It's Central Bank Bonanza Day: European Stocks Slide Ahead Of ECB; S&P Futs Hit Record High

One day after the Fed hiked rates by 25 bps as part of Janet Yellen's final news conference, it is central bank bonanza day, with rate decisions coming from the rest of the world's most important central banks, including the ECB, BOE, SNB, Norges Bank, HKMA, Turkey and others.

And while US equity futures are once again in record territory, stocks in Europe dropped amid a weaker dollar as investors awaited the outcome of the last ECB meeting of the year: the Stoxx 600 falls 0.4% as market shows signs of caution before the Bank of England and the European Central Bank are due to make monetary policy decisions as technology, industrial goods and chemicals among biggest sector decliners, while miners outperform, heading for a 5th consecutive day of gains. “The Federal Reserve raised interest rates last night, but they weren’t overly hawkish in their outlook. This has led to traders being subdued this morning,” CMC Markets analyst David Madden writes in note.

The stronger euro pressured exporters on Thursday although overnight the dollar halted a decline sparked by the Fed's unchanged outlook for rate increases in 2018, suggesting "Yellen Isn't Buying Trump's Tax Cut Talk of an Economic Miracle."

That said, it has been a very busy European session due to large amount of economic data and central bank meetings, with the NOK spiking higher after the Norges Bank lifted its rate path, while the EURCHF jumped to session highs after SNB comments on CHF depreciation over last few months. The AUD holds strong overnight performance after a monster jobs report which will almost certainly be confirmed to be a statistical error in the coming weeks, while the Turkish Lira plummets as the central bank delivers less tightening than expected. Meanwhile, the USD attempts a slow grind away from post-FOMC lows.

In tates, bunds sell off from the open, with the 2s5s10s butterfly again highlights pressure in 5y sector, strong European PMI prints and possible bearish ECB set-up drive the move. USTs lower in tandem, steepening noted in Eurodollar curve. Divergence seen in equity markets as U.S. equity futures are supported from overnight levels whereas European indices sell-off across the board, move higher in EUR/USD after fed decision weighs on some exporters.

Some of the most notable developments via BBG:

  • China: PBOC raises rates on reverse repo and MLF operations by 5bps; Reuters later reports SLF rate is also raised by 5bps
  • Norges Bank: holds rates at 0.5% as expected; rate path changed to imply first hike in autumn 2018 from summer 2019
  • U.K Nov. Retail Sales m/m: 1.1% vs 0.4% est; ONS says seasonal adjustments capture only an element of the Black Friday effect, with retailers now offering discounts over a two-week period rather than a single day
  • SNB holds rates at -0.75% as expected with 3M Target LIBOR Rate at -0.75% vs. Exp. -0.75%. SNB says swiss franc overvaluation has thus continued to decrease, yet the franc remains highly valued.
  • HKMA increased its base rate by 25bps to 1.75% in response to the Fed hike. (Newswires)
  • Turkey holds benchmark rates at 8.00% as expected; late liquidity rate hiked by 50bps vs 100bps est.

Adding to the optimistic mood were PMIs across the major European economies, with German and French composite PMI indexes smashing estimates. The December flash aggregate euro-zone PMI rose to an almost seven-year high of 58 vs 57.2 median forecast and 57.5 in Nov.

In the ongoing Brexit daram, on Wednesday the UK government was defeated in parliament in a 309-305 vote, meaning MP's will get a meaningful vote on the final Brexit deal. PM May now heads to Brussels to the European Summit, where she is expected to stall for time to find unity on the exact trade deal Britain wants from Brussels.

Looking at stocks, a slide in technology stocks led the decline in Europe's Stoxx 600 Index, with most industry sectors in the red. U.S. equity-index futures inched higher. In Asia earlier, China’s domestic equity markets were lower and Hong Kong’s Hang Seng Index fell, while Japanese and South Korean equities were also down. Core European bond yields ticked higher and the euro pared a drop after manufacturing data from Germany and France underscored the resilience of the region’s economy. Sterling was steady before the Bank of England’s policy decision. Brent crude held above $60 a barrel.

As a reminder, the ECB and BOE’s rate meeting are also set for today. Firstly on the ECB, the likely focus will be for more clues about plans to start weaning investors off its monthly bond purchases next year as well as on the latest staff macroeconomic forecasts, with the first outlook for 2020 due to be revealed. DB expects the core inflation 2020 forecast to be 1.6%/1/7% - consistent with previous 3-year ahead staff views. It’s also worth keeping an eye on Draghi’s press conference and particularly if he addresses some of the internal divisions which have been hinted at on forward guidance.

