Bank of America

Krieger: Wall Street Completely Owns The Trump Administration

"While America’s corporate press remains singularly obsessed with unproven and likely fabricated Russia-collusion conspiracy theories, Wall Street’s well on its way to getting away with financial murder thanks to an army of cronies embedded within the Trump administration."

Worst Restaurant Tailspin Since 2009/2010 Crushes Lower End

"The last time the industry experienced a similar period was in 2009 and the first half of 2010," reported the TDn2K restaurant report in March; the April data was even worse as "the rising household debt load is likely to suppress consumption, including eating out."

Quants Are Looking At Increasingly Stranger Things For A Trading Edge

Quants are increasingly focused on new factors, real-time data feeds, artificial intelligence, big data, machine learning, etc, as new alpha signals tend to be exploited quickly and arbitraged away. Web-scraping and machine learning was the most popular quantitative tools, while text-based algorithms saw the biggest increase in usage of any factor between 2016 and 2017.

Do Americans Eat In Or Out?

The standout comes from major cities where a greater share of food consumption is from dining out versus groceries. The combination  of competition from online grocers and greater urbanization may continue to present a  challenge to the standard grocery store model.

Equity Outflows Surge As Stocks Limp To Record High

After the quietest 8 days in S&P history since 1964, the broad market index managed to limp quietly to a new record close on Friday after a very mixed payrolls print. However, despite the volumeless spike to record highs, it appears the week's dismal data and disappointing earnings left investors unimpressed as S&P ETF outflows surged to their biggest since January 2016.

A Problem Emerges: Central Banks Injected A Record $1 Trillion In 2017... It's Not Enough

Having accelerated for four straight quarters from 2015q4 to a local peak of +5.0 percent in 20167q4, q1 saw the first slowing in global liquidity to a year over year growth rate of just 2.23 percent. In absolute terms it was $29.5 trillion, almost unchanged from 2016q3. This means that even a record $1 trillion in central bank liquidity is no longer enough.