Monday, August 28, 2017

Today's Headlines

Bloomberg:
  • Wall Street Vets From Dalio to Gundlach Warn on Emerging Markets. (video) More investors are joining the cast of Wall Street veterans from Jeff Gundlach to Ray Dalio in warning that risky assets are overvalued. They point to rising global turmoil underscored by the recent terrorist attacks in Barcelona and the racially charged violence in Charlottesville, Virginia, as well as valuations that no longer compensate for potential flareups in North Korea and Venezuela. That’s not to mention the unpredictability in the U.S., where President Donald Trump is feuding with members of Congress before a critical vote to increase the country’s debt ceiling.
  • Stocks Mixed as Traders Weigh Harvey; Gas Surges. (video) U.S. stocks were mixed, oil declined and gold rose as investors weighed the damage from Tropical Storm Harvey. The euro held steady after rising to its strongest level since January 2015 against the dollar. Gasoline surged to the highest in two years and crude oil fell as flooding from Harvey inundated refining centers along the Texas coast, shutting more than 10 percent of U.S. fuel-making capacity. Insurers were among the biggest decliners Monday in the S&P 500 Index, with Travelers Cos. dropping as much as 3.2 percent and Progressive Corp. down as much as 2.9 percent. The Stoxx Europe 600 Index fell 0.5 percent. The MSCI World Index of developed countries advanced 0.1 percent.
Wall Street Journal:
Zero Hedge:

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