“The ECB is the next big point of focus in the process of moving from quantitative easing to tapering,”  Ole Hansen, head of commodity strategy at Saxo Bank A/S in Hellerup, Denmark said via email. “That could have an impact on currencies, bond yields and stocks.”

The BoE meeting could be a non event as recent inflation prints and macro data were broadly in line with consensus. Notably, any discussion on what the Brexit breakthrough on Friday might mean for policy could be the most interesting feature.

Meanwhile, as reported yesterday, the Fed stuck with a projection for three rate hikes in the coming year after raising its benchmark rate by a quarter percentage point. While the U.S. central bank lifted its estimate for growth in 2018 to 2.5 percent from 2.1 percent, it still didn’t see inflation accelerating.

Also reported overnight was that in response to the Fed's rate hike, the People’s Bank of China unveiled a five basis-point boost to some reverse-repurchase rates, minutes before the country’s release of its main economic data for November. While most economists had anticipated the PBOC to hold off on any move in the wake of the Fed, as they did when the U.S. lifted borrowing costs in June, we disagreed, and we were right when the PBOC instead moved in tandem, as it did March. The yuan was slightly higher against the dollar in Thursday trading, though it advanced less than the won and other Asian currencies.

Bulletin Headline Summary from RanSquawk

  • Central Bank Christmas party: Norges Bank brings forward rate hike exp., SNB unchanged with focus now on ECB and BoE
  • UK Retail Sales boosted by Black Friday with readings above analyst estimates.
  • Looking ahead, rate decisions from ECB and BoE.

Market Snapshot

  • S&P 500 futures up 0.2% to 2,673.00
  • STOXX Europe 600 down 0.2% to 389.92
  • MSCI Asia up 0.1% to 171.01
  • MSCi Asia Ex Japan up 0.2% to 556.56
  • Nikkei down 0.3% to 22,694.45
  • Topix down 0.2% to 1,808.14
  • Hang Seng Index down 0.2% to 29,166.38
  • Shanghai Composite down 0.3% to 3,292.44
  • Sensex up 0.4% to 33,168.14
  • Australia S&P/ASX 200 down 0.2% to 6,011.26
  • Kospi down 0.5% to 2,469.48
  • German 10Y yield rose 1.6 bps to 0.33%
  • Euro up 0.01% to $1.1827
  • Italian 10Y yield rose 8.9 bps to 1.532%
  • Spanish 10Y yield rose 2.0 bps to 1.517%
  • Brent futures up 0.2% to $62.58/bbl
  • Gold spot down 0.03% to $1,255.14
  • U.S. Dollar Index unchanged at 93.43

Top Overnight News

  • China’s central bank unexpectedly raised borrowing costs following the Fed’s decision to tighten monetary policy
  • Yellen Isn’t Buying Trump’s Tax Cut Talk of an Economic Miracle
  • Shell Is Said to Sell Argentine Fuel Assets to Brazil’s Raizen
  • China Tightens After Fed as Policy Makers Seek to Soothe Markets
  • UBS Wealth Chief Zeltner Replaced by Blessing in Revamp
  • Fox’s Workaround for Troubled Sky Takeover? Get Disney to Buy It
  • YPF Is Said to Be Near to Selling Unit Stake to GE, Blackstone
  • Atos Pushes On With $5.1 Billion Gemalto Bid After Rebuff
  • Traders Brace for ‘Explosive’ Rand Moves After ANC Election

Asia equity markets were mostly subdued as the regional bourses and central banks reacted to a hike from the Fed in Yellen’s last meeting. ASX 200 (-0.2%) was indecisive and pared the early mining-led gains, while Nikkei 225 (-0.3%) was hampered by USD/JPY woes post-FOMC. Hang Seng (-0.5%) and Shanghai Comp. (-0.4%) traded subdued as participants mulled over Chinese Industrial Production and Retail Sales figures which either printed inline or below estimates. Furthermore, the HKMA and PBoC responded to the FOMC with the base rate in Hong Kong raised by 25bps in lockstep with the Fed, while the PBoC increased rates by 5bps on 1-year MLF loans and on its Reverse Repo operations. Finally, 10yr JGBs were rangebound despite the subdued risk tone in Japan, while the 20yr auction also failed to spur demand with most metrics inline with the previous month. After three days of injections, the PBoC drained a net 190BN yuan in liquidity via reverse repos, while it also announced to lend CNY 288bln through MLF 1yr loans. PBoC raised rates on reverse repos and its MLF by 5bps each following the Fed rate hike with 7-day reverse repo at yield of 2.50% (Prev. 2.45%), 28-day at 2.80% (Prev. 2.75%) and 1yr MLF loan at 3.25% (Prev. 3.20%). Source reports also stated that SLF loan will be raised 3.35% (Prev. 3.30%)

