European stocks rose again with S&P futures higher, while Asian stocks were mixed. The dollar rose jumped on hawkish comments by Philly Fed's Harker, oil rose following optimistic OPEC comments, while gold dropped. Markets have largely ignored results by financial heavyweight HSBC, which posted its largest fall since mid-2015 after reporting a 62% plunge in pretax profit.
“I heard nothing in the speech” that was positive, Konstantin Kosachyov, who heads the Russian parliament’s foreign affairs committee, said of Pence quoted by Bloomberg. “The new American leaders have started to reproduce the negatives that accumulated under the previous administration.”
S&P equity futures followed Asian and European stocks lower, driven by weakness in Franch and Italian markets, as French political concerns returned; the pound tumbled after UK monthly retail sales unexpectedly dropped pushing the dollar higher and Euro lower.
Has the Permian Basin become too hot? More companies and enormous sums of capital continue to flood into West Texas to take advantage of the most prolific shale basin in North America. But rising oil prices might have a counterintuitive effect on the Permian...
After years of investigations over alleged drug-trafficking and money-laundering, Venezuela's vice-president Tareck El Aissami faces sanctions by US authorities as a "specially designated national." El Aissami would be the highest-ranking Venezuelan official hit by U.S. sanctions, and we are sure will warrant a furious response from President Maduro who has already accused US of 'economic war' numerous times... and being responsible for forcing his people to resort to eating flamingoes now.
Are we really supposed to believe that this time is any different? Are we really supposed to believe that the US government can continue to indefinitely lose $1 trillion dollars per year without consequence?
The Senate has confirmed Rex Tillerson as secretary of state in a narrow vote that was among the most contentious for that role in recent history. Tillerson surpassed the 51 votes needed, enough for a simple majority to approve his nomination.
European bonds fell and stocks rose led by banks and retailers as surging inflation data prompted investors to switch into reflationary assets even as speculation about ECB tapering has returned. Asian stocks and US equity futures declined. The Yen and gold advanced after Trump’s firing of the U.S. acting attorney general added to concern over the unpredictability of decisions in the new administration.
Markets will again zero in on the U.S. this week, and not just because of Donald Trump. The Federal Reserve meeting and nonfarm payrolls may set a clear direction for dollar and yields for the next few months. Other key releases include ISM, ADP, housing data, personal income & spending, vehicle sales and core PCE.