With Janet Yellen set to speak in just a few minutes, traders are scrambling to position ahead of what while most expect will be a snoozer speech, could actually be a "big surprise" as RBC's cross-asset strategist Charlie McElligott warns in his Jackson Hole preview that, noting that the risk of a dollar rally today is non-zero.
The paradox of the US stock market continued for yet another week, because according to Bank of America citing EPFR data with the S&P effectively at record highs, US equity funds have suffered their longest outflows streak in 13 years, as investors pulled out another $2.6 from US stocks in the week ending Wednesday. That brings total outflows since late June to $30 billion, as investors allocated $36 billion to the rest of the world.
Global markets are stuck in a holding pattern with S&P futures up modestly after fluctuating overnight, as European and Asian shares rise with oil while the dollar has dipped lower ahead of the biggest central bank event of the year: the Fed's Jackson Hole symposium where Janet Yellen and Mario Draghi will speak at 10am and 3pm ET, respectively. Meanwhile, world stocks drifted toward their best week in six on Friday, as a near three-year high in emerging markets shares and a roaring rally in industrial metals bolstered the year’s global bull run.
Venice's right-wing mayor has ordered cops to shoot anyone who shouts 'Allahu Akbar' - rather than risk a terror attack.
The Times reports that Italian mayor Luigi Brugnaro claimed that his city Venice was safer than Barcelona - where 14 people died being run down by a van last week.
"In contrast with Barcelona, where they had not set up protection, we keep our guard up."
Authored by Giulio Meotti via The Gatestone Institute,