In other data, Chinese Industrial Output (Nov) Y/Y 6.1% vs. Exp. 6.2% (Prev. 6.2%); YTD 6.6% vs. Exp. 6.6% (Prev. 6.7%), Chinese Retail Sales (Nov) Y/Y 10.2% vs. Exp. 10.3% (Prev. 10.0%); Y/Y 10.3% vs. Exp. 10.3% (Prev. 10.3%). The Australian dollar soared after the Australian Employment Change printed at 61.6k for November vs. Exp. 19.0k (Prev. 3.7k, Rev. 7.8K), while the New Zealand Treasury lowered GDP forecasts for 2017/18 to 3.3% from 3.5% and cuts 2018/19 forecast to 3.4% from 3.5%.

Top Asian News

  • China Factory Output, Investment Slow While Consumption Firms
  • China Shares Drop as PBOC Raises Borrowing Costs After Fed Hike
  • Teva Braces for Nationwide Strikes by Israeli Union on Job Cuts
  • Japan Plans Carrot-and-Stick Tax Changes to Drive Wage Gains
  • MUFG Brokerage Sued by Manager as Harassment Dispute Escalates
  • Philippines Holds Rate With Economists Predicting Hike in 2018
  • Russia Dreams Big as U.S. Fails to Kill $27 Billion Gas Project

European equities have seen little in the way of firm direction in what is set to be a busy day for markets ahead of tier 1 data and a slew of central bank activity; most notably the ECB rate decision and press conference for European traders. Focus for the event will centre around the ongoing debate at the Bank on whether to impose an end date on asset purchases with the release also due to be accompanied by the latest staff economic projections. In terms of sector specifics, utilities have posted some modest  outperformance with E.ON (+2.4%) top of the DAX leaderboard amid a positive broker upgrade at Exane. Other individual movers include Peugeot (+1.5%) amid a broker upgrade at HSBC and encouraging Eurozone car registration figures.

Top European News

  • Euro-Area Activity Surges as Manufacturing Posts Record Growth
  • Housing Slump Gathers Pace in Sweden After Buyers Lose Faith
  • Draghi’s 2020 Vision for Euro-Area Economy Is Key to QE Exit
  • Norway Signals an Earlier Exit From Extreme Monetary Stimulus
  • World Record in Negative Rates Transforms a Whole Generation
  • May Heads Back to Brussels After Brexit Defeat by Her Own Party

In fixed income, the initial Fed/US Treasury inspired bid always looked tentative and the cautious buying has proved prudent in wake of some strong EU fundamentals ahead of the BoE and ECB policy announcements etc. Bunds and Gilts were already on the turn in truth, but have recoiled further to lows of 162.98 and 124.77 respectively following flash PMIs that lived up to their name in the main, and a significant UK retail sales beat vs consensus, albeit in large part due to Black Friday. So, the 10 year debt futures have been 29 and 15 ticks adrift vs +10 and +13 ticks at one stage and Gilts saw a 2k lot clip sale at 124.90 on the way down. Technically, Bunds will now be wary of Wednesday’s 162.91 Eurex base, and if that yields then bears will target 162.79-74. Meanwhile, USTs have declined in sympathy to unwind more of their post-FOMC gains and the curve continues to re-steepen as the 2 year yield derives more comfort (relief) from no hawkish change to the 2018 tightening profile.

