MOVE

As part of the macro forecast in his just released 2018 Credit Outlook (more on that in a subsequent post), DB's Jim Reid first looks back at the almost concluded 2017 and muses that "whichever way you cut it, it’s likely that 2017 will go down as one of, if not the least, volatile year ever for the vast majority of asset classes. The recent sell-off in early/mid November has been a bit of a wake-up call but overall this remains a blip." In fact, it makes him wonder if 2017 was "the most boring year ever?"

Authored by Ted Rivelle via TCW.com,

S&P futures gave up early gains and were trading down -0.2%, as Donald Trump completes his first Asian tour and as pressure mounts on U.K. Prime Minister Theresa May, sending the pound plunging. European stocks fell, tracking many Asian shares as the Nikkei plunge accelerated.

U.S. futures slid 0.2% as investors await a barrage of announcements including Wednesday's Fed decision, Friday's jobs report and, most importantly Trump's imminent announcement of who the next Fed chairman will be, although after the latest trial balloons, Jay Powell is now largely priced in. Asian equities edged modestly higher despite a tumble in Chinese stocks and bonds with Japan's Nikkei closing 3 points in the green, while European shares hold steady after concerns eased about the Catalan crisis with no notable developments over the weekend, pushing Spanish stocks and bonds higher.

One week ago, BofA chief investment strategist Michael Hartnett laid out his reasoning for why a market correction is imminent: