From Tyler Durden: After a roller-coaster ride overnight, US equities are tumbling out of the gate with tech-heavy Nasdaq leading the collapse as various big-tech ‘no brainers’ such as AAPL, FB, and NVDA are all plunging…
From Tyler Durden: Oil prices are re-tumbling this morning after weekend hopes for ‘news’ of production cuts to stabilize prices failed to appear.
From Tyler Durden: As Upton Sinclair once famously said: “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
From Tyler Durden: US financials stocks have tumbled from opening higher after Rep. Maxine Waters – soon to to take over the powerful House Financial Services Committee when the new Congress convenes in January – laid down the law on what will and won’t happen under Democrat rule.
From Tyler Durden: The US housing market is anything but healthy and even most bullish of realtors (especially since “it is difficult to get a man to understand something, when his salary depends upon his not understanding it”) is admitting that all is not well.
From Tyler Durden: WTI Crude futures are down 20% from their early October highs, with the front-month contract back to a $61 handle at its lowest level since April.
From Tyler Durden: On Friday, JPMorgan strategist John Normand revealed a striking statistic contextualizing the recent global risk-asset selloff: only on two prior occasions – the 1970s stagflation and the global financial crisis – have so many asset classes had negative returns in one year.
From Tyler Durden: In addition to boosting the intangible “wealth effect” by raising consumer confidence and encouraging spending, rising stock prices have a benign effect on the broader economy by directly stimulating US economic growth and GDP. And vice versa: when stocks drop, tightening financial conditions, US GDP is impacted adversely.
From Tyler Durden: Italian stocks tumbled with the FTSE MIB dropping 2.3% – the worst performer among major European markets on Monday – and hitting its lowest level since April 2017, while the country’s bonds plunged to the lowest level since February 2014.
From Tyler Durden: In a joint statement by U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland, the new trilateral trade deal will be known as U.S. Mexico Canada Agreement, or USMCA. The new trade agreement with Mexico means “freer markets, fairer trade and robust economic growth.”
From Tyler Durden: The breakout in Brent crude prices above $80 this week has prompted analysts at the sell side banks to start talking about a return to $100 a barrel oil.
From Tyler Durden: The Fed’s eight rate-hike since 2015 was perhaps the most anticipated yet, and Jay Powell did not let investors down, delivering the 25bps hike everyone expected.
From Tyler Durden: Less than three months after Trump’s latest tweet slamming OPEC, in which he warned the petroleum cartel that it must “REDUCE PRICING NOW!”, Trump was at it again and on Thursday morning, with Brent hitting $80 per barrel and higher gasoline prices creating another headache for Republicans ahead of the midterm elections, the president […]
From Tyler Durden: It has been one of the pronounced paradoxes of this market: the harder Trump pushes and escalates trade wars with various opponents – mostly China – the more the market rewards him by setting new all time highs, leading the president to believe he is “winning” and resulting in even more aggressive […]
From Tyler Durden: Thanks to a wave of consolidation that has helped banks compensate for rock-bottom interest rates and tighter capital requirements, Wall Street’s pre-tax profit grew by a staggering 42% last year, according to an annual report from the New York State Office of the Comptroller.