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Business News & Views - Metals, Markets, Shipping, Energy, More

Discussion in 'Coffee Shack (Daily News/Economy)' started by searcher, Aug 25, 2017.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    New York's multi-million dollar subway train breaks down on its FIRST DAY on the tracks
    • The R179 model failed a test by the Metropolitan Transportation Authority (MTA)
    • The train came to an emergency stop when it ran over a blue bucket on the J line
    • A faulty display screen also showed the doors were open in one of the carriages
    • The MTA paid a whopping $740 million for Bombardier to build 300 cars


    Read more: http://www.dailymail.co.uk/news/article-5114045/New-York-subway-train-breaks-DAY.html#ixzz4zMM6D4lV
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Rob Kirby – Bankers Will Send Gold and Silver Prices to the Moon
    Greg Hunter



    Published on Nov 25, 2017
    Gold and silver expert Rob Kirby says the price suppression of gold and silver is in the process of ending. Kirby says, “In the very near future . . . we are going to experience precious metals to be cryptoized and put on the blockchain. . . .These are going to be superior alternatives to GLD and SLV, and this will bring transparency to the price discovery process for both gold and silver. What this means is GLD, SLV and COMEX are going to be made irrelevant by the cryptoizing of physical metal.”

    Kirby predicts, at some point, the price of physical gold and silver will skyrocket, and the same bankers who suppressed the price will turn around and send it to the moon. Kirby contends, “When the banks feel this is a foregone conclusion, that the price of gold and silver are going up . . . they are going to try to front run it. Banks try to front run everything.”

    Join Greg Hunter as he goes One-on-One with gold and silver expert Rob Kirby of KirbyAnalytics.com.

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  7. searcher

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    REALIST NEWS - Bitconnect THE WORST investment ever? - Should have just held your Bitcoins
    jsnip4



    Published on Nov 25, 2017
     
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  10. searcher

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    Stocks Whipsawed As Europe, US Futures Rebound From China Selloff; Dollar Slides

    [​IMG]
    by Tyler Durden
    Nov 27, 2017 7:03 AM


    The traditionally illiquid post-Thanksgiving week has started with a series of whipsaws across stocks and bonds, as European stocks turned positive after starting the day on the back foot, initially mirroring a slide in Chinese stocks and price action in U.S. equity futures as investors look to a possible - and absolutely critical - tax-plan vote in the Senate this week.

    Bund futures retraced most of their earlier declines, pulling gilts higher in tandem. Meanwhile, the Dollar has extended losses in Europe after brief respite from selling in Asian trading, sending GBPUSD toward day highs aboive 1.33 and, paradoxically, the USD/ZAR hitting a one-month low, erasing all losses after S&P cut South Africa’s credit rating on Friday. In commodities, WTI crude pulls back from nearly two-year high of $59; nickel leads base metals lower in London trading. Oh and yes, Bitcoin hit another record high, just under $10,000.

    Stocks in Europe erased early losses to edge higher, with defensive sectors including utilities, real estate, food and beverage, telecoms outperforming Monday, while cyclicals tech and basic resources dipped following a slump in industrial metal prices out of China. In terms of stock specifics, Julius Baer is the biggest faller in Europe, down as much as 5% after news that the CEO is to resign with immediate effect, subsequently fuelling worries that client assets could also depart. German Bunds fluctuated as Germany moved closer to a new government.

    [​IMG]


    In Asia, stocks took a turn for the worse and failed to sustain the early momentum from last week’s Black Friday optimism in US, where the S&P 500 and Nasdaq posted fresh record levels. ASX 200 (+0.1%) was choppy after the 6,000 level provided resistance and Nikkei 225 (-0.3%) gave up opening gains and then some, as Japanese sentiment soured amid flows into JPY.

    As noted earlier, in Asian trading, Shanghai shares fell 0.9% to a three-month low, having already been on a shaky footing due to a rout in the domestic bond market and fresh moves to reduce risks in the asset management industry that may bring a sea change for banks: the catalyst was a net-neutral PBoC liquidity operation in the backdrop of the recent bond market jitters, while Industrial Profits also slightly cooled.

    “The Chinese stock market drop is reminiscent of the selloff that we saw in the summer of 2015, and that is causing some investors to become cautious going into the thin year-end markets,” said ING currency strategist Viraj Patel, in London.

    Away from the main markets, bitcoin's exponential ascent showed no signs of abating, with the cryptocurrency soaring to another record high just a few percent away from $10,000 after gaining more than a fifth in value over the past three days alone.

    In macro, the big mover was the euro, which hit a fresh two-month high of 1.955 before paring gains and trading flat on the day, with a Merkel ally saying on Monday that the “grand coalition” talks may not begin until next year, potentially prolonging the uncertainty in Europe’s largest economy.

    “There is optimism about the formation of a grand coalition in Germany, and economic surprise indices for the bloc are at an all-time high,” said Antoine Bouvet, rates strategist at Mizuho. “That means there could be more investment in Europe, driving the currency higher, and the corollary to that is for market expectations for ECB policy has to be more dovish.”

    The dollar failed to sustain an early advance even as Treasuries dropped. The U.S. currency was initially supported by improved prospects that the U.S. tax bill will be passed this year, alongside profit taking following the Bloomberg Dollar Spot Index’s worst week in more than two months. Republican lawmakers in the U.S. Senate plan to hold a make-or-break floor vote on their bill as soon as Nov. 30. Yet, last week’s pattern that saw demand for the euro soon after the London open unfolded once more, as the common currency rose to 1.1957, its strongest level since Sept. 22. According to Bloomberg, a mix of names, including real money and leveraged accounts, added fresh upside exposure in both the euro spot and options markets. Demand for vanilla calls in tenors between 18 months and two years was seen in OTC trades, traders in Europe said. The chances that German Chancellor Angela Merkel ultimately pulls off a renewed coalition with the Social Democrats supports the front-end of the common currency’s volatility skew. At the same time, traders seem less worried over the risks surrounding Italian elections due by May next year, pushing six-month risk reversals to their most euro-bullish sentiment since 2009.

    Asset moves aside, after a long weekend, investors are gearing up for a busy week, with Trump scheduled to address Senate Republicans at their weekly luncheon Tuesday on taxes ahead of a potential vote on tax reform set of November 30. Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington, and the confirmation hearing for her nominated successor, Jerome Powell, begins. Adding to the mix are data on U.S. GDP, prices and jobs.

    In rates, the yield on 10Y TSY gained less than one basis point to 2.35%; 10Y Bund yield fell one basis point to 0.35% while Britain’s 10-year yield dipped less than one basis point to 1.247%, the lowest in almost three weeks. Japan’s 10-year yield climbed one basis point to 0.043 percent, the highest in more than a week.

    In commodities, West Texas Intermediate crude declined 0.8 percent to $58.48 a barrel. Gold increased 0.4 percent to $1,293.95 an ounce, the highest in six weeks. Copper fell 1% to $3.16 a pound.Elsewhere, nickel led a slump in industrial metals, with copper declining for the first time in seven sessions.

    Economic data includes new-home sales and Dallas Fed manufacturing; on the Fed speaking circuit, we have two former Goldmanites: outgoing NY Fed President Bill Dudley, and Minneapolis Fed President Neel Kashkari.

    Bulletin overnight summary from RanSquawk
    • Commodity-linked currencies were mildly pressured as WTI crude pulled back from USD 59/bbl.
    • EU equities pare initial losses in what has been a relatively quiet morning.
    • Looking ahead, highlights include US New Home Sales
    Market Snapshot
    • S&P 500 futures up 0.07% to 2,602.75
    • STOXX Europe 600 up 0.2% to 387.43
    • MSCI Asia down 0.4% to 172.33
    • MSCI Asia ex Japan down 0.7% to 564.57
    • Nikkei down 0.2% to 22,495.99
    • Topix down 0.2% to 1,776.73
    • Hang Seng Index down 0.6% to 29,686.19
    • Shanghai Composite down 0.9% to 3,322.23
    • Sensex up 0.07% to 33,703.49
    • Australia S&P/ASX 200 up 0.1% to 5,988.77
    • Kospi down 1.4% to 2,507.81
    • German 10Y yield rose 0.7 bps to 0.367%
    • Euro down 0.05% to $1.1927
    • Brent Futures down 0.2% to $63.76/bbl
    • Italian 10Y yield rose 2.8 bps to 1.546%
    • Spanish 10Y yield fell 2.0 bps to 1.466%
    • Gold spot up 0.3% to $1,291.93
    • U.S. Dollar Index down 0.06% to 92.73
    Top Overnight Headlines
    • Tax bill update: Republican leaders in the Senate plan a make- or-break floor vote on the tax bill as soon as Nov. 30
    • Russia’s deputy foreign minister said North Korea’s pause in provocations indicates a step toward denuclearization of the Korean peninsula
    • The China and Eastern Europe summit takes place in Budapest, Hungarian Prime Minister Viktor Orban hosts Chinese Premier Li Keqiang
    • Senate plans tax vote amid Trump sales pitch: Tax Debate Update
    • Germany’s standoff eases as wrangling shifts to coalition terms
    • Black Friday online spending was record $5.03 billion: Adobe Systems
    • Bitcoin closing in on $10,000 as cryptocurrency mania intensifies
    • BOJ’s Suzuki: Slight YCC changes possible when inflation nears 2%
    • Russia-OPEC said to agree framework to extend output cuts to end-2018
    • Meredith Agrees to Buy Time Inc. With Koch Brothers Backing
    • Senate Plans Tax Vote Amid Trump Sales Pitch: Tax Debate Update
    • Roark Capital Is Said to Sweeten Buffalo Wild Wings Takeover Bid
    • Bitcoin Guns for $10,000 as Cryptocurrency Mania Defies Skeptics
    • Macy’s Says Fully Resolved Capacity-Related System Issues
    • Cyber Monday Caps Strong E-Commerce Holiday Sales Growth
    • Ryan Dismisses Deficit Concerns to Chase Political Win on Taxes
    • Next Act in CFPB Drama Comes When Dueling Bosses Show Up to Lead
    • French Anti-Fraud Office May Fine Fiat Up to EU9.62B: Monde
    • iPhone X 4Q Production Improves, Momentum to Continue: KGI
    In Asian markets, stocks took a turn for the worse and failed to sustain the early momentum from last week’s Black Friday optimism in US, where the S&P 500 and Nasdaq posted fresh record levels. ASX 200 (+0.1%) was choppy after the 6,000 level provided resistance and Nikkei 225 (-0.3%) gave up opening gains and then some, as Japanese sentiment soured amid flows into JPY. Chinese markets were among the laggards in the region, with Hang Seng (-0.6%) and Shanghai Comp. (-0.9%) negative after a net-neutral PBoC liquidity operation in the backdrop of the recent bond market jitters, while Industrial Profits also slightly cooled. Finally, 10yr JGBs were lacklustre with prices below 151.00 and demand suppressed after a tepid BoJ Rinban announcement for only JPY 550bln in the belly to short-end. Chinese Industrial Profits (Oct) Y/Y 25.1% (Prev. 27.7%). PBoC injected CNY 70bln via 7-day reverse repos, CNY 60bln via 14-day reverse repos and CNY 10bln via 63-day reverse repos, for a total zero net daily liquidity injection. PBoC set CNY mid-point at 6.5874 (Prev. 6.5810). BoJ Board Member Suzuki said he is closely observing the side effects of monetary policy and that NIRP has a significantly large impact on earnings at financial institutions. Suzuki added he doesn’t not see a need for additional measures and commented that powerful easing must be maintained to reach target at early date, but that the BoJ could fine-tune policy prior to reaching the price goal.

