China home prices rose last month in 11 more cities - 56 of 70 - as the government appears to have lost some of its recent enthusiasm in curbing prices and imposing restrictions on property transactions on concerns this may drastically impact the local Chinese "wealth effect."
"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."
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.
"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."
Prime Minister Mark Rutte's Liberals are the evening's big winners: they're set to take 31 of parliament's 150 seats. That's a blow to the populist Freedom Party of Geert Wilders, which fared less well than projections, putting the party in a fight for second place
In what will hardly come as a surprise, Tesla - which burned half a billion dollars in the fourth quarter - just announced it is raising capital in the form of a $250 million common stock and $750 million convertible offering
European bourses advance and Asian share rose led by a surge in Hong Kong stocks which rose the most in three months as Japan hit 15 month highs. U.S. futures are little changed along while the dollar rebounded from session lows after Friday's selloff. Crude oil has continued its retreat, down 0.2% and sliding for a 6th straight day after breifly dropping below $48 in overnight trading.
Further woes for the LBMA Silver Price benchmark provide an opportunity to launch a real silver price discovery auction in its place. However, the chances of this happening with the LBMA bullion banks still in charge are essentially nil.
Leaving rates unchanged (no surprise) and maintaining his dovish forward guidance, Mario Draghi has a tough job this morning to paint a picture of a European economy with "downside risks" which means he has to keep buying everything while every asset-gatherer in the world is crowing of Europe's comeback (rising growth, surging inflation, falling unemployment). We are sure the ex-Goldman partner will find a way to justify "lower for longer."
Little is expected from the rate decision itself at 1245GMT with analysts firmly expecting the central bank to stand pat on rates. With regards to the press conference, any indications that the ECB are taking a more neutral stance or that the ECB are beginning to think about curtailing existing policy given recent economic development, is likely to be seen as a hawkish factor for European assets.