After a barrage of breaking, surprise headlines and geopolitical developments, markets fall back to the familiar rhythm of trading the monthly payrolls (+205K exp), or rather average hourly earnings (+2.8% Y/Y exp.) report.
Jeff Bezos’ disdain for Wall Street is well known, so it’s surprising that he doesn’t appear to have set his sights on asset management. If Amazon could decimate bricks and mortar retailers, what might happen to the asset management industry, where 35% operating margins are the norm?
"Sadly, Big Brother is here to stay and, with time, he will only grow more bigly; regardless of any transitory elected politicians in the governments of the world's 'sovereign' nations today. Although Aldous Huxley and George Orwell valiantly spun fictional narratives in order to warn the real world’s future citizens, they were not alone in their efforts... consider JFK's 'Secret Society' speech..."
US equity futures seemed to forget Thursday's pitiful close and spiked ahead of the European open, only to fade most of the gains: the E-mini was up +7 at last check, but back to bottom of overnight range, as European equity markets led lower.