Stocks are so hot that junk bond managers want in to equity markets. Bloomberg’s Lisa Abramowicz explained the conditioning that’s led to this – simply that the performance rankings of corporate debt funds shows that those which are taking the most risk have, not surprisingly, booked the best performance in 2017. While this involved purchasing lower-rated credit instruments, in some cases, it has meant buying more equities.
Cryptocurrencies are broadly higher this morning with Bitcoin leading the way to new record highs at $6000 - nearing $100 Billion market cap, bigger than Goldman Sachs - as demand from Zimbabwe soars (and Spanish concerns see activity rise).
Most of the biggest cryptos are higher...
But Bitcoin is leading - now above $6000 for the first time ever...
And is now 'bigger' than Goldman Sachs...
As CryptoCoinsNews reports, Zimbabweans are attempt to escape yet another currency debacle...
Tumbling starts and permits data, and dismal new, pending, and existing home sales in August urged a rebound in September and existing home sales (amid massive storms) somehow managed to surge 0.7% MoM (smashing expectations of a 0.9% tumble).
Trend reversal?
Gold Up 74% Since Last Market Peak 10 Years Ago
While it may not have slashed its dividend, yet, General Electric shares plunged 5% in the pre-market after the company cut its 2017 profit forecast while its new CEO grapples with one of the deepest slumps in the iconic US manufacturer’s history. The company reported that adjusted earnings this year are expected to be only $1.05 to $1.10 per share, down over 30% from a previous range of $1.60 to $1.70 a share. This is also sharply lower than the sellside consensus of $1.54 a share.