Former Fortress Principal Michael Novogratz is not shy to share his opinion of virtual currencies. In June he explained "cryptocurrencies were likely the biggest bubble of his lifetime," but remained positively constructive with 20% of his net worth in various coins including Bitcoin and Ethereum as he made billions.
"Novo" - as his friends call him - has had a good run...
Is it complacency, or simply trader paralysis?
A question we first asked three months ago is getting a second wind this morning, when in a report by Deutsche Bank's Alan Ruskin - "Vol: freeze or flight?" - the macro strategist points out that "the new 2017 Nobel laureate for Economics is not the only one at a loss to explain low stock market volatility, and thinks investors are in ‘freeze mode’ in the midst of global uncertainties."
According to Ruskin, however, it's all about to change.
In what appears to be a desperate, early-morning marketing push to avoid the embarrassment of his tax reform package meeting the same fate as his Obamacare repeal effort, Trump released the following tweet storm touting the "unprecedented $5.2 trillion" in stock market gains since his election and promised those gains would "grow by leaps and bounds" if "Congress gives us the massive tax cuts (and reform) I am asking for."
In its latest OPEC Monthly Oil Market Report (October) the oil cartel has increased its oil demand estimates for 2017, 2018 on strengthening world economy, and weaker outlook for supplies from its rivals.
In a much anticipated televized briefing, Spanish Prime Minister Mariano Rajoy formally demanded the Catalan leader clarify whether independence has been declared, saying that is needed before he can decide what steps to take. The Spanish leader announced that the central government has moved to take the first step towards suspending home rule in Catalonia on Wednesday morning.
"Cabinet has agreed to notify the Catalan government [so that it may] confirm if it has declared independence", he said.