One day after Saudi Arabia raised the prospect that Wednesday's OPEC summit in Vienna may conclude without a deal (which also was spun as optimistic as the market would still revert to "equilibrium", however it was unclear at what price), OPEC members tried on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia.
The details of any Trump growth plan may not be available for a long time, but the general sentiment that Trump's fiscal spending boost will be good for global growth was enough for the Organization for Economic Cooperation and Development which on Monday said that U.S. and global economic growth would be boosted by increases in spending and tax cuts promised by the President-elect. However, the OECD also cautioned that those gains would be lost if he pressed ahead with threatened tariff increases that triggered retaliation.
European shares dipped and U.S. equity-index futures (-0.3%) pointed to a lower open as traders questioned the stability of the Italian banking sector ahead of next weekend's referendum as well as the longevity of the Trumpflation rally, pressuring the dollar, sending the USDJPY sliding as low as 111.355 overnight, before rebounding over 112. That was the dollar's biggest fall against its Japanese rival since October 7 and against a basket of top world currencies it was the greenback's worst day since November.
Wealth inequality was a major issue "in almost every part of the world," according to Credit Suisse's latest Global Wealth Report. The world had been growing more equal from the start of the century until 2008, but that "trend reversed after the financial crisis," and it looks set to continue to get more unequal.
Russia is the world’s most unequal country, with a staggering 74.5% of the nation’s wealth controlled by the richest 1 per cent of people.
Credit Suisse notes,
Bolivia has become the latest country to kick the Rothschild banks out of their country, with President Evo Morales announcing that Bolivia will no longer respond to pressure or financial blackmail from the US government or Rothschild-controlled international banking institutions. The International Monetary Fund (IMF) and US-dominated World Bank have been major players in the global economic landscape ever since their creation in 1944.