    Top Asian Nerws
    • China’s Top Uber-for-Trucks Apps Are Said to Agree on a Merger
    • Credit Suisse Alumni Start Asia Credit Fund to Fill Lending Gap
    • World’s Priciest Housing Market Seen Defying Doomsayers Into ’18
    • China Shares Resume Decline as Year’s Top Performers Take a Hit
    • ICBC, JD.com’s Finance Arm Announce Launch of Digital Bank
    In Europe, price action was relatively contained with EU indices paring initial declines. In terms of stock specifics, Julius baer is the biggest faller in Europe, down as much as 5% after news that the CEO is to resign with immediate effect, subsequently fueling worries that client assets could also depart. In rates trading, the 163.06 resistance level in Bunds held in, and in fact 163.00 continues to prove pretty durable as noted previously. Indeed, as risk appetite picks up in general the 10 year German bond is now back in negative territory and testing the downside with a bit more conviction. From a high of 163.05 a fresh low at 162.77 just traded and volumes continue to pick up at 110k+. Aside from outright selling, it looks like option related flows are going through alongside some early position rolls from the front month Dec17 contract into Mar18. Recall, last Friday’s low was 162.67 and this is naturally now nearest support. Conversely, semi-core and periphery Eurozone debt is outperforming above water, especially Italian BTPs that continue to rally in wake of the Tesoro pulling this week’s term issuance (ie more competition for supply with the ECB). Note, 10 year futures have been 50 ticks ahead, with the yield down to 1.78% and spread to Germany in to 141bp. In the UK, Gilts also selling off and now near the bottom end of a 125.18-47 Liffe range vs last Friday’s 125.32 close.

    Top European News
    • Allianz Offers $2.2 Billion to Buy Remainder of Euler Hermes
    • What the Central Banks Are Saying About Cryptocurrencies
    • Germany Edges Closer to New Government as Merkel Lays Down Terms
    • Julius Baer CEO Quits in Surprise Departure, Joins Rival
    • Clock Ticks as Ireland’s Varadkar Scrambles to Avoid Election
    • Santander Consumer Bank May Sell EU250m Covered Bond Tomorrow
    In FX, the Euro was stable, paring early gains after no sign of any German or wider Eurozone political angst, as the single currency carves out fresh gains vs the Usd to trade above 1.1950. 1.2000 may present something of a psychological hurdle, but in truth there is nothing on the charts in terms of resistance until 1.2033 before the pair takes aim at the 2017 peak at 1.2092 (set on September 8). On the options front, only a small expiry at 1.1950 (270 mn) may not be enough to deter bulls. Eur/Gbp not quite as perky below 0.9000, with strong technical resistance at 0.9033 also keeping a lid on the cross. The yen was another beneficiary of Dollar weakness, and risk-off trade in Asia, as the pair retreats towards recent lows just ahead of the 111.00 handle, currently around 111.25 within a 111.10-70 range. The OZ dollar was back above 0.7600 (just) vs the Greenback after a brief set-back overnight on latest Chinese asset declines.

    In commodities, WTI and Brent crude futures off slightly amid a rise in US oil rig counts, marking the first monthly rig count since July, as producers are attracted by rising crude prices. However, the downside has been capped given the rising prospect that OPEC and Non-OPEC members will agree output pact for 2018. Saudi Arabia and Russia reportedly agreed that extension of output cuts should be announced at the November 30th meeting, according to reports citing sources on Friday. There were also separate comments from the UAE Energy Minister who is said to be optimistic OPEC is to extend the output cut deal. Kazakhstan says that it is ready to discuss extending the OPEC/Non-OPEC production deal.

    Looking at today's events, it is a fairly quiet start to the week with mostly second tier data releases including October new home sales and the November Dallas Fed manufacturing activity index in the US. The BoE’s Ramsden is scheduled to speak in the evening, followed later by the Fed’s Kashkari.

    US event calendar
    • 10am: New Home Sales, est. 625,000, prior 667,000; MoM, est. -6.3%, prior 18.9%
    • 10:30am: Dallas Fed Manf. Activity, est. 24, prior 27.6
    • 5:30pm: Minnesota Fed President Kashkari Participates in Forum
    • 7pm: Fed’s Dudley Speaks on U.S. Economy: 10 Years After Crisis
    DB's Jim Reid concludes the overnight wrap

    Welcome to the last week of November with December starting on Friday. Can the S&P 500 hold on to complete its 13th successive positive total return month? November is currently running at just under +1.5%. If so, it'll be the first time ever in the c.90 years we have monthly returns data that we've seen such a run. We've also never seen every month in the year experience a positive total return. Whether November might create the first of these new records might depend on where we go on the expected Senate vote on tax reform later this week.

    A reminder that the Republican leadership can afford to lose no more than two votes with Politico reporting over the weekend that as many as six Republican Senators are still withholding their support. If it eventually passes this week then differences with the House bill will then need to be reconciled before final legislation can be passed to President Trump. For now, Republican lawmakers are still committed to finalising the bill by Christmas as Senator Scott noted “I hope we can get it done by Christmas…if not, we’ll be here through Christmas, looking at the end of the year”.

    Elsewhere this week, Fed Chair nominee Jerome Powell’s confirmation hearing takes place tomorrow. Our US economists expect this to go smoothly and will be followed by full Senate approval in the coming weeks. We also have current Fed Chair Yellen’s testimony before the Joint Economic Committee on Wednesday. Again our US economists don’t expect this to be much of game changer but she may feel less restrained in conveying her own opinions in light of this being her last appearance before Congress.

    In terms of data the main focus this week will be the various inflation readings across the globe. In Europe we have the November CPI report scheduled for Thursday where the consensus expect a rise in both the headline (to +1.6% yoy from +1.4%) and the core (to +1.0% yoy from +0.9%). In the US on the same day we’ll also receive the personal income and spending reports, and PCE core and deflator readings for October. Japan’s CPI report is also out on Thursday. Other things to note this week include the second revision to Q3 GDP (+3.2% qoq annualized expected) in the US on Wednesday which our colleagues notecould see some upside risk given recent revisions to underlying data. Also worth highlighting are Thursday’s PMIs in China, the final European manufacturing PMIs on Friday and the US ISM manufacturing report on the same day.

    There are also lots of central bank speakers this week and those at the Fed might be carefully watched given the concerns expressed in the last FOMC minutes (released just before the Thanksgiving break) about soft inflation. The full day by day week ahead is at the end but remember our new "Next Week, This Week..." document published on Friday which includes a cut out and keep table of upcoming events.

    This morning in Asia, markets are trading lower with the Nikkei (-0.38%), Hang Seng (-0.56%), Kospi (-1.32%) and Chinese bourses down 0.7%-1.3% as we type. Elsewhere, China’s industrial profit for October has slowed mom to a still decent growth of 25.1% yoy (vs. 27.7% previous). China will continue to be in focus after the wobbles last week and the increasing chatter of a growth slowdown. Turning to the US holiday season shopping tally, early feedback suggests it has been strong for the online sector. Adobe analytics (which measures transactions at the largest 100 web retailers) noted Black Friday and Thanksgiving online sales in the US rose 17.9% yoy to US$7.9bn. Elsewhere, marketing firm Criteo noted 40% of Black Friday’s online purchases were made on mobile phones, up from 29% last year. Conversely, Reuters noted anecdotal feedback suggests sales at traditional brick-and-mortar retailers may have been more muted. We shall find out more with the National Retail Federation scheduled to publish its estimate of sales on Tuesday.

    Moving to Brexit talks, the Scottish Conservative Party leader Ms Davidson has warned time is running out as “if we don’t make it through in the next two weeks, to move to that next phase (on trade and transitional deal)….(then) it’s a setback”. The Sunday Times reported that the UK will improved its financial settlement offer to £40bln (c€45bn), but the exact figures will not be made public, while the FT has noted that PM May will present an improved offer on 4th December. We wait and see if these initiatives kick start the negotiations. It seems the Irish border has moved to being the number 1 stumbling block for now.

    Now briefly recapping market performance back on Friday. US equities (S&P +0.21%; Nasdaq +0.32%) strengthened on thin volumes after trading resumed for half a day post Thanksgiving. The S&P rose to a fresh all time high of 2,602 with modest gains in the tech and materials sector partly offset by telco and financial stocks. European markets were mixed but little changed. The DAX rose 0.39% partly on signs of increased support from the SPD to help Ms Merkel to form a new coalition government. Across the region, the Stoxx 600 and FTSE both dipped c0.1% while the CAC rose 0.20%. The VIX fell 2% to 9.67.

    Government bond markets weakened slightly with core bond yields flattish to 2bp higher (Gilts 10y flat; Bunds +1.3bp; UST +2.3bp), while peripherals also rose 2-3bp. Turning to currencies, the US dollar index fell 0.47% while Sterling and Euro gained 0.21% and 0.69% respectively – the latter is back near its two month high. In commodities, WTI oil rose 1.6% to a fresh two year high following Bloomberg reporting that Russia and Saudi Arabia have reached a framework on potentially extending production cuts at the OPEC meeting on Thursday.

    Away from markets, S&P has cut South Africa’s local currency debt one notch lower to junk status (BB+/Stable) citing its expectations for further deterioration in the country’s economic outlook and public finances. Moody’s still has its South Africa’s rating at investment grade (Baa3), but has put them on negative watch. The Rand fell c2% against the Greenback on Friday but has recovered c0.6% this morning.

    The latest data from the European Banking Authority showed European banks have pared their exposure to Britain since the Brexit vote. Banks based in the EU bloc have cut their total assets tied to the UK by -16.3% yoy (-€356bn) to €1.59trn as at June 2017, with most the decline driven by a drop in derivatives related exposures.

