Citigroup

US Futures, European Stocks Rise Despite HSBC Plunge; Dollar, Oil Jump

European stocks rose again with S&P futures higher, while Asian stocks were mixed. The dollar rose jumped on hawkish comments by Philly Fed's Harker, oil rose following optimistic OPEC comments, while gold dropped. Markets have largely ignored results by financial heavyweight HSBC, which posted its largest fall since mid-2015 after reporting a 62% plunge in pretax profit.

Frontrunning: February 10

  • Trump backs 'one China'  (Reuters)
  • Senate votes to confirm Rep. Price as health secretary (Reuters)
  • H-1B Crackdown Fears Open Rift Between U.S., Indian Firms (WSJ)
  • Trump, Japan's Abe to hold summit amid air of uncertainty (Reuters)
  • Trump Will Use Abe Visit to Soothe Worried Asia-Pacific Allies (WSJ)

Global Stocks, US Futures Rise Despite Growing Political Tension In Europe

In a relatively quiet session, which may see US traders sleep in a bit after last night's Superbowl thriller, European and Asian shares rose ahead of Mario Draghi’s testimony at the European Parliament, while US equity futures were fractionally higher (up 0.1% to 2,293) after stocks jumped the most in a week, as traders assessed the trajectory for interest rates while scrutinizing every new Trump tweet.

Extreme Vetting, But Not For Banks

Donald Trump, the man who positioned himself as the common man's shield against Wall Street, signed a series of orders today calling for reviews or rollbacks of financial regulations. He did so after meeting with some friendly helpers...

Trump To Sign Executive Orders Undoing Dodd-Frank, "Fiduciary Rule"

President Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, signing an executive action Friday designed to significantly scale back the regulatory system put in place in 2010. Trump also will halt another of Obama’s regulations known as the "fiduciary rule", hated by the financial industry, that requires advisers on retirement accounts to work in the best interests of their clients.

Deutsche Bank Tumbles On "Very Weak" Q4 Results, Surging Client Redemptions

After staging a remarkable recovery in its stock price since last summer's record lows, nearly doubling from its September price, Deutsche Bank shares tumbled this morning after the bank reported a net loss of €1.89 billion for the fourth quarter, which while better than the €2.12 billion loss one year ago, was a big miss to the consensus expected shortfall of €1.32 billion.