United States

Authored by Komal Sri-Kumar via Bloomberg.com,

Donald Trump’s appeal last November was linked to two factors. Both are now putting the valuation bubble in equities at risk.

One week after we channeled Deutsche Bank's Torsten Slok, who two years ago warned that "Canada is in serious trouble", a warning which was especially resonant after last week's rate hike by the Bank of Canada - the first since 2010 -  which we argued threatens to burst Canada's gargantuan housing bubble...

... resulting in dramatic negative consequences for Canada's construction-heavy economy...

• Republicans consider bipartisan healthcare talks (Reuters)
• Health Care Collapse Could Leave Trump Winless in His First Year (BBG)
• Republicans to Push Ahead on Repeal of Affordable Care Act (WSJ)
• Obscure Coal CEO Rains Money on Trump While Outflanking Rivals (BBG)
• GOP Tries to Regroup on Obamacare Repeal as Trump Lashes Out (BBG)
• Insurers start to press on subsidies (Reuters)
• Russian lawyer who met Trump Jr. says ready to testify to Congress (Reuters)
• Discovery, Scripps Networks in Cable-TV Merger Talks (WSJ)

As North Korea advances toward achieving its long-term goal of developing a nuclear-armed ICBM capable of reaching the US mainland (or at least Sarah Palin's home state), a host of defectors who've managed to escape from the isolated Communist state have gathered testimonies about the North’s human-rights abuses in hopes of "optically" pushing international diplomacy to their, and the US' diplomatic advantage.

In what has been a less exciting session than the previous two, the euro retraced some recent gains as traders grew concerned they may have overestimated the ECB's hawkish bias ahead of Thursday’s rate decision; in turn the dollar edged higher after the collapse of the GOP healthcare bill sent it to the lowest since September on Tuesday.

Not even Citi could infuse any  excitement in the overnight session, which its called "Purgatorial":