Global Markets Mixed After Big Sell-Off

Global markets start the week mixed with Asian stocks rising (Japan was closed for holiday), European stocks sliding, weighed down by declines in oil-and-gas shares and banks, and S&P500 futures also down. The dollar fell to a six-week low, falling four days in a row for the first time since early November as G20 leaders scrap a long-standing commitment to reject all forms of trade protectionism, suggesting the "weak Dollar" camp in Trump's inner circle is winning.

Asian shares traded mixed, European shares slid while US equity futures posted a modest rebound after Friday's surprising political news that the FBI reopened its probe into Hillary Clinton, after OPEC failed to agree supply cuts at a meeting in Vienna.

With last Friday's "tech wreck" now a distant memory, this morning the "FOMC Drift" described yesterday, which "guarantees" higher stock prices and a lower dollar heading into the Fed announcement is in full effect, with European and Asian stocks rising for a second day, led by rebounding tech shares, while S&P futures are modestly in the green and stocks on Wall S

NEW YORK: Wall Street stocks closed at record highs on Monday, boosted by expectations for continued monetary policy easing around the globe and a jump in oil prices to nearly five-week highs on speculation top producers may be open to cutting output. The US S&P 500, Dow and Nasdaq stock indexes all closed at all-time highs. A strong monthly jobs report on Aug. 5 boosted optimism about the US economy, driving all three major indexes to close at record levels last Thursday for the first time since 1999. The S&P 500 index has notched 13 record intraday highs since July, including Monday's.

As reported last night, now that the PBOC has devalued the Yuan to a level China's central bank is comfortable with, if only for the time being,and having done so by unleashing a "murderous" short squeeze "to deter bearish bets and helping to stabilize equity markets", manifesting itself in the offshore Yuan 1 week deposit rate exploding to a record 82%...

In a replica of Monday's early trading, European shares are down, this time led by health-care stocks even as the Euro surges above 1.1050, the highest level since the US election. Asian equities rose, while S&P futures were unchanged although we expect the ramp to kick in any second, and take the NASDAQ to another all time high. Meanwhile, the US dollar weakened for a fifth day after a WaPo report cited anonymous sources who said President Trump revealed classified information to Russia’s top diplomat.

Rumors of the Trumpflation rally's death have been greatly exagerated, and not only is the Dow 20,000 back on the radar, following a 124 point surge in Dow futures, bringing the "key psychological level" back within 100 points, but European stocks rose for a third day and entered a bull market, rising 20% from theor lows set last February, following strong Chinese manufacturing and services PMI data, both of which ended 2016 on robust notes well inside expansion territory.

NEW YORK: Global equity markets tumbled and the dollar traded mixed on Friday after a US jobs report for August kindled uncertainty over whether the Federal Reserve will raise interest rates in two weeks. The headline number of a less-than-expected increase of 173,000 in non-farm payrolls was offset by the generally strong Labor Department report. The unemployment rate dropped to a near 7-1/2-year low and wages accelerated.