Many are trying to put their finger on what has precipitated today's breakout rally.
On one hand you have Reuters, saying that it is due to economic data which was so poor it "spurred stimulus hopes"...
... on the other you have, well, Reuters again which said the data was so strong it "points to economic recovery"...
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
It appears the music may have finally stopped for one of the world’s largest luxury real estate bubbles: London.
It’s well known that foreign oligarchs love London real estate as a means to launder funds, typically “earned” by soaking their host countries dry via corruption and fraud. This has caused absurd and irrational spikes in high-end residential real estate in the English capital, as well as a flood of new construction.
Mario Draghi better put up or shut up at the next ECB meeting as the market is more-than-pricing-in a very significant deposit rate cut (deeper into NIRP). In fact, at -56bps, 2Y German bond yields are the most "priced in" since 2011 (and bear in mind he disappointed in December).
And in close up - Draghi "disappointed" in December
Though ironically that surge in yields in December enabled more Bunds to be eligible (albeit briefly) for Draghi's mass purchase scheme.
Following the weakness in global PMIs, and yesterday's Chicago PMI collapse, US Markit Manufacturing PMI dropped to cycle lows at 51.3 from 52.5 (very slightly better than expectations of 51.2) with job growth at 5-month lows, production at slowest in 28 months, and work backlogs tumbling to the lowest since Sept 2009.
Submitted by Lance Roberts via RealInvestmentAdvice.com,
Warren Buffett, in his latest annual letter to shareholders, took aim at the idea that 2% real economic growth wasn’t sufficient to create economic prosperity for future generations was wrong.
Via Myles Udland from Business Insider: