Market volatility remained muted in early trading today as the欧盟明天在U.K.的公投和联邦复位rve chair Janet Yellen’s testimony before Congress remained the primary focus of risk narratives. With the pound sterling holding gains made in recent sessions, investors appear cautiously optimistic that the Remain campaign will succeed while U.S. interest-rate derivatives markets signal no fear of more than one additional Fed rate hike this year. While elevated by recent historical standards, the CBOE’s Volatility Index has retreated from the highs of last week suggesting that U.S. equity traders appear less concerned about the potential of a U.K. exit from the European Union. For now, “wait and see” appears to be the order of the day for most allocators.
特斯拉获得太阳城。昨天特斯拉电机宣布收购SolarCity Corp.in a stock transaction valued at almost $2.8 billion. Tesla founder, CEO and largest shareholder Elon Musk defended the acquisition in the face of concern among some analysts that the acquisition of the solar-panel manufacturer makes sense in his larger vision for the electric car company. Musk is chair, founder and largest shareholder of SolarCity.
FedEx earnings beat estimates.Memphis-based delivery company FedEx Corp. yesterday reported a loss of $0.26 per diluted share for the fiscal fourth quarter or an adjusted $3.30 per-share — beating consensus analysts’ estimates as revenue growth also exceeded expectations. Company management guided expectations for fiscal 2017 to the high end of the current consensus range.
Brazil provides emergency aid to Rio ahead of Olympics.Scting Brazilian President Michel Temer yesterday approved a nearly $1 billion aid package for Rio de Janeiro State to cover budget shortfalls a scant two months ahead of the 2016 Summer Olympic games. The money will be deployed to cover public safety and security requirements as tourists flock to the event.
Portfolio Perspective: Countdown to Brexit —汤姆弦队，弗罗斯特投资顾问
今年即将到来，欧洲救济集会或全球波动中的棘手率先结束。无论哪种方式，在美国的选民将在明天的民意调查中设立舞台，决定欧洲联盟的未来经济和政治课程通过下一场危机。虽然希腊人和苏格兰人大致一年前大约是他们的脱离举措，但U.K.从经济联盟划分的尺寸将显着更实质性。Pollsters这一周的最后一周开始降低欧盟出口的几率，较大的投注公司在U.K.更有信心仍然有信心，放置60％的选民避免Brexit的机会。虽然尚未实现投票结果，但正在进行的辩论指出了相当严重的经济，监管，政治和民族主义后果。可能被释放的更为严重的风险之一是从欧盟的周边国家进一步解开的威胁，例如意大利，西班牙或希腊（再次）。在经济方面，U.K.财政部估计，欧盟出口最终将在两年后将国家的国内生产总值降低3.6％，延长了52万次失业率。让我们不要忘记被迫筛选到四十年的欧盟成员合同，法规和突然回到街区的法律的潜在后果。
凭借欧盟修辞上周的中心阶段，全球风险型主题是普遍存在的，国内股市在周五抵消，急剧债券汇编（以及由此产生的较低收益率）抵消。正如一份报告所指出的那样，主权十年的债券收益率为美国，日本和德国的新债券袭击了新鲜的记录低点，而十年外滩的产量实际上是消极的。亚博赞助欧冠机构投资者还注意到市场上有升高的风险调，平均提高现金水平，据最新的全球基金经理调查是2001年11月以来的最高水平，即关于潜在“夏天的担忧冲击“和”定量失败“。虽然市场可能会留在本周的边缘，但它再次值得注意的是，在国内前面，一切都没有差。真实，最近，more dovish, Fed policy commentarydid take note of the recent slowdown in the labor markets, but they also noted that household spending is strengthening. We also note that labor market surveys remain tight, the housing market is stable and there are stealth signs of improving trends in core CPI, PPI and import prices. More news potentially down the road with one more countdown, the final revision in Q1 GDP expected on June 28.
Tom Stringfellow is the president and chief investment officer ofFrost Investment Advisorsin San Antonio, Texas.