U.S. markets are closed for the Memorial Day holiday, and with UK and Chinese markets also closed for various holidays, it has been a quiet start to the week, with S&P futures essentially unchanged, trading at 2,415, up 0.06%, a new all time high.
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PRESENTATION HIGHLIGHTS
S&P futures rose alongside European stocks as Asian shares posted modest declines. The euro set a new six-month high and European bourses rose as PMI data from Germany and France signaled that the ECB will have to tighten soon as Europe's recovery remains on track, with the German Ifo business confidence printing at the highest level on record, and hinting at a GDP print in the 5% range. Oil declined after the Trump budget proposal suggested selling half the crude held in the US strategic petroleum reserve.
By Bill Blain of Mint Partners
Blain’s Morning Porridge – May 15th 2017
“In yacht racing, there is no second.”
Ah the joy of a new week! What’s on the recipe today then?
My colleague Simon Denehy started the day by pointing out UK 2-year gilts yield 0.12% - (his description of that number was more colourful and expressive, but would have had me banned from ever blogging again) - while UK stocks yield an average dividend of 3.8%.
Fear of regulation may impede bank's from manipulating London's silver benchmark