United States

When Trump unexpectedly won the election, and futures staged one of their most dramatic rebounds in history, surging from limit down to solidly in the green, Wall Street promptly goalseeked their economic assumptions "chasing the price", quickly going from bearish to bullish, and nobody did it faster or more conclusively than Deutsche Bank, which seemingly overnight flipped from one of the biggest bearers of gloom on the outlook for the US economy, to one of its biggest cheerleaders.

Employees from U.S. government agencies have set up a network of unofficial “rogue” Twitter feeds defying what they see as attempts by Donald Trump to muzzle federal climate change research and other science. Using Trump’s favorite mode of discourse, scientists from the Environmental Protection Agency (EPA), NASA and more than ten other bureaus have privately launched Twitter accounts,  borrowing the names and logos of their agencies, to protest restrictions they view as censorship and to provide unfettered platforms for their information.

With Theresa May - preparing to enact Article 50 officially starting the Brexit process from the EU - set to meet Trump tomorrow as the new US president's first meeting with an international leader to lay the groundwork for a U.S.-U.K. trade deal, the outcome will provide the first test for how world leaders can deal with Donald Trump, who has put the world on edge with his recent push for isolationism and trade protectionism, culminating most recently with his tweet that Mexico's president needn't bother visiting if Mexico will not pay for the wall along the Mexican-US border.

Following yesterday's jump in US manufacturing PMI, Market reports the January flash Services PMI also spiked (after dropping for 2 months) to match manufacturing at 55.1 (notably above the 54.4 expectations). This is the highest Services print since Nov 2015. Hope remains the biggest driver of this 'soft' survey data with growth expectations for the next 12 months were the greatest since May 2015.

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:

With global stock markets basking in the afterglow of Dow crossing 20,000 for the first time, on Thursday they propelled higher in sympathy with the US, as Asia and Europe are trading solidly in the green, as is the dollar which rebounded strongly off a 5 week low. Copper touched the highest price since November after reports of lower production. Global government bonds extended declines as France’s 10-year yield breached 1% for the first time in more than a year. Gold declined.