After the biggest two-week drop since 2011, cryptocurrencies continue their post-futures-expiration comeback with Bitcoin testing $13,000 and Ripple up 80% off its lows...
A couple of weeks ago, comments from the UAE’s energy minister spurred the oil price rally higher... The rise, however, may have been too high for OPEC and Russia’s liking.
"Three is the Magic Number: client marketing feedback suggests correction will occur only once real GDP forecasts >3%, wage inflation >3%, 10-year Treasury yields >3% & SPX >3000"
Imminent government shutdown? 10Y yields beyond Gundlach's "redline" and threatening an imminent price avalanche? None of this is enough to make even a dent on futures which spiked overnight, and are set for new all time highs.
Today's story may not be stocks, but rather rates as the 10Y Treasury yield is now climbing above 2.6% for the first time since March, a key psychological level and Gundlach's "redline": "We are going to change the regime probably within the next 2-3 months."
Bitcoin has rebounded over $1000 off its lows, breaking back above $10,000... The question on everyone's mind, did the bubble just burst or do you BTFD?
It's not just the ECB that was humiliated for holding Steinhoff securities: so were all major US banks, which have collectively lost over $1 billion on their Steinhoff exposure.
The loonie tumbled after the BOC hiked rates by 25bps as expected, however in a dovish twist it warned that " uncertainty surrounding the future of the North American Free Trade Agreement (NAFTA) is clouding the economic outlook."
"What the dickens is happening? Yes, the global economy is doing well. But we knew that.... All reasonable excuses to buy. But why the frenzy? There’s a simple reason and you don’t even need an Excel spreadsheet to calculate the implications for the market."
Like JPMorgan, Wells and Citi before it, on Wednesday morning Bank of America reported adjusted EPS for the fourth quarter that beat the average analyst estimate despite incurring a $2.9 billion tax-related charge and getting hit with a $292 million charge-off related to the Steinhoff scandal.
While global shares pulled back in early trading from record highs on Wednesday, U.S. equity index futures are staging another comeback and point to a higher open on Wednesday following a volatile day of trading Tuesday which saw the S&P 500 have its worst reversal in two years.
Ford is pivoting away from being a full-line automaker, and will shift to low volume, high margin cars, a substantial metamorphosis for America's premier auto brand.
