"... changes in global economic and business conditions, consumer and business spending, the availability and cost of capital, unemployment rates, geopolitical conditions (including potential impacts resulting from the U.S. Administration and the proposed exit of the United Kingdom from the European Union)"
Vladimir Putin has ordered Russian state media to cut "way back" on their fawning coverage of President Donald Trump, in what three Bloomberg sources say is a "reflection of growing concern among senior Russian officials that the new U.S. administration will be less friendly than first thought."
The global "risk on" melt-up continues. After a modestly hawkish Yellen warned that every meeting is live, and refused to take March off the table, sending the dollar and yield higher and the S&P to fresh record highs, world stocks rose hitting a 21-month high on Wednesday with the dollar rising for the 11th straight day, the longest positive streak since July 2015.
Spain’s three biggest banks, Banco Santander, BBVA and Caixa Bank, have got off to a flying start this year having issued €8.6 billion in new debt, seven times the amount they sold during the same period of last year. The last time they rolled out so much debt so quickly was in 2007, the year that Spain’s spectacular real estate bubble reached its climactic peak.
"...waiting too long to remove accommodation would be unwise, potentially requiring the FOMC to eventually raise rates rapidly, which could risk disrupting financial markets and pushing the economy into recession."
After Credit Suisse reported yet another significant loss for the full year 2016, amounting to 2.35 billion Swiss francs, more than the CHF2.07bn expected, the Swiss banking giant said it was looking to lay off up to 6,500 workers and said it was examining alternatives to a planned stock market listing of its Swiss business.
Just about every adult on earth has seen this show before. Greece faces a debt repayment that it cannot meet... and needs fresh bailout funds. Past budget stringency has failed to relieve Greece’s predicament. If Athens were to unwind this crony-capitalist regulatory regime, it would generate an economic dynamism that Greece desperately needs.
Back in 2000, the U.S. cash equities trading desk at Goldman Sachs’s New York headquarters employed 600 traders, buying and selling stock for the bank's institutional clients clients. Today, it has two.
"When things are going well people become greedy and enthusiastic, and when times are troubled, people become fearful and reticent. That’s just the wrong thing to do. It’s important to control fear and greed... Too little skepticism and too much eagerness in an up-market – just like too much resistance and pessimism in a down-market – can be very bad for investment results."
Marine Le Pen's threat to redenominate €1.7 billion in French debt infor francs has sparked panic among the establishment, with rating agencies, economist and central bankers all warning that this would amount to the largest sovereign default on record, threatening chaos to the world financial system on top of the collapse of the single currency.
After a few hours of relative calm, President Trump has injected some renewed chaos into capital markets this mornings after comments that he will release "something phenomenal on taxes in the next 2-3 weeks" among other things...