Deutsche Bank

Global Stocks Rise; Euro Surges To 6 Week High After French Presidential Debate

European stocks are modestly in the green as gains in banks and oil companies offset declines in miners. Asian stocks and S&P futures rise with Emerging-market stocks extending their longest winning streak since August on the back of the 5th consecutive daily drop in the USD. The euro rose to the strongest in six weeks after a French presidential debate eased market concerns about a possible Le Pen win.

Deutsche: The Fed Gave Trump Just Enough Rope To Hang Himself With

"The future is bimodal with volatility to be found between politics vs. policy... Either political bottlenecks clear and the stimulus gets approved and goes full force leading to higher growth potential with structural steepening of the curve, or political tensions effectively sabotage either its arrival or content (or both), and the curve initially bear flattens or even twists with rate shorts capitulation accelerating the rally of the back end."

Frontrunning: March 20

  • Stock futures lower after G20 drops free-trade pledge (Reuters)
  • U.K. to Trigger Brexit on March 29, May’s Spokesman Says (BBG)
  • Comey to Testify on Hill About Russia, Wiretap Allegation (WSJ)
  • Germany, Japan Push Trade Deal as Merkel Seeks Anti-Trump Allies (BBG)
  • North Korea engine test may be prelude to partial ICBM flight (Reuters)
  • Regulators Said to Weigh Appraisal Change That May Spur Lending (BBG)

Global Stocks, US Futures Slide Spooked By G20 Protectionist Shift; Dollar Drops For 4th Day

Global markets start the week mixed with Asian stocks rising (Japan was closed for holiday), European stocks sliding, weighed down by declines in oil-and-gas shares and banks, and S&P500 futures also down. The dollar fell to a six-week low, falling four days in a row for the first time since early November as G20 leaders scrap a long-standing commitment to reject all forms of trade protectionism.

Steve 'Big Short' Eisman: Smart, Lucky, Abrasive (& Now One Of Them)

"In the movie he was portrayed as the moral compass. After hearing his praise for the awesome job Paulson did by saving the criminal Wall Street banks with taxpayer money, I think the justice and righteousness stuff is overdone. Earlier in his talk he said banks existed to “fuck you” – his exact words. Then later he says we had to save them or the world would have ended."

Row Breaks Out At G-20 Over Future Of Global Trade

A row appears to have broken out during today's G-20 meeting in Baden Baden, Germany - the first for the Trump administration - where the dominant topic is trade, and specifically how the "globalization vs protectionism" debate will look in a world where Donald Trump is president of the world's biggest economy.

Albert Edwards: This Is The Reason Why The Market Doesn't Believe The Fed Any More

"One reason why the market doesn't believe the Fed dots is that investors cannot conceive of Fed tightening to the point that it causes the stockmarket any serious damage. Time and time again over both this and previous cycles the Fed has backed off rate hikes as soon as the going got tough. Maybe that is why the S&P trades at such a huge PE premium to the rest of the world."