Wed, March 23, 16
08:45 ET Update: [Stockboardasset] S&P futures +2bps
08:45 ET Update: [Stockboardasset] Nikkei +12ps
08:45 ET Update: [Stockboardasset]FTSE100 +26bps DAX+117bps
Global Equities continue to show their resilience after Brussels’s worst terrorist attack in history. The EU has a whirlwind of economic, and now apparent non-economic headwinds. The IMF labels geopolitics, terrorism, refugees, and global economic spillovers from the middle east for EU’2016. This comes at a time where IMF,BIS, and OECD are warning global economies of Stall Danger, and excess monetary issue. In the duration of the ZLB, economic and non-economic shocks are the norm these days. We are on watch for a Moody’s downgrade of D Brexit fears have reentered the limelight, and the Brussels’s event produces a stronger case for the exit. GBPUSD and EURUSD continue with sell pressure. The Guardian overnight has labeled top firms in the UK could be at risk for downgrade in light of a BREXIT. Then Lautenschlaeger appears overnight saying the ECB’s rates can go lower! What’s comical to us is Lagarde’s call of NIRP saving the world, but IMF/OECD/BIS warn of such accommodative measures. Nevertheless, German’s officials cut FY’16 GDP overnight +1.5% vs. +1.6%.