Business

Following January's surge in employment (biggest gain in 7 months), February's ADP print exploded higher to 298k (5 sigma above all expectations). This is the third biggest monthly employment gain of the expansion. It appears the 'Trump Effect' is the biggest driver as the ADP payroll surge was mostly due to a record surge in employment for goods-producing industries.

Private sector employment surged by 298,000 for the month, with goods producers adding 106,000. Construction jobs swelled by 66,000 and manufacturing added 32,000.

As 2016 drew to a close, even as US bank stocks posted some of the biggest gains since Mr. Trump got elected, it seemed their counterparts down-under aren’t doing that well! All signs point to a huge weakening in Aussie bank stocks in 2017. But the bigger question is: Will we hear a loud boom as banks down under go bust?

THE OMINOUS SIGNS

In his first spring Budget speech before the House of Commons, UK Chancellor Phillip Hammond sharply raised his growth forecast for the UK for 2017, expecting 2.00% growth and 2.4% inflation, compared to the previous November forecast of 1.40% and 2.3% respectively, while modestly cutting outer years until the two projections catch up again in 2021, adding that the UK had "confounded commentators with robust growth."

A summary of forecasts is as follows:

Gold Investing 101 - Beware Unallocated Gold Accounts With Indebted Bullion Banks and Mints (Part II)

Among the big drivers behind the recent move higher in the price of bitcoin - in addition to the traditional "capital outflow" demand out of China - has been widespread hope that the SEC will approve the first bitcoin ETF. And contrary to our report from January that such a decision, and ETF, will be delayed substantially, today Coindesk writes that according to its sources, the ETF decision is expected, either affirming or denying, is expected by Friday.