It was the best of times, it was the worst of times, it was the
age of wisdom, it was the age of foolishness, it was the epoch of belief, it
was the epoch of incredulity, it was the season of Light, it was the season of
Darkness, it was the spring of hope, it was the winter of despair, we had
everything before us, we had nothing before us, we were all going direct to
Heaven, we were all going direct the other way – in short, the period was so
far like the present period, that some of its noisiest authorities insisted on
its being received, for good or for evil, in the superlative degree of
comparison only.
The Fed, with apologies to Charles Dickens.
It’s party time in global stock markets, thanks to all the
central bankster Magic Money Trees. Who knew that the banksters all along had a
Magic Money Forest that they kept hidden from the rest of us?
Now that the Democrats are taking control, I bet we haven’t
seen anything yet. Come Christmas 2021, we’re all going to be millionaires!
Should I order my EV Rolls Royce now to beat the rush?
Stocks Slip as Record Month Nears
End; Oil Falls: Markets Wrap
November
29, 2020, 9:09 PM GMT Updated on November 30, 2020, 5:39 AM GMT
OPEC+ fails to agree on output-hike
delay before big meeting
Powell testifies, U.S. jobs report
among this week’s events
Dollar to Continue on Gradual Depreciation Path: UBP
Stocks in Asia swung from gains to losses along with
U.S. and European equity futures as investors monitored progress on the path to
a coronavirus vaccine on the final day of a record month for global equities.
Oil retreated.
S&P 500 futures began the trading week higher,
then slipped, as did Australian and Japanese shares. A gauge of the dollar
extended its recent retreat to the lowest level since April 2018. Chinese
equities outperformed as activity in the country’s manufacturing sector picked
up faster than expected in November and the central bank unexpectedly injected
funds into the financial system. Oil retreated after an OPEC+ agreement to
postpone an output increase planned for January remained elusive before a
meeting Monday. Gold dropped.
On Sunday, U.S. Surgeon General Jerome Adams said
the federal government hopes to quickly review and approve requests from two
big drugs makers for emergency approval of their Covid-19 vaccines. Meanwhile,
Reuters reported that the Trump administration is adding SMIC and CNOOC Ltd. to
a blacklist of alleged Chinese military companies.
Global equities are up 13% in November as positive
vaccine news helped drive expectations that a global economic recovery can pick
up in 2021, helping flows into companies with earnings more closely tied to a
rebound in growth. Goldman Sachs Group Inc. expects a large proportion of the
public across major developed economies to receive a vaccine by the middle of
2021, driving a “sharp pickup” in global growth. While New York City schools
will begin to reopen Dec. 7, California cases rose to a record after Los
Angeles and San Francisco imposed tighter restrictions.
“As long as the trajectory in economic data is one for
improvement, then there is room for the cyclical areas to outperform,” Nader
Naeimi, a multi-asset fund manager at AMP Capital Investors Ltd., said on
Bloomberg TV. “Those cyclical, value areas are likely to be beneficiaries of
the environment we are going into post vaccine and more normalization.”
A full meeting of OPEC and its allies will take place
Monday, and unless an agreement is revised this week, they will restart about
1.9 million barrels a day of halted output threatening to undermine the recent
surge in crude prices.
These are some key events coming up:
OPEC holds a virtual full
ministerial meeting to make a final decision on whether a production
supply hike should proceed as scheduled in January.
The Reserve Bank of
Australia holds a policy meeting on Tuesday.
Federal Reserve Chairman
Jerome Powell testifies before Congress on Tuesday and Wednesday.
The U.S. employment report
on Friday is expected to show more Americans headed back to work in
November, though at a slower pace than last month.
In
the stock casinos, you wouldn’t know that there’s an uncontained coronavirus
pandemic underway, one that devastating large sections of the G-20 economies.
In
the casinos, it’s all about massive free money from the central banksters and
crony “capitalism.”
On
Monday in the casinos, it’s time again to dress up the stock indexes for the
month-end performance bonuses.
Later
next month, in a move that’s widely expected to cause a year-end new stock
mania, Tesla gets added to the S&P 500.
To
this old dinosaur market watcher, it seems to me to be yet more bubble and
mania. Like all previous bubbles and manias, it's highly likely to end in a
crash.
At
the start of 1918, Kaiser Bill thought he was onto a winning roll. Russia was
out of the war, his armies were surging again on the western front, what could
possibly go wrong?
On
the 28th of November 1918, Kaiser Bill put in writing his abdication, ending
500 years of his dynasty’s rule and just under 40 years of the German Empire.
Life
can play out very differently to what we expect. We don’t always get what we
expect, but we usually get what we deserve.
Stocks at record high but
yields fall, dollar under pressure
Following the markets on both sides of the Atlantic since 1968. A dinosaur, who evolved with the financial system as it was perverted from capitalism to banksterism after the great Nixonian error of abandoning the dollar's link to gold instead of simply revaluing gold. Our money is too important to be left to probity challenged central banksters and crooked politicians.
