Business

Despite storms, wildfires, quakes, higher gas prices, and failed Washington policies, Americans are - according to The University of Michigan - their most confident since January 2004.

But we think it's clear what is driving the optimism... total delusion!

Americans have never been more confident that that stock market will rally further in the next 12 months...

And despite the fact half of America lives paycheck to paycheck, they have never, ever, been more confident of retiring comfortably...

Authored by Kevin Muir via The Macro Tourist blog,

Another day, and another steady grind higher in US stock markets.

U.S. Mint Gold Coin Sales and VIX Point To Increased Market Volatility and Higher Gold

Mirroring the pattern set by JPM and Citi yesterday, Bank of America reported revenue and earnings that modestly beat expectations, with Q3 revenue of $21.8BN and $22.1BN on an adjusted, FTE basis, just above the $21.9BN consensus estimate, generating net income of $5.6 billion (up 13% Y/Y), and EPS of $0.48, above the $0.46 estimate, and higher than the $0.41 reported Y/Y, even as sales and trading revenues slumped, and FICC revenue tumbled by 19%.

In a surprise move - and just months after the grandson of the company’s founder was jailed for corruption - the CEO of Samsung, Kwon Oh-hyun has resigned 'to make way for new leadership'. In an odd turn of events, despite record profits, Kwon warned the company faces an "unprecedented crisis."