First there’s this:
Where he gets “seldom mentions” is anyone’s guess, because literally every mainstream media outlet on the face of the planet is talking about record high stocks. Methinks the disconnect he sees is between the number of times those record highs are attributed to him and the number of times they’re attributed to things that aren’t him, with the latter being the far larger number.
Anyway, stocks were up on Wall Street again:
Ford and GM fell because they can’t sell any cars:
That sparked a Treasury rally as yields fell to their lowest in a week:
Oil took a late morning swoon after a Bloomberg survey showed production from OPEC members increased 210,000 barrels per day in July.
It looks like $50 on WTI is going to be hard to hold, regardless of the Venezuela news flow. “The $50-level is a psychological level. People are really beginning to realize that the market probably needs a steady beat of bullish information to continue to rally,” Gene McGillian, market research manager at Tradition Energy, said on Tuesday. “If we don’t get a really positive inventory report this week, the market is vulnerable to a nice little turnaround.” API after the bell as usual. Do note that USO saw $164.7m in outflows last week. That was the 4th straight week of outflows and came as crude surged…
European shares were up across the board after decent eurozone GDP and PMI data. Rolls Royce helped, with its shares rising over 10% on the day.
The dollar mercifully stabilized after posting its fifth consecutive monthly loss in July (down every, single month since Trump suggested the greenback was a real-time gauge of global confidence in his policies):
The aussie traded back below 0.80 after the RBA flagged FX strength as an impediment to the economy and inflation:
The euro is taking a breather from its relentless push higher against the dollar and, notably, the Swiss franc:
The J.P. Morgan G7 Volatility index, is up three weeks in a row sitting at its highest since May 1:
Emerging market equities are euphoric and EM equity vol. is non-existent:
Gold’s nearing a two-month high for all manner of readily apparent reasons: