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Frontrunning: April 3

  • Buying a Home This Spring Will Be Hardest in Years (WSJ)
  • Senate showdown likely over Gorsuch confirmation (Reuters)
  • ‘Nuclear’ Bid to Confirm Gorsuch May Radically Change Washington (BBG)
  • Trump's son-in-law, Kushner, flies into Iraq with top U.S. general (Reuters)
  • Solid Asia factory growth caps a strong first quarter but outlook cloudy (Reuters)

Disney, Gilead, Mondelez All Slide After The Bell

In today's trifecta of after hours earnings results, all three behemoths representing different key parts of the US economy, stumbled after either missing expectations, or guiding lower.

Two Wars Are About To Break Out Over Border Adjustment Tax

Two wars are set to break out over the Border Adjustment Tax: one is domestic and involves exporter vs importer alliances, and will soon shift into the Senate. The second war is one which would break out after the BAT is passed, and it would hammer America's biggest trading partners

How Citi Is Trading The Fed's "Mildly Hawkish" Statement

"Best to trade long USD against the USD-bloc, our favorite being long USDCAD. Also EURUSD and GBPUSD to weaken - USDJPY might be a bit mixed until Friday. The market is likely to continue bias long-USD into NFP (which is still a week away), but given the trend in jobless claims, its hard not to have "some" positive expectations for next Friday."

Venezuelan Woman Shot In The Face After 500 Looters Storm Food Warehouse

A Venezuelan woman died on Monday after being shot in the face when looters raided state food warehouses in the latest unrest in Venezuela. When security forces chased some of the crowd after they broke in, "they jumped down a bank to protect themselves, and a policeman who was pursuing them shot her. They shot her in the face."

Deutsche Bank's Dire Warning On Global Trade: "The Currency War Is Futile"

"There is a concern that this competitive devaluations channel (the first link) may have broken down (to a large extent) because of the collapse in global trade. Global growth today is generating much less trade growth than in the past (chart below). As a result, currency adjustment is not enough to spur growth significantly because global trade is increasingly less important to the overall makeup of GDP. This raises the possibility that the currency war is largely futile."