Beijing Responds To Trump Charge China Is A "Grand Champion At Currency Manipulation"

"China has no intention of seeking foreign trade advantages via an intentional devaluation of the renminbi. There is no basis for the continued devaluation of the renminbi" but "If you must attach the label 'grand champion' to China, then I think China is a grand champion. But we are the grand champions of economic development."

Frontrunning: February 24

  • Futures drop along with oil prices (Reuters)
  • The U.S. Is the World’s Third-Best Equity Market Since 1900 (BBG)
  • U.S. Talks With Mexico Clouded by Mixed Message (WSJ)
  • A Tea Party for the left? Liberals hope so (Reuters)
  • Kushner, Ivanka Trump Block Attack on Paris Pact (WSJ)
  • Saudi Arabia’s Oil Wealth Is About to Get a Reality Check (BBG)

German 2Y Yield Plunges To Record -0.95%: Citi Explains Why It Will Keep Dropping

With the German Schatz plunging to a record -0.85%, Citi analysts write that the German 2Y yield will likely make new historic lows, no matter what happens in French politics, because the ECB needs to buy around EU80b 1-6y Germany by year-end, and as a result traders will keep frontrunning ECB purchases, pushing the Schatz well below -1.00%

Trader: "The Next Market Phase May Be Dominated By Genuine Disappointment"

"U.S. equities make records weekly but the next stage is surely going to be de-risking and deleveraging, meaning a correction is likely. When it comes to financial markets trading the promises of the then-incoming U.S. administration, the end of 2016 was dominated by unrealistic hopes. The next phase may be dominated by genuine disappointment upon realizing the future is at the pessimistic extreme of the potential spectrum."

How Does A Stock Market Operate In War? Syria - A Case Study

Despite enduring more than half a decade of conflict leaving an estimated 400,000 dead and 11.4 million displaced, Syria retains an active stock market. In fact, last year was the Damascus Securities Exchange's busiest on record.