Reuters

Wall Street Explains What Today's Failure To Repeal Obamacare Means For Markets

"The fact this bill, which the President has said flat-out he will make it work for all Americans in general, can't pass is an indication this agenda is going to be more ambitious than this Congress can work with.... It is an indication that investors should not expect the kind of velocity in terms of agenda accomplishments they were expecting when he was elected."

Frontrunning: March 24

  • Trump Says If Vote on Health Bill Fails, Obamacare Stays (WSJ)
  • Risky House healthcare vote to test Trump's negotiating skills (Reuters)
  • Trump Dares GOP in High-Stakes Vote on Troubled Health Bill (BBG)
  • All drill, no frack: U.S. shale leaves thousands of wells unfinished (Reuters)
  • Twitter explores subscription-based option for first time (Reuters)

Biggest US Equity Outflows Since Brexit; US Banks Hit The Hardest

The latest evidence that rumors of Trumpflation trade's death are not greatly exagerated came overnight from Bank of America which reported that based equity funds saw net outflows of $8.9 billion, the largest in 38 weeks. The most impacted sector was, not surprisingly, banks - the biggest beneficiary of the post-Trump election victory rally, which suffered the biggest outflows in over a year.

All Eyes On Washington: US Futures Rise On Hope Healthcare Vote Will Pass

Asian shares and S&P futures rose on optimism that today's rescheduled U.S. vote on health care will pass following Trump's Ultimatum to the Freedom Caucus. European stocks gave up some of Thursday’s gains, falling for the fourth time in five days, and moving further away from a 15-month high reached a week ago while the yen weakened for the first time in nine days.

A New Trend Emerges – Digital Gold "Gifting" Gains Popularity In China

Tencent’s digital gold packets, known as "microgold", are backed by the country’s biggest bank, Industrial and Commercial Bank of China (ICBC). They allow users to send funds that track the real-time value of gold to friends over the firm’s popular messaging platform WeChat.