In FX, it's been a busy morning for markets with European participants arriving at their desks to a softer USD post-FOMC with Yellen failing to deliver any hawkish surprises while the rate path trajectory was kept broadly the same despite fiscal stimulus being incorporated into forecasts. First up in terms of major European central bank decisions was the SNB which prompted a little traction in the CHF after the Bank stood pat on rates and reiterated that the CHF remains ‘highly valued’. Thereafter, the Norges Bank dealt NOK a big helping hand after keeping rates unchanged this time round, but bringing forward expectations for a hike to autumn 2018 from summer 2019; subsequently knocking EUR/NOK firmly back below 9.80. GBP remains a key focus for markets with initial modest strength following PM May’s Parliamentary failure yesterday which will give Parliament a ‘meaningful’ vote on the terms of the UK’s departure from the EU. Thereafter, UK retail sales painted a more upbeat picture for the economy with all readings exceeding expectations and some upward revisions to the previous’. However, limited reaction seen in GBP amid seasonal factors and ongoing Brexit focus.

In commodities, gold prices have retreated from their post-FOMC gains during European trade, while Chinese primary aluminium production showed declines for the 5th consecutive month with domestic crude steel output slipping to a 9-month low amid curbing efforts. WTI crude futures were lacklustre and failed to make any meaningful recovery from the prior day’s losses which were partly triggered by the DOE report which showed increased US production and a large build in gasoline inventories. IEA Monthly Report:

  • Our forecast for global demand growth remains unchanged at 1.5 mb/d in 2017 (or 1.6%) and 1.3 mb/d in 2018 (or 1.3%).
  • Global oil supply rose 0.2 mb/d in November to 97.8 mb/d, the highest in a year, on the back of rising US production.
  • OPEC crude supply fell in November for the fourth consecutive month to 32.36 mb/d, down 1.3 mb/d on a year ago.
  • OECD commercial stocks fell 40.3 mb in October to 2 940 mb, their lowest level since July 2015.
  • Benchmark crude prices rose by $4-5/bbl on average in November and traded at their highest level in more than two years in early December.
  • Global refinery throughput in 3Q17 reached a record high at 81.2 mb/d, even including the impact of Hurricane Harvey, but has fallen back in 4Q17 due to maintenance.

Looking at the day ahead, there is the European Council meeting in Brussels which continues into Friday with Brexit high on the agenda with Mrs May arriving after her voting loss last night. We’ve also got two central bank meetings due with both the BoE and ECB set to hold their last monetary policy meetings of the year. Datawise we’ll get the flash December PMIs in both Europe and the US,  as well as the November retail sales data for the UK and US (0.6% mom expected for ex-auto). Other notable data prints include the final November CPI revisions in France, November import price index reading and weekly initial jobless claims data in the US.

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 236,000, prior 236,000; Continuing Claims, est. 1.9m, prior 1.91m
  • 8:30am: Retail Sales Advance MoM, est. 0.3%, prior 0.2%; Retail Sales Ex Auto MoM, est. 0.6%, prior 0.1%; Retail Sales Ex Auto and Gas, est. 0.4%, prior 0.3%
  • 8:30am: Import Price Index MoM, est. 0.7%, prior 0.2%; Import Price Index YoY, est. 3.24%, prior 2.5%
  • 8:30am: Export Price Index MoM, est. 0.3%, prior 0.0%; Export Price Index YoY, prior 2.7%
  • 9:45am: Markit US Manufacturing PMI, est. 53.9, prior 53.9; Services PMI, est. 54.7, prior 54.5; Composite PMI, prior 54.5
  • 9:45am: Bloomberg Consumer Comfort, prior 52.3
  • 10am: Business Inventories, est. -0.1%, prior 0.0%

DB's Jim Reid concludes the overnight wrap

A busy evening last night with the Fed rate hike and the UK Government losing a vote (305-309) in the Commons that makes it more likely that the final Brexit deal will have to get approved by Parliament and thus decreases the possibility of a hard Brexit but complicates the negotiation process. Before all this, the highlight of the day was yet another slightly weaker than expected CPI print. The 7th miss in 9 months. 10 year Treasuries traded as high as 2.425% before the number, then dropped to 2.367%,  before ending the day at 2.342% after the dovish FOMC. To be honest this suits our short-term belief in carry and tighter spreads (through Q1) but we do expect inflation to start to misbehave more from Q2 onwards. However every inflation miss in the interim makes us more nervous as to whether we get the expected turn around. We still think we do by the time we get to the Spring but it’s fair to say that for us to be correct inflation now has to be sitting in the  departure lounge waiting to board a flight taking off pretty soon.

