When Goldman Sachs president Gary Cohn came into his Trump Tower office on Nov. 30 with a Wall Street-inspired plan for financing big-ticket government infrastructure investments, the US president-elect was smitten. They’ve met three times since then.
As the London Bullion Market Association revamps over-the-counter trades that are the market’s major pricing benchmark, some big banks have stakes in the outcome, including Goldman Sachs Group Inc., HSBC Holdings Plc and JPMorgan Chase and Co. “There are four weddings, and we have to dance at all of them, because we don’t know which marriage will last,” said Adrien Biondi, the global head of precious metals at Commerzbank AG in Luxembourg.
The bullish run "probably can get extended into the new year," but "we've just taken a very big leg up here, and levels of sentiment, levels of market positioning and levels of valuation do have me a bit worried that if we see any disappointment at all, it could lead to the sort of pullback we had last year."
Starting Wednesday, Uber will let customers in San Francisco hop in a self-driving car, if they're lucky enough to hail one. There's a lot the company won't say about the launch, but it will gradually introduce self-driving Volvos in its hometown. The startup doesn't have explicit permission from the California Department of Motor Vehicles to test autonomous cars on the road.
Last month, Scaramucci, who also owns and hosts “Wall Street Week,” a Sunday TV show, told The Post that he would like to work in the Trump administration but it would be difficult for him to leave SkyBridge. “I would like to be involved somehow tangentially, but I have my own business,” Scaramucci said the day after the election. “This is like you would be asking me to leave my local bodega.”
With the new offering, Schwab—which already has a robo-advisory service—will compete more directly with Vanguard. With an account minimum of $25,000, the new Schwab service is open to more investors than Vanguard’s offering, which requires at least $50,000. The costs are similar—a weighted average of 0.4% for Vanguard, versus 0.36% to 0.52% for Schwab.
The Trump administration has said little about its tax plans since the election, but the brief published version on the campaign website suggests that this could be more than a classic straightforward tax cut. Rather, the idea could be to use a radical tax shake-up to force companies into abandoning the behaviour that Mr Trump attacked on the campaign trail, and source more of the goods they sell in the US.
A Short Squeeze In Government Bonds? (Credit Writedowns)
Citi research shows speculators’ aggregate net short position in US Treasuries now at 5 standard deviations above normal – meaning everyone is now on the same side of the trade – short US Treasuries. With everyone piled into a short position on safe assets, all we need is one crisis trigger to create the mother of all short-covering rallies back into safe assets, not just in the US but globally.
“I’m a pretty big believer in scheduling sex,” says Dr. Sandra Lindholm, a sex therapist and clinical psychologist in the Bay Area, explaining that she encourages people to make calendar entries for their trysts on their mobile phones. “Use your iCalendars to schedule sex,” she says.