"US Interest rates seem to be a market irritant but in my opinion can only be positive for US banking shares"
Rising rates ain't good for no one except savers.
After 8 rate hikes in US, bank shares are near 12 month lows with Morgan Stanley hitting a new low - not a definition of good.
Underlying debt, interest rate hike fundermentals knocking at reality's door.
Connect the data dots - consequences for all. Been a wall of worry up on leverage, now the elevators are packed on the way down. Real price discovery around the corner. Brill if your in cash.
Hiccups spread as we're seeing. After all the US reality TV crap recently, the focus on events that matter...fear is creeping in.
After all, it's October. The desks are occupied again with some waking up to what it all means, with some WTF moments.
Cooling off, oh great! I'll email Salvini and Trump and tell them the goods news - your permission of course.
I won't bother with the EMs. I know I'll get the middle finger.
Bond yields are going up across the globe, and all that follows. Not much media attention to it. Distractions like who's been poking who, or who's burst into tears makes for better ratings.
Financial tears up next.