Trump calls for Obama to resign… Brexit fears weigh on markets… so what?
For those of us that had a long weekend, welcome back to reality!
It certainly was a great break (that extra day certainly makes a difference), but it’s time to get back to the grind….
So what have we missed?
And it’s not great news….
It all kicked off with Trump telling Obama to resign… this will only add “angst” leading into US elections…
Japanese Manufacturing data followed … which was nothing but poor, leading to short positions rising to the highest level in over 5 years……
Chinese data also released missed expectations ……. Industrial Production, Retail sales & fixed investment are weighing ……..
Finally, fears of a “Brexit” are really hurting the GBP………..
And if there is a “Brexit”, we could really have a mini global “Armageddon”………
The outflows coming out of the Eurozone, will make the “Chinese debt crisis” Pluto vs. Jupiter……
Add further uncertainty from the US and AUS elections, negatively impacting on both business & consumer confidence….
So tighten your seatbelts, things are about to get “volatile”………….
What's on today?
Local data: RBA assistant governor Guy Debelle speaks at 10.50am, ANZ weekly consumer confidence, NAB business survey May
The SPI is down 41 points this morning
Niv Dagan is an Executive Director of Melbourne based boutique funds management and corporate advisory firm, Peak Asset Management (www.peakassetmanagement.com.au). He is also a regular financial commentator on Sky Business.