Key Events In The Coming Week

The key economic releases this week are the new home sales report on Thursday and the durable goods report on Friday. In addition, there are several scheduled speaking engagements by Fed officials this week, including a speech by Chair Yellen on Thursday.

JPM: "Market Patience Could Quickly Run Out If Obamacare Repeal Stays Deadlocked Into April"

"Investors are staying calm but patience could quickly run thin if repeal/replace stays deadlocked into Apr. The Bottom Line for US stocks remains the same: ~$133-135 is still being penciled in for Washington-neutral SPX 2018 EPS and on that number the PE at ~2400 (~18x) is rich but not ridiculous (although to sustain prices north of 2400 Washington will have to add at least a few dollars to the $133-135 range which is why tax reform confidence is so key to justify further gains)."

Frontrunning: March 20

  • Stock futures lower after G20 drops free-trade pledge (Reuters)
  • U.K. to Trigger Brexit on March 29, May’s Spokesman Says (BBG)
  • Comey to Testify on Hill About Russia, Wiretap Allegation (WSJ)
  • Germany, Japan Push Trade Deal as Merkel Seeks Anti-Trump Allies (BBG)
  • North Korea engine test may be prelude to partial ICBM flight (Reuters)
  • Regulators Said to Weigh Appraisal Change That May Spur Lending (BBG)

Theresa May Will Trigger Article 50 On March 29, Starting Brexit Process

U.K.'s EU envoy Tim Barrow informed European Council President Donald Tusk’s office of Brexit trigger date Monday, Prime Minister Theresa May’s spokesman James Slack tells reporters in London. Slack says Britain will trigger Article 50 of the Lisbon Treaty, formally starting Brexit process, on March 29, via letter to EU

Global Stocks, US Futures Slide Spooked By G20 Protectionist Shift; Dollar Drops For 4th Day

Global markets start the week mixed with Asian stocks rising (Japan was closed for holiday), European stocks sliding, weighed down by declines in oil-and-gas shares and banks, and S&P500 futures also down. The dollar fell to a six-week low, falling four days in a row for the first time since early November as G20 leaders scrap a long-standing commitment to reject all forms of trade protectionism.

Dutch Election Results Confirm 'Far Right Populism' Still On The Rise In Europe

Those who support the idea of globalism and strive for closer European integration believe the results of the Dutch election indicate the tide has been stemmed, with Eurosceptics and "populist" forces on the defensive - the buck stops here, this is the end of domino effect. However, let’s look at the facts...

Israel Threatens To Destroy Syrian Air Defence Systems

Next time, if the Syrian aerial defense apparatus acts against our planes, we will destroy it,” Avigdor Lieberman told Israeli Public Radio on Sunday, in a statement which seemed to lend credence to the Syrian contention that it had taken down an Israel jet during a recent raid.

Why The Press Is Hated...

The press wonders – or pretends to wonder – why it’s held in contempt by more than just a small handful of people. Maybe the 'news' media should read what they publish...

Another Senior Russian Official Has Died

Since the day of Donald Trump's election, high-ranking Russian officials have been dropping like flies and today's reports that a top official of Russia's space agency has been found dead brings the total to eight.

New Study In D.C. Finds That New $15 Minimum Wage Could Cost 1,200 Jobs

"This study proves what we’ve known all along: this dramatic D.C. wage hike will hurt the most vulnerable in the District, costing them jobs and important economic opportunities.  D.C. must focus on creating more good-paying jobs for workers that need them the most and it’s clear an artificial minimum wage increase is the wrong approach to achieving this goal."