NASDAQ Rises Above 6,000 For The First Time Ever

Another day, another market record, this time in nice round numbers, as the Nasdaq hits new all time highs, rising above 6,000 for the first time ever, driven by the familiar five tech giants Amazon, Apple, Facebook, Google, Microsoft, which together now account for over 10% of the total US market cap.

US Home Prices Rise At The Fastest Pace Since July 2014

While it is unclear if the Chinese, tired of fighting regulations in Canada, are behind the latest jump in home prices, today Case-Shiller reported that its index of Top 20 cities rose at a 5.9% annual rate, the highest increase since July 2014, citing tight supply and growing housing demand.

Marissa Mayer To Leave Yahoo With $186 Million From Verizon Deal

Marissa Mayer, the soon to be former YHOO Chief Executive, is set to make at least $186 million as a result of the internet company’s sale to Verizon Communications. The staggering figure is over seven times greater than the $23 million "golden parachute" Yahoo said last month that Mayer would receive as part of her planned departure from what’s left of the company after the sale to Verizon.

Frontrunning: April 25

  • Trump’s 15% Corporate Tax Push Sets Stage for Clash With Ryan (BBG)
  • U.S. and North Korea Flex Military Muscles (BBG)
  • Le Pen's father criticizes her presidential campaign as she steps back from party (Reuters)
  • Eight Maps That Explain France’s Macron-Le Pen Election (BBG)
  • Alphabet’s Waymo Offering Families Rides in Self-Driving Cars (WSJ)

North Korea Conducts Largest-Ever Live Fire Drill As US Nuclear Sub Docks In South

North Korea conducted what various media outlets have dubbed as its largest ever live-fire exercise on Tuesday to mark the 85th anniversary of the foundation of its military, as a U.S. submarine docked in South Korea in "a show of force" amid growing concern a showdown between the US and North Korea may be imminent.

World Stocks Hit All Time High, S&P Futures Rise To Within 1% Of Record

World stocks hit a new record high on Tuesday, with investors still cheering Macron's victory in the first round of the French presidential election, supported by speculation about U.S. tax reform and the overnight report that Trump has conceded on the border wall, eliminating a government shutdown as a potential risk.

Breslow: "What We've Seen So Far This Week Has Been A Gap Repricing Without Any Price Discovery"

"What we’ve had so far this week, I know it’s only Tuesday, has been a repricing without the benefit of meaningful price discovery along the way. Gaps during the Asia-Pacific opening are one thing. Ones followed by flat-lined price action suggest order books emptied followed by “So what do we do now?” And if there isn’t a quick follow-through in momentum, the next question will be “What have we done?”

The IMF Is Not Done Destroying Greece Yet

Austerity is over, proclaimed the IMF this week. And no doubt attributed that to the ‘successful’ period of ‘five years of belt tightening’ a.k.a. ‘gradual fiscal consolidation’ it has, along with its econo-religious ilk, imposed on many of the world’s people. Only, it’s not true of course. Austerity is not over. You can ask many of those same people about that. It’s certainly not true in Greece.

A $500 Billion "Hitch" Emerges In The Saudi Aramco IPO

As Saudi Arabia's deputy crown prince pushes his nation's Vision 2030 economic overhaul and crows of the $2 trillion Saudi Aramco valuation (ahead of its potential IPO), WSJ reports that officials at the state-owned oil company are using internal value estimates to $1.3 to $1.5 trillion, calling bin Salman's estimate "unrealistic and mind blowing."

'Defense' - The U.S. Military Outspends These Countries Combined

Not long into Trump’s presidency, he announced his plans to increase the country's defense budget in 2018 by 54 billion dollars. The extra money is seen as necessary in order to "rebuild the depleted military of the United States of America at a time we most need it".

Can Macron Save The World? Save France?

Would the French parliament go along with relaxing labor laws, cut business taxes? Would the parliament allow a referendum on the Euro? If the answers are no and no, then what’s changed? The real battle over the survival of the eurozone will take place in Italy, not France.

Japanese Demand For Nuclear Shelters Soars Amid North Korea Tensions

While Hawaiian officials are pushing to re-open fallout shelters, the people of another island (considerably closer, and well within range) are actively preparing for a worst case scenario from North Korea. As Reuters reports, sales of nuclear shelters and radiation-blocking air purifiers have surged in Japan in recent weeks as North Korea has pressed ahead with missile tests in defiance of U.N. sanctions.

Venezuela's Maduro - Selling The Golden Goose

Mister Maduro, in order to buy a bit more time in the presidential mansion, is selling the golden goose. For those who wonder why it’s so often the case that a nation that’s been knocked down economically rarely rises up again within the same generation, the answer is manifestly clear in Venezuela...