As we suggested yesterday, bad news being no news and good news being… good news, investors snapped up the small (government shutdown related) morning dip, sending the S&P to a new record close (+0.6%) on news that the shutdown would end after 3 days. At the margin, the IMF latest World Economic Outlook released yesterday in Davos cited the US tax cut as a short term boost to the US economy “for now” and reflected on the broadest synchronized global growth upsurge since 2010, instilling further optimism for the day. Still, the dollar stayed heavy, returning Friday’s gains and Cryptos (semi) crashed again, leading some of them to recent lows, further clouding their outlook. EM ourperformed again on diversification talks from Davos.
One page Summary (Pdf)
Risk appetite gauge remains in risk averse
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