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Global Wealth Update: 0.7% Of Adults Control $116.6 Trillion In Wealth

In 2016, 3.5 billion adults, or 73% of total, had wealth under $10,000 accounting for 2.4% of global wealth. In contrast, the 33 million millionaires comprise 0.7% of the adult population, but own 46% of household wealth. And the, at the very top, 50,800 are worth at least $100 million, and 5,200 have assets above $500 million.

S&P Set To Open At All Time High, Boosted By Rising Crude On More "OPEC Deal Optimism"

European and Asian stocks rose after the early scare from the latest Fukushima quake dissipated, with the global risk on mood spurred by another jump in crude, which was up 1% in early trading, with the commodity complex now enjoying its biggest three-day rally since May, after Nigeria signaled optimism that OPEC will agree a supply-cut deal next week in Vienna. S&P futures are up 0.3%, with the cash index set to open at new record highs.

Frontrunning: November 17

  • Dollar halts charge as bashed bonds steady (Reuters)
  • BOJ Fires Warning at Bond Market With Unlimited Buying Plan (BBG)
  • Trump Flouts Traditions Heading Into an Office Defined by Them (BBG)
  • Mr. Hedge Fund Goes to Washington, Looking for Ally in Trump (BBG)
  • Donald Trump’s Son-in-Law, Jared Kushner, Could Get Key White House Role (WSJ)

Frontrunning: November 15

  • Biggest Global Bond Rout Since 2003 Pauses (BBG)
  • Oil prices jump 3 percent on hopes of OPEC output cut (Reuters)
  • Italy polls get worse for Renzi as referendum nears (Reuters)
  • Trump will get wake-up call when he takes office, Obama says (Reuters)
  • With Priebus, Ryan’s Speakership Has Direct Channel to Trump (BBG)
  • Supreme Court now in Trump’s hands (The Hill)

Everything Is Soaring As Trump Makes Buying Stuff Great Again

The global repricing of inflation expectations continues at a feverish pace in the aftermath of the Trump victory, leading to another surge in US equity futures, up 15 points or 0.7% to 2175 at last check, with Asian and European stock market all surging after the initial shock of Trump’s election victory gave way to optimism for fiscal stimulus will provide a boost to the global economy.  Commodity metals soared with copper surging the most since May 2013.

Stunned Global Markets Wake Up To President Trump

As it dawned on markets that they had been caught dead wrong for the second time in half a year, first with Brexit and then with the historic election of Donald Trump, their reaction was identical: a slow selloff at first, followed by a furious dump, which led to a limit down halt in NASDAQ and Emini future trading. However, turbulence calmed as investors reassessed the effects of Donald Trump’s surprise victory in the U.S. presidential election.

For Deutsche Bank, This Is The "Brexit Panic" Signal In Today's Election

Deutsche Bank has advised its sales and trading team to immediately report to their trading desks should Trump wins Pennsylvania and Michigan. So if Trump be is reported to be leading and/or winning the two key battleground states at 8pm, expect all volatility hell to break loose.

Former Bank of America Banker Found Guilty Of Two Murders, Jailed For Life

The defendant was “so morally corrupted by pornography, drugs and alcohol, and a general life of debauchery with a huge salary to fund his depravity,” judge Stuart-Moore said. Jutting was considered “a high risk person” and “the repetition of the offence of murder is highly likely if he is given his liberty in the future,” he said.

Frontrunning: November 8

  • At last, America decides (Reuters)
  • America’s Voters Finally Get Their Day (BBG)
  • This Election Has One Sure Thing: A More Dysfunctional Congress (BBG)
  • Control of the Senate Goes Down to the Wire (WSJ)
  • 2016 Election Day: Live Results and Analysis (WSJ)
  • Dollar Volatility Drops as Clinton Leads in Final Election Poll (BBG)

Chinese Capital Outflows Send FX Reserves To Lowest Since 2011

Overnight, China reported that the PBOC’s FX reserves fell another US$46bn to US$3.121 trillion in October as the central banks struggled to offset the impact of accelerating capital outflows, triple the official September decline of US$19bn (recall that according to Goldman, the true FX outflow in recent months has been far greater), and the biggest drop since January. The October decline brought China's total reserves the lowest amount since 2011.