Australia

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.

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'."

Chanos Fears Trump's "Unmet Expectations", Warns Investors To "Rethink Almost Everything In Your Life"

"If we’re in one of those periods now, if 2016 is like 1932 or 1979 - then you not only have to change your portfolio, you have to change your lifestyle. That’s one of the things we’ve been telling clients. If this is a major shift to populism, nationalism, greater state involvement, and less globalism, then you really have to rethink almost everything in your life."

US To Sell 8 Million Barrels Of Oil From The Strategic Petroleum Reserve

The US will offer to sell some 8 million barrels from the petroleum reserve. According to the notice of sale, the Energy Department is accepting bids on sweet crude oil until 2pm CT Jan. 17. The contracts will then awarded by the end of January, with early deliveries expected in February and other deliveries in March, April.

Poland Acquires First Strike Capability To Pose Threat To Russia

There are reasons to believe that 2017 will be the year when tensions in the Old Continent are reduced. The Russian Foreign Ministry has just confirmed this view in a statement. But Poland seems to be marching out of step. The JASSM-ER deal is a highly provocative step towards Russia undermining the security of Europe and positioning Poland at the frontline of the arms race.

Russians Mock, Ridicule Charge They Helped Trump Win

"I don’t think the Russians believed for a minute that Trump could really be elected. They were convinced that U.S. elites would ensure that one of their own would win. They were amazed, even aghast, at what happened."

How The US Could Win A Trade War With China

Both countries would lose in a full-blown trade war, but it is the United States that has the upper hand. Trump understands this, which is why he is pushing China to get a better deal for America. If China also understands it’s in a weaker position, it will be able to avoid a lose-lose scenario.