Happy Monday morning and another short week! This ones supposedly four days but considering the major econ reports are totally done now for 2014, and we only get two on Friday, I'm expecting trade to be slooooooow....
Rapid price swings can still happen though, right now futures are +0.16% stock indexes and -0.27% metals. My thinking is that if a third trader shows up on the floor that prices could swing the other way.
Credit Suisse’s 2015 Outlook For Everything In 30 Tweets
Sea Storm
Reuters
Credit Suisse tweet-stormed highlights of its 2015 market outlook on Tuesday.
The firm sees the S&P 500 at 2,250 by the middle of next year, with a slight dip in the second half to end at 2,200.
It downgraded emerging markets because they’ve underperformed 62% of the time in a dollar rally, and the dollar is rallying.
Russia and Saudi Arabia will be the biggest losers to lower crude oil prices.
And the benefit of cheaper gas for US consumers could be cut short, because its forecast to be more expensive than it was before oil collapsed.
Here’s the entire tweetstorm:
https://twitter.com/csresearch
http://www.ft.com/intl/cms/s/0/3d2c3a8a-876e-11e4-bc7c-00144feabdc0.html#axzz3NK1OBBwe
Last updated: December 29, 2014 5:45 pm
Petrobras finds itself in deep water
Joe Leahy in Brasília and Samantha Pearson in São Paulo
There are not many executives who have asked their boss three times whether they should be fired and survived. Maria das Graças Foster, chief executive of Petrobras, Brazil’s crisis-stricken state-owned oil company, says she’s one.
She has offered her resignation to Dilma Rousseff, Brazil’s president, on multiple occasions in recent weeks but her close friend of more than a decade has stuck by her — so far.
“The president thought I should stay,” Ms Graças Foster told reporters this week.
Petrobras, the pride of Brazil in 2007 after it announced the world’s largest offshore oil discoveries in decades, is today in danger of becoming a pariah among investors and a national shame for Brazilians.
The company has been thrown into disarray by an investigation by Brazilian police and prosecutors alleging that former senior executives, construction companies and politicians of Ms Rousseff`s Workers’ party-led ruling coalition creamed billions of dollars off Petrobras’ contracts.
This allegedly took place under the noses of Ms Rousseff, who was the company’s chairman until she took office in 2010, and Ms Graças Foster, who has led Petrobras since 2012.
Although neither are accused of direct involvement, the scandal has sparked an investigation by the US Securities and Exchange Commission and led the dual-listed company’s auditor, PwC, to refuse to sign off on its accounts until Petrobras has conducted its own inquiry.
If Petrobras is unable to satisfy PwC’s concerns and release audited financial results by April 30, the company, one of Brazil’s biggest corporate borrowers with debt estimated by Moody’s credit rating agency at $170bn, could trigger a technical default.
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