Deutsche Bank

What's Next For President Macron

With the French presidential election now in the rearview mirror, the market turns its attention to the immediate next steps facing the youngest ever French president. Among the most pressing items are naming a prime minister, forming a government, passing labor market reform, and negotiating Brexit.

These Are The Most Expensive (And Best) Cities Around The World

Every year Deutsche Bank releases its fascinating index of real-time prices around the world which looks at the cost of goods and services from a purchase-price parity basis, to determine the most expensive - and in this year's edition, best - cities. Here is what it found this year...

Frontrunning: May 4

  • Trump faces major test as vote looms on healthcare (Reuters)
  • Trump’s Threats to Break Up Banks Aren’t Scaring Wall Street Yet (BBG)
  • Metals Extend Sell-Off on Mounting Concerns Over Demand in China (BBG)
  • Korean Stocks Hit Record Despite Scary Nuclear Rhetoric (WSJ)
  • Why the Retail Crisis Could Be Coming to American Groceries (BBG)

S&P Futures Jump Ahead Of GOP Healthcare Vote, Ignore China Commodity Crash

S&P futures rose on hopes a successful Republican healthcare vote on Thursday will unlock the Trump fiscal agenda, while European shares jumped to a 20 month high on signs Macron is poised to win Sunday's French election coupled with reassuring corporate results, including strong earnings from HSBC, even as Chinese and Australian stocks fell as commodities, and iron ore futures particularly, tumbled.

DOJ Probing Goldman For Rigging Treasury Auctions

While we doubt anything material will emerge for various obvious reasons, the NY Post reports that the DOJ is probing Goldman Sachs for alleged Treasury auction rigging: the charge is that Goldman, one of the 23 US primary dealers, won almost all Treasury bond auctions from 2007 to about 2011.

Key Events In The Coming Busy Week: FOMC, Payrolls, 131 S&P Companies Report

Besides the upcoming FOMC meeting on May 2-3, and French & Italian politics - the decisive runoff round of the French election takes place this Sunday - this week's releases are dominated by US payrolls expected to come around 170k. The busy release calendar continues with Norges bank and RBA meetings as well as global manufacturing PMIs.

Global Stocks Pause Ahead Of GDP Report; Nasdaq Hits Fresh Record High

Despite yesterday's whopping beats by Amazon and Google which sent the Nasdaq to new record highs after hours, this morning futures S&P futures are little changed ahead of the closely watched Q1 GDP report, European stocks and Asian equities are slightly lower, oil is higher after Russia said it had reached the 300kbpd oil cut per the OPEC pact, and the dollar was modestly in the red.

Frontrunning: April 27

  • Israel strikes Iran-supplied arms depot near Damascus airport (reuters)
  • ECB Keeps Policy Settings Unchanged Awaiting Political Clarity (BBG)
  • Lawmakers push one-week stopgap funding bill (The Hill)
  • Key Moments From Trump’s First 100 Days (WSJ)
  • Trump Makes Huge U-Turn on Pulling Out of Nafta (BBG)

Stocks Dazed After Trump NAFTA Flop, Tax Plan Disappointment; ECB Looms

European shares are lower, pressured by disappointing results by Deutsche Bank and ending a six-session gain, as Asian equities and S&P futures were little changed after a record-setting rally in world stocks which pushed the MSCI World index to over $50 trillion yesterday, fizzled after Trump released unconvincing tax cut plans prompting traders to "sell the news" while caution set in as the ECB met.