Citi's Matt King: "We Think You Should Sell"
With spreads at post-crisis tights, equities making new highs, and new issues oversubscribed, markets are clearly exuberant. But could it be rational this time? We’re not convinced.
- Citi's Matt King
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Europe
Does Technology Destroy Jobs? If Not What Does?
Via Michael Shedlock of MishTalk.com,
In light of my posts on robots, driverless vehicles, and automation, readers keep asking: where will the jobs come from?
I do not know, nor does anyone else. But does that mean jobs won’t come?
Is technology destroying jobs for the first time?
Daniel Lacalle on the Hedgeye blog offers this bold claim: Face It, Technology Does Not Destroy Jobs.
Le Pen Odds Hit 6-Week Low As Fillon Shuns Establishment, Confirms He's Staying In French Election
Francois Fillon has confirmed that he will stay in the race for the French presidential election following a rally he said proved his legitimacy as candidate. Taking a jab at the Republican Party establishment's pressure for hism to step aside, he exclaimed "I am innocent, no one has the power to force me to step down, it’s my decision." While his odds of victory remain low (sub-10%), we do note Le Pen's odds dropped below 30% for the first time in six weeks.
Fresh Diplomatic Scandal After Erdogan Accuses Germany Of "Fascist Actions"
Turkish President Tayyip Erdogan accused Germany of "fascist actions" reminiscent of "Nazi practices" in a growing diplomatic rift over the cancellation of political rallies aimed at propping support for him among the 1.5 million Turks living in Germany. Erdogan's latest outburst on Sunday took place days after German authorities withdrew permission for two rallies by Turkish citizens in German cities, at which Turkish ministers were to urge a "Yes" vote in a referendum next month on granting Erdogan sweeping new presidential, almost dictatorial according to some, powers.
Anti-Soros Uprising Spreads Across Europe, Media Blackout
Europeans are rising up against George Soros and his Open Society Foundations in their millions, as governments on the continent mount simultaneous crackdowns on the liberal billionaire’s umbrella of globalist influence-peddling organizations. In Hungary, where the movement has reached a fever pitch, supporters of Prime Minister Viktor Orban are vilifying George Soros’s Open Society Foundation and accusing the group of wanting to flood Europe with Muslim refugees and transform Christian nations into multicultural stews of left-wing globalism.