Financial Review

Draghi Put


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…..Italy votes “NO”, but no problem thanks to Draghi Put. Austria leans left. Carson for HUD. Dakota pipeline might have environmental impact – who knew? ISM services bump. James Bullard comes to Phoenix to tour productivity. Consolidated Comm-Fairpoint. Amazon Go to automate grocery shopping. Elon Musk most admired. Financial Review by Sinclair Noe for 12-05-2016. DOW + 45 = 19,216 SPX + 12 = 2204 NAS + 53 = 5308 RUT + 23 = 1337 10 Y down fraction = 2.38% OIL – .64 = 51.04 GOLD – 7.30 = 1170.80 The Dow Industrial Average moved higher in early trading to set a new intraday high of 19,274, and a new record high close.   Italy voters rejected a referendum that would cut the power of the senate, so Matteo Renzi resigned. Italy’s prime minister suffered a major defeat over the weekend in a constitutional-reform referendum he proposed. The measure began as a streamlining of government decision-making processes, and evolved into a vote of confidence in Renzi himself.  Italy’s main bank index dropped around 3.5% in early European trading. Italian banks hold about one-third of the Eurozone’s more than $1 trillion in non-performing loans. Trading in Unicredit shares has been suspended after the bank’s stock fell by more than 5%.  Italy has more than $2.1 trillion in outstanding government debt, worth more than 130% of GDP. The euro shook off earlier losses and equities climbed as the results of the election were widely expected. Say hello to the Draghi put.   The far right lost in ...
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Financial ReviewBy Sinclair Noe