Media Navel Gaze: November 14, 2016
First the nation voted red, then the nation saw red. Now media are focusing on how a Trump presidency will look and feel and big changes are no doubt in store on almost every level. Cabinet formation and rumors in full force with Veep Pence in transition charge (Bye, Christie is the new Bye, Felicia?). Also, on the 86 block seem to be some parts of Dodd Frank, Obamacare and climate policies but what in fact will take shape is unclear. Way foggy bottom time.
- The DoubleLine chief Jeffrey Gundlach got his 15 minutes by having predicted that his candidate Trump was going to win, cashing on the rise in Treasury notes;
- The Clinton camp blames the surprise outcome on the FBI chief;
- Meanwhile, pollsters and the media were among the biggest losers last week, shaking faith in surveys and likely forcing journos to decide to go out and actually interview America instead of looking at data;
- Stocks reacted beyond positively amid expectations for infrastructure spending, a cut in corporate taxes and decreased regulation. The Dow turned in its best week in five years, with much of that gain ahead of the vote on ironically Clinton-win expectations. For the week, the blue chips rose 5.4 percent to close Friday at a record 18,847. Volatility, no doubt, expected.
- Other news did happen, however: Walgreens is suing Thernos and Toblerone shrunk the candy bar;
- India dumped the 500 rupee note, its highest denomination in a surprise move;
- Leonard Cohen died; and
- The Post has now given us “Mel and ‘Chelle.”
- The Mexican Peso hit a record low of $21 against the US Dollar this week following the election of Donald Trump. Mexican equities have declined by 7 percent over the past three months.
- Colombia’s government agreed to a modified peace treaty with The Revolutionary Armed Forces of Colombia after the original version was rejected by Colombian citizens. The new treaty will be made public in the coming days.
- End of Week Market Updates
- Merval (Argentina): - 6.54%
- Bovespa (Brazil): - 3.92%
- IPSA (Chile): - 1.49%
- IGBC (Colombia): - 3.70%
- IPC (Mexico): - 3.68%
- BVL (Peru): + 2.33%