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Futures, Global Markets Hit Record High Amid Unstoppable Trader Euphoria

Global stocks and US equity futures rose to a fresh record high on – what else – optimism that a firehose of fiscal spending will revive economic growth and bolster corporate earnings, which coupled with more pandemic relief and speedy vaccine rollouts under the new Biden administration would lead to continued risk upside. Investors also…

Steel Prices Are Exploding To Record Highs

One of our readers writes in that a client just got a letter from US Steel: “Dear valued client, effective immediately price of “seamless steel”  has gone from $900 to $1350 per net ton.” Yes, a 33% price increase. This is what the Fed would call “inflation” if only the Fed measures rising prices correctly….

China Imports Of Corn, Wheat Hit Record High Amid Soaring Food Prices

On the same day that China published a much stronger than expected (if largely laughable as we first noted and Michael Pettis subsequently confirmed) GDP print, making China the only major economy to grow in the “year of covid”, China customs data showed that grains imports soared to record highs in 2020 after tight domestic…

Bagholder's Row: Condo At NYC's One57 Sells For A Record 51% Discount

Exemplifying just how bad things in New York have gotten – and just how willing many are to simply get out of Bill de Blasio’s city – a condo on NYC’s famed Billionaire’s Row sold for a record 51% discount this week. The property is a 58th floor apartment in New York’s One57 building, according…

Record Investor Euphoria Is Now Literally Off The Chart

The past few months can best be characterized as a period of unprecedented market optimism and sheer euphoria, and we have done just that with several recent articles… … and so on. But whereas in the recent past, the euphoria was always bounded by the upper limit reached during the insatiable buying spree of the…

US Reports Another Daily Case Record; COVID Deaths In UK, Germany Top 1K: Live Updates

Summary: US sees record 310K new cases NJ reported nearly 20K new cases CA reports 50K cases UK, Germany daily deaths top 1K UK tops 3MM cases UK deaths top 80K Portugal reports 9K+ cases Japan may extend emergency order China moves to expedite vaccinations * * * Yesterday, we reported on speculation about a…

China Power Demand Hits Record As Polar Vortex Split Pours Arctic Air Into Region

The Beijing meteorological station recorded one of the coldest temperatures in decades this past week, sending power demand through the roof.  Lei Lei, the chief forecaster for Beijing meteorological station, told China Daily that the first cold wave in 2021 features a “dramatic temperature drop,” “significant wind-chill effect,” and “prolonged period of low temperature.” On Jan. 7, Beijing…

S&P Futures Hit Record High Above 3,800 Ahead Of Dismal Payrolls Report

While there is broad consensus that today’s payrolls report will be ugly, with economists expecting a sharp slowdown in December job growth in the U.S. due to the second wave of covid lockdowns and a quarter of those surveyed (including Goldman) predicting a negative print when the data is published at 8:30 a.m. ET, that…

Brevan Howard's Main Macro Fund Rose A Record 27.4% In 2020

In keeping with the rich getting richer narrative that has washed over the street for most of 2020 (all it took was unlimited QE, who would have thought?), Brevan Howard is the latest fund to report a record year despite a global pandemic and the ensuing recession. The firm’s main fund had its best year…

US COVID Cases Top 20MM As California Deaths Hit New Record

Summary: US cases top 20MM California sees new death record Russia new cases topped 27K Portugal reports nearly 7K new cases * * *  Several US states have been plagued by reporting delays over the holiday, but with California expanding lockdowns around the state, and more cases of B.1.1.7, the mutant strain first discovered in…

As Anti-Cop Protests Continue, Americans Are Murdering Each Other In Record Numbers

Authored by Michael Snyder via The Economic Collapse blog, We have seen spikes in certain major cities before, but there has never been a year quite like this.  In 2020, murder rates have been soaring dramatically from coast to coast, and many are deeply concerned about what our big metropolitan areas will look like if…

ARK's Innovation ETF Posts $137 Million Outflow On Tuesday, Its Largest On Record

One day after we speculated the top in ARK Funds could be in, based on what appeared to be a technical trend in inflows breaking down, ARK’s Innovation ETF posted its largest outflow on record. The ETF saw $137 million in outflows on Tuesday of this week, according to Bloomberg, marking a stark break from…

Tokyo Health-Care System Risks COVID-Induced Collapse; Germany Sees Record Deaths: Live Updates

Summary: COVID data delays still plaguing some US states Texas reports new daily record cases Hospitalizations still at record highs 20+ cases of UK COVID mutant discovered in India Tokyo Gov warns about possible health-care system collapse Germany reports record daily deaths China says Sinopharm vaccine 80% effective Portugal reports most new cases in 3…

Futures Hit New Record High After House Approves $2,000 Stimulus Checks

US index futures and global stocks rose for a fourth straight day, hitting new all time highs on Tuesday after the Democrat-controlled House sided with Trump and passed a bill boosting stimulus payments for most Americans from $600 to $2,000 (which will almost certainly die in the Republican-controlled senate). The dollar dropped while oil and…

Railroads Slashed Jobs In Nov To Lowest In Decades… As Stocks Soared To Record Highs

Authored by Wolf Richter via WOLF STREET, Railroads responded to structural challenges by slashing jobs. Did nothing for volume but did everything for their stocks. The North American Class 1 freight railroads – BNSF, Union Pacific, Norfolk Southern, CSX, Canadian National, Kansas City Southern, and Canadian Pacific – have been shedding employees since 2015, and in…

Hackers Can Track Wireless Users’ Locations and Record Conversations Due to Longtime Network Flaw

By B.N. Frank Hackers can cause catastrophic problems no matter who or what is targeted – businesses (see 1, 2), hospitals (see 1, 2, 3), municipal governments, medical devices, personal devices (see 1, 2, 3, 4, 5, 6, 7), security systems and other “Smart” home devices (see 1, 2, 3), utility grids (see 1, 2,…

Mortgage Rates Hit Record Low For Record 16th Time This Year

Another week, another all time low mortgage rate. With 2020 now almost over, we can calculate how many times the benchmark 30Y fixed mortgage has hit record lows this past year. And according to the latest weekly update from Freddie Mac which showed that the 30Y FRM dropped another 1 basis point to a fresh-all…

Existing Home Sales Tumble For First Time Since May, Prices Hit Record Highs

After a big surprise jump in October, existing home sales were expected to drop MoM in November (as homebuilder sentiment rolled over from record highs) after 5 straight months higher and sales did slump – more than expected. Existing Home Sales fell 2.5% MoM (worse than the 2.2% drop expected) and the first MoM drop…

Record 41% Of European IG Bonds Have Negative Yields As ECB Buys Quarter Of All Eligible Corporate Bonds

As we showed last week (in 20 charts) while 2020 was certainly an unforgettable year for stocks, it was actually credit where the real action was – or as Goldman put it “a year like no other” – for two reasons: i) the direct injection of over $10 trillion in liquidity by central banks in…

California Reports Record COVID Cases And Deaths… Despite Strictest Lockdown

Authored by Jon Miltimore via The Foundation for Economic Education, On December 4, a bipartisan group of California legislators sent Gov. Gavin Newsom a letter urging him to reconsider his order closing outdoor playgrounds as part of his regional stay-at-home order. “While we must appropriately consider best practices to reduce the risk of COVID-19 transmission,…