Wall Street closed at 2016 highs. Dow rises 49.44 points (0.27%) to 18,053.60 as oil rebounds.
"Don't call it a comeback. I've been here for years." - S&P 500 (today's press conference on the new all-time high)
US High Yield Spreads at new YTD low of 646 bps. Peaked on Feb 11 at 887 bps. Cycle low was in June '14 at 335 bps.
Emerging Market equities up 20% since the Gundlach short recommendation at the Jan lows. https://pensionpartners.com/when-bond-kings-short-emerging-market-equities/ …
Credit Returns, YTD EM Local Currency: +12.7% EM in USD: +7.0% US High Yield: +4.9% US Leveraged Loans: +3.8%
Saudi Arabia to borrow $10bn from UFJ, HSBC, JPM. 1st international debt issuance in 25yrs. https://next.ft.com/content/c30118c8-0630-11e6-a70d-4e39ac32c284 …
Kuwait Oil Workers Strike Over; Oil Tumbles http://www.zerohedge.com/news/2016-04-19/kuwait-oil-workers-strike-over-press …
Another example of a citizen referendum and voters being ignored.
Refugee Situation .....
EU approves migrant aid as tensions run higher http://dlvr.it/L5j9y7
UN chief slams 'deeply worrying' attacks on refugees http://dlvr.it/L5h7Yb
He's probably correct regarding the refugee crisis confronting Europe.
Greece starts letting migrants leave island camps http://dlvr.it/L5cW6H
Turkey wants EU visa changes by June or migrant deal is off http://dlvr.it/L5cWHc
Turkey reminding Europe it's not keeping its promises to Turkey....
More firms seek Juncker Plan funding http://dlvr.it/L5l6Nh
Paper foresees major pension cuts http://dlvr.it/L5kfTv
Taxpayers’ bill to rise by 1.8 bln euros http://dlvr.it/L5kfJQ
Cash-strapped universities seek help with electricity bills http://dlvr.it/L5j9tl
Theoharis quits Potami, to continue as independent MP http://dlvr.it/L5j9wB
Forthnet: New Greek tax on pay TV ‘extremely harmful’ http://dlvr.it/L5hhGf
Private sector union plans action over pension reform http://dlvr.it/L5hhF7
Greece expects Eurostat to confirm larger 2015 primary surplus http://dlvr.it/L5Wr9c
#Greece gov't spokeswoman said pension bill includes incr in contributions for suppl pensions of 1pp for 1st 3 yrs & 0.5pp for next 3 yrs.
Creditors want legislation of contingent measures,timeline of implementation,more on pension cuts&non taxation limit http://www.kathimerini.gr/857171
Odds & Ends ......
Merkel's overall approval rating at 45%-lower than depths of refugee crisis, down from 56% at start of April.
Brexit , Frexit , Germxit - does everyone want to leave the EU now ?
#Libya Recognised (by some states) parliament in Tobruk may vote today UN-backed government.
#Libya Rrecognition status: EU states recognise UN-backed GNA govt. Russia+UAE say only if Tobruk parliament votes yes. Other states unclear
Kabul police chief tells reporters at scene of blast: 28 killed, mostly civilians #Afghanistan
Because June will be different than April....
#Japan | *JAPAN'S 30-YEAR YIELD FALLS TO RECORD 0.335%