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Global Stocks Dip; Bond Yields, Dollar Rise After Yellen's Rate Guidance; All Eyes On Draghi

European and Asian shares, and S&P futures slipped, while government bond yields jumped to multi-week highs on Thursday after Yellen's hawkish speech. Oil rose after API reported a drop in crude inventories. The euro rebounded as investors look to Mario Draghi to address rising European inflation that make the ECB's stimulative policies look increasingly out of sync.

Lagarde Urges Wealth Redistribution To Fight Populism

"I want to be loud and clear: populism scares me... policy makers need to 'man-up' and pay for the social cohesion that we need to keep our societies advancing... it probably means more redistribution than we have in place at the moment and accept that this may be a higher tax burden on people..."

Deutsche Bank To Scrap Bonuses For 2016: As Many As 90% Of Bankers, Traders Affected

Deutsche Bank employees are facing more bad news, following reported from the Post and Bloomberg that the largest German lender will tell senior employees as soon as this week that they probably won’t get a bonus for 2016 because of the lender’s performance last year. The post adds that Deutsche may hold back on giving out bonuses to as many as 90% of bankers and traders.

"Everything Is A Partial Reversal Of Yesterday" - Stocks, Dollar Rebound Following Trump Scare

European shares decline led by a plunge in Pearson shares, S&P futures were modestly in the green as Asian and EM stocks gained. The dollar rebounded against most major currencies after retreating 1.3% on Tuesday to the lowest in a month following Trump's "strong dollar" comments and halted a seven-day drop against the yen. "Everything is just a partial reversal of the price action yesterday," RBC Capital Markets currency strategist Adam Cole said.

Key Events In The Coming Week: Trump Inauguration, Davos, Theresa May, ECB, China GDP

The week ahead will be a busy one, with a plethora of events including the Davos shindig, where particular focus will be on Chinese President Xi Jinping, the first Chinese president to attend. China will also announce GDP on Friday, which also marks the inauguration of Donald Trump as the 45th US president. Tuesday brings Theresa May's long-awaited Brexit speech.

Howard Marks: "So Much For The Experts"

"The opinions of experts concerning the future are accorded great weight . . . but they’re still just opinions. While I take a dim view of forecasts, and especially of opinions presented as facts, I do believe there are such things as facts.  Unfortunately, however, the concept of 'facts' is among the casualties of the increasingly partisan environment.  Recently we have seen both the elevation in status of 'non-facts', as well as the tearing down of 'real facts'."

Futures Rise On Friday 13th Ahead Of Deluge Of Bank Earnings; Dollar Continues To Decline

European shares rose as Fiat rebounded on hopes concerns about parallel to Volkswagen are overblown, Asian stocks were little as Chinese shares fell to the lowest level of 2017 after poor export data, and U.S. equity-index futures rose ahead of a deluge of bank earnings. The dollar is headed for a weekly loss and gold trades at the highest price in almost two months.

The Corporate Bond Market: Binge-Borrowing

For those tapping the fixed income markets, the borrowing bingefest is conspicuous in its constancy. Not only did global bond issuance top $6.6 trillion last year, a fresh record, sales are off to a galloping start thus far in January.