Europe

Over 30 years after a botched test at the Soviet nuclear plant sent clouds of smoldering nuclear material across large swathes of Europe, the world's largest land-based moving structure has been slid over the Chernobyl nuclear disaster site to prevent deadly radiation spewing from the stricken reactor for the next 100 years.

Rising 360 feet into the air with a span of 850 feet and length of 540 feet, the shield is tall enough to cover the Statue of Liberty and longer than two Boeing 777 jets placed end to end.

In years to come markets may well look back at the month just passed as one of the most pivotal in recent memory, at least that's the assessment of DB's Jim Reid. The US election result just over 3 weeks ago sparked a huge divergence across asset classes and also between developed and emerging markets. In fact you could probably start this performance review from November 8th as assets were generally little changed in the first week and a bit leading into the election.

Update: The market was modestly spooked as Transport Minister Delrio appeared to confirm Renzi's resignation will occur on a 'no' vote...

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The final November fund flow numbers are in, and as BofA's Michael Hartnett puts it, November, it was a "watershed" month for fund flows with the largest 5-week
bond outflows in three and a half years at $10 billion...

... the largest 3-week precious metals outflows
in 3.5 years...

... and the largest 5-week equity inflows since October 2013 at $34.5 billion.

Did Jeff Gundlach do it again? Shortly after the DoubleLine manager told Reuters yesterday afternoon that the Trump rally is ending, that "stocks have peaked" and that it is "too late to buy the Trump trade", US stocks tumbled to session lows, and have continued to drop overnight, with S&P futures down 0.3%, alongside sliding Asian and European markets; oil and the dollar are also down with the only asset class catching a bid are 10Y TSYs, whose yields are lower at 2.43% after reaching an 18 month high of 2.492% overnight ahead of today's nonfarm payrolls report.