Business

Party's over...

With the yield curve flatter than before Trump's election, and rates collapsing, reform was the last best hope for bank bulls...

And after Friday's debacle, it appears investors have lost patience...

Banks are now red YTD...

Think banks are oversold? Maybe not...

With stocks crashing in the pre-market, and VIX above 15, there is only one thing for it... Break The Market!!

Pre-market problems...

Solved...

• Markets Slide on Doubts that Trump Can Deliver (BBG)
• Dollar hits four-month low as Trump trade deflates (Reuters)
• These Charts Show Alarm Bells Ringing on Trump Trade (BBG)
• White House may court Democrats on tax reform (Reuters)
• Republicans Could Have Another Fight Over Tax Overhaul (WSJ)
• 'Religious left' emerging as U.S. political force in Trump era (Reuters)
• Democrats Weigh Next Steps on Gorsuch Nomination (WSJ)
• Iraq Military Rejects Claim U.S. Airstrike Killed Civilians (WSJ)

Gold, Silver Rise 2.5% and 3.2% As ‘Trump Trade’ Fades

Gold and silver jumped another 1% overnight in Asia, building on the respective 1.5% and 2.2% gains seen last week. The 'Trump trade' is fading, impacting stock markets and risk off has returned to global markets with the Nikkei, S&P 500 futures and European stocks weakening.

The rand tumbled as much as 1.7% and banking shares on the Johannesburg bourse fell more than 2% after South African President Jacob Zuma unexpectedly ordered Finance Minister Pravin Gordhan to return from an investor roadshow to Britain and the United States on Monday because he "did not give permission for the trip" a government source said.

"They were told last night or this morning to come back... the presidency did not give permission for the trip," the government source said.