No Non Sense News
Today is Friday, December 13 and it is 12 PM.
Today is a good day for the global markets as our major averages continue to climb into new high territory for the most part. Two significant reasons for the market celebration is progress toward a US-China trade deal along with a landslide UK election result. Boris Johnson now has the big majority mandate needed to deliver Brexit. And yesterday rumors erupted that significant progress was made with Trump and a China trade deal. More announcements coming today. According to the Wall Street Journal under the agreement, China would purchase $50 Billion worth of US agricultural goods and other American products next year. These were two of the most significant unknowns hanging over the markets.
The following World chart also illustrates the improving market conditions.
Europe’s Stoxx Europe 600 Index vaulted above its record high close, rising 1.5% higher as well.
And as of 7:35 am this morning here is additional evidence of the move higher.
- S&P 500 futures up 0.4% to 3,180.75
- STOXX Europe 600 up 1.6% to 414.10
- MXAP up 1.6% to 168.98
- MXAPJ up 1.6% to 543.17
- Nikkei up 2.6% to 24,023.10
- Topix up 1.6% to 1,739.98
- Hang Seng Index up 2.6% to 27,687.76
- Shanghai Composite up 1.8% to 2,967.68
- Sensex up 1.1% to 41,037.61
- Australia S&P/ASX 200 up 0.5% to 6,739.68
- Kospi up 1.5% to 2,170.25
- German 10Y yield rose 2.5 bps to -0.244%
- Euro up 0.4% to $1.1175
- Brent Futures up 1.1% to $64.90/bbl
- Italian 10Y yield rose 2.8 bps to 0.886%
- Spanish 10Y yield fell 0.5 bps to 0.445%
- Brent Futures up 1.1% to $64.90/bbl
- Gold spot up 0.1% to $1,471.57
- U.S. Dollar Index down 0.6% to 96.86
And we know that asset values are moving higher when someone pays $120,000 for a banana duct-taped to a wall at the Art Basel exhibition in Miami Beach. Can’t make this up. Here is a photo of the owner with this masterpiece. :)
But despite this seeming excess, we have much to be thankful for. This has been an incredible year and it continues to seemingly get better from a business standpoint. I want to thank all of our loyal clients. We are honored to help you on your path to meeting all of your financial goals and objectives. And lastly I want to wish my Dad a Happy Birthday today in Heaven. God Bless.
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