presidential election

Submitted by Nick Giambruno via InternationalMan.com,

Tomorrow, December 4, Italy is holding a referendum that will determine the fate of the entire European Union.

Donald Trump’s victory—which shocked Europe’s political and media elite—gives the populists backing the “No” side of Italy’s referendum the political rocket fuel they need for a virtually guaranteed win.

That momentum will be all but impossible to reverse. Anti-elite sentiment is rising on both sides of the Atlantic. And I bet the global populist revolution will continue.

Less than a month after the "shocking" election of Donald Trump as US president, the world prepares for another day of political shockwaves, this time out of Europe, when on Sunday all eyes will be on Italy and, to a slightly lesser extent, Austria.

Or, as Bank of America puts it "Meanwhile in Europe..."

Following disappointing results from the initial recount efforts in Pennsylvania, CBS reports Jill Stein's Green Party is dropping its court case seeking a statewide recount of Pennsylvania’s Nov. 8 presidential election, blaming a lack of funds.

Having been on the fence about an upside case for the S&P for the greater part of 2016, Goldman's chief equity strategist David Kostin finally threw in the towel earlier this week when, as we reported, Goldman raised its S&P price target from 2,100 (as of year end 2016) to 2,400 for mid-year 2017 on what it calls "Trump Hope" (as apparently does everyone else, see "The World Has Changed" - Average S&P Target Before Trump: 2,087; After Trump: 2,425"), which it then sees dipping to 2,300 by year-end 2017 on "Trump Fear."

Submitted by Raoul Pal via LinkedIn.com,