Asia

Did Jeff Gundlach do it again? Shortly after the DoubleLine manager told Reuters yesterday afternoon that the Trump rally is ending, that "stocks have peaked" and that it is "too late to buy the Trump trade", US stocks tumbled to session lows, and have continued to drop overnight, with S&P futures down 0.3%, alongside sliding Asian and European markets; oil and the dollar are also down with the only asset class catching a bid are 10Y TSYs, whose yields are lower at 2.43% after reaching an 18 month high of 2.492% overnight ahead of today's nonfarm payrolls report.

It is said that history has a sense of irony. The latest US election is not an exception.

Consider the following…

1.     Donald Trump campaigned aggressively on trade… particularly his opposing of the fact that the US gets taken advantage of by foreign nations via bad trade deals.

2.     Trump wins the Presidency on November 8, 2016.

3.     US trade gets royally screwed in the currency markets.

In his annual address to the nation, Russian President Vladimir Putin struck an unusually conciliatory tone on Thursday, saying Moscow wanted to get on with the incoming U.S. administration and was looking to make friends not enemies: "We are ready to cooperate with the new U.S. administration. We have a shared responsibility to ensure international security."

"We don't want confrontation with anyone. We don't need it. We are not seeking and have never sought enemies. We need friends," Putin told Russia's political elite gathered in the Kremlin's grand hall.

European, Asian stocks rise as do S&P futures as OPEC ministers gathering in Vienna appeared to be set to announce a deal to cut oil production and prop up global prices. Oil has surged over 7% as a result, also pushing US TSY yields and the dollar higher.

With all eyes on Vienna, where optimism OPEC ministers will salvage a deal to cut production, oil has soared by over 6% reverberating through the financial markets, spurring oil’s biggest gain in two weeks and sending stocks of energy producers and currencies of commodity-exporting nations higher.

Submitted by Mike Shedlock via MishTalk.com,

Gallup’s Daily Obama Approval Rating poll shows Americans view president Obama consistently higher now than at any time since 2009.

His popularity is more of a reflection on Obama being a likable person, than having likable policies. It’s also a reflection on the extreme unpopularity of both Hillary Clinton and Donald Trump.

Complete Failure