Invaluable advice..."seriously you are not fucking listening"
Stocks surged to record-er highs early on...Small Caps were today's best performer (up over 1.5%!), 13th record close for The Dow post-Trump
"I sometimes feel like ‘The Grim Reaper’, scouring the research savannah in a ghoulish quest to harvest bad news with a forceful sweep of my scythe. Imagine then my perverse delight when our credit team produced what is one of the scariest charts I have seen for a very long time. Markets shrugged off the Brexit vote in a couple of days. They shrugged off Donald Trump’s election in a single day. They shrugged off the Italian Referendum result in a couple of hours. Heck, in this mood they would shrug off an alien invasion of planet Earth.
Casino stocks have plunged following a report in the South China Morning Post that in China's latest crackdown on capital outflows, Beijing is cutting in half the amount of money account holders of China UnionPay can withdraw from ATMs in Macau, the world’s largest gambling market.
The Monetary Authority of Macau’s ATM withdrawal cut is understood to be a reaction to attempts by illicit money movers to circumvent Beijing’s move at the beginning of this year to cap at 100,000 yuan (HK$112,600) the annual amount that UnionPay card holders could withdraw.
That the market has soared since the Trump election on hopes of a fiscal stimulus splurge, sending the Dow Jones to just 300 points away from 20,000 is by now familiar to most. However, what few may realize is that even in a best case scenario, one where Congress does not throw up on Trump's vague stimulus plan which is expected to add as much as $5 trillion to the already soaring US debt, little if any of the actual spending and economic boost will take place in 2017.
It appears JPMorgan has employee screening - or perhaps retention - problems.
According to Reuters, a (now former) JPMorgan employee, who was ordered to attend counseling for gambling, is facing criminal charges that he engaged in a scheme to steal $5 million from the bank in order to pay personal debts.
That in itself would not be exciting, however the details of how he planned on stealing from the bank to repay his debt, is.