Yesterday's Bloomberg "trial balloon" that the ECB would cut its inflation forecasts while boosting GDP expectations was confirmed moments ago, when during his prepared remarks Draghi increased the governing council's Eurozone GDP expectations as follows:
So far "Triple Threat Thursday" has been a dud. In the day with the greatest concentration of market-moving risk events so far in 2017, market action - at least for the time being - has been a whimper, with European stocks and US futures modestly higher ahead of the ECB’s rate decision and Comey's testimony (which has now been fully publicized, removing much of the risk), as the U.K. voting is underway. Asian stocks fell led by a decline in Japan as the yen first strengthened, only to tumble later in the session.
Thanks to a 13% surge in crude imports (as refiners prepare for maintenance season), China's trade surplus hit its highest since Jan (though -4% YoY). Imports (+14.8% YoY) and Exports (+8.7% YoY) both beat expectations.
China’s overseas shipments accelerated in May from a year earlier, as Bloomberg suggests global demand shows signs of picking up.
Negative interest rates and the populist uprising that spurred the UK to vote for Brexit and Americans to elect Trump has helped reignite a rush into physical safe haven assets like gold and silver, which however has led to a shortage of safe venues where to store the precious metals (unlike bitcoin, gold actually has a physical dimension). And now companies that operate storage facilities for precious metals and other valuables are ramping up their capacity to help cash in on the soaring demand for storage facilities.
Authored by Danielle DiMartino Booth,
Fake news is so old.
How else did, “I am prepared to veto any bill that has as its purpose a federal bailout of New York City to prevent a default,” become, “DROP DEAD” way back in October, 1975? Oh, those hellbent headline writers. Whatever will they think of next? Besides, the Daily News headline worked wonders, if infuriating die hard New Yorkers was the objective.