Over There & Over Here

(1) Getting around London town. (2) Fairly relaxed about both Brexit and Trump. (3) Not so relaxed about US stock valuation multiples. (4) Frexit would face a bigger constitutional challenge than did Brexit. (5) EMU looks cheaper than US MSCI now that forward earnings are improving in Eurozone. (6) A sector perspective shows that EMU may not be as cheap as it looks relative to US. (7) Employment still among strongest hard data, except for big job losses among retail stores. (8) Is Trump bringing back factory jobs already? (9) Fed getting ready to unwind balance sheet as securities purchased under QE mature. (10) Another reason to expect gradual rate hikes. (11) Movie Review: “Cézanne et Moi” (+).