Global shares were mixed, equity futures, the dollar and crude rose as investors focused their attention on today's inauguration of Donald Trump as U.S. president. While the early tone is well bid, some traders anticipate a volatile session, with speculation that a bout of "sell the inauguration" could cap the aging Trump rally, which started with his inauguration.
Via The Daily Bell
Donald Trump is committed to globalisation. Davos told Elite in Europe and US have misunderstood trade stance says Anthony Scaramucci … A senior member of Donald Trump’s team insisted that the president-elect was committed to globalisation, open trade and Nato, despite recent comments that unsettled America’s allies. -FT
Donald Trump either misunderstand what globalism is, or he’s not being accurate about the procedure.
How do you know with certainty that Davos has not only jumped the shark, but has become a parody of itself? One answer: when you have a handful of semi, and not so semi, billionaires - perplexed by the populist backlash of the past year - sit down and discuss among each other how a "Squeezed and Angry" middle-class should be fixed.
As we observed in yesterday morning's market wrap, while US traders took the day off for the MLK holiday, China was busy defending an accelerating selloff across its stock markets.
While traders eagerly await Theresa May's speech set to begin in minutes, even if it was largely leaked last night to minimize "market shocks" and set the stage for a big squeeze in cable which at last check was over 100 pips higher overnight, the big catalyst setting today's risk off mood was the previously noted Trump statement, published overnight by the WSJ, in which Trump called the US currency "too strong", and attacked the Border-Tax Adjustment, expected to boost the value of the USD by as much as 15% should it be implemented.