Nine months ago the video of a plant-full of American workers getting the news that they were 'fired' due to Carrier International moving its air-conditioning plant from Indiana to Mexico went viral and became a meme for Trump's "America First" plans. Moments ago, the Trump administration and Carrier announced they have reached an agreement to keep close to 1,000 factory jobs at the Carrier plant in Indiana.
Having exposed the deepening liquidity crisis in China previously, tonight's action across AsiaPac money-markets suggests - despite US equity record highs - all is very much not well below the surface of the global financial system. Short-term China repo rates have exploded to 20-month highs, Hong Kong Dollar money-market rates have jumped to the highest since May 2009, and Yen basis swaps are showing the most extreme demand for dollars since Lehman...
Everybody’s talking about the feds’ opportunity to “invest” free money. It makes us nervous; we know how hard it is to get a good return on investment – especially when you don’t know what you’re doing.
"If Chinese foreign reserves continue to fall and the PBOC wants to maintain control of the exchange rate, they will need to face some difficult choices... Investors should be prepared for bigger falls in the Chinese Yuan."
Following September's 9.3% MoM plunge in Aussie home approvals, hopes were high that October would see a bounce (expectations were for a 2% gain) as central bankers jawboned confidence higher. However, it didn't... Building approvals collapsed 12.6% MoM and a shocking 24.9% year-over-year decline is equal to the worst drop since Lehman. Ironically, just this month Aussie Treasurer eased restrictions on foreign buyers (otherwise known as bag holders it would seem).
While we don't know if Trump has or will offer Romney - a person many define as the embodiment of the "swamp" - the top US diplomat position, we do know pretty much all there was to know about the less than intimate dinner.
Following Donald Trump’s surprise victory and the violent market reactions, many investors are left scratching their heads. The consensus narrative warned that a Trump victory would spell doom for the markets. Days later, the narrative flipped and Trump’s economic policies, all of which were known prior to the election, are deemed beneficial for share prices.
Having stated in the past that the only reason Turkish forces are on Syrian soil is to combat Islamic State terrorists, today Turkish president Recep Tayyip Erdogan made a dramatic diplomatic reversal and said that the Turkish Army has entered Syria to end the rule of President Bashar Assad, whom he accused of terrorism and causing the deaths of thousands.
The Obama administration’s revolving door with Google has been anything but subtle over the last eight years, and a new report from a government watchdog out this week shows the Silicon Valley giant hoped to extend that relationship to what many expected would be a Hillary Clinton presidency.
While not nearly as controversial as his still unconfirmed pick of Steven Mnuchin as Treasury Secretary, in another widely telegraphed choice the WSJ reports that Donald Trump is expected to name billionaire Wilbur Ross Jr. "a fellow businessman whose name rings out in the Rust Belt" to serve as his Commerce secretary, according to a transition official.
Yesterday's short-lived correction in US bank stocks did nothing to tarnish the shocking exuberance of the month of November. With just 5 down days in the month (so far), US Financials added over $275 billion in market capitalization in November - the greatest gain in the index' history.