JP Morgan Chase & Co. is joining Apple, Bank of America, Wal-Mart, Comcast and a plethora of other US corporate behemoths in rewarding the Trump administration for its success on tax reform with the jobs and bonuses that it covets.
Shortly after it got steamrolled by the market, which as we noted earlier has had its best start to a year in history for global stocks, which made a mockery of its year end price target of 2,800, moments ago Bank of America hiked its S&P price target to 3,000.
BitFlyer - the largest exchange in the world with up to 30% of the global market and controls 80% of bitcoin trading in Japan - is launching its European service on Tuesday, after it received a license from Europe's financial regulator.
"People ask 'well what will trigger [a market correction]?' But it doesn't need a trigger, it's the dynamics of bubbles inherently makes them come to a sudden end eventually..."
After earlier tracking the latest rally in global equities following the reopening of the US government which saw Asian stock hit new all time highs, US futures encountered an unexpected airpocket, sending the E-mini sliding as much as 10 points from session highs.
"...we can all pretend rising rates don’t have an impact, we can also pretend deficits don’t matter, and we can also pretend money grows on trees. But we can’t pretend interest payments aren’t rising. Because they are. Right now."
"Tax reform is fully priced, especially if one agrees with our view that multiples are likely to fall when the earnings revisions stop rising and investors recognize they are staring at a massive deceleration in 2019..." - Morgan Stanley
After a brief bounce, headlines from South Korea's Yonhap news regarding new tax rules for cryptocurrency exchanges appear to have sparked the latest leg down in cryptocurrencies...
On Friday, January 12th the two-year United States Treasury Note closed trading at 5 PM New York time with a yield of 2.002%. This security has not traded with a “two handle” since September of 2008.
Global stocks and U.S. bond markets on Monday shrugged off day three of the US government shutdown in Washington, although the dollar pulled back as the euro continued its strong start to the year, while U.S. stock index futures were basically unchanged.
The Russian Central Bank added 300,000 ounces (9.3 tons) of gold to its reserves in December, bringing the total acquisitions of the precious metal in 2017 to a record 223 tons.
With shorters of bitcoin futures becoming clearly more aggressive by the week, one wonders how long before a short squeeze is unleashed in the futures market...
When Asia markets open up on Sunday night, we will get a knee-jerk hit on the USD following the US government shutdown, but whether this will have a material impact on the rest of the week will be defined by sentiment on the Treasury market.
"...the ultimate fusion of technology and finance will mean 'the end of money', at least as we have known it for the last millennium. It’s no longer sci-fi to imagine the replacement of dollars and other 'fiat money'..."
