Equity Markets

Dollar Surges, Bonds Dump Ahead Of Trump Tax Plan

S&P futures are set for a higher open (+ 0.1%) despite the expected hit to the Dow from Nike, as European stocks gain while Asian shares dropped. Like yesterday when the big story was the jump in the USD ahead of Yellen's (rather hawkish) speech, so today the greenback's levitation has continued, this time propelled by the imminent unveiling of Trump's tax plan.

Euro Tumbles Ahead Of Yellen, Macron Speeches As Stocks Shake Off Korean Crisis

S&P futures are flat after Monday’s tech-driven drop and as tensions with North Korea are once again put on the backburner; Asian stocks are modestly lower while Europe has shaken off the Korean crisis and is in the green on the back of a sharp drop in the EURUSD which has tumbled below 1.18 as the USD rises ahead of much anticipated speeches by the Fed Chair and the French president.

Global Stocks Mixed After "Nightmare Victory" For Merkel; Chinese Property Developers Crash

European stocks rose as the euro tumbled following Germany’s election result which was dubbed a "Nightmare Victory" for Merkel and could lead to complicated coalition talks. U.S. equity-index futures point to a lower open, while Asian equities slide after a plunge in Chinese property developer names as well as tech stocks following more iPhone delivery concerns. S&P500 futures are steady. 

Whatever The Fed Does... It's Bullish

"But let’s be very clear about one thing... The Fed does NOT honestly believe in the strength of the recovery, that inflationary pressures are present OR that employment is as strong as stated... It’s actually quite the opposite."

Traders Yawn After Fed's "Great Unwind"

One day after the Fed unveiled the "Great Unwinding" the reaction has been largely muted, with S&P futures unchanged, near all-time highs as European and Asian shares rose modestly while the dollar edged marginally lower through the European session after yesterday’s post-Fed surge.