A look back at the lessons from the Davos divergence

A look back at the lessons from the Davos divergence

EURUSD daily Greg Ip this week made a notable point about the divergence between US and global stocks. “Looks like the divergence began right around Davos when everyone (me included) had concluded Europe was hopeless and America was unstoppable.” It feels like ages ago but Davos came two days into Trump’s term and everyone was […]

Andy Beshear hits Newsom for hosting Bannon on his new podcast

Andy Beshear hits Newsom for hosting Bannon on his new podcast

Kentucky Gov. Andy Beshear took a swipe Thursday at a fellow leading Democrat, California Gov. Gavin Newsom, for hosting one of the most prominent figures in the MAGA movement on his new podcast. Beshear, whose popularity in a heavily Republican state has turned him into a potential presidential candidate, told reporters that Newsom shouldn’t have […]

Shanghai Composite climbs to the highs of the year

Shanghai Composite climbs to the highs of the year

Chinese stock markets are a hot spot to start the year and money is flowing back in today after a dip mid-week. Shanghai Composite +1.2% Hang Seng +1.5% CSI300 +1.8% For Shanghai stocks, that’s the best level of the year as some of the domestic money makes its way into broad Chinese markets rather than […]

Australian dollar “increasingly immobilised” — Westpac

Australian dollar “increasingly immobilised” — Westpac

AUDUSD daily Westpac writes today that the AUD/USD is caught between opposing forces: Chaotic US policy increasingly hurting USD growth risks versus global market deleveraging pressures. From today’s note: “AUD feels increasingly immobilised, lacking conviction and stuck between competing narratives. On the plus side there’s a plainly more constructive medium term AUD outlook developing in […]

The left seethes at the ‘Schumer surrender’

The left seethes at the ‘Schumer surrender’

The Democratic base wants a fight. Chuck Schumer won’t give it to them. The Senate minority leader on Thursday backed away from the shutdown confrontation that many liberal voters and activist leaders had been pushing for — arguing that closing the government would only empower President Donald Trump and billionaire ally Elon Musk in their […]

Bessent: Hopefully we don't get a recursive Biden-flation

Bessent: Hopefully we don't get a recursive Biden-flation

We’re very vigilant about inflation, it could happen again Before we can bring down inflation, we also want to help affordability As we bring down inflation, we want to bring the absolute price level down through deregulation and bringing down interest rates for house payments and car payments Another 10% in the stock market and […]