Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened mixed as the transition at the White House is upon us. Inauguration day is just 48 hours away. Trump has been a political wild card the whole time, and it is really have a significant influence both here and abroad. Global leaders in Davos are trying to figure out how to think about him and brace for 4 years of the Trump Presidency. The President-elect sent the Dollar lower yesterday after saying it was too strong. It hit the lows on the year. The Dollar is catching a bid this am. The British Pound jumped 3%, the biggest one-day climb since 1998, following PM Theresa May’s Brexit speech. She pledged to walk away from negotiations if Britain didn’t get a good deal from Brussels. The World Order has changed so much, so quickly. Globalization is under assault. Nationalism is on the rise. Joe Biden spoke out about it in Switzerland. That’s a major theme for 2017. Oil is lower in early trading. Global Markets were mixed overnight, with a positive bias. Stocks have gone sideways for 6 weeks, near all-time highs. Janet Yellen is in SF today, giving a speech at the Commonwealth Club.
Have a great day.