SNB

In the most ironic story of the day, the company that makes the paper that Swiss banknotes are printed on was just bailed out by the money-printing, stock-purchasing, plunge-protecting, savior-of-global equities...Swiss National Bank.

While The SNB has a long and checkered history of buying shares in companies... as we have detailed numerous times, it is no stranger to pumping money into companies all over the world...

Including Apple, Alphabet, and Microsoft...

Is it going to be another May 17, when US stocks tumbled as concerns of a Trump impeachment over obstruction of justice and impeachment surged ahead of Comey's tetimony?

Overnight, S&P500 futures accelerated their decline following yesterday's WaPo report that Special Counsel Mueller has launched a probe into potential obstruction of justice by Trump...

While Donald Trump has repeatedly expressed his displeasure with China for manipulating its currency, he appears to have recently figured out that over the past 2 years Beijing has been spending hundreds of billions in dollar to strengthen, not weaken, the Yuan and to halt the ~$1 trillion in capital flight from China.

World stock indexes soared to record highs on Thursday while the dollar traded close to a one-month low after the Federal Reserve hiked U.S. interest rates but signaled no pick-up in the pace of tightening. European and Asian were broadly higher this morning, with S&P tagging along, driven by two main events: the latest "dovish" Fed rate hike, and the Dutch election results, in which Geert Wilders performed worse than some expected, reducing concerns of Eurozone political risk, and broadly seen as a sign of support for Europe's establishment.