U.S. stock markets pointed to fractional gains (SPY +0.2%) at the open this morning, with the blue-chip Dow futures rising 55 points on continued hopes that the policies of Trump will deliver economic growth. Global bond prices have tumbled, the U.S. dollar rallied to an 11-month high (100.03) and WTI crude has slipped to the 42 handle.
Here is the current market situation from CNN Money
European markets are higher today with shares in Germany leading the region. The DAX is up 0.36% while London's FTSE 100 is up 0.24% and France's CAC 40 is up 0.12%.
LONDON (Reuters) - The U.S. dollar hit an 11-month peak on Monday as the risk of faster inflation and wider budget deficits, if president-elect Donald Trump should go on a U.S. spending spree, sent Treasury and other benchmark global bond yields shooting higher.
NEW YORK (Reuters) - Donald Trump's stunning victory for the White House may mark the long-awaited end to the more than 30-year-old bull run in bonds, as bets on faster U.S. growth and inflation lead investors to favor stocks over bonds.
SEOUL (Reuters) - Samsung Electronics announced an $8 billion deal on Monday to buy Harman International Industries, marking a major push into the auto electronics market and the biggest overseas acquisition ever by a South Korean firm.
BEIJING (Reuters) - China's economy largely showed further signs of steadying in October as expected, but disappointing retail sales growth and fears of U.S. trade frictions under incoming President Donald Trump are increasingly clouding the outlook.
Now that the election is over, as are the fake pleasantries and pre-election alliances, the time for payback has arrived, and according to a press release issued moments ago by the Bernie Delegate Network, hundreds of former Bernie Sanders delegates to the Democratic National Convention have voted overwhelmingly in a straw poll to "call for the immediate resignation of Donna Brazile as chair of the Democratic National Committee."
As a reminder, Brazile was recently sacked by CNN following revelations in the leaked Podesta emails that she had forwarded questions to Hillary Clinton against policy.
The vote, 337 to 13, was 96 percent in favor of urging Brazile to resign. It came in a straw poll by the independent Bernie Delegates Network, which is sponsored by the online activist group RootsAction.org in partnership with Progressive Democrats of America.
On Monday, hours after the delegates' votes were tallied, RootsAction launched a nationwide petition calling for Brazile to immediately resign.
The petition campaign was sparked by the revelation that, as a political analyst for CNN, Brazile gave the Clinton campaign advance notice of questions that would be asked during a CNN debate between Sanders and Clinton. At the time, Brazile was publicly claiming to be neutral about the Sanders-Clinton race.
The Washington Post reported on Nov. 7: "Donna Brazile is not apologizing for leaking CNN debate questions and topics to the Hillary Clinton campaign during the Democratic primary. Her only regret, it seems, is that she got caught."
The executive director of Progressive Democrats of America, Donna Smith, said today: "We believe the DNC chair must reflect the base of the Democratic Party and the mission for which this party long stood. Clearly, when the party leadership failed to conduct itself impartially during the primary season and then failed to defeat the Republican candidate who is the most dangerous demagog ...
Authored by Glenn Harlan Reynolds, first posted in USA Today
With puppies, Play-doh and coloring books, safe spaces and therapy sessions turn universities into a joke.
One of the more amusing bits of fallout from last week's election has been the safe-space response of many colleges and universities to the election of the "wrong" candidate. But on closer examination, this response isn't really amusing. In fact, it's downright mean.
Trump's substantial victory, when most progressives expected a Hillary landslide, came as a shock to many. That shock seems to have been multiplied in academe, where few people seem to know any Trump supporters — or, at least, any Trump supporters who'll admit to it.
The response to the shock has been to turn campuses into kindergarten. The University of Michigan Law School announced a "post-election self-care" event with "food and play," including "coloring sheets, play dough [sic], positive card-making, Legos and bubbles with your fellow law students." (Embarrassed by the attention, UM Law scrubbed the announcement from its website, perhaps concerned that people would wonder if its graduates would require Legos and bubbles in the event of stressful litigation.)
Stanford emailed its students and faculty that psychological counseling was available for those experiencing "uncertainty, anger, anxiety and/or fear" following the election. So did the University of Michigan's F ...
The key economic releases this week are retail sales on Tuesday, PPI on Wednesday and CPI on Thursday. There are several scheduled speaking engagements from Fed officials this week, including Chair Yellen's testimony before Congress on Thursday.
As markets continue to digest the implications of the US election outcome, there is a host of data and Central Bank communication adding to the running narrative with Fed speakers appearing on every single day of the week. In addition to barrage of daily Fed speakers, including Chair Yellen, we get US inflation data, retail sales, housing data, empire manufacturing, industrial production and the Philly Fed.
But it's not the data that will be the primary focus this week, it's the Fed speakers who are as follows:
Monday: Kaplan; Lacker; Williams
Tuesday: Rosengren; Tarullo; Fischer
Wednesday: Bullard; Kashkari; Harker
Thursday: Dudley; Yellen; Brainard; Evans
Friday: Bullard; George; Kaplan; Powell
In data: In the US focus will be on inflation data and retail sales, while across the pond we get labor market, inflation and retail sales data from the UK. The Euro area releases are more backward looking so focus will tilt towards ECB communication. Meanwhile in Australia, while the RBA Minutes are unlikely to add much new information, the labor market report will likely show employment growth falling for the third consecutive quarter. This should be an ...
A recemt blog post discussed the conventional central banking wisdom regarding inflation control. Namely, raising the nominal interest rate target should lead to lower inflation and cutting the nominal interest rate target should lead to higher inflation. This post discusses Neo-Fisherian ideas, which suggest the opposite would hold.
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