Today’s gains were preordained thanks to ebullient Asia session. There’s always a chicken-egg scenario there. Is Asia taking its cues from Wall Street or is Wall Street taking its cues from Asia? It certainly seems as though Asia set the tone on Tuesday.
Recall that overnight, the CSI 300 roared higher and Hong Kong-listed Chinese large-caps surged.
The Hang Seng hit its highest levels since November 2007 as Tencent surpassed Facebook in market cap.
Trump pardoned Drumstick. “Ohhhhh Drumstick”…
"Hi Drumstick. Ohhhhh Drumstick" pic.twitter.com/DogVxrkYnQ
— Walter White (@heisenbergrpt) November 21, 2017
U.S. stocks closed at record highs with the S&P crossing 2,600 for the first time intraday and the Nasdaq 100 logging its second-best day since the late-October big-cap tech earnings blowout:
This. Just – this:
The dollar was weaker against most of its G-10 peers. Treasurys pared morning gains. Ultimately, the flattening trend refuses to abate. You can see the early moves faded:
European shares dipped at the cash open only to end solidly higher – Tuesday marks the second day in a row of that:
Notably, the Stoxx 600 has now recouped a good portion of what was rapidly becoming a pretty sizable drawdown:
All of this is of course unfolding against an exceptionally precarious political backdrop in Germany, so don’t get too comfortable.
It was a good day for the loonie and the peso, which were both buoyed by whatever counts as “optimism” on NAFTA these days. Apparently, Juan Pablo Castanon, head of Mexico’s business chamber, said negotiators are close to finishing work on telecom, energy and digital commerce provisions. What. The. Fuck. Ever. Man.
Amusingly, someone decided that risk-on actually meant risk-off right at the cash open on Wall Street as gold rose and USDJPY fell:
Oh, make-believe space tokens (Bitcoin) fell some 5% before recovering. The reason they fell is because someone stole some other make-believe space tokens (Tether) from a make-believe space “wallet”:
One more thing… these are “only” $45 (h/t Murphy)…