Business

When discussing Blackrock's latest quarterly earnings (in which the company missed on both the top and bottom line, reporting Adj. EPS of $5.24, below the $5.40 exp), CEO Larry Fink made an interesting observation: “While significant cash remains on the sidelines, investors have begun to put more of their assets to work. The strength and breadth of BlackRock’s platform generated a record $94 billion of long-term net inflows in the quarter, positive across all client and product types, and investment styles.

“Bigger Systemic Risk” Now Than 2008 - Bank of England

• Americans Feel Good About the Economy, Not So Good About Trump (BBG)
• GOP Leaders Brace for CBO Estimate on Revised Health-Care Bill (BBG)
• From $2 Billion to Zero: A Private-Equity Fund Goes Bust in the Oil Patch (WSJ)
• Turkey Building Up Army Base in Qatar, Erdogan Adviser Says (BBG)
• U.S. Companies Have a New 401(k) Fix: Spend More (WSJ)
• Plastic-Versus-Cash Battle Heats Up After Visa, Mastercard Deals (BBG)
• China's strong second-quarter GDP growth paves way for deeper reforms (Reuters)

We - as well as Citi - previously commented on the broader market complacency in the market wrap. Now it's the turn of SocGen's FX strategist Kit Juckes to make some observations about emerging concerns of "lethargy" both in positioning and moves within the FX space.

From Juckes

Stretched moves threaten lethargy

 

Another new week, another day with not much going on. So much, or rather little so, that in its daily wrap Citi starts off with the following: "Pop Art pioneer Andy Warhol, who once said “I like boring things”, would have been a huge fan of today’s session thus far. Though several events of note linger on the horizon for later this week, G10 is firmly on the beach as of this morning."