Business

One week ago we showed that in a surprising twist, even as the broader market has remains stable and trading rangebound between 2040 and 2080 over the past month, actual equity outflows had accelerated and one week ago EPFR reporter another $7.4bn in equity fund outflows (the 5th straight week) driven by $4.8bn in mutual fund outflows and $2.7bn ETF outflows, leading to a $44bn equity exodus past 5 weeks, which as Michael Hartnett points out is the "largest redemption period since Aug’11."

• Lacking new ideas, G7 to agree on 'go-your-own-way' approach (Reuters)
• Japan's Aso tells G7 FX stability vital, no competitive devaluations (Reuters)
• Snubbed by West, Russia rolls out red carpet for Asian leaders (Reuters)
• The Fed Has Something to Prove to Wall Street (BBG)
• Trump's Supreme Court list: all conservative, some provocative (Reuters)
• Nasdaq Raises Lawsuit Threat Over SEC’s IEX Speed-Bump Plan (WSJ)
• Credit-Card Debt Nears $1 Trillion as Banks Push Plastic (WSJ)

It will be fitting, not to mention symmetric, if stocks which yesterday closed at 7 weeks lows and red for the year, end the week the same way they started it: with a rally on no news, just more hopes that oil (which as recently as two years ago none other than Chair Yellen said said would be be "unambiguously good" if lower) will continue rising.

The Biggest Bubbles: China vs. the U.S.

Written by Jeff Nielson (CLICK FOR ORIGINAL)

There is perhaps no other area where the tunnel-vision, hypocrisy, and corruption of the U.S. media is more visible than with respect to its nearly incessant China-bashing. Previous commentaries have exposed such vacuous drivel again and again and again.