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Week-in-Review (expressed in YoY terms): Mon: Boxing Day, S&P unch; Tue: Abe meets Obama in Pearl Harbor, Japan retail sales +1.7%, Russia calls US decision to arm Syrian rebels a “hostile act,” Pakistan defense minister threatens Israel with nuclear response after reading fake news, S&P +0.2%; Wed: China industrial profits +15%, Terrorist bombing at China communist party offices in Xinjiang, Japan vehicle pr

Week-in-Review (expressed in YoY terms): Mon: China home prices rise in 55 of 72 cities (Beijing prices flat mth/mth for 1st time in 2yrs), Japan raises 2017/18 GDP forecasts 0.3 to +1.5%, Japan Nov trade surplus $4.6bln (imports -8.8%, exports -0.4%), Russia’s ambassador to Turkey assassinated, Polish protests in 3rd day, Berlin terrorist attack kills 12, Moody’s warns of Greek credit risk, S&P +0.2%; Tue: Japan

Overall: “Now we’re feeling what not having hope feels like,” lamented America’s First Lady to Oprah, as another hopeful stock picker paid 22-times trailing earnings for the S&P 500. “America needs a grown-up in the White House who can say to you in times of crisis, ‘Hey it’s going to be ok, let’s look at the future, let’s look at all the things we’re building,” continued Michelle. Infrastructure stocks consolida

Overall: “These are the same people that said Saddam Hussein had weapons of mass destruction,” said Team Trump, discrediting the CIA for reporting that Russia had interfered in our presidential election. Team Trump’s claim is nonsense. They’re not the same people, they’re members of the same institution. And that makes all the difference. Because people come and go rather easily. Institutions do not. Institutions are

Overall: “These visitors to that city on the Potomac do not come as white or black, red or yellow; they are not Jews or Christians; conservatives or liberals; or Democrats or Republicans. They are Americans awed by what has gone before, proud of what for them is still a shining city on a hill,” said Ronald Reagan, eyes sparkling, on the eve of his 1980 election. Back then things were brutal. Reagan’s optimism lifted

Week-in-Review (expressed in YoY terms): Mon: South Korea’s Park moves toward impeachment, EU inflation expectations 11mth high, May acknowledges “UK businesses need Brexit clarity,” France foils terror attack, Sarkozy knocked out of French primary with 22% (Fillon leads with 44%, Juppe 28%), Merkel to seek 4th term, Bundesbank “German Q4 growth to accelerate,” Fed’s Fisher “fiscal policy could ease burden on Fed,” S

Overall: “Wouldn’t be surprised if this becomes one of the defining words of our time,” said the President of Oxford Dictionaries, “2016 Word-of-the-Year is Post-Truth!” A few nerds cheered, chortled. I amongst them. I love words, they’re the razor blades separating light from darkness, man from ape. They appear and vanish, from the infinite nothingness, like sub-atomic particles – quarks, gluons, Higgs-Bosons.

Overall: “Not half bad for a deplorable,” he said to the mirror, feigning false modesty. “Decent result for someone uniquely unqualified,” he continued, preparing for his Obama meeting, blowing a kiss. Staring back stood the most handsome President-elect that the President-elect had ever seen. Or would ever see. Ever. “Sorry for the whole birther thing Barry. Hillary started it, I ended it. I’m the closer, the winner

Overall: “British spenders have entirely looked through post-Brexit uncertainty,” said Mark Carney. “Consumer jitters were notable by their absence,” continued the Bank of England governor. UK wages kept growing, confidence remained solid, business investment resilient. So the Bank of England forecast its biggest inflation overshoot since 1997; expecting 2018 price gains to peak at +2.8%. Now, let’s assume that havin

Overall: “We prefer to not keep interest rates at such low levels for an excessively long time,” announced Draghi, squinting. “Unwelcome side-effects may accumulate over time,” continued the central banker, staring, straining to see, the future blurry. Never in human history has the outlook been so uncertain. Homo Sapiens hunted and gathered for 150 monotonous millennia. Then farmed for 120 mind numbing centuries, un