Nomination

Frontrunning: February 21

  • Global Stocks and Bond Yields Rise (WSJ)
  • Despite Dissents on White House Policy, Mattis Holds Sway (WSJ)
  • Trump’s Travel Ban Won’t Hit the U.S. Economy, At Least This Year (BBG)
  • Pundit Brings ‘Global Jihadist Movement’ Theory to White House (WSJ)
  • HSBC Plunges After Missing Profit Estimates on Revenue Drop (BBG)
  • Euro-Area Economic Recovery Broadens as France Outpaces Germany (BBG)

Political Turmoil Returns To Europe: French-German Spread Blows Out To Five Year Wides

Despite a calm start to European trading, with local equity bourses posting solid early gains, European political fears have returned this morning, resultin in a blow out in French government bond yields, pushing the 10y yield now higher by 5bps and 5y up 8bps, as early losses extend after latest poll shows support for anti-euro presidential candidate Marine Le Pen rising in both election rounds.

EPA Foe Pruitt Confirmed To Lead Agency

The Senate voted to confirm Scott Pruitt, an outspoken critic of Obama-era climate rules, to lead the Environmental Protection Agency - the very agency he has clashed with in the past - ushering in what are likely to be dramatic changes to the agency.

Frontrunning: February 17

  • ‘In Trump We Trust’ Is Market Mantra as Turmoil Besets White House (BBG)
  • World stocks lose momentum after record-breaking week (Reuters)
  • As Tax Debate Heats Up, Lawmakers Struggle to Think of a Plan B (WSJ)
  • Mnuchin Warned as G-20 Sees New Economic Order (BBG)
  • Deutsche Bank examined Donald Trump's account for Russia links (Guardian)
  • Stop hurling insults and listen, Pope Francis tells politicians (Reuters)

Mary Jo White Seriously Misled The US Senate To Become SEC Chair

Yesterday it was widely reported in the business press that Mary Jo White is returning to her former law firm as a partner representing clients who face government investigations. This news is highly significant because it would appear that the U.S. Senate was seriously misled by White’s ethics letter in its deliberations to confirm her as the top cop of Wall Street.

Key Events In Washington Today

While less exciting than yesterday, when Trump again praised his stupendous, "imminent" tax plan while meeting with retail CEOs complaining about border adjustment, before telling Netanyahu he is ok with either a one or "two-state" solution, all eyes will again remain focused on DC, and - of course - the biggest wildcard, Donald Trump.

Frontrunning: February 16

  • Futures dip as Wall Street navigates unchartered territory (Reuters)
  • Trump's Russia crisis deepens (Reuters)
  • Government Landlord Pays Millions Each Year to Trump Company (WSJ)
  • Protests call for U.S. immigrants to stay home from work, school (Reuters)
  • Trump Hates Trade Deficits, But Which Ones Really Matter? (BBG)
  • French Election Puts ‘Frexit’ on the Agenda (WSJ)

The German 'Anti-Trump' That Could Beat Merkel

German politics = boring politics – in recent decades this equation has generally held true. And yet, with the new Europe we face, that perhaps is no longer the best thing for them to be. Suddenly politics in Germany has become very interesting and the race for the chancellorship looks open again.

The Latest Trump Casualty: Labor Pick Puzder Withdraws

Following Betsy DeVos' narrow confirmation, it seems Andrew Puzder may not be so lucky. The President's pick for labor secretary faces a Republican revolt as CNN reports a number of top Senate Republicans have urged Trump to withdraw the Carl's Jr. CEO's nomination.

Wilbur Ross, Trump's Commerce Dept Pick, To Keep 11 Investments Including Chinese Govt-Backed Company

In the hint that members of Trump's administration may be "compromised" by conflicts of interest, the WSJ reports that Trump's pick for Commerce Secretary, Wilbur Ross Jr, plans to keep millions of dollars invested in offshore entities "whose values could be affected by policies that he implements as commerce secretary", including an investment in a Chinese government-backed company.