    In Germany, the latest Emnid survey show 52% of Germans believe Ms Merkel’s CDU/CSU and SPD should form a coalition government, but 39% oppose a grand coalition. On an individual party basis, support for CDU/CSU and SPD were little changed, up 2ppt and 1ppt from last week.

    Wwe wrap up with other key data releases from Friday. In the US, the flash November Markit PMIs were slightly lower than expectations. The services PMI (54.7 vs. 55.3 expected) and manufacturing PMI (53.8 vs. 55 expected) were both softer. Hence, the composite PMI fell 0.6pt to 54.6 (vs. 55.2 previous) – now back to July levels. In Germany, the November confidence indicators were solid. The IFO business climate trended higher (117.5 vs 116.7 expected) and IFO expectations were well above expectations at 111 (vs 108.8 expected) - the highest since November 2010. Elsewhere, the UK’s October housing finance approvals were very slightly lower than expected at £40.5bn (vs. £40.65bn), while Italy’s lumpy industrials orders fell sharply in September but were still up 4.5% yoy.

    Looking at today's events, it is a fairly quiet start to the week with mostly second tier data releases including October new home sales and the November Dallas Fed manufacturing activity index in the US. The BoE’s Ramsden is scheduled to speak in the evening, followed later by the Fed’s Kashkari.

    http://www.zerohedge.com/news/2017-...s-futures-rebound-china-selloff-dollar-slides
     
  11. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Frontrunning: November 27

    [​IMG]
    by Tyler Durden
    Nov 27, 2017 8:10 AM

    • $10,000 in sight for bitcoin as it rockets to new record high (Reuters)
    • Senate Plans Tax Vote Amid Trump Sales Pitch (BBG)
    • Tax-Hike Fears Trigger Talk of Exodus From Manhattan and Greenwich (BBG)
    • Retailers’ Emails Are Misfires for Many Holiday Shoppers (WSJ)
    • Uncertainty Hangs Over CFPB as Two Vie to Lead Agency (WSJ)
    • China Shares Resume Decline as Year's Top Performers Take a Hit (BBG)
    • Stocks Around the Globe Stage Most Widely Shared Rally in Years (WSJ)
    • The Economy Is Humming, but Businesses Aren’t Borrowing (WSJ)
    • 'Ashamed' Franken says he won't quit Senate over groping accusations (Reuters)
    • Cyber Monday showdown - Wal-Mart closes in on Amazon in online price war (Reuters)
    • Rising Oil Prices Reignite the OPEC-U.S. Shale Rivalry (BBG)
    • Amazon Plays Catch Up in a Corner of the Cloud Where It Lagged (BBG)
    • AT&T-Justice Department Clash Puts Outspoken Judge Back in Focus (WSJ)
    • Keystone's existing pipeline spills far more than predicted to regulators (Reuters)
    • Russia Suggests North Korea Take Step Toward Denuclearization (BBG)
    • Barely a quarter of Catalans want to pursue split from Spain: poll (Reuters)
    • Enlisting Viruses as Allies to Fight ‘Superbugs’ (BBG)
    • Chicago Immigration Raid Leaves Swiss Baker Scrambling to Restaff (BBG)
    • Prince Harry And Actress Meghan Markle to Wed Next Year (BBG)


    Overnight Media Digest

    WSJ

    - Meredith Corp, the owner of Better Homes & Gardens and Allrecipes, struck a deal to buy magazine publisher Time Inc for $1.85 billion in cash, a significant bet on the future of the magazine industry as media companies try to find their footing in an increasingly digital world. on.wsj.com/2AgR6Gl

    - SoftBank Group Corp is expected to proceed with an offer to buy billions of dollars worth of shares from Uber Technologies Inc's stakeholders. on.wsj.com/2AdwwGA

    - Venezuelan President Nicolás Maduro named National Guard Major Gen. Manuel Quevedo to lead the state oil industry, the nation's last major economic sector that had been outside the military's control. on.wsj.com/2AfWMAm

    - U.S. Rep. John Conyers said Sunday he would step aside from his post as the top Democrat on the House Judiciary Committee while an ethics panel investigates allegations of sexual harassment against him. on.wsj.com/2jqg269

    - Leandra English, a career staffer appointed to lead the CFPB, sued the Trump administration on Sunday night to block budget director Mick Mulvaney from taking control of the agency. on.wsj.com/2js8FuG

    FT

    Theresa May’s vision of a vibrant post-Brexit economy will receive a much-needed boost today when two large pharmaceutical companies unveil more than £1bn of investment in research hubs creating up to 1,750 high-skilled

    Time Inc has been sold to rival media group Meredith Corp in a deal valued at $2.8bn and backed by the Koch brothers, giving the conservative billionaires a stake in one of America’s best-known publishers.

    Robert Lu who orchestrated ChemChina’s $44 billion acquisition of Swiss agrochemical giant Syngenta AG has left the state-owned chemicals group to join a government-controlled investment fund in Beijing

    NYT

    - Amazon.com Inc, always on the lookout for ways to lower prices, has been aggressively recruiting Indian vendors to sell their goods directly on the e-commerce giant's American site. At least 27,000 Indian sellers have signed up since Amazon began the outreach two years ago. nyti.ms/2zIb6Eo

    - Meredith Corp, the owner of Family Circle, Better Homes and Gardens and AllRecipes - agreed to purchase Time Inc in an all-cash transaction valued at nearly $3 billion. nyti.ms/2zqv16T

    - Aetna Inc, one of the nation's largest health insurers, is in talks to combine with CVS Health Corp, which manages pharmacy benefits. The Cleveland Clinic, a highly regarded health system, joined forces with an insurance start-up, Oscar Health, to offer individuals a health plan in Ohio. nyti.ms/2A88j6B

    - Leandra English, the deputy director of the Consumer Financial Protection Bureau who was set to become its temporary chief, filed a lawsuit to block U.S. President Donald Trump's choice of someone else from taking control of the agency on Monday morning. nyti.ms/2zu2Ljx

    Canada

    THE GLOBE AND MAIL

    ** Online shopping sales are set to overtake in-store sales for Christmas gifts for the first time, according to a survey by Deloitte on U.S. consumers. (tgam.ca/2iazGXh)

    ** Consumers would take a hit, the Canadian dollar would fall and economic growth in Canada would be curtailed if NAFTA were terminated, but policy makers and businesses would adjust quickly, the Bank of Montreal concludes in a new study. (tgam.ca/2k6GNk8)

    Britain

    The Times

    Aviva Plc is poised to spend more than 1 billion pounds buying back its shares after building up huge capital reserves. bit.ly/2jo4Nex

    A blockbuster cinema deal could see Vue International combine with Odeon to create a 3 billion pound multiplex monolith. bit.ly/2jo5dl7

    The Guardian

    The government is to highlight five key areas where the UK needs to improve its performance when it reveals on Monday the details of a new industrial strategy designed to increase productivity. bit.ly/2jqeAAD

    A final decision on the Northern Irish border cannot be made until a UK-EU trade deal has been agreed, Liam Fox has said, despite warnings from Brussels that trade talks cannot proceed unless an agreement is reached within days. bit.ly/2jq5i7x

    The Telegraph

    Northern supermarket chain Booths, known as the "Waitrose of the North", is hunting for a buyer after 170 years in the same family. bit.ly/2jpTP8h

    Greene King Plc will be crying into its beer this week when it reveals a drop in profits, as pubs face rising costs on several fronts

    Sky News

    Mining group Rio Tinto Plc has abandoned plans to appoint the Conservative Party's boss Mick Davis as the company's next chairman in the wake of a full-scale investor revolt. bit.ly/2jqA00r

    A former owner of Little Chef is among a pack of bidders plotting a cut-price takeover of Byron, the gourmet burger chain caught in the headwinds afflicting Britain’s casual dining sector. bit.ly/2jqBSpZ

    The Independent

    Two men who handed themselves in to police over an incident which sparked a mass evacuation at Oxford Circus Tube station have been released without charge. ind.pn/2jocy44

    http://www.zerohedge.com/news/2017-11-27/frontrunning-november-27
     
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    Asian Metals Market Update: November-27-2017
    By: Chintan Karnani, Insignia Consultants
    Bitcoin can rise much more than most of us expect. The real euphoria has just begun. Banks, broking houses and hedge funds do not want to miss the opportunity from providing client services on bitcoins. Even exchanges want to cash on the bitcoin hype. Global retail participation (in bitcoin) is not even ten percent of the potential. So far the rise in crypto currencies has impacted investment demand of gold and silver.
     
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    Korea............

    [Business Daily] Ep.675 - Korea's solid recovery / Earthquake damage _ Full Episode
    ARIRANG TV



    Published on Nov 27, 2017
    Semiconductor supercycle
    The Korean economy grew by the fastest clip in 7 years in the third quarter, thanks to global hot demand for chips. We take a look at how long this supercycle in semiconductors is expected to last.

    Global Business News
    The time crunch becomes real as the UK dashes to reach a 'divorce' deal with the EU before the year is up. Its Finance Ministry pads its 'Brexit' budget as it anticipates a slashed growth of 1.5% this year and less growth through 2020, a far cry from that of other major economies. This and other stories from the week.

    한국 경제 이끄는 반도체, 슈퍼 호황은 언제까지?
    3분기 한국의 GDP 성장률이 7년 만의 분기 기준 최대치인 1.4%를 기록했다. 배경에는 반도체를 중심으로 수출이 큰 호조를 보였기 때문이란 분석이다. 슈퍼 호황을 이어가고 있는 한국의 반도체 산업, 호황의 이유와 앞으로의 과제를 알아본다.

    브렉시트 이후, 휘청대는 영국 경제
    브렉시트 투표 이후, 영국 경제가 휘청대고 있다. 영국 예산청(OBR)은 올해 영국 경제성장률 전망치를 기존 2%에서 1.5%로 하향조정했는데... 급기야 세계 5대 경제국 자리를 프랑스에 내줄 것으로 보인다. 영국의 경제 상황을 점검해본다. 이 외에 한 주간 글로벌 경제 이슈를 점검한다.

    Arirang News Facebook: http://www.facebook.com/arirangtvnews
     
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    Chennai Six Found Not Guilty

    November 27, 2017 by theguardian

    [​IMG]
    MV Seaman Guard Ohio. Photo via AdvanFort


    (TheGuardian) Six former British soldiers jailed on weapons charges in India have been found not guilty on appeal, according to supporters.

    The men, who were working on the AdvanFort anti-piracy ship MV Seaman Guard Ohio, are:

    • Nick Dunn from Ashington, Northumberland

    • Billy Irving from Connel, Argyll

    • Ray Tindall from Chester

    • Paul Towers from Pocklington, East Yorkshire

    • John Armstrong from Wigton, Cumbria

    • Nicholas Simpson from Catterick, North Yorkshire
    The men, who became known as the “Chennai Six”, were among 35 men detained in October 2013 while working as security guards on ships to combat piracy in the Indian Ocean.

    A Facebook post said all 35 had been cleared and their families were “understandably delighted”.

    The post said: “The appeal court has today found all 35 men NOT GUILTY we now wait to hear as and when the men will be allowed home to their families.

    “This may take some time whilst the authorities decide whether they agree with the outcome or wish to appeal. If they wish to appeal the men might be released from prison but not allowed back to the UK.

    “But the families are understandable delighted that finally common sense and justice has prevailed.”

    The six men are: Billy Irving, 37, from Argyll and Bute; Nick Dunn, 31, of Northumberland; John Armstrong, 30, of Wigton, Cumbria; Nicholas Simpson, 47, of Catterick, North Yorkshire; Ray Tindall, 42, of Chester; and Paul Towers, 54, of Pocklington, east Yorkshire.

    Yvonne McHugh, the partner of Billy Irving, said she was “over the moon” the men had been cleared.

    “They’ve all been acquitted, all 35 of them,” she said. “We are just waiting to hear how soon they’ll be home. That’s the biggest hurdle we faced and all of them have been acquitted.”

    Although the men had been cleared, McHugh said, she had been unable to speak to Irvine as he was not yet out of prison and did not have a phone.

    She said: “We just want them home as soon as possible. I’m absolutely ecstatic and feel proud we’ve managed to do this after four years.”

    http://gcaptain.com/chennai-six-found-not-guilty/
     
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    Plan Underway to Subdue Russian Gas With German LNG Terminal

    November 27, 2017 by Bloomberg

    [​IMG]
    By Oleksandr Kalinichenko / Shutterstock


    By Anna Shiryaevskaya and Brian Parkin (Bloomberg) — The old trading city of Hamburg in northwest Germany will soon become the center for a drive in Europe’s biggest economy to diversify natural gas imports.

    Three partners are forging plans to build a terminal for liquefied natural gas on the shores of the River Elbe, not far from an old nuclear reactor that’s fallen victim to the nation’s atomic exit. Costing as much as $600 million, the LNG import facility would be Germany’s first and a tool to supplement pipeline supply from Russia and Norway.

    With the country’s last nuclear plant shutting in five years, the future of coal in doubt and dwindling Dutch gas exports, Germany faces a dilemma how to get stable energy to counter the intermittent nature of its solar and wind plants. With Russia exporting more gas than ever, that kind of dependency risks exposing Germany to price shocks and political gamesmanship.

    “It might be very useful for Germany, we think it can help the country and the industry to diversify and to have good negotiating tools,” said Marcel Tijhuis, a business development manager at Nederlandse Gasunie NV, one of three companies behind the Brunsbuettel terminal.

    The facility would be able to import as much as 5 billion cubic meters per year, or about 10 percent of Russia’s annual deliveries to Germany. Getting LNG directly rather than via the Rotterdam terminal in the Netherlands reduces costs for customers and also adds political clout, Tijhuis said.

    EON SE as early as 2005 explored building a LNG terminal in Wilhelmshaven on Germany’s North Sea coast. The utility scrapped the plan on cost grounds in 2008, opting instead for a stake in Rotterdam’s Gate LNG.

    Koninklijke Vopak NV and Oiltanking GmbH are also partners. The companies will take equal stakes in a legal entity set up in the next few weeks in Hamburg, said Katja Freitag, a spokeswoman. The joint venture will gauge customer interest ahead of a final investment decision in 2019. Operations could start by the end of 2022. Costing between 300 million euros ($358 million) and 500 million euros, the facility would also offer LNG as a low-emission fuel for ships and trucks, Freitag said.

    The LNG that arrives in bigger vessels can then be shipped onto smaller vessels sailing down the river to the Hamburg area or via a canal to the Baltics and Scandinavia. And when the fuel is turned back into gas at the facility, it can also be injected into the grid.

    Germany’s unprecedented shift toward renewables has put gas back in focus as a backup source. Generating power by burning the fuel is profitable again after four years of losses until 2016, according to Bloomberg calculations.

    For Brunsbuettel to go ahead, there would need to be a long-term commitment to gas by Germany, according to law firm Baker Botts LLP, an adviser on more than 120 LNG deals globally.

    The government last year assigned gas a crucial role in meeting its climate goals. The Federal Ministry of Economy and Energy supports private initiatives for the nation’s first LNG terminal, including the current efforts in Brunsbuettel, it said by email. The partners received European Commission approval in July for the joint venture.

    Biggest Customer
    With Germany’s own fields almost exhausted, the renewable revolution and decline of nuclear has played into Russia’s hands. Germany is the biggest client of state-run export monopoly Gazprom PJSC, with deliveries starting in the 1970s, and Russia is planning a second direct link. Some gas that’s imported into Germany by pipelines from Russia and Norway is shipped on to other nations.

    Terminals in northwestern Europe are not used at their full capacity as pipeline gas is cheaper and rising demand in Asia is pulling away cargoes. That hasn’t put off some nations from Greece to Croatia from expanding in LNG as a means to diversification. Russian flows have in the past occasionally been limited or even disrupted during disputes with transit nation Ukraine.

    Lithuania, which has said it paid the highest price for Russian gas in the European Union, got a 23 percent discount on Gazprom’s supplies just before opening the nation’s first LNG terminal, named Independence, at the port of Klaipeda in 2014.

    “LNG is a fantastic option for countries to build a real option for gas competition,” Jason Bennett, a Houston-based partner at Baker Botts, said by phone. “The existence of a terminal creates lower gas prices through competition, whether or not LNG is imported. Look at Lithuania.”

    © 2017 Bloomberg L.P

    http://gcaptain.com/plan-underway-subdue-russian-gas-german-lng-terminal/
     
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    Columbia Sportswear may close downtown Portland, Oregon offices office because of 'menacing' homeless population, death threats and public defecation
    • Tim Boyle, company CEO, opened the new office in downtown Portland in May
    • Since then, he said, his staff have been threatened and verbally abused
    • One woman ran into traffic in order to escape a pursuer, he claimed
    • He says he's taking 90 days to consider moving, to ensure employee safety
    • Other stores in the area have had to close, or are considering shutting down
    • The rising homeless population and inadequate policing has been blamed


    Read more: http://www.dailymail.co.uk/news/article-5122441/Death-threats-public-defecation-worry-Portland-store.html#ixzz4zipIXMn9
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
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    Bitcoin's Inconvenient Truths: $9600
    Junius Maltby



    Published on Nov 27, 2017
    Today we have what I hope is an unbiased update and tolerant, balanced, middle of the road assessment of the current rationale of the Bitcoin/Crypto environment. I appreciate your time, your ears, patience as well as participation. -JM
    Article by Dave Kranzler: http://investmentresearchdynamics.com...

    SUPPORT: https://www.patreon.com/JuniusMaltby
    Channel Coin: https://qualitysilverbullion.com/prod...
    Ripple XRP: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy
    tag: 1317751799
    My BTC Wallet: 189oA75Fma4jNAkcDetQX6YQpsBDktH9Wm
    Bitcoin Cash: 1B12a2S9nmmdaWYkrTeZEzyeaXGsqzd2aR
    Tether: 14rxPM61fXK8brgvsAeDP9LPBpox3UBosG
    LTC: LeR4z1FwYbgVHv791xydPqmbZeBjgG8wPt


    **FAIR USE STATEMENT**
    This video may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This material is being made available within this transformative or derivative work for the purpose of education, commentary and criticism, is being distributed without profit, and is believed to be "fair use" in accordance with Title 17 U.S.C. Section 107.
     
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    [Business Daily] Ep.676 - Korea's year-end economic outlook _ Full Episode
    ARIRANG TV



    Published on Nov 28, 2017
    Korea's year-end economic outlook
    Continued economic struggles have combined with lingering uncertainties and economic structural issues. What can Korean companies expect through the end of the year?

    Signs of a rebounding Korean economy - Professor YANG Joon-seok (Catholic University Department of Economics)
    The Korean economy is expected to record 3% growth this year. Combined with next year's predicted 3%, the economy could be breaking out of its growth slump. We look at if the Korean economy is truly on the rebound.
     
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    European Stocks, US Futures Rise, Dollar Steady Ahead Of Powell Hearing, Tax Debate

    [​IMG]
    by Tyler Durden
    Nov 28, 2017 6:46 AM


    US equity futures in the green ahead of critical Senate debate on US tax reform and a much anticipated testimony from Yellen replacement Jerome Powell for Fed’s current policy approach. European stocks advance, led by oil and gas stocks after Shell fully restored its cash dividend and unveiled a bullish outlook. Asian shares slide despite the reappearance of the Chinese "National Team" which stabilized the SHCOMP selloff in the last hour. USD recovers gradually from overnight lows against G-10, pushing GBP/USD and EUR/USD to session lows, while oil and treasuries edged lower.

    In a rerun of Monday's overnight trading, it has been another choppy session without key catalysts to set market direction according to Bloomberg. While the dollar rebounded, commodity FX was pressured by a consistent grind lower in copper and oil futures, while reports of Russia not committing to OPEC cut extension coupled with a Goldman report warning the OPEC meeting this week may disappoint weighed on crude. U.S. equity futures approach yesterday’s highs in early trading while core fixed income product hold in a tight range, as peripheral EGB spreads are marginally tighter. The flattening Treasury curve pivots around 7Y sector before today’s auction.

    After an early selloff, European equities traded higher across the board (Eurostoxx 500 +0.4%) in what has been a relatively light session thus far in terms of macro newsflow. On a sector specific basis, energy names are the notable outperformers with oil & gas heavyweight Shell (+3.0%) top of the FTSE 100 after restoring its full cash dividend as it emerges from the crude-oil slump with investor sentiment spurred by the company lifting their guidance for free organic cash flow and the company's intention to carry out at least $25bln in share buybacks between 2017 and 2020. Meanwhile, miners lagged as metal prices continued to slide while material names lag given the movements in metals markets during Asia-Pac trade which has subsequently capped gains in the mining-heavy FTSE100.

    Most of Asia was in the red, with Hong Kong's China Enterprises Index leading the losses. Shares drifted from decade highs as Chinese stocks stumbled for a second straight session, with confidence dented by rising bond yields as Beijing intensified a crackdown on risky financing, threatening to squeeze corporate profits. Additionally, Chinese shares traded in Hong Kong fell amid concerns the country’s regulators will limit the flow of mainland funds into the city’s stocks, while mainland equities rebounded after the National Team made a long-awaited reappearance. The MSCI Emerging Market index was up 0.2 percent

    The CSI300 index has jumped 22 percent in 2017 so far, with the gains concentrated in a handful of large index-weighted stocks. “The question is whether further downside in Chinese mainland equities continues in the session ahead and will there be a spillover into Hong Kong and potentially even Japan, Korea and Australia?” asked Chris Weston, Melbourne-based chief strategist at IG Markets.

    The yen reversed gains after a rally partly fueled by a Kyodo News report that Japan detected radio signals suggesting North Korea is preparing for a missile launch. 10yr JGBs were mildly supported at the open after gains in T-notes and as Japanese markets began on a cautious note, although upside was capped as sentiment briefly improved and after an uninspiring 40yr auction result.

    The Bloomberg Dollar Spot Index swings between losses and gains as intraday traders dominate price action; leveraged accounts are waiting for Powell testimony and tax plan developments before adding positions according to Bloomberg. The USD Index recovered some lost ground after Monday’s slide, but remains heavy just under the 93.000 handle as bearish sentiment persist (mostly over US tax reform uncertainty, ‘lowflation’ and Fed policy implications beyond December). EUR back to pivoting the 1.1900 level vs the USD, but underpinned on pull-backs below the big figure with bulls still positioned for a test of 1.1961 ahead of 1.2000 and 1.2033 before September 8’s YTD peak at 1.2092. Elsewhere, sterling drifted and Ireland’s bonds rose despite controversy engulfing the Irish government and threatening Brexit talks escalated.

    The BoE said none of Britain’s major lenders would need to raise extra capital if the country crashed out of the European Union, the first time it had come to such a conclusion since it started stress-testing banks in 2014. But the chances of a hard Brexit were increased by the prospect of a snap election in Ireland which could be called as early as Tuesday, and which would complicate a key Brexit summit next month.

    Euro zone government bond yields were pinned to recent lows as the Irish government teetered, with 10-year German yields - the regional benchmark - dropping to 0.33%, barely 2 basis points of the November lows. “If we have snap elections and then if a Brexit deal is in jeopardy then it will have a major impact,” said DZ Bank analyst Sebastian Fellechner. “It could lead to a risk-off environment and be a disruptive factor in this very calm market.”

    The yield on 10-year Treasuries was unchanged at 2.33% while the UST yield curve flattens.

    On the commodities front, copper and nickel led industrial metals lower as weakening Chinese macro data and slowing home sales increase concern about the outlook for demand in the world’s top user. WTI was down 55 cents at $57.56 amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts. Brent crude futures were down 54 cents to $63.30. Spot gold inched lower to $1,293.11.

    [​IMG]


    Today, investors will turn their focus to the U.S. where the Fed Chair nominee Jerome Powell faces his Senate confirmation hearing in Washington. In a statement to the Senate Banking Committee ahead of the meeting, he signaled broad support for how the Fed operates, regulates and guides the economy.

    “His opening comments support current market expectations that his appointment as Fed Chair is likely to maintain monetary policy continuity. The Fed’s recent comments have signaled more concern over persistently low inflation, which has been weighing on the US dollar,” wrote MFUG currency analyst Lee Hardman.

    Meanwhile, the Senate tax bill is headed for a marathon debate this week with the aim to hold a floor vote as early as Thursday.

    Scheduled earnings include Bank of Nova Scotia, Autodesk. Economic data include wholesale inventories, consumer confidence. Jerome Powell is set for his confirmation hearing to head the Federal Reserve.

    Overnight Bulletin Summary from RanSquawk
    • A slew of central bank speak from the likes of Powell, Dudley and Kashkari has done little to move the USD with all eyes now on Powell’s hearing
    • European equities enter the North American crossover in positive territory with energy names the outperformers due to gains in Royal Dutch Shell
    • Looking ahead, highlights include US Wholesale Inventories, Fed’s Powell and Harker
    Markets Snapshot
    • S&P 500 futures up 0.12% to 2,604.75
    • STOXX Europe 600 up 0.3% to 386.15
    • MSCI Asia down 0.1% to 172.10
    • MSCI Asia ex Japan up 0.1% to 564.24
    • Nikkei down 0.04% to 22,486.24
    • Topix down 0.3% to 1,772.07
    • Hang Seng Index down 0.02% to 29,680.85
    • Shanghai Composite up 0.3% to 3,333.66
    • Sensex down 0.3% to 33,620.80
    • Australia S&P/ASX 200 down 0.08% to 5,984.25
    • Kospi up 0.3% to 2,514.19
    • German 10Y yield fell 0.5 bps to 0.337%
    • Euro down 0.03% to $1.1894
    • Italian 10Y yield fell 2.7 bps to 1.519%
    • Spanish 10Y yield fell 0.8 bps to 1.465%
    • Brent Futures down 0.8% to $63.35/bbl
    • Gold spot down 0.08% to $1,293.45
    • U.S. Dollar Index up 0.1% to 93.00
    Top Overnight News
    • The U.S. Senate tax bill faces a crucial committee vote Tuesday as Republicans try to push it through to full Senate passage by the end of the week. Two top members of the Senate’s budget panel may block tax bill if no changes are made.
    • All OPEC members support extending their oil production cuts until the end of 2018, although Russia hasn’t yet committed to the proposal before Thursday’s meeting in Vienna, said people familiar with the matter
    • OPEC’s in a quagmire, foreshadowing disappointment for oil bulls counting on the group and its allies extending output curbs by nine months, according to Goldman Sachs
    • Fed’s Dudley says the U.S. economy is finally in the vicinity of full employment, and, as a consequence of that, the Fed is removing monetary accommodation
    • BOE Governor Mark Carney doubled down on his warning that a Brexit transition period is needed to avoid disruption to the financial industry, saying a period of 18-24 months would be the minimum required; Brexit May Mean BOE Ramps Up Buffer for U.K.’s Banks Again
    • The controversy engulfing the Irish government and threatening Brexit talks escalated, as the release of a cache of emails threatened to further undermine the nation’s deputy leader and bring an election closer
    • The China Securities Regulatory Commission is suspending approvals for some mutual funds that plan to allocate more than 80% of their portfolios in Hong Kong-listed shares, according to people briefed on the matter; the Hang Seng China Enterprises Index pared losses after retreating as much as 1.8%
    • Shell Restores Full Cash Dividend as It Emerges From Slump
    • Temasek Is Said to Prepare $1 Billion Zuellig Pharma Stake Sale
    • Roark Is Said to Reach $2.4 Billion Buffalo Wild Wings Deal
    • Powell Defends Status Quo at Fed Before His Confirmation Hearing
    • EPA to Hold Its One Hearing on Climate Rollback in Coal Country
    • Chinese Rival to Elon Musk Is Said to Face Crunch at Car Startup
    • Credit Suisse CEO Says Very Positive About U.S., World Growth
    • Cyber Monday Largest Online Sales Day Ever at $6.59b: Adobe
    • USDA Beef Graders Given More ‘Flexibility’ to Override Cameras
    • Manafort Bankers, Associates Summoned to Talk to Manhattan D.A.
    Asia stocks were downbeat on what was a choppy session amid a lack of drivers and a humdrum lead from Wall St. ASX 200 (-0.1%) and Nikkei 225 (-0.1%) were indecisive with the Japanese benchmark at the whim of currency swings, while Toray shares were among the worst performers after the Co. fell afoul of ethical standards and became the latest to admit to product data falsification. Shanghai Comp. (+0.3%) and Hang Seng (Unch) were intiially subdued, with underperformance in the latter following reports that the CSRC are to postpone approval of ‘south-bound’ funds which plan to invest over 80% in the Hong Kong stock market. However, both bourses pared losses heading into their respective closes. Finally, 10yr JGBs were mildly supported at the open after gains in Tnotes and as Japanese markets began on a cautious note, although upside was capped as sentiment briefly improved and after an uninspiring 40yr auction result. PBoC injected CNY 130bln via 7-day, CNY 110bln via 14-day and CNY 10bln via 63-day reverse repos. PBoC set CNY mid-point at 6.5944

    Top Asian News
    • Hong Kong’s China-Fueled Equity Rally Is Now at Beijing’s Mercy
    • Bitcoin ‘Arms Race’ Proves a Boon for These Asian Companies
    • Malaysia Names New Central Bank Deputy as Analysts See Rate Hike
    • Chinese Bank Said to Seek Insolvency Proceedings for RCom
    • Noble Group Foe Iceberg Makes Fresh Attack on Embattled Trader
    • S.Korea Says Chance of N.Korea Declaring Nuke Completion in 2018
    • China Bond Rout Is ‘Early Warning Signal’ to Global Debt Market
    European equities trade higher across the board (Eurostoxx 50 +0.3%) in what has been a relatively light session thus far in terms of macro newsflow. On a sector specific basis, energy names are the notable outperformers with oil & gas heavyweight Shell (+3.0%) top of the FTSE 100 despite scrapping their scrip dividend programme (as previously touted) with investor sentiment spurred by the company lifting their guidance for free organic cash flow and the Co.’s intention to carry out at least USD 25bln of share buybacks between 2017 and 2020. To the downside, material names lag given the movements in metals markets during Asia-Pac trade which has subsequently capped gains in the mining-heavy FTSE100. The main stock specific mover has been Ocado (+18.25%) amid investor relief that the Co. has finally been able to strike an international partnership. Bunds appear to have settled down somewhat after some volatile trade in decent volumes (turnover 120k+) that saw the German benchmark bond extend both sides of the range. Market contacts noted offers around 163.21-22 resistance (encompassing yesterday’s session high), with the sellers looking for a pull-back to 163.11, which was duly achieved via what looks like some spread positioning for the Dec17 expiry and roll into Mar18. Indeed, the lows so far is 163.07 and presumably intraday shorts covered or at least booked some profits before the subsequent rebound to a fresh 163.32 peak. Technically, 163.30 and 163.40 are still preventing further upside and protecting this month’s 163.63 high, so far, while bears will note that a 50% retracement of Monday’s move equates to 162.98, with stops said to be in place if 162.95 fails to hold – hence, the 10 year debt future is still ensconced within the broader parameters. Elsewhere, UK Gilts have been mostly outperforming between 125.24- 50 vs Monday’s 125.21 close with today’s DMO tender in the long-end being well-received by the market with a 2.1b/c. USTs have also seen more heavy rolls activity with over 60k lots of the Dec17/Mar18 spread said to have been sold on top of 300k+ contracts late yesterday.

    Top European News
    • BOE Says Stress Test Shows Banks Can Withstand Disorderly Brexit
    • SocGen to Take Fourth-Quarter Charges of as Much as $678 Million
    • Siemens Gamesa Gets 950MW Turbine Order from Vattenfall
    • Vestas Wins 100 MW Order in U.S. With 4 MW Platform
    In FX markets, the USD Index has recovered some lost ground after Monday’s slide, but remains heavy just under the 93.000 handle as bearish impulses persist (ie ongoing US tax reform uncertainty, ‘lowflation’ and Fed policy implications beyond December). EUR back to pivoting the 1.1900 level vs the USD, but underpinned on pull-backs below the big figure with bulls still positioned for a test of 1.1961 ahead of 1.2000 and 1.2033 before September 8’s YTD peak at 1.2092. Nearest support seen at 1.1837. JPY has been very volatile trade vs the Dollar amidst risk-on/off sentiment swings overnight, with the headline pair back above 111.00, but still relatively close to yesterday’s 110.90 approx 10 week lows.

    In commodities, WTI and Brent crude futures have continued to drift lower in European trade after breaking below the prior session’s lows where prices dropped over 1.0% to below USD 58/bbl. Energy newsflow remains light, however, Goldman Sachs have suggested that oil risks are skewed to the downside as a 9-month OPEC/non-OPEC extension seems to be already priced in. In metals markets, gold trade has been relatively uneventful in tandem with a flat greenback whilst copper extended this week’s pullback amid the dampened risk tone. Additionally, Chinese metals trade was hampered by concerns related to steel demand which saw Shanghai nickel prices drop over 3.5%.

    Looking at the day ahead, the most significant event today will likely be the Fed Chair nominee Jerome Powell’s confirmation hearing (10am EST / 3pm GMT). Also worth noting is a likely meeting between President Trump and Democratic and Republican congressional leaders with the discussion expected to focus on a federal spending plan to prevent a partial government shutdown post funding expiring on December 8th. Away from this, the Fed’s Dudley speaks overnight while later in the day the Fed’s Harker is due to speak. In the US the October advance goods trade balance, October wholesale inventories, September FHFA house price index, September S&P/CoreLogic house price index, November consumer confidence and November Richmond Fed manufacturing index prints are all due.

    US Event Calendar
    • 8:30am: Advance Goods Trade Balance, est. $64.9b deficit, prior $64.1b deficit, revised $64.1b deficit
    • 8:30am: Wholesale Inventories MoM, est. 0.4%, prior 0.3%; Retail Inventories MoM, prior -1.0%
    • 9am: FHFA House Price Index MoM, est. 0.5%, prior 0.7%; House Price Purchase Index QoQ, prior 1.6%
    • 9am: S&P CoreLogic CS 20-City MoM SA, est. 0.3%, prior 0.45%; YoY NSA, est. 6.04%, prior 5.92%
    • 10am: Conf. Board Consumer Confidence, est. 124, prior 125.9; Present Situation, prior 151.1; Expectations, prior 109.1
    • 10am: Richmond Fed Manufact. Index, est. 14, prior 12
    DB's Jim Reid concludes the overnight wrap

    This week will rest on what comes out of the Senate. The tax bill was on track for a full Chamber vote by the end of the week, potentially as early as this Thursday. However, late in the evening, two members of the Senate Budget Committee (Senator Johnson & Corker) noted they may not agree to vote the bill out of the committee and send it for debate. Once this is sorted, the GOP need at least 50 votes to approve the bill in the Senate (GOP control 52 seats). Of the half dozen undecided Republican Senators, Mr Rand Paul has now publicly given support to the bill, but Senator Johnson and Senator Daines have both said they’re against the current bill, instead seeking more generous treatment for partnerships and limited liability companies. In response, Senate Finance Chairman Hatch noted “we’re going to make them happy, but we’re not sure we can do exactly what they want to do”. The Senate Majority Whip Mr Cornyn confirmed yesterday he is still confident he will get the 50 votes. Expect the tension on tax to build as the week progresses.

    Staying with the US, in his prepared remarks for the confirmation hearing before the Senate Banking Committee, the new Fed Chair Mr Powell broadly conveyed a message of continuity, he noted that “we expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink” and our aim is to sustain a strong jobs market with “inflation moving gradually to toward our target”. On reforms, he said “we will…consider appropriate ways to ease regulatory burdens while preserving core reforms”.

    Over in Germany, progress to form the new coalition government appears to be heading in the right direction. Ms Merkel took a conciliatory tone, noting “we are ready to start talks with the SPD” and “know such talks require compromise”. She stressed that the starting point was that partners should support a balanced budget and broadly pro-business policies. This was echoed by CDU board member Jens Spahn, who noted “of course we have to move toward each other…make compromises”, but “no one (should) make demands that the other party definitely can’t meet”. On the other side, the leader of the SPD Mr Schulz has also softened his resistance to forming a grand coalition with Merkel’s party as he noted “no option is off the table”, but added “we’re entering into talks and we don’t know where they’ll lead”. Looking ahead, Ms Merkel and Mr Schultz are expected to formally meet with President Steinmeier this Thursday to discuss next steps.

    Moving to the US holiday season shopping tally, early feedback suggests Cyber Monday is on track to become the biggest US online shopping day ever. Adobe analytics (which measures 80% of transactions at the largest 100 web retailers) noted that as of 4:30pm (local time), US$3.4bn has been spent online and total sales is on track to reach US$6.6bn (+16% yoy) by midnight. The use of mobile phones for online shopping have set a new record, accounting for 45% of website visits. For those looking for gift ideas, Adobe found that the top online selling items on Black Friday included: Nintendo Switch, Hatchimals, L.O.L surprise and ride-on cars for kids.

    This morning in Asia, we are digesting the latest North Korea news. Kyoto news and TBS reported late in the European session that Japan have detected radio signals that suggest a missile launch is being prepared. Markets are broadly lower, with the Nikkei (-0.30%), Hang Seng (-0.89%) and China's CSI 300 (-0.72%) all modestly down, while the Kospi is up 0.22% as we type.

    Now recapping market performance from yesterday. US equities were little changed, with the S&P 500 (-0.04%) and Nasdaq (-0.15%) marginally down while the Dow rose 0.10%. Within the S&P, modest gains in the utilities and telco sectors were broadly offset by losses from energy (-1.03%) and material stocks following weakness in oil. European markets pared back gains and closed modestly weaker following the North Korean news that came out before the close. The Stoxx 600 and the DAX both fell -0.46%, impacted by mining and energy stocks, while the FTSE was down -0.35%.

    Government bonds were firmer with core yields down 1-2bp, in part driven by the North Korean headlines above. The UST 10y was down 1.1bp, while Gilts were flattish (+0.3bp) and Bunds & OATs both fell c2bp. Turning to currencies, the US dollar index gained 0.13% while Euro and Sterling weakened 0.29% and 0.13% respectively. The JPYUSD rose 0.38% back to mid-September levels. Elsewhere, the South Africa’s Rand rebounded 2.92% after Moody’s declined to follow S&P in downgrading the local currency debt to junk status.

    In commodities, WTI oil retreated -1.88% from its two year high, in part as some investors are concerned whether OPEC members will extend production cuts this month given the oil price has risen back near levels that could induce more onshore shale production in the US. Elsewhere, precious metal were little changed (Gold +0.46%; Silver -0.02%) while other base metals softened following weaker Chinese macro data (Copper -0.61%; Zinc -0.91%; Aluminium -0.30%).

    Away from the markets and onto central bankers commentaries. The Fed’s Kaplan noted a rate hike “in the near future….will likely be appropriate”, although reiterated that the removal of monetary policy support should be in a gradual manner and that the neutral interest rate is likely c2.5%. On inflation, he noted some downward factors are transitory, but some are due to structural forces, which “are limiting the pricing power of businesses and are likely to have a muting effect on wage pressure for certain type of workers”. On regulation, he favours a “prudent review of Dodd-Frank and the Volcker rule” and regulatory relief for “small and mid-sized banks”, but cautioned that maintaining strong macroprudential policies for big banks is very important. Elsewhere, he reiterated several labour market indicators suggests the US economy is “at or near full employment”. Finally, the Fed’s Kashkari noted the Fed can “put the brakes on” when inflation starts rising. The implied odds of a December rate hike per Bloomberg is currently 96% (+4ppt from Friday).

    Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the November Dallas Fed Manufacturing survey was lower than expectations but remained solid at 19.4 (vs. 24 expected), while the new orders index eased 4.8pts to 20.0. Elsewhere, the October new home sales were above market at 685k (vs. 625k expected) and grew 6.2% mom (vs. -6.3% expected), which has led to annual growth of 18.7% yoy – the highest in a decade. Given new home sales are recorded at contract signing, the recent uplift should bode well for permits in the coming months.

    In Italy, the November confidence indicators retreated from its decade high in October and were slightly lower than expectations. Consumer (114.3 vs. 116.5 expected) and manufacturing confidence (110.8 vs. 111.8 expected) were both slightly below market, while economic sentiment came in at 108.8, marginally below last month’s reading (vs. 109.1).

    Looking at the day ahead, the most significant event today will likely be the Fed Chair nominee Jerome Powell’s confirmation hearing (10am EST / 3pm GMT). Also worth noting is a likely meeting between President Trump and Democratic and Republican congressional leaders with the discussion expected to focus on a federal spending plan to prevent a partial government shutdown post funding expiring on December 8th. Away from this, the Fed’s Dudley speaks overnight while later in the day the Fed’s Harker is due to speak. Economic releases in Europe include October money and credit aggregates data for the Euro area and German and French consumer confidence. In the US the October advance goods trade balance, October wholesale inventories, September FHFA house price index, September S&P/CoreLogic house price index, November consumer confidence and November Richmond Fed manufacturing index prints are all due.

    http://www.zerohedge.com/news/2017-...dollar-steady-ahead-powell-hearing-tax-debate
     
  24. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Frontrunning: November 28

    [​IMG]
    by Tyler Durden
    Nov 28, 2017 8:10 AM

    • Traders await Powell hearing; Brexit doubts grip pound (Reuters)
    • Fed nominee Powell, once hawkish, now champions Yellen's focus on jobs (Reuters)
    • Tax drama intensifies as bill faces key vote (Reuters)
    • Trump Appointee Asserts Control Over CFPB for Now (WSJ)
    • Senate Bill in Limbo Amid Budget Panel Drama (BBG)
    • Tough OPEC meeting looms amid specter of oil deficit (Reuters)
    • Oil Prices Chase $60 After a Year of Surging Demand (WSJ)
    • Trump-installed consumer agency head sets hiring freeze, halts new rules (Reuters)
    • BOE Says British Banks Could Handle a ‘Disorderly’ Brexit (WSJ)
    • What to Worry About in This Surreal Bull Market (BBG)
    • Global crypto-currency crackdown sparks search for safe havens (Reuters)
    • Investors Find Little Value in Value Stocks, So Watch for the Rebound (WSJ)
    • How Opioids Started Killing Americans (BBG)
    • U.N. to offer direct talks to Syrian negotiators for first time (Reuters)
    • Auto Executives Meet With Pence on Nafta (WSJ)
    • The National Enquirer Sought Time Magazine—and May Still Get It (Daily Beast)
    • Markets get wake-up call from China's post-congress deleveraging moves (Reuters)
    • Pink Diamond Fetches $32 Million, Patek Sets Asian Record (BBG)
    • OECD Says U.S. Tax Cuts in 2018 Would Give GDP Temporary Boost (BBG)
    • Musk: I Am Not Bitcoin’s Satoshi Nakamoto (BBG)
    • Trump's Coal Man Is Racing the Clock to Bail Out Plants (BBG)
    • Saudi Prince Finds Few Friends in Tough Times (BBG)
    • China racing for AI military edge over U.S. (Reuters)

    Overnight Media Digest

    WSJ

    - SoftBank Group Corp has told stakeholders in Uber Technologies Inc that it would initially offer to buy shares at a near 30 percent discount to the company's most recent valuation of $68 billion. (on.wsj.com/2zwMlao)

    - Three Chinese people have been indicted in the U.S. for allegedly hacking into the email account of a Moody's Analytics economist, stealing confidential business information from German electrical engineering giant Siemens AG and targeting the networks of GPS developer Trimble Inc, according to an indictment unsealed Monday. (on.wsj.com/2zwFz4n)

    - Microsoft Corp signed up business-software vendor SAP SE as a cloud partner. (on.wsj.com/2zvB3Tv)

    - The conference call in June led by managers in Wells Fargo & Co was part of a continuing cleanup that has led Wells Fargo to fire four foreign-exchange bankers and federal prosecutors to open their own investigation of the operation, people familiar with the matter have said. (on.wsj.com/2zulrjs)

    - European buyout firm Nordic Capital is close to acquiring Ullink from Hg Capital in a deal that could value the provider of electronic-trading software at around $650 million. (on.wsj.com/2zz8vsg)

    - Federal Reserve governor Jerome Powell would strive to support the economy's progress toward full recovery and defend the central bank's independence if confirmed as its next leader, he will tell a Senate panel Tuesday when it considers his nomination. (on.wsj.com/2zuiqzv)

    NYT

    - SoftBank Group Corp formally started its process for buying a significant stake in Uber Technologies Inc with an offer to purchase some shares at a valuation of $48 billion, far below the nearly $70 billion valuation that the ride-hailing company garnered in its last round of fund-raising, according to two people briefed on the matter. nyti.ms/2Aiv5qC

    - The Supreme Court appeared divided on Monday over the constitutionality of a procedure that makes it easier to challenge questionable patents. nyti.ms/2n7kf3A

    - The European Union voted on Monday to extend its authorization for the world's best-selling herbicide for an abbreviated period of five years, with France and Germany splitting over the move. nyti.ms/2iXlG0b

    - The steady growth of e-commerce has been a source of jobs and benefits as employment in traditional stores declines. But at online retailers taken over by Wal-Mart Stores Inc, workers are finding one benefit in retreat: their company-sponsored health coverage. nyti.ms/2BskWHZ

    Britain

    The Times

    - The promise of nationalisation and tax rises on the rich will help Labour recapture its former heartland from the SNP, the party's new leader Richard Leonard in Scotland predicted. bit.ly/2AiCwhl

    The Guardian

    - The head of Germany's domestic intelligence agency, Hans-Georg Maassen, has accused U.S. tech giants such as Facebook Inc of failing to take enough responsibility for content on their sites. bit.ly/2AcS347

    - Brexit Minister David Davis has been told he could be in contempt of parliament after his department heavily edited government analyses on the impact of Brexit on 58 industrial sectors before handing them to a select committee. bit.ly/2AE0Ih9

    The Telegraph

    - Male employees at easyJet earn over 50 percent more than their female colleagues on average, the budget airline revealed on Monday. bit.ly/2zuQn2Q

    - British Airways owner IAG has confirmed it is buying the majority of the Gatwick take-off and landing slots being sold by the administrators for fallen carrier Monarch Airlines. bit.ly/2AeqVSY

    Sky News

    - Victoria Beckham's luxury fashion brand Victoria Beckham Limited has secured a 30 million pounds investment to help fund its expansion. bit.ly/2zwFa1I

    - Simon Robertson, whose former roles included the deputy chairmanship of HSBC Holdings Plc, has been drafted for secret talks aimed at defusing the boardroom crisis at the owner of the London Stock Exchange.

    http://www.zerohedge.com/news/2017-11-28/frontrunning-november-28
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  26. searcher

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    REALIST NEWS - Bitcoin Officially Crosses over $10,000 - Litecoin $93 - EOS $3!!
    jsnip4



    Published on Nov 28, 2017
     
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    News, Monday Comment Read, Q&A
    Junius Maltby



    Streamed live 19 hours ago
    News and Commentary, Q&A! MAJOR TECHNOLOGICAL GLICH HIT. APOLOGIES. IT MUTES HALF WAY THROUGH. I did not hit the mute. No idea what happened this time. It's crazy. Attacked I guess.

    FAIR USE STATEMENT
    This video may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This material is being made available within this transformative or derivative work for the purpose of education, commentary and criticism, is being distributed without profit, and is believed to be "fair use" in accordance with Title 17 U.S.C. Section 107.

    For more information go to: http://www.law.cornell.edu/uscode/17/
     
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    Buying Groceries With Gold?
    SalivateMetal



    Published on Nov 27, 2017
     
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    Gold Seeker Closing Report: Gold Dips and Silver Slips
    By: Chris Mullen, Gold Seeker Report
    Gold gained $2.70 to $1296.50 in London before it dropped back to $1290.90 in midmorning New York trade and then jumped back to $1297.30 in late morning action, but it then drifted back lower into the close and ended with a loss of 0.05%. Silver slipped to as low as $16.786 and ended with a loss of 1.17%.
     
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    Wärtsilä to Equip First LNG Bunkering Barge in United States

    November 28, 2017 by gCaptain

    [​IMG]
    Rendering of the new articulated tug barge (ATB) being built for Q-LNG.

    Finnish technology group Wärtsilä has been selected to provide the liquified natural gas systems for a new ocean-going LNG bunkering barge for the U.S. cruise ship market.

    The articulated tug and barge (ATB) will be used to supply the LNG fuel to gas-powered cruise ships that are headed the east coast of Florida.

    The 4,000 m3 capacity ATB is being built at the VT Halter Marine (VTHM) shipyard in Pascagoula, Mississippi on behalf of Quality Liquefied Natural Gas Transport LLC (Q-LNG). When delivered, the vessel will be on a long-term charter with Shell Oil Co.

    It will be the first fuelling barge with a Wärtsilä solution operating in US waters, and the ATB itself is regarded as an important logistics link for the growth of LNG as a marine fuel in the United States.

    The ATB will comprise a barge and a tug. It will be fitted with a Wärtsilä LNG cargo storage, handling, and control system. Wärtsilä will also supply the barge automation, power management, and ballast water management systems, as well the bow thruster. The tug will include Wärtsilä main propulsion steerable thrusters and shaft lines, the Wärtsilä NACOS Platinum dynamic positioning system, the tug automation, as well as all navigation and communication equipment.

    The order with Wärtsilä was booked in November 2017. Deliveries will continue throughout 2018 and 2019, and the vessel is scheduled to commence operations in 2020.

    “Q-LNG is very pleased to again be partnering with Wärtsilä on yet another ground-breaking project. Wärtsilä’s expertise in LNG systems, its solid reputation for top quality marine equipment, and its commitment to customer service fits in very well with Q-LNG’s plan to advance the development of LNG as a marine fuel in North America,” says Chad Verret, President of Q-LNG.

    Q-LNG is owned 70% by Shane Guidry and 30% by New Orleans-based Harvey Gulf International Marine. The company currently has six vessels under construction or in operation that are powered by LNG and feature LNG systems provided by Wärtsilä.

    “Wärtsilä is very grateful for the confidence placed in our solutions by VTHM, Q-LNG and Shell,” says Hanno Schoonman, General Manager Sales for Wärtsilä Marine Solutions in the USA. “Increasing the use of LNG as a marine fuel is at the core of our global business strategy, and this project represents an important step towards realizing that aim.”

    http://gcaptain.com/wartsila-to-equip-first-lng-bunkering-barge-in-united-states/
     
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    US Futures, World Stocks, Bitcoin All Hit Record Highs

    [​IMG]
    by Tyler Durden
    Nov 29, 2017 7:07 AM


    US equity futures continued their push higher into record territory overnight (ES +0.1%), and the VIX is 1.5% lower and back under 10, after yesterday's blistering surge in US stocks which jumped 1%, the most since Sept. 11, following Powell's deregulation promise, ahead of today's 2nd estimate of U.S. Q3 GDP which is expected to be revised up. U.S. Senate Budget Committee sent the tax bull to the full chamber to vote, and on Wednesday Senators are expected to vote to begin debating the bill. It wasn't just the S&P: MSCI’s all-country world index was at yet another record peak after all four major Wall Street indexes notched up new highs on Tuesday. Finally, completing the trifecta of records, and the biggest mover of the overnight session by far, was bitcoin which topped $10,000 in a buying frenzy which saw it go from $9,000 to $10,000 in one day, and which is on its way to rising above $11,000 just hours later.

    In macro, the dollar steadies as interbank traders and hedge funds fade its rally this week; today's major event will be testimony by outgoing Fed chair Janet Yellen after Powell said there is no sign of an overheating economy; the euro has rallied on strong German regional inflation while pound surges on Brexit bill deal news; yields on 10-year gilts climb amid broad bond weakness; stocks rise while commodities trade mixed.

