Healthcare weaker on Trump comments:

Healthcare worst performer today. Biotech and pharma under outsized pressure. Renewed scrutiny surrounding drug pricing getting the blame. In interview with Time Magazine, Trump said that “I’m going to bring down drug prices. I don’t like what’s happened with drug prices.” Recall that in initial aftermath of the election, biotech and pharma rallied on thoughts […]

Italian Prime Minister Renzi to resign after referendum defeat; market fallout limited:

Italian Prime Minister Renzi announced he will tender his resignation later today after experiencing a heavy defeat in Sunday’s referendum. With most ballots counted, ~60% of Italians rejected Renzi’s electoral reform proposals, with a large turnout of 70%. Reform measure was intended to strip Senate of its powers and streamline the way parliament passes bills. […]

Trump announces he’s leaving his businesses:

In a series of tweets this morning, President-Elect Donald Trump announced that he would be holding a press conference in New York City on 15-Dec to discuss leaving his business “in total” in order to fully focus on running the country. Said legal documents being crafted to take him completely out of business operations, though […]

Romney under active consideration for Secretary of State; still no decision on Treasury Secretary:

Vice President-Elect Mike Pence confirmed on Sunday that former Massachusetts Governor Mitt Romney is under “active consideration” for the Secretary of State position. Followed a meeting between President-Elect Trump and Romney, one of his fiercest GOP critics, on Saturday. South Carolina Governor Nikki Haley and former New York Mayor Rudy Giuliani reported to still be […]

Trade a big wildcard under Trump:

Post-election narrative has been dominated by reflation theme driven by expectations for near-term tax reform, deregulation and infrastructure spending. However, still a lot concern about growth headwinds from potential immigration and trade policies. Latter a widely discussed area of uncertainty. WSJ noted that inside Trump’s economic team are two very different views on trade. Pointed […]

Trump transition going smoother:

Big story early in the week was the reported chaos in the Trump transition team with talk of infighting and score-settling. However, things have calmed down in recent days, a dynamic discussed by Politico. Noted how Trump’s team has held conference calls, announced visitor to Trump Tower, revealed that “landing teams” will soon head to […]

A more pragmatic Trump?:

Big theme in the market in the wake of the election has been the notion of a more pragmatic Donald Trump. Started with the more conciliatory tone his victory speech. Comments from Trump advisors have also confirmed the pivot. Thomas Barak, an economic advisor, told the FT that Trump would move very slowly when it […]

What went wrong for Clinton?:

Lot of discussion in press about what went wrong for Hillary Clinton. Much of the focus has been on the support for Trump from working class, non-college educated white voters. However. CNN noted that a large part of her undoing was her failure to hold onto the Obama coalition. Pointed out that ~88% of African […]