Nomura’s McElligott: Early Summer Melt-Up ‘Most Likely Scenario’ Despite ‘Spectacular’ Global PMI Destruction
The same old “force-in” narrative underpins the bull thesis.Â
The same old “force-in” narrative underpins the bull thesis.Â
Monday’s knee-jerk euphoria comes with all the usual caveats.Â
Ultimately, the data continues to come in soft.
Everything is in play.
“…any deal, if any, will likely be weaker than the 150-page ‘grand deal’”.
“I feel great”.
“We have heard from [Trump] personally that this would not happen”.
“And that’s very complex by the way.”
“As good as it was going to be”.
As ever, the perverse silver lining is…
“Don’t meddle in the election”. And other highlights.
“Look, let’s see what happens”.
It’s not “crazy”.
On Wednesday, the president called Maria Bartiromo. It was quite something.Â
At least low bars are easy to clear.
Food for thought.
“Sometimes you just have to walk away.”
“You gotta, stand back from it, you know.”
“It is a complete lie and propaganda from Iran.”
Did you miss it – again?
If the economy rolls over, “there’s very little for him to run on.”
The only question for markets is “By how much?”
“Increased uncertainty.”
The straw that broke the camel’s back.
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