Since at its core, yesterday's 1-page "tax plan" was a Goldman creation - and was presented to the world by two former Goldman employees - who better to explain what Trump had in mind than Goldman Sachs itself, which it did overnight in a far lengthier note from its chief Washington analyst Alec Phillips.
European shares are lower, pressured by disappointing results by Deutsche Bank and ending a six-session gain, as Asian equities and S&P futures were little changed after a record-setting rally in world stocks which pushed the MSCI World index to over $50 trillion yesterday, fizzled after Trump released unconvincing tax cut plans prompting traders to "sell the news" while caution set in as the ECB met.
The Mexican Peso is tumbling (and Loonie extending yesterday's timber-tariff-driven losses), as Politico reports, the Trump administration is considering an executive order on withdrawing the U.S. from NAFTA, according to two White House officials.
The following article by David Haggith was published on The Great Recession Blog:
Having castigated Janet Yellen for keeping interest rates artificially low in order to help the Obama Administration keep a Democrat in the White House, Trump now likes Janet Yellen and likes low interest rates, too — so much so that he decided this week that it is finally time to get honest with America about his latest flip-flop:
After yesterday's violent gap up in stocks across the globe in response to the "expected" outcome from the French election, today the risk on sentiment has continued if to a lesser extent, with stocks in Europe, Asia all rising while S&P futures point to a higher open. Yen, gold decline, while the euro traded as high as 1.09 this morning before fading some gains; oil is up modestly.