One day after the the S&P500 bull market set a new duration record, at exactly 0.01 Washington Time on Thursday, the U.S. imposed tariffs of 25% on $16 billion worth of imports from China, sending the US dollar sharply higher across the board.
Just one day after Reuters reported that the Saudi sovereign wealth fund has shown no interest in financing Elon Musk’s proposed $72 billion deal to take Tesla private, Bloomberg is out with a full refutation, reporting that the Saudis are in fact in talks to invest in said deal.
A renewed round of tariffs against China by president Trump dented bullish sentiment, but nothing appears able to stop the S&P which is just 14 points from making a new all time high, a goal it will likely achieve today.
...over a third of sovereign investors plan to cut their equity exposure over the next three years after a strong run in 2017, citing trade wars, geopolitics and high valuations as headwinds to performance.
Money is once again pouring into high-yielding, low quality asset-backed securities and collateralized loan obligations, as investors are once again taking significant risks in the euphoria-driven chase for yield.