Sunday, 17 December 2017

Stories we should be thinking about

Stories we should be thinking about

It might be basically a week until Christmas...but it is still going to be
a busy upcoming seven days with remaining questions including...

Will Republicans successfully push through the first significant tax reform in
decades? Meanwhile the US economic calendar is busy next week, with
updates on the housing market, economic growth and consumer sentiment.

What will UK prime minister Theresa May say when she meets with her cabinet
to discuss Brexit goals for phase two of talks?

And in Europe we cannot forget that Catalonia on Thursday holds regional
elections, which are being looked at as a test of support for the
independence movement.

None of the above is however likely to change the underlying very positive
perception towards 2017.  As Zero Hedge noted earlier in the weekend:

‘For the 2nd year in a row, not one asset class has a negative return’


Everything is apparently awesome...so a third successive year in '18?  
No, i don't think so either.  

But you never know...that's the wonderful world of markets.
Certainly returns have been firm (as discussed at the link here)...
...and of course this has meant euphoria has been excitable...
(h/t @hmeisler)

But something is changing. For a start the 2y Treasury yield now above S&P dividend yield for first time in decade...

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