Stocks closed at record highs and November marked the eight straight monthly gain for the Dow and the S&P, the best stretch for the latter since January of 2007 and the best streak for the former since July of 1995:
Trump wants you to know that if Hillary had won, the Dow would be at 12,000. That’s based on his extensive research and proprietary models:
Rally monkey – almost literally in this case.
Lots of round numbers since the election:
Treasurys tumbled as stocks soared on tax optimism and as Bloomberg notes, the leg lower around 1:00 New York time was led by bunds after Eonia fixed higher.
Speaking of that latter point, the euro surged and there’s significant chatter about shenanigans in European money markets as an unexplained jump in Eonia has everyone scratching their heads. Thursday’s fix was 6bps higher at -0.241% – that would be the highest since March 9 of last year and it comes hot on the heels of Wednesday’s 6.1bp move higher. Note that the euro’s leg up comes after a disappointing inflation print, which would seem to suggest that something else is indeed amiss:
This was not a great month for European equities:
Meanwhile, the pound hit its highest level in more than two months amid Brexit “optimism”:
“With each hurdle that’s cleared the pound might just get a bit stronger until we get to the final — huge — hurdle, which will be the vote in the U.K. (and EU) parliaments to decide whether the final agreement is acceptable,” Standard Bank’s Steve Barrow said in a note.
WTI gyrated, but ultimately fell as OPEC did the expected. “Buy the rumor, sell the news.”
Oh, don’t forget about the lira amid the Zarrab drama. Guess when this headline hit:
- ZARRAB SAYS ERDOGAN APPROVED TRANSACTION INVOLVING IRAN: RTRS
Here’s a hint:
Although one certainly imagines things will get better in a hurry given what happened on Wall Street today, don’t forget that Thursday was a particularly rough session for the Hang Seng, which has fallen for four consecutive days in the worst streak since June:
Meanwhile, the SHCOMP turned in its worst month in nearly a year. Here’s how mainland indices made out in November: