Authored by Mike Shedlock via www.themaven.net/mishtalk,
Let's investigate what happened after the last 3 major tax reforms. Another "reform" is on deck.
I picked up this idea from Holger Zschaepitz, @Schuldensuehner, who made the following Tweet, posting a chart from Bloomberg.
With Republican leaders still frantically scrambling to find last-minute fixes in their tax-reform plan that will help win over moderate Republicans and deficit hawks who could create problems during the reconciliation process, the Washington Post is reporting that Republican leaders are considering a deal to roll back the corporate rate to 22%.
Citi stock tumbled, closing at session lows after the bank's CFO John Gerspach confirmed that the trading woes plaguing other banks would impact it as well, previewing Q4 trading as down "in the high teens." The percentage decline in trading revenue from a year earlier is largely driven by the bank’s fixed-income unit, Gerspach said on Wednesday at an investor conference in New York.
Tech stocks bounced today (perhaps on AMT chatter) sparking a chorus of confirmation-bias-based commentary that the bull is back... but we suspect that parrot is still dead...
Authored by Kevin Muir via The Macro Tourist blog,
Last week there were all sorts of articles hitting the newswires about the fact the world’s stock market total capitalization was pushing $100 trillion.
This article and chart from Business Insider sums up the reaction: