Stock Market Rallies Further Absent Any Positive EPS Revision Momentum

Could it be the Trump effect?

Highlights

• S&P 500 rally to new highs lacks fundamental support

• Valuations expand to unsustainable levels for both equity and credit markets

• Betting market odds of a Trump victory are rising, boosting investor sentiment along the way

• Chinese stocks outperform to start the week as banks cut key lending rates