Paul Singer just became the latest investing luminary to warn that the unprecedented monetary stimulus adopted by the Federal Reserve and other major central banks in Europe and Asia has elevated market risks to their highest levels since before the great financial crisis.
“I am very concerned about where we are,” Singer said Wednesday at the Bloomberg Invest New York summit.
So far "Triple Threat Thursday" has been a dud. In the day with the greatest concentration of market-moving risk events so far in 2017, market action - at least for the time being - has been a whimper, with European stocks and US futures modestly higher ahead of the ECB’s rate decision and Comey's testimony (which has now been fully publicized, removing much of the risk), as the U.K. voting is underway. Asian stocks fell led by a decline in Japan as the yen first strengthened, only to tumble later in the session.
Summaryvia the Soren K. Group and Marketslant
European and Asian stocks, as well as S&P futures were little changed ahead of "Super Thursday's" events which include the U.K. general election, Comey's testimony and the ECB policy decision. That however may change following a Bloomberg news report that the ECB is set to cut inflation forecasts through 2019 due to weaker energy prices, suggesting the "hawkish" ECB announcement some had expected tomorrow has been postponed.
Authored by Soeren Kern via The Gatestone Institute,