Honeywell

Global Stocks Rise; Euro Surges To 6 Week High After French Presidential Debate

European stocks are modestly in the green as gains in banks and oil companies offset declines in miners. Asian stocks and S&P futures rise with Emerging-market stocks extending their longest winning streak since August on the back of the 5th consecutive daily drop in the USD. The euro rose to the strongest in six weeks after a French presidential debate eased market concerns about a possible Le Pen win.

Global Stocks, US Futures Slide Spooked By G20 Protectionist Shift; Dollar Drops For 4th Day

Global markets start the week mixed with Asian stocks rising (Japan was closed for holiday), European stocks sliding, weighed down by declines in oil-and-gas shares and banks, and S&P500 futures also down. The dollar fell to a six-week low, falling four days in a row for the first time since early November as G20 leaders scrap a long-standing commitment to reject all forms of trade protectionism.

The Four Key Themes From Q4 Conference Calls

Since President Trump’s surprise victory over Hillary Clinton in November, investors and management teams have been acutely focused on the new administration’s policy proposals. As expected, all 4 key themes discussed on Q4 conference calls are closely linked to Trump's policies and include tax reform, regulation, fiscal spending and trade policy.

Why Davos CEOs Think They Have Control Over Trump

While President Trump chose not to attend the elite extravaganza in Davos last week, choosing instead to lambast the great-est and good-est of the world's executives in their crony capitalist safe space, the cognitively dissonant CEOs reassured each other by saying 'ignore the tweets', confident that "if [Trump] knows the facts, he’ll respond according to the facts." It depends whose 'facts' those are, of course.

Frontrunning: October 7

  • Pound struggles to recover after plunging 6% in 2 minutes (FT)
  • Flash Crash of the Pound Baffles Traders With Algorithms Being Blamed (BBG)
  • Pound Plummets Against Dollar in Chaotic Trading (WSJ)
  • Two-Minute Mystery Pound Rout Puts Spotlight on Robot Trades (BBG)
  • U.S. nonfarm payroll job growth seen pushing case for Fed hikes (Reuters)
  • Qatar won't sell Deutsche Bank shares, might buy more (Reuters)

US Futures Dip, European Stocks Slide After EU Court Slams Italian Bank Bailout Plans

After a head-scratching S&P500 rally - which not even Goldman has been able to justify - pushed stocks to new all time highs with seemingly daily record highs regardless of fundamentals or geopolitical troubles, overnight US equity futures dipped modestly, tracking weak European stocks as demand for safe haven assets including U.S. Treasuries and gold rises. Asian stocks outside Japan fall. Crude oil trades near $45 a barrel. 

Hillary's Official Calendar Is "Missing" A Lot Of Entries

When the AP compared Clinton's 1,500 page official calendar with the detailed planning schedules, what the AP found was stunning. The names of at least 114 outsiders who met with Clinton were missing from her calendar, and at least 75 meetings with longtime political donors, Clinton Foundation contributors and corporate and other outside interests were not recorded or omitted from the official calendar.

China's Panicked RRR Cut Leads To Feeble Stock Rebound; Gold Resumes Climb

After the G-20 ended in a wave of global disappointment, leading to the biggest Yuan devaluation in 8 weeks, and sending Chinese stocks into a tailspin on concerns the PBOC has forsaken its stock market as well as speculation the housing bubble is now sucking up excess liquidity which in turn pushed global market deep in the red to start the week, it was the PBOC's turn to scramble in a panicked reaction to sliding risk exactly one month after Japan unveiled its own desperation NIRP, and as reported before unexpectedly cut its Reserve Requirement Ratio by 0.5% to 17.0%, the first such cut in 2016 and the 5th since the start of 2015.

Frontrunning: February 25

  • Europe shrugs off pre-G20 China stocks slump, sterling steadies (Reuters)
  • China Unveils Its Deliverables for G-20 -- And No Plaza Pact (BBG)
  • Foreign Money Could Be Slow to Enter China’s Bond Markets (WSJ)
  • China Urged to Stomach Much Higher Fiscal Deficit (WSJ)
  • Trump's Momentum Has Republicans in Congress Confused and Cowed (BBG)

Frontrunning: February 24

  • Shares fall with oil prices, yen in demand (Reuters)
  • Trump's third straight win has rivals looking for answers (Reuters)
  • How Marco Rubio Blunted Ted Cruz—and Boosted Donald Trump (BBG)
  • Donald Trump Seals GOP Front-Runner Status With Nevada Win (WSJ)
  • Fischer says no Fed plan to move to negative interest rates (Reuters)
  • Lew Says Don't Expect `Crisis Response' From Group of 20 Meeting (BBG)

Is The Short Squeeze Over? Global Rally Fizzles, Futures Lower

The biggest question on all traders' minds will be whether the bear market short squeeze that sent the S&P higher by 130 points in 6 days, is finally over - with most global market rolling over and with US equity futures unable to find their  solid early morning footing, it may finally be time to cash out of the bear market rally which so many predicted, and which GSBank yesterday may have top-ticked with perfection.

Which Corporations Own The White House

The president and his top advisers have kept an open door for CEOs of Fortune 100 companies, keeping almost 1,000 appointments with them, a Reuters review of White House records shows. Of the hundreds of appointments listed, Obama himself was present at about half. As the corrupting hand of government intervention spreads, so CEOs and the White House have become allies in advocating for immigration reform, the Trans-Pacific Partnership trade deal and reauthorization for the Export-Import Bank. So who really owns The White House?