Danske Bank

Global Stocks Dip On Poor US Auto Sales, Apple Miss; Fed Decision On Deck

European, Asian stocks and S&P futures all fall as investors digested poor overnight news on Apple earnings and U.S. car sales, while the dollar rose in muted trading as investors contemplated chances of another rate hike next month ahead of today's Federal Reserve statement.

The Hope For A "Greater Fool"

The “Greater Fool Theory” surmises there is always a “greater fool” than you in the market to sell to. For Wall Street, that greater fool is you. Haven’t you ever wondered why Wall Street never tells you to “sell and raise some cash?”

And The World's Most Volatile Currency Is...

A year ago it was the Ruble, but for much of the last year it is the South African Rand that has been the most volatile currency in the world. That is until the last week, as Turkey deals with rising domestic instability (and Erdogan's push for total rule), the Lira has become the world's most unstable currency...

Turkish Central Bank Intervenes To Halt Record Plunge In Lira

While the Turkish central bank's hand are largely tied as per Erdogan's decree that no rates are to be hiked, moments ago the monetary authority, faced with another record plunge in the currency, had no choice but to intervene when it cut FX RRRs by 50 bps, citing "unhealthy" price formation and said it would take additional measures if needed.

Global Equity Euphoria Prepares To Meet Mario Draghi

There’s seemingly no stopping the equity side of the “Trumpflation” trade in what may be developing into an epic year end blow-off top. The euphoria which took the S&P 500, Russell 2000 and the Transports to all-time highs yesterday, and the Dow to less than 500 points away from 20,000 carried over into Asian stocks (+0.8%) as they followed bullish trend, while European stocks rose for a fourth day.

US Futures, Bonds Rise, Dollar Dips As Fed, BOJ Meetings Begin

If yesterday one could "explain" the overnight stock levitation due to the move higher in crude oil, today there is no such catalyst with WTI down modestly, and yet the broader push higher across European stocks and US equities has reappeared following yesterday's muted close on Wall Street ahead of key central bank data on deck.