Nomura

Frontrunning: June 1

  • Trump Expected to Withdraw From Climate Deal Today (WSJ)
  • Saudi-Russia detente heralds new oil order (Reuters)
  • Uber Posts $708 Million Loss as Finance Head Leaves (WSJ)
  • Fearing Trump's next move, liberals urge Supreme Court conservative Kennedy to stay (Reuters)
  • Trump, after House panel subpoenas, backs efforts to probe Obama administration (Reuters)
  • Trump ‘Self-Help’ Infrastructure Plan Irks State, Local Leaders (BBG)

A Russian Went Inside A Chinese Click-Farm: This Is What He Found

On the day when Snapchat erased billions of market cap from investors (and founders) accounts - as the MAUs-means-money model seems to break - we thought it worthwhile taking another glimpse into the hush-hush world of 'click-farms' and the fakeness of the latest social network fads.

"Mystery" Central Bank Buyer Revealed, Goes On Q1 Buying Spree

While traders and investors were struck by the perplexing price action in the market in the first few months of the year, where on one hand institutions were dumping stocks at a near-record pace even as the S&P was making fresh all time highs, one central bank was quietly buying everything in sight....

Frontrunning: May 1

  • Congress Inks Spending Deal That Jettisons Trump Priorities (BBG)
  • Trump Pushes for Vote on Health Bill but Hurdles Remain (WSJ)
  • Apple’s Cash Hoard Set to Top $250 Billion (WSJ)
  • Hamas to soften stance on Israel, Muslim Brotherhood in policy document (Reuters)
  • UPS Tries a New Twist on Surge Pricing (WSJ)

Stocks Dazed After Trump NAFTA Flop, Tax Plan Disappointment; ECB Looms

European shares are lower, pressured by disappointing results by Deutsche Bank and ending a six-session gain, as Asian equities and S&P futures were little changed after a record-setting rally in world stocks which pushed the MSCI World index to over $50 trillion yesterday, fizzled after Trump released unconvincing tax cut plans prompting traders to "sell the news" while caution set in as the ECB met.

Japan's 10Y Yield Drops Below Zero Again: All Eyes On The BOJ

With every other asset class roundtripping the November election outcome, it was only a matter of time before Japan's 10Y JGB retraced the entire "reflationary" move from 0.0% to 0.1%. And, sure enough, after today's violent deflationary capitulation, moments ago Japan's JGB 0.1% of 2027 once again dipped back under 0%, sliding as low as -0.003% as deflation returns with a whimper.

Chinese Economic Data Beats Across The Board After Record Credit Injection

Overnight China reported a barrage of economic data for March and Q1, that not only showed the first back to back GDP acceleration in seven years, but beat across the board as investment picked up, retail sales rebounded and factory output strengthened, following record credit growth and a fresh rebound in China's property markets which defy Beijing's attempts to taper the country's newest housing bubble.