Following Trump's swearing in, his speech marked a notably anti-establishment tone and that has smacked US equities lower...
And the peso tumbles...
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Republicans, Democrats, and Voodoo Economics
Written by Jeff Nielson (CLICK HERE FOR ORIGINAL)
When looking at the latest weekly fund flows, it is clear that the Trump trade is over if only for the time being. As BofA reports, citing EPFR data, the last week saw the largest precious metal inflows in 5 months ($1.3bn), the 4th consecutive week of bond inflows ($4.5bn), and a week of modest $1.7bn equity inflows, however US stocks saw $2.5 billion in outflows, representing the 4th weekly outflow in the past 5 weeks.
Some highlights from BofA's Michael Hartnett:
With markets focused on today's events in Washington, culminating with Trump's inaugural speech, here’s a look at the key scheduled events for Friday, Jan. 20 (all times Eastern).
What to Watch
White House
Global shares were mixed, equity futures, the dollar and crude rose as investors focused their attention on today's inauguration of Donald Trump as U.S. president. While the early tone is well bid, some traders anticipate a volatile session, with speculation that a bout of "sell the inauguration" could cap the aging Trump rally, which started with his inauguration.