Before one of the major holidays. We are heading for the end of the year. That is the attitude today. All three averages at simultaneous highs. Tied to optimism over the tax bill and the effect andould have on corporate stock prices. All three averages are reaching highs. The nasdaq has been lagging. We have a graphical look at this. The white lines are the times that the major averages closed at highs. The dow 69 closing high, now counting today. The s p is 61, and the nasdaq is 71. That is the number of times those major averages closed at records. The dow is close to breaking its record in recordsetting closes for the year. The last time it was this high was in 1995. Some of the out that we have seen include elliott management. In thend a half stake company and it seems numerous strategic opportunities. Shares are soaring nearly 50 . Jp morgan calls it one of his top midcap ideas for next year. Products are improving. Maker wasipment upgraded at keybank. An analyst says the stock is
Ue of green, mirroring what is happening in the u. S. Without the record. July inest gains sense the stoxx 600. Final estimate for november, headline 1. 5. It has been overtaken by last weeks ecb meeting when the projection for inflation for 2020 of 1. 7 causing many to question draghis ability to maintain that inflation target but inflation, same as the earlier estimate. About economic surprise. This is the economic surprise index from citigroup and for europe. Fascinating chart. The u. S. Fell away through june and went negative showing the data missing estimates on average and now it is boring and both both estimates are roughly around 72. 2. Economic surprises in both the u. S. And the eu marrow in each other mirroring each other. The deal cementing brazil at the heart of the National Growth strategy for the coming years. 90 minutes into the session in the u. S. How is it looking over there . Julie seeing strength as the per the passage of the tax bill gets closer and a Corporate T
The u. S. , waiting for the house vote ahead of that mixed day in european stocks, down for the fifth day in six with luxenberg tying germany, Denmark Germany and the netherlands with the rep stoxx ,0 and the swiss smi, forex currencies rising against the dollar with big moves in the bond market for a second day in the u. S. And eurozone. Outside the eurozone, commodities lets talk about em volatility, the best year for emerging markets stock since 2009 draws to a close and investors experiencing more than just a 31 return with. Olatility staging a comeback price swings on the msci index declined to a oneyear high. Turbulence in the development of equities has dropped. Analysts warned that shares in the developing world do little more than tread water in a year as Earnings Growth set to slow as Risk Appetite will likely wane. Saudi arabia, investors who watch austerity masters, growth over the last couple of years with saudi arabia 2018 expansion. Ebudget yesterday a relief a group say
[indiscernible] and theresa may flies to poland in a quest for allies. Re aen to elect a new regional assembly. Matt where less than half an hour away from the european open. Futures not getting a great sense of direction. We saw earlier the ftse futures down. They have turned higher. You see dax futures up, point to of 1 . Cap futures down and euro stock futures unchanged. Take a look at treasuries, the threeday picture of the treasuries trade. 1. 2. T we have seen the yield,. It is down by one basis point yield2. 49 fairly strong for treasuries and trending in the last minutes of trade to the upside. Guy lets talk about what kind of legacy is into today. Definitely tough if you were long european equities. Switzerland and germany trading softer. Down 1. 1 . Similar story around the rest of europe. Asia is not looking quite so bad. The csi is up by. 31 . The legacy this morning not that great. They are not telling us what we will be seeing a significant bounce back. Currency has been
Stocks have rebounded we are 30 minutes away from the end of the session. Heres whats happening to currencies versus the dollar. Sterling down today. Sovereign bond yields are rising for a fourth consecutive day. Mixed bag of commodities. Thought we will look at risk aversion. Global stocks off fresh eyes, market bulls fully in charge. The risk aversion index is a combination of measures across asset classes. It has fallen to a threeyear low. Strategists at Goldman Sachs Asset Management project meaningful risk in 2018 such as monetary tightening, the prospect of a slowdown in Global Growth, they see equity markets climbing to new records. That is risk aversion. Lets talk about the boj leaving policy unchanged today. Retaining its unprecedented monetary stimulus as it waits for a pickup in stubbornly low inflation. Is the 10 year bond yield. The boxes steadily increasing as the boj continues to buy an array of assets including government bonds. That will continue to buy Financial Asset