Trump made good on his promise yesterday to deliver "more good news" for the stock market, by escalating trade wars with China, Europe, and Canada ahead of the long weekend. Because he cares so much about the little guy:
"A rule that would require that all financial advisors to act in their clients' best interests with regard to their retirement accounts has been killed."
"Demand that the individual puts in writing they are fiduciaries at all times for all advice in the relationship...The vast majority of financial professionals will not be able to do that."
I would agree
Caught between tax cut fueled Y2K melt-ups and escalating trade wars, Emerging Markets are imploding:
Which can only be good news of course:
August is ending the exact same way January ended:
Except this rally wasn't the same quality as January's.
Spot the difference:
What could go wrong?
"The “new export order” subindex in China’s official purchasing manager index – fell sharply in August even when only a small portion of Washington’s threatened additional tariffs on Chinese products kicked in...marking the first time China has had a three-month export downturn in two years.
The data was released after US President Donald Trump was reportedly keen to move ahead with a plan to impose tariffs on US$200 billion of Chinese imports into the US as soon as a public comment period concludes next week"
"We're winning, because our casino is the one that's most in denial"
"The European Union will respond in kind if U.S. President Donald Trump reneges on his pledge not to impose car tariffs, European Commission President Jean-Claude Juncker said as trade tensions between Europe and the United States rose again."
China, Turkey, Argentina, Brazil, South Africa, Indonesia...
"Indonesia’s rupiah slid to a two-decade low, spurring intervention from the central bank as the meltdown in Argentina and Turkey raises scrutiny on emerging markets with current account deficits."
“I don’t think there’s as much downside risk to the rupiah until we see China devalues its currency significantly”
Let me know when that happens...
"And tell me when I should begin to worry, I'll take some off the table"