the retirement of the company's CEO and President, it would also lay off 1,000 of about 4,500 management employees by the end of March, a side-effect of a dramatic activist investor fight.
"All would appear to be rosy in the equity market with the consensus promising higher EPS growth in 2017 and bond yields remaining reasonably well behaved despite higher headline rates of inflation and a very slightly more hawkish tone from the US Federal Reserve. However scratch below the surface of these headline numbers and all is not as it seems." -SocGen
The epidemic of Russophobia makes it almost impossible to pursue normal relations. Indeed, in reaction to the constant attacks on them as poodles of Putin, the White House seems to be toughening up toward Russia...
This afternoon's 2-year note auction went quite well. The auction stopped through the 1:00 p.m. bid side with the strongest bid/cover since August. The buyside takedown figures were also very good, for both Indirect and Direct bidders.
Simply put, the massively overcrowded hedge fund herding into US equities has created a crisis situation. With liquidity levels at record lows, the market will be unable to smoothly absorb any concerted selling pressure from large money managers.
In the week before VP Mike Pence visited Brussels and pledged America's "steadfast and enduring" commitment to the European Union, Trump's chief strategist Steve Bannon met with the German ambassador and delivered a different message. Bannon, according to Reuters' sources, signalled to Germany's ambassador to Washington "that he viewed the EU as a flawed construct and favoured conducting relations with Europe on a bilateral basis."
Despite concerted efforts by authorities to crackdown on capital outflows - specifically through virtual currencies - prices for Bitcoin are soaring as the Chinese find way around regulatory controls. Bitcoin just topped $1100 - near record highs - as Chinese traders shift their action off regulated-exchanges to local peer-to-peer marketplaces.
Another day, another headache for owners of French bonds. In the latest French presidential poll, conducted by Elabe for TV broadcaster BFMTV, Marine Le Pen extended her lead by another 2-3 points, while support for her primary centrist challenger Emmanuel Macron, tumbled by 5 points in the last week.
Moments ago, the stocks of the nationalized GSEs = Fannies and Freddie - tumbled, after a federal appeals court upheld a ruling that barred hedge funds from suing to overturn the U.S. government’s 2012 decision to capture billions of dollars in the profits generated by the mortgage guarantors Fannie Mae and Freddie Mac after their bailout.
This criminalization of everyday life is not just insanely costly and insanely counter-productive--it's insanely punitive. It is the output of a sick society, a sick culture and a sickness-unto-death system of governance.
Having come under pressure to address an uptick in incidents targeting Jewish institutions across the US, President Trump denounced anti-Semitism Tuesday when during a tour of the National Museum of African-American History and Culture he said that “Anti-Semitism is horrible and it’s going to stop and it has to stop.".
Financial engineering masks the true performance and health of companies and nations. But the damage goes much deeper, deluding decision-makers into thinking that things are better than they are, and that solutions to problems can be deferred.
French presidential candidate Marine Le Pen canceled a meeting with Lebanon's grand mufti, its top Sunni cleric, after refusing to wear a headscarf for the encounter: "You can pass on my respects to the grand mufti, but I will not cover myself up."
"How much central bank money has poured into the S&P 500? Maybe the G-20 should discuss the moral hazards of foreign governments picking publicly traded company winners and losers alongside currencies and trade restrictions."
After years of veiled suggestions by market skeptics that the Fed's two core mandates, inflation and employment, are just a cover for its real "third" mandate, namely supporting asset prices, today the president of the Minneapolis Fed came confirmed just that when he said that “really we have a third mandate and the third mandate is financial stability.”
"We wish to buy one unit each of Brent and WTI crude upon receipt of this commentary. We’ll risk no more than 3% from the current prices level and if nearby Brent were to trade above $57/barrel and if nearby WTI were trade above $55/barrel and were to remain there “For an hour or so to prove the merits of the moves."