Market Strength,State Of The Union, Trade Deficit,Key S&P Levels... 市场的强势，国情咨文，贸易逆差，关键标准普尔水平。。。

。What is behind the market's remarkable rally that has ignored both what is at best a mediocre earnings season, a drop in Q1 EPS forecasts amid broad profit warnings, and dismal economic news? According to Nomura's Charlie McElligott the answer is simple: Fed "rate cut" bets are accelerating again, with Eurodollar curves flattening powerfully overnight after the past few days of US data "misses."  Another key liquidity-based driver is coming out of China, where recent desperate credit/liquidity injection measures are finally starting to kick in.
---ZeroHedge

。President Donald Trump’s State of the Union address talked up bipartisanship, while sticking with White House demands to build a border wall and calling for an end to “partisan investigations.” Trump reiterated a trade deal with China would need to include structural change on the Asian nation’s part. There was no announcement that he’ll use emergency powers to get funding for the wall, which may increase the chances of another shutdown in 10 days should the president force the issue again. House Speaker Nancy Pelosi seemed less than impressed with the contribution. ---Bloomberg

。The U.S. trade deficit narrowed in November by more than forecast to a five-month low, as imports tumbled by the most in more than two years amid an intensifying trade war. The gap fell 11.5 percent to $49.3 billion, according to a Commerce Department report Wednesday that had been delayed a month by the government shutdown. The median estimate of economists surveyed by Bloomberg called for a deficit of $54 billion. Imports of all goods and services dropped 2.9 percent, while exports declined 0.6 percent.---Bloomberg

。A record €4.3 billion ($5 billion) fine against Alphabet for allegedly anti-competitive practices related to Google's Android operating system, placing their fines for the year higher than their income taxes of $4.2 billion, according to Computing. Alphabet warned that changes in data privacy practices, new digital advertising policies and software bugs which harvest user information could harm its business going forward, according to Bloomberg. ---ZeroHedge

。Tesla(TSLA) cut the price of its Model 3 for the second time this year, by $1100 to $42,900. ---CNBC

。Key S&P 500 Levels ---Global Macro Monitor, Zero Hedge

。导致市场的强势反弹背后是什么？它忽略了最好只是平庸的财报季节，广泛的盈利预警导致的每股盈利预测下降，以及令人沮丧的经济新闻？根据野村证券的Charlie McElligott的说法，答案很简单：美联储“降息”的赌注再次加速，在过去几天美国数据“低于预期”后，欧洲美元的曲线在一夜之间大幅收窄。另一个关键的流动性驱动因素来自中国，近期中国在绝望中制出的信贷/流动性注入措施终于开始起步。--- ZeroHedge

。唐纳德特朗普总统的国情咨文讲述了两党合作，同时坚持白宫要求建立边界墙并呼吁停止“党派调查”。特朗普重申与中国的贸易协议需要包括中国的结构性变革。他没有宣布他将使用紧急权力为隔离墙获得资金。如果总统再次强制解决问题，这可能会增加10天内再次停工的可能性。众议院议长南希佩洛西似乎对这一切表示冷淡。 ---Bloomberg

。由于贸易战愈演愈烈而导致两年多来进口大幅下挫。美国11月贸易赤字收窄超过预期至五个月低点。根据美国商务部因政府关闭已推迟一个月在周三发布的一份报告显示，贸易赤字下降11.5％至493亿美元。彭博社调查的经济学家的预期中值估计为540亿美元的赤字。所有商品和服务的进口共下降2.9％，而出口则下降0.6％.---Bloomberg

。根据英国计算机公司的数据，对于与谷歌的Android操作系统相关的反竞争行为，对Alphabet的罚款达到创纪录的43亿欧元（50亿美元），使他们今年的罚款高于其42亿美元的所得税。 据彭博社报道，Alphabet警告说，数据隐私实践的变化，新的数字广告政策和收集用户信息的软件漏洞可能会损害其业务。---ZeroHedge

。特斯拉（TSLA）今年第二次将其3型电动车的价格降低了1100美元至42,900美元。 --- CNBC

。标准普尔500指数关键水平 - ---Global Macro Monitor, Zero Hedge