Stocks Smash Records Around The Globe; Nikkei Has Best Annual Start Since 1996

Thursday, January 4, 2018
By Paul Martin

by Tyler Durden
Thu, 01/04/2018

Another day, another record high in markets around the globe as stocks – contrary to what Jeremy Grantham expects – have already entered the blow-off top mania phase. U.S. equity index futures rise, following a jump in European and Asian shares, while the Nikkei exploded higher after being held back for the past two days by holidays. Base metals and the euro gain.

European stocks rose the most in over two weeks on an acceleration in risk euphoria and signs the global economic expansion of 2017 remains intact. European bourses (Eurostoxx 50 +0.8%) trade higher across the board with all ten sectors in the green, as builders and automakers lead the advance. Gains are relatively broad-based with the exception of consumer staples which trades relatively flat, financials supported post-FOMC minutes. Today has seen a turn in sentiment for UK retail names with Debenhams (tumbling -17.7%) taking the shine off the sector after a disappointing sales update which saw the Co. cut their guidance.

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