Following yesterday's torrid 2.4% March opening rally, which resulted in the biggest S&P gain since January and the best first day of March in history on what was initially seen as very bad news, and then reinterpreted as great news, overnight futures have taken a breather, and erased a modest overnight continuation rally to track the price of oil lower.
Last week, Larry Summers took on the $100 bill.
Now, he’s taking aim at the man who, if it were up to him, would be on that banknote. In a new Op-Ed for The Washington Post, Summers calls Donald Trump “the greatest present threat to the prosperity and security of the United States.”
Gold Rose Another 10% In February – Best Month Since January 2012
Gold bullion rose 10.1% in February adding to the 7% gains seen in January. This means that gold is the best performing asset this year, up 17% so far in 2016. Silver is the next best performing asset with an 8% gain year to date, followed by US Treasuries (30 Year Bond) which have gained 7.8% so far in 2016.
Don’t look now, but Barclays just joined the chorus of European banks reporting horrific results.
Shares plunged by double-digits on Tuesday after the bank said it swung to a £1.9 billion pre-tax loss in Q4 and moved to cut the dividend and shed its African subsidiary.
With markets happy to put February in the history books because it marked the fourth consecutive monthly decline in global stocks, we move on to March 1st, which doubles down as 'Super Tuesday' in the US when Trump's presidential candidacy will almost certainly be sealed and a day in which stocks decided to join the super fun by super surging overnight on nothing but bad global macro and economic which however was promptly ignored and instead the focus was on ongoing central bank intervention and even more jawboning.