Thanks to Goldman, Disney, and3M, The Dow has surged this morning, topping 22,500 for the first time as Nasdaq has suffered since Europe closed...
Nasdaq dipped red briefly..
It seems European markets closing prompted selling in Tech stocks...
It appears Europe's close also sparked a buying panic for value stocks...
And here's why...
A broken market fixes all ills.
While central banks step away from the spotlight, as does Asian data and markets with China and South Korea both taking a weeklong break, there will be a bevy of central bank speakers to "explain" what is going on while it will be a busy week data wise, with the US employment trade balance report due this week, PMI and retail sales in Euro area, as well as PMI and house prices in UK. The key central bank events include the Australia RBA board meeting, ECB minutes,Yellen and Fed member speeches. In Emerging Markets, there are monetary policy meetings in India, Poland and Romania.
U.K. leisure carrier Monarch Airlines filed for insolvency on Monday, the biggest ever failure of a British airline, stranding tens of thousands of travellers overseas and prompting the country’s biggest-ever peacetime repatriation effort, as the government has to find a way to to arrange the return of 110,000 tourists, and marking the third failure of a major European operator in five months. Monarch cancelled about 300,000 future bookings and apologized to customers and staff as it became the UK’s largest carrier to go into administration, according to Reuters.
While S&P futures were modestly higher, rising 0.1% in a quiet session in which China, South Korea, India and Hong Kong were closed for holidays, the Euro, Spanish stocks and bonds were broadly lower as Spain faces its worst constitutional crisis in years following a dramatic, violent crackdown on Sunday's Catalan independence referendum in which 89% of the voters wanted to secede from Spain.
For a new generation of nationalists (by which they clearly imply tin-foil-hat wearing, nazi-sympathizing, probably-drug-taking, conspiracy-theory-loving wonks), The FT's Gideon Rachman explains - for those not willing to think for themselves, or follow the money, that the billionaire investor has become the perfect villain...
George Soros, the billionaire investor and philanthropist, has had a busy year.