Seemingly reassuring conservatives, especially his fiscally hawkish former Tea-Party member Budget Director, President Trump warned that America's "[spending] was out of control," as officials gathered to discuss the budget, adding that there is "enormous work to do on the national debt."
While stocks did not blink, Trump's comments definitely angled more fiscal hawk than free-spending deficit dove.
So much for concerns that rising rates would slam the US real estate market.
According to the NAR, in January, Existing home sales jumped by 3.3%, well above the 1.1% consensus estimate, and more than reversing last month's revised -1.6% drop. The annuallized pace of sales rose to 5.69 million, above the 5.54 million estimate, and the biggest monthly jump since March 2016. January's sales pace was 3.8% higher than a year ago (5.48 million) and surpasses November 2016 (5.60 million) as the strongest since February 2007 (5.79 million).
Gold To Rise - Real Chinese Gold Demand Higher Than "Official" Demand
Frank Holmes joins Lawrie Williams, Koos Jansen and many others in questioning the "official" Chinese gold demand numbers. Real gold demand is likely much higher than the official numbers
by Frank Holmes
What started off in familiar fashion, with Asian stocks rising, and Europe hitting multi-month highs and US futures in record territory has stumbled in recent minutes following a continued rush for safety in short-dated German Bunds (the 2Y is now trading at -0.92%) and ongoing selling in the USDJPY, which has pushed Stoxx 600 back to unchanged, and S&P futures to modestly red for the session.
The exact catalyst is unclear although traders are citing continued French political risks, as the recent OAT selloff continued this morning on Le Pen fears.