Asia

US equity futures in the green ahead of critical Senate debate on US tax reform and a much anticipated testimony from Yellen replacement Jerome Powell for Fed’s current policy approach.  European stocks advance, led by oil and gas stocks after Shell fully restored its cash dividend and unveiled a bullish outlook. Asian shares slide despite the reappearance of the Chinese "National Team" which stabilized the SHCOMP selloff in the last hour. USD recovers gradually from overnight lows against G-10, pushing GBP/USD and EUR/USD to session lows, while oil and treasuries edged lower.

The Chinese authorities’ efforts to contain leverage and reduce risk across the nation’s financial system took another step forward overnight with the ban on approvals for mutual funds that plan to allocate more than 80% of their portfolios to Hong Kong stocks. This looks like a response to surging capital flows into the territory from the mainland and the equity market euphoria in Asia, which saw the Hang Seng index cross the 30,000 mark last Wednesday for the first time in 10 years.

 "It's going a lot, lot higher"

       - Mike Novogratz discussing the price of bitcoin, Nov. 27, 2017

Whatever you do - remember "all is well"

Dow ended higher (with MMM and HD the biggest drivers) as Trannies, Small Caps (ugly into the close), and the Nasdaq red with S&P clinging to unchanged...until the very last minute...

In the aftermath of the 2008 financial crisis, countries all over the world suffered dire consequences. The irresponsibility of the globe’s biggest banking institutions, institutional investors, regulators, and consumers plunged economies in the United States, Europe, and Asia into a panic. The blame lies with those who exercised poor judgment in their creation and sale of shoddy derivative assets, but also with regulators for perpetuating a broken system of opacity.