Daily Morning Call
From the Floor: Weak Wilders allows for risk-on mode — #SaxoStrats
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The right-wing populist Geert Wilders got far fewer votes than expected in the Dutch election, which allowed market participants to search for risk. The US Federal Reserve's dovishness that came with a quarter-point rate hike had the same effect.
• Dutch result means disruption of the populist narrative — Hardy
• French election risk is a bit more priced out now — Hardy
• Treasuries dip on dovish Fed hike — Fasdal
• June rate hike probability is now priced below 50% — Fasdal
• Fed is not in the driver's seat, but reacting to data and Trump — Hardy
• There is an increasing willingness to allow financial bubbles to exist — Garnry
• We have a red hot equity market — Garnry
• Oil extends strong recovery, so do gold and silver — Hansen