Green Friday.

Well, it would not be a “black Friday” for stocks.

The Nasdaq and S&P closed the holiday shortened week at fresh records. The Dow and the S&P have now snapped a two-week losing streak:


Third straight week of losses for the dollar – this is the worst stretch since July and comes amid cautious banter on inflation from Yellen earlier this week and similar overtones from the Fed minutes on Wednesday:


Treasury yields meandered around on Friday, up 2bp-2.5bp across the curve. 10Y yields at 2.34, but of course it’s the curve that everyone is concerned about. 5s30s below 70bps:


Here’s a fun chart from Goldman:


And another:


This is good news:


Between the pressure on the dollar, optimism around the political situation in Germany (Schulz pledging to help Merkel albeit in a limit way), and upbeat econ, the euro is sitting at its highest levels since September 22:


Here’s a snapshot of European shares on the month:


Crude rose above $58 for the first time since since the summer of 2015. Apparently, OPEC and Russia (so, OPEC and Putin) have decided on a plan to extend the production cuts although the details are still being worked out behind the scenes:


The SHCOMP managed to stabilize after Thursday’s rout, closing basically unchanged on Friday:


Folks are concerned about the bond market over there. 10Y yields were in focus this week as 4% seems to be a line in the sand for Beijing. Have a look at the China-Aussie spread:


That’s a record high – it’s blown out 70 bps since early last month.

Now go out and challenge someone at Walmart to a fist fight over a flatscreen deal.


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