Asian shares and oil are lower, European shares are little changed, and S&P futures are fractionally in the red after gaining for most of the overnight session, perhaps troubled by warnings by two Fed presidents who warned that markets and valuations appear frothy, and the Federal Reserve may have to raise rates more times than currently forecast.
With analysts noting that markets are "taking the Fed's tightening policy in their stride," demand for emerging-markets debt is so strong that one of Asia's poorest nations is mulling a debut dollar-bond sale...
Unusually gifted individuals come along once in a lifetime to disrupt the plans of the existing social order. Despite the forlorn hope Donald Trump or some other savior can reverse our course, decades of missteps, dreadful decisions, ineffectual leadership, and unconcealed treachery have paved a path to destruction for the American Empire.
"It smells to me like the CIA and George Soros’ NGOs are trying to start a “color revolution” in the US, just like they’ve done in numerous foreign countries. The Deep State has three main cards to play against Trump. If one doesn’t work, they’ll move on to the next one: The Delegitimization Card, The Herbert Hoover Card, and finally, The John F. Kennedy Card."
"we believe the current C&I slowdown reflects payback from credit facility usage by commodities firms, many of which began drawing upon credit lines in late 2015 as financial conditions tightened and the debt issuance window closed" - Goldman
Brexit day has finally arrived, and despite this major "risk event", European and Asian stocks are trading mixed, while S&P futures are just fractionally lower as a bounce on optimism over the American economy appears to have fizzled and President Trump continues to struggle to pass his legislative agenda. The pound first dipped then rose as the U.K. is set to begin its life outside the EU.
"I don’t see Trump as an evil Mule character in this Shakespearian tragedy, as it progresses towards its ill-fated denouement... It’s like jockeying for the best seat on the Titanic as it sinks into the frigid ocean depths of the Atlantic. The American Empire is in shambles and no one can reverse its course at this point."
"The divergence is stunning. Upside surprises appear to be completely driven by the soft data... we would not necessarily expect 'hard data' surprise indices to start racing higher if the factors behind the 2Q growth rebound remain narrowly confined to a few sectors as we expect..."