20 February 2017
Bassanese Bites: Cautious optimism persists – Week beginning: 20 February 2017
One of the three global macro “Trump trades” persists across global markets, with equities rising yet the $US and bond yields still largely treading water. Last week saw Wall Street move to new record highs, with the S&P 500 up 1.5% despite a shockingly erratic Donald Trump press conference and hints from the Fed’s Janet Yellen that a March rate rise remains a possibility. Helping is the fact global economic data remains encouraging and everyone is waiting for Trump’s “phenomenal” announcement on tax. On the negative side, there is some nervousness creeping into markets ahead of the French Presidential elections starting in April – given latest polling suggesting that the National Front’s Marine Le Pen is now favourite to win the first of two voting rounds……
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