Why are these things happening? Several events took place last night which deserve a brief summary:
- U.S. Treasury has said that tax inversion deals are all but dead, thus imperiling the Pfizer-Allergan deal.
- Bank of Japan has reiterated the possibility of additional stimulus.
- Decline in German factory orders.
- Final PMI for Germany, Italy and the EU composite all missed.
- UBS and HSBC dealings have been thrust into the spotlight after the release of the Panama Papers.
- Tesla deliveries miss forecast.