Business

S&P futures are again modestly in the green as European shares hold steady ahead of a meeting of the Catalan regional parliament and a possible declaration of independence by Catalan leader Puigdemont, while Asian shares rise a the second day. The dollar declined for the 3rd day, its losses accelerating across the board amid growing concerns that Trump's tax reform is once again dead following the Corker spat and a rejection from Paul Ryan, with the move gaining traction after China set the yuan’s fixing stronger for the first time in seven days.

Having predicted yesterday that the rout in the Turkish Lira is only just starting, and will reverberate among - and sink - other emerging market currencies (so far the USDTRY move has been largely ignored by virtually everyone), today Bloomberg macro strategist Mark Cudmore writes that while he remains bearish the dollar over the long-term, he suggests that the bounce in the dollar is far from over, citing the strong US economy, yield support and all time highs in the market.

The contemporary low volatility trading environment has been kind to actively managed equity funds - particularly if they piled into large-cap momentum stocks like Facebook and Amazon, which have been responsible for the bulk of this year’s rally.

Authored by Irina Slav via OilPrice.com,

Saudi’s headlines keep rolling in.

Saudi Arabia is deepening its ties with Russia, with billions of investments planned for the future. Saudi Arabia is going to allow women to drive. Saudi Arabia booked a second quarterly GDP contraction in a row, with non-oil revenues particularly worrying. Saudi Arabia is also going ahead with the Aramco listing in the second half of 2017, despite reports of a possible delay.

In the late 1700s, it was the start of the battle of stock exchanges: in 1773, the London Stock Exchange was formed, and the New York Stock Exchange was formed just 19 years later.

And while London was a preferred destination for international finance at the time, Visual Capitalist's Jeff Desjardins notes that England also had laws that restricted the formation of new joint-stock companies. The law was repealed in 1825, but by then it was already too late.