- Buckle up, bond investors. Global reflation and fading central-bank stimulus herald a new dawn for the European corporate debt market that will buoy high-yield paper at the expense of high-grade, according to analysts at Bank of America Corp., citing an upcoming portfolio shift among investors. " In 2016 we saw the lowest in yields and spreads," strategists at the U.S. bank led by Ioannis Angelakis, wrote in a report this week. "We doubt that we will see these levels again, especially post the recent strengthening of economic data across the globe."
- European stocks fell for the fourth time in five days as a slew of worse-than-forecast results and tepid forecasts damped the outlook for corporate health. The Stoxx Europe 600 Index fell 0.3 percent at the close. Drugmakers led declines as Novo Nordisk A/S slid 7.3 percent after trimming its 2017 sales projection. Daimler AG dropped 2.7 percent after saying profit will rise only “slightly” this year, while Deutsche Bank AG tumbled 5.2 percent after its quarterly trading revenue missed analysts’ estimates.
- Animal spirits are about to get physical, kicking off the next phase of the U.S. expansion. Business investment and productivity growth typically go hand in hand -- and they’ve both been largely absent during the nation’s economic recovery from the financial crisis. Residential and non-residential investment both made positive contributions to GDP growth in the fourth quarter -- the first time that’s happened in more than a year -- but Federal Reserve policy makers judged there to be more room to run for business fixed investment in Wednesday’s statement.
- Trump Threatens To Pull U.C. Berkeley Funds After Violent Protesters Cancel Yiannopoulos Speech. (video)
- The Central Banks Pull Back: Now It's Up To Fiscal Policy To "Save The World".
- Trump: "I Haven't Eased Anything On Russia".
- Democrats Plot Protests At Trump's Speech To Congress; Will "Refuse To Shake Hands".
- Defiant Iran Slams Trump: We Won't Yield To "Useless" Threats, Will Conduct More Ballistic Missile Tests.
- Bullish Sentiment Nears 3-Year Highs. (graph)
- Here Is The "Open Letter" Google(GOOGL), Apple(AAPL), Facebook(FB) And Others Are Sending To Donald Trump.
- Post-Election, Continuing Jobless Claims Are Soaring Most Since 2008. (graph)
- US Productivity Growth Has Never Been This Low For This Long. (graph)
- Dan Loeb's Q4 Letter: Trump Will Make Investing Great Again.
- The cost of leaving the euro is rising every month for Italy. It
lays out in minute detail why Italy is finally running out of road
after eighteen years of economic depression and eurozone mismanagement.
The awful possibility of a full-blown debt crisis in a country that is
too big to save - and by now too angry to bully - must be faced head on.