Well, Monday was a snoozer and that’s a shame for a couple of reasons.
For one thing, it makes these end of day posts tedious, but more importantly, today should have been ‘”fun” (depending on your definition of “fun”) because things got off to a decidedly inauspicious start in Japan, where the Nikkei careened lower, falling for a fourth day and suggesting that perhaps it’s not going to infinity after all.
But alas, the fireworks ended right where they began – in Japan.
Stocks were flat in the U.S. and there was nothing much to speak of in the dollar. An early haven bid for Treasurys eventually evaporated:
buy all the drug stocks: AMAZON WON'T USE STATE LICENSES TO SELL PRESCRIPTION DRUGS:CNBC
— Walter White (@heisenbergrpt) November 13, 2017
On the oil front, the monthly OPEC report is worth a mention. Here are the highlights:
- OPEC boosts 2018 demand forecast, signaling faster rebalancing
- OPEC raises 2018 world demand est. by 300k b/d
- OPEC says group output fell by 151k b/d in Oct. to 32.59m b/d
- OPEC raises call-on-OPEC 2018 est. by 400k b/d, to 33.4m b/d
Mom-and-pop high yield stabilized today (i.e. the ETFs didn’t dive), but we’re a long ass way from resolving the conflicting signals being sent by junk and equities.
Although the losses weren’t steep, European shares have hit a rough patch with the Stoxx Europe 600 now sitting at its lowest levels since late September:
The FTSE fared better than everything else across the pond thanks in no small part to pound weakness:
Sterling was the story of FX land today, diving on fresh concerns about Theresa May and, by extension, Brexit. If you pan out a bit, you can get some context with the BoE’s dovish hike:
The Bitcoin crowd doesn’t want to talk about the fact that more than $30 billion in market cap disappeared into thin air from last Wednesday through Sunday. Mercifully, it rebounded a bit to start the new week:
Oh, and the CEO of Roku is now a billionaire after adding something like $650 million to his net worth since last Wednesday:
Finally, GE is a God-awful piece of shit.
And your moment of zen…