Turning to the FOMC, the Fed raised rates by 25bp as expected, on a 7-2 vote with both the Fed’s Kashkari and Evans dissenting. The market seems to have taken a slightly dovish take on the FOMC with 10y treasury yields lower (see above) and the US dollar index down 0.71% for the day. In the details, the Fed now projects the labour market to remain strong with a lower unemployment rate of  3.9% and stronger GDP growth across the forecast horizon, particularly next year where growth is expected to be 2.5% (vs. 2.1% previous), in part due to the expected tax plans. Despite these positive revisions, the Fed’s forecast for core inflation and the dot plots are unchanged, with median expectations of three more hikes in 2018 and CPI of 1.9% in 2018 and 2.0% in 2019 & 2020.

Moving onto Ms Yellen’s last press conference as the Fed Chair where she was fairly positive on a range of topics. On the economy, she said “I feel good about the economic outlook…risks are balanced and there’s less to lose sleep about now…” On US equities, she noted “the fact that those valuations are high doesn’t mean that they are necessarily overvalued” and on broader financial  stability risks, no indicators she monitors “are flashing red or possibly even orange”. On the flatter yield curve, she noted “the yield curve is likely to be flatter than it’s been in the past” and that “it could more easily invert if the Fed were to even move to a slightly restrictive policy stance”. This is important as it indicates that the Fed aren’t as concerned as we would be about an inverted yield curve and could carry on hiking even if longer end yields stay low. Finally on tax, she noted FOMC members “generally identified changes in tax policy as a factor supporting modestly stronger (economic) outlook, although many noted much uncertainty remains about the macro-economic effects of the specific measures”. Further, she added that the economic uplift from tax cuts “it’s not a gigantic increase in growth” and could be mostly short term.

Talking of tax reform, the plans are tracking well and could still become law by Christmas. President Trump noted the Senate and House negotiators have reached a tentative agreement and he hopes to sign the tax bill “in a very short period of time”. Some of the compromises noted by Bloomberg include: i) corporate tax rate of 21%, but begins from 2018, ii) mortgage deduction limit of  $750k, iii) top individual tax rate of 37%, iv) 20% deduction on pass through business income, and v) repeal the alternative minimum tax. Earlier yesterday, the Senate Democratic leader Schumer called on Republicans to delay their tax bill vote until Doug Jones (winner of the Alabama election) can vote on the legislation. However, the earliest that Mr Jones can be seated is sometime between 26 December to 3 January, but the Republicans expect a full House and Senate vote on the final bill around next Tuesday (19 December), with the President expected to sign the "Tax Cut and Jobs  Act" into law shortly after. Notably, Republican Senator McCain is currently away as he undergoes medical treatment, so things can still change given his crucial vote.

In China, the November macro data just released was broadly in line but slightly lower than the prior month. Both the IP and fixed assets investments matched expectations at 6.1% yoy and 7.2% respectively, but were 0.1ppt lower than the prior month. Retail sales were softer than expectations at 10.2% yoy (vs. 10.3%). Elsewhere, China’s central bank has slightly increased the borrowing  costs it charges in open market operations following the Fed’s move, lifting the cost of the 7 and 28 day reverse repo agreement by 5bp. This morning in Asia, markets are trading broadly weaker. The Nikkei (-0.31%), Hang Seng (-0.45%), and China’s CSI 300 (-0.64%) are modestly down but the Kospi is up 0.51% as we type. Treasuries have partly reversed yesterday’s gains and are up 2bps this morning.

As a reminder, the ECB and BOE’s rate meeting are set for today. Firstly on the ECB, the likely focus will be on the latest staff macroeconomic forecasts, with the first outlook for 2020 due to be revealed. DB’s Mark Wall expects the core inflation 2020 forecast to be 1.6%/1/7% - consistent with previous 3-year ahead staff views. It’s also worth keeping an eye on Draghi’s press conference and particularly if he addresses some of the internal divisions which have been hinted at on forward guidance. The BoE meeting could be a non event as recent inflation prints and macro data were broadly in line with consensus. Notably, any discussion on what the Brexit breakthrough on Friday might mean for policy could be the most interesting feature.

Now recapping other market performance from yesterday. US equities were mixed but little changed after bouncing around following the mix of news from the softer CPI, the FOMC meeting and progress on the tax plans. The S&P ended 0.05% lower while the Nasdaq and Dow rose 0.20% and 0.33% respectively. Within the S&P, financials led the losses (-1.27%), partly impacted by the dovish FOMC, while modest gains came from consumer staples and industrials stocks. European markets were all lower, with key bourses down 0.1%-0.4% as losses in utilities offset gains from tech stocks. Across the region, the Stoxx 600 (-0.24%), DAX (-0.44%) and FTSE (-0.05%) all fell modestly while Italy’s FTSE MIB led the losses, ending the day 1.44% lower. The VIX rose for the secondconsecutive  day to 10.18 (+2.6%).

Over in government bonds, treasuries firmed with UST 10y yields down 5.7bp while other core bond yields were little changed (Bunds flat; Gilts -0.7bp). Italy’s 10y BTP yields jumped 9bp after newspapers including Corriere della Sera and Messaggero reported that Italian elections could be held earlier at 4 March next year, with President Mattarella expected to dissolve the Parliament on  28 or 29 December to clear the way for elections. Notably, the potential for earlier elections is not new, but perhaps the increased support for the Five Star Movement party may have focused the mind. We note a recent Ipsos opinion poll showed the 5SM leading with 29.1% support versus 24.4% for the ruling Democratic party. Having said that it’s still very difficult for them to be a power broker given the new electoral law so it’s not altogether clear why Italy underperformed so much yesterday.

Turning to currencies, the US dollar index dropped 0.71% following the dovish FOMC, while the Euro and Sterling gained 0.72% and 0.73% respectively. In commodities, WTI oil fell 0.82% following a  rise in gasoline stockpiles and OPEC raised its outlook for non-OPEC supply in 2018. Elsewhere, precious metals increased modestly (Gold +0.88%; Silver +2.16%) while other base metals also edged higher (Aluminium flat; Zinc +0.08%; Copper +0.67%).

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the November core CPI (ex food and energy) was weaker than expectations at 0.12% mom (vs. 0.2%) and 1.7% yoy (vs. 1.8%), partly impacted by a 1.3% mom decline in the price of apparel (the biggest monthly decline in 19 years). Notably, inflation on a three month and six month annualised basis was a tad firmer at 1.9%, but at this point there is limited evidence that the trend in core CPI is reaching the Fed’s target of 2%. Looking ahead, our US economists expect core CPI to be slightly softer near term, but should remain near recent levels in yoy terms. Longer term, they expect core inflation to normalise next year. Refer to their note for more details. Elsewhere, the November real average hourly earnings growth was in line with the prior month’s reading of 0.2% yoy.

In the UK, the October unemployment print was slightly higher than expectations at 4.3% (vs. 4.2% expected) with the number of people in work down 56k (vs. -40k expected) - the fastest pace in almost 2.5 years. Elsewhere, wage growth rose the most since January but was in line with expectations at 2.5% yoy, while the claimant count rate was steady mom at 2.3%. In Europe, the October Industrial Production was above market at 0.2% mom (vs. 0% expected) and 3.7% yoy (vs. 3.2% expected), but Italy’s IP was below consensus at 3.1% yoy (vs. 3.4%). Finally, the final reading of Germany’s November CPI was unrevised at 0.3% mom and 1.8% yoy.

Looking at the day ahead, there is the European Council meeting in Brussels which continues into Friday with Brexit high on the agenda with Mrs May arriving after her voting loss last night. We’ve also got two central bank meetings due with both the BoE and ECB set to hold their last monetary policy meetings of the year. Datawise we’ll get the flash December PMIs in both Europe and the US,  as well as the November retail sales data for the UK and US (0.6% mom expected for ex-auto). Other notable data prints include the final November CPI revisions in France, November import price index reading and weekly initial jobless claims data in the US.

Comments

A. Boaty Thu, 12/14/2017 - 07:07 Permalink

“In the ongoing Brexit daram…”

Dual Access Random Access Memory?

Daram, officially the Municipality of Daram, is a 3rd class municipality in the province of Samar, Philippines.

Crazy Or Not Thu, 12/14/2017 - 07:09 Permalink

Does anyone here REALLY believe the US Equity Futures are genuine economics or as Roy Kirby says dark pool money assisted...FED runs a massage parlour - everything comes with a happy ending.

buzzsaw99 Thu, 12/14/2017 - 07:13 Permalink

Turning to the FOMC, the Fed raised rates by 25bp as expected, on a 7-2 vote with both the Fed’s Kashkari and Evans dissenting...that would be neel "Our job is not to protect investors..." kashkari dissenting there bitchez.