Global stocks were pressured by a poor start to the second quarter in the US, where carmakers reported disappointing sales data, slamming auto stocks around the globe. The selling has persisted for a second day, with Asian stocks and European shares all partially in the red today after their biggest decline in two weeks. Car sector is biggest mover in Europe, offsetting gains in financial services and media.
Submitted by James Durso
“The lion is back in his den!”
Hosni Mubarak, former President of Egypt, walked free last week after six years in detention on charges of murder and corruption. What does the U.S. have to show for it? Nothing.
Authored by Kevin Muir of The MacroTourist
Way back in the 4th quarter of 2015, GMO’s Jeremy Grantham wrote a piece titled “Part II: 2015 and 2016, U.S. Equity Bubble Update, and Yet More on Oil.”
It is easy to forget, but at that point, the S&P was trading around 2,000 and everyone was bearish. QE had ended, the Fed was fumbling with their first hike and “fully valued” were the buzz words used to describe US equities.
As U.S. equity markets continue their march back toward all-time highs, courtesy of the latest BTFD binge trade, at least one 'small' segment of the U.S. economy does not seem to be participating in the rally as 9 brick-and-mortar retailers have already filed for bankruptcy protection in 1Q 2017 alone. That volume of filings matches the total number of retail bankruptcies for all of 2016 and puts the industry on pace to exceed even the 'great recession' highs. Per CNBC:
Authored by Antonius Aquinas,