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China Downgrade Forgotten As Asia Closes Higher, Futures Flat Ahead Of Fed Minutes

Not even last night's Moody's credit downgrade of China - the first since 1989 - could dent the global stock rally which has pushed global stock prices to all time highs. After initially sliding, regional stocks and emerging Asian currencies pared early losses following the unexpected downgrade of China, taking their cue from the "sudden reversal" of the Shanghai Composite Index, which some speculated saw the latest intervention of the "national team."

JPMorgan: "Comey’s Dismissal Saps Trump’s Political Capital At The Worst Possible Time"

Trump managed to go a few days w/o controversy (a relatively long stretch for the current White House) but the Comey firing is by far the biggest headline of the night. As far as the market is concerned, Comey’s dismissal saps Trump’s political capital and weakens relations w/Congress at the time when he is trying to move an ambitious pro-growth agenda through the Senate and House.

China Starts 2017 With Highest Number Of Corporate Defaults In History

China's default wave appears to have made landfall, and as Bloomberg reports overnight, China’s deleveraging push has racked up the most defaults on corporate bonds ever for a first quarter. "Seven companies have defaulted on a total of nine bonds onshore so far in 2017, versus 29 for all of last year."

Meet China's Hedge Fund Capital

Hedge funds didn't exist in the world's second-largest economy five years ago...Now they have their own private village.

China Housing Bubble Finally Pops: First Slowdown After 19 Months Of Acceleration

Today we got the first confirmation that the latest Chinese housing bubble has finally popped, as housing prices across the 70 cities were up 12.7% Y/Y, below the 12.9% annual growth rate in November. This was the first moderation in year-over-year housing price growth after 19 months of continued acceleration.

Futures Rise On Friday 13th Ahead Of Deluge Of Bank Earnings; Dollar Continues To Decline

European shares rose as Fiat rebounded on hopes concerns about parallel to Volkswagen are overblown, Asian stocks were little as Chinese shares fell to the lowest level of 2017 after poor export data, and U.S. equity-index futures rose ahead of a deluge of bank earnings. The dollar is headed for a weekly loss and gold trades at the highest price in almost two months.