Two days after the US military confirmed that a coalition airstrike may have killed as many as 240 civilians in a March 17 Mosul air raid, the Pentagon found an unexpected defender when the Iraqi military said on Sunday a blast that killed scores of civilians in western Mosul was triggered by an Islamic State booby trap, contradicting local officials and residents who claimed a U.S.-led coalition airstrike caused the deaths.
While the Japanese and Swiss central banks have turned themselves into hedge funds by loading up on equities, the US Fed has stuck to supporting the stock market indirectly, by buying bonds. It’s worked, obviously, with all major US indexes at record highs. But it won’t work going forward, thanks to two gathering trends.
VIX topped 15 overnight - the highest since Nov 14th - and US equity futures slipped lower into the cash open. The Dow is opening at 20,450 - down over 700 points from the record highs at the start of March - and heading for the longest losing streak since 2011.
President Trump is reportedly creating a new position for his son-in-law and senior adviser Jared Kushner. The newly formed White House Office of American Innovation will leverage business ideas and potentially privatize some government functions, according to Reuters, as Kushner says "the government should be run like a great American company."
The key economic releases this week are the consumer confidence report on Tuesday, the third estimate of Q4 GDP on Thursday, and the PCE report as well as Personal Income & Spending data on Friday. In addition, there are several scheduled speaking engagements by Fed officials this week.
When the dollar was soaring, it was 'unequivocally' a reflection of the strength (or potential strength) of the US economy and its safe-haven, cleanest-dirty-short status. Since The Fed hiked rates for the 3rd time in 11 years, however, the dollar has done nothing but decline...
Judgment Time … Options Include: 1) get bearish S&P for a trade; 2) don’t fight the primary trend -- this is a melt-up, and there are good (macro) reasons behind it; 3) simplify the portfolio; wait for better location to re-load length.
While US equity markets are shuddering under the uncertainty of President Trump's agenda, it appears investors have found a safe haven for their hard-gambled retirement funds. Following a series of upgrades, overweights, and "buy" recommendations from Wall Street's biggest and brightest commission-takers, SNAP shares are soaring - back to their post-IPO open at $24.
One day after snap protests against corruption and Russia PM Medvedev broke out across numerous Russian cities, leading to the detention of hundreds of protesters as well as opposition leader Aleksey Navalny, the Russian opposition activist was found guilty of staging an unsanctioned rally, and will be fined 20,000 rubles (US$350) for his role in organizing what the authorities said was an illegal protest in Moscow on Sunday.