    In Asia, equity markets were mixed for a bulk of the session as the early euphoria from the rally in US somewhat petered out as China woes persisted (recovered in the latter stages of trade). ASX 200 (+0.5%) and Nikkei 225 (+0.5%) traded higher. Korea's KOSPI was cautious following the missile launch from North Korea, while Shanghai Comp. (+0.1%) and Hang Seng (+-0.2%) initially remained dampened on continued deleveraging and regulatory concerns before paring losses into the latter stages of trade. Notably, China's PPT emerged again with Chinese stock markets rallied in late trade, with the CSI 300 Index of mainly large-cap stocks paring a drop of as much as 1.3% to close 0.1% lower. The Shanghai Composite Index rose 0.1%, swinging up from a 0.8% loss, with property and materials companies among the biggest gainers on the mainland. The Shanghai Stock Exchange Property Index surged 3.8%, the most since August 2016. The Shenzhen Composite Index was little changed, after a 1.2% decline, while the ChiNext gauge retreated 0.4%, paring a 1.5% loss. In Hong Kong, the Hang Seng Index was little changed as of 3 p.m. local time, while the Hang Seng China Enterprises Index fell 0.3%Stocks in Europe gained, following equities from the U.S. to Asia higher as optimism over U.S. tax reform and euro-area economic growth overshadowed concerns about North Korea’s latest missile launch. The Stoxx 600 gained 0.8%, reaching a one-week high and testing its 50-DMA. Germany’s DAX, France’s CAC, Milan and Madrid were all up between 0.5 and 0.7% and MSCI’s all-country world index was at yet another record peak after all four major Wall Street indexes notched up new highs on Tuesday. “It seems to me markets are still trading on the theory that the glass is half full,” said fund manager Hermes’ chief economist Neil Williams.

    Meanwhile the FTSE 100 fell 0.5%. The UK stock index typically has an inverse relationship with the pound as its members get 3/4 of their revenues from outside the country. As a reminder, the British pound surged on Tuesday after media reports that the UK cleared a major Brexit hurdle.

    “Today’s gains will be vulnerable, and the market will keep a very close eye on anything about North Korea. There’s serious risk of escalation, and it could offset any positive news on the U.S. tax bill,” Benjamin Philippe, fund manager at Degroof Petercam Gestion, says by phone.

    Some analysts, however, did warn of the risks of unintended consequences if the package was passed. “Tax cuts will mainly boost the demand side of the economy at a time when the economy has little spare capacity,” said Jeremy Lawson, chief economist at Standard Life Investments. “For that reason, the package will primarily bring forward activity with most of the stimulus eventually offset by the Federal Reserve lifting interest rates more quickly.”

    Meanwhile, in the U.K., price action was driven in reaction to the news that a Brexit divorce payment had been agreed upon, with gilts dropping and sterling jumping to a two-month high as investors brought forward their expectations for the next interest-rate increase by the BoE to September 2018 after Brexit negotiators agreed to an outline divorce deal. The FTSE 100 stock index fell.

    [​IMG]

    It was a busy geopolitical session, with North Korean leader Kim Jong Un saying his regime completed its nuclear program after firing a missile that put the entire U.S. in range. The launch shattered a two-month period of relative quiet in its first provocation since U.S. President Donald Trump’s decision this month to label the country a state sponsor of terrorism. Trump responded that “we will take care of that situation.”

    North Korea said its missile program will not threaten any country as long as North Korea's sovereign gains are not infringed, and confirmed it fired a new type of ICBM named Hwasong-15 which was ordered by leader Kim, adds launch was successful and could reach all of mainland US. President Trump and Japanese PM Abe agreed to strengthen deterrence capability against North Korea, also agreeing that China needs to play a greater role regarding North Korea. Additionally, South Korean President Moon said South Korea will strengthen its capabilities against North Korean provocation, while urging North Korea to stop reckless provocation and come to path of dialogue.

    Meanwhile, back in the US, the Senate tax bill is headed for a marathon debate this week after the budget committee voted Tuesday along party lines to send the Republican plan to the floor. Republican holdouts, Bob Corker of Tennessee and Ron Johnson of Wisconsin, dropped their objections shortly before the vote.

    Following yesterday's confirmation hearing testimony by Fed chairman nominee Powell, who said the case for a December rate hike “is coming together” and suggested that Dodd Frank would be rolled back as a new wave of deregulation hits the market, today it's Janet Yellen's turn to speak on the Hill.

    Euro zone government bond yields edged higher meanwhile as the first instalments of German state inflation data pointed to another uptick for Europe’s largest economy, which should bolster the ECB’s move to wind down its stimulus. “In recent months we have seen core inflation dropping, and that has been identified by the ECB as a key measure,” said ING strategist Martin van Vliet. It all helped the euro reassert its recent dominance over the dollar. The euro climbed up to $1.1870 and against a basket of currencies the dollar was down 0.2 percent at 93.075 .DXY and not far off a two-month trough touched on Monday. The dollar was steadier against the yen at 111.54 yen and away from a 10-week low of 110.85, while the pounds jump on a trade-weighted basis was 1.4 percent, its best since April.

    In other rates markets, the yield on 10-year Treasuries gained one basis point to 2.34%, Germany’s 10-year Bunds rose two basis points to 0.34%, the biggest increase in almost three weeks, while Britain’s 10-year yield increased six basis points to 1.253 percent, the highest in more than two weeks on the largest increase in almost three weeks.

    Elsewhere, crude oil fell for a third day as U.S. inventories expanded before OPEC meets to decide on prolonging supply cuts past the end of March. Industrial metals extended a slide.

    Markets Snapshot
    • E-Mini futures on Dow Jones 0.26% higher
    • E-Mini futures on S&P 500 0.08% higher to 2,628
    • STOXX Europe 600 up 0.6% to 389.49
    • MSCI Asia up 0.3% to 172.42
    • MSCI Asia ex Japan up 0.05% to 564.05
    • Nikkei up 0.5% to 22,597.20
    • Topix up 0.8% to 1,786.15
    • Hang Seng Index down 0.2% to 29,623.83
    • Shanghai Composite up 0.1% to 3,337.86
    • Sensex up 0.03% to 33,627.88
    • Australia S&P/ASX 200 up 0.5% to 6,011.12
    • Kospi down 0.05% to 2,512.90
    • German 10Y yield rose 2.9 bps to 0.368%
    • Euro up 0.3% to $1.1871
    • Brent Futures down 0.6% to $63.20/bbl
    • Italian 10Y yield fell 0.5 bps to 1.514%
    • Spanish 10Y yield rose 0.7 bps to 1.467%
    • Brent Futures down 0.6% to $63.20/bbl
    • Gold spot up 0.06% to $1,294.81
    • U.S. Dollar Index down 0.2% to 93.08
    Top Overnight News
    • A key concession that helped clear Republican tax legislation for a Senate vote as early as Thursday is drawing sharp opposition from conservative groups and some lawmakers, signaling that GOP leaders still face challenges in achieving a major legislative victory before year’s end
    • U.K. and the European Union negotiators reached an outline deal on the Brexit divorce bill, clearing a hurdle in negotiations and ramping up pressure to find a compromise on the thorny issue of the Irish border
    • North Korean leader Kim Jong Un claimed his regime’s missile launch showed it can strike the U.S. with a nuclear weapon, signaling a new phase in its standoff with President Donald Trump
    • Bitcoin surpassed $10,000 for the first time and continued higher, taking this year’s price surge to 11-fold even as warnings multiply that the largest digital currency is an asset bubble
    • Prince Miteb bin Abdullah, one of the most senior Saudi royals detained in the kingdom’s corruption crackdown, has been released after reaching a settlement deal believed to exceed the equivalent of $1 billion
    • Bitcoin surpassed $10,000 for the first time, bringing this year’s price surge to more than 10-fold even as warnings multiply that the largest digital currency is an asset bubble
    • Repeated bursts of political skirmishing have left Republican and Democratic panel leaders preparing competing findings of Russian meddling in the U.S. election
    • Not since before the creation of the monetary union in 1999 have growth rates across the more prosperous northern and weaker southern European states been as close as they are now
    • The $11 trillion market for credit derivatives is coming under renewed criticism in Europe because of concerns that one of the region’s riskiest companies is heading for a debt restructuring that could expose shortcomings in default insurance
    • In their 2018 outlooks, Deutsche Bank AG and Morgan Stanley present underweight recommendations on European cyclical stocks, including the technology sector
    Asia equity markets were mixed for a bulk of the session as the early euphoria from the rally in US somewhat petered out as China woes persisted (recovered in the latter stages of trade). ASX 200 (+0.5%) and Nikkei 225 (+0.5%) traded higher following the record levels seen in their US counterparts where all major indices posted fresh all-time highs amid strength in financials and after the Senate Budget Committee approved the tax reform plan. Conversely, KOSPI (Unch.) was cautious following the missile launch from North Korea, while Shanghai Comp. (+0.1%) and Hang Seng (+-0.2%) initially remained dampened on continued deleveraging and regulatory concerns before paring losses into the latter stages of trade. Finally, 10yr JGBs were relatively quiet as focus remained on riskier assets, although prices have eked minimal gains with the BoJ in the market for JPY 700bln of JGBs in the belly to super-long end. PBoC injected CNY 160bln via 7-day reverse repos, CNY 70bln via 14-day reverse repos and CNY 10bln via 63-day reverse repos. PBoC set CNY mid-point at 6.6011 (Prev. 6.5944). CBRC official stated China’s economy still faces relatively significant downward pressure, which could be apparent by early next year.

    Top Asian News
    • A 91% Stock Rally, and Now a Unit of Temasek Is Knocking
    • Tencent Delays Unlimited Trial for ’Glorious Mission’ Game
    • Singapore Exchange Aims for Faster Trade Settlement Next Year
    • BOJ’s Nakaso Says Demographics to Stress Nation’s Regional Banks
    • Asia Stocks Track U.S. Gains as Markets Ignore North Korea Test
    European stocks off to a good start this morning, aside from the FTSE 100 which has been hampered by the stronger GBP. Sentiment has been lifted by the progress in US tax cut plans, alongside a potential breakthrough in Brexit talks. In terms of sector specifics, financial names outperform, most likely driven by the pick-up in yields; led by the UK. Elsewhere, LSE (-2.25%) trade lower in the wake of reports that Xavier Rolet has finally settled the Co.’s board room battle by stepping down from his position as CEO. It’s been far more measured, and Eurex led this time, but bonds have witnessed more selling and Bunds enough to register a fresh low at 162.71, closer to a downside target on some intraday or short term charts around 162.61. The apparent early release of prelim German CPI, at 1.8% y/y vs 1.7% expected, may have provided some fundamental impetus for bears, despite the figures being pulled and the bias firmer than consensus anyway based on state data, but in truth this leg down in bonds seems more overarching and part of a general shift in sentiment due to what appears to be positive outcomes, or at least progressive developments regarding several uncertain issues – namely Brexit negotiations, US tax reforms and the OPEC/nonOPEC deal extension. Conversely, fixed may glean a degree of underlying support on month end factors and balance sheet/portfolio positioning needs. Core EU benchmarks now some 10 ticks off worst levels, US Treasuries flat to a tad softer at the longer end of the curve.

    Top European News
    • Sweden’s Economy Barrels Ahead as Housing-Market Anxiety Grows
    • Legal AI Gains Traction as U.K. Startup Targets U.S.
    • U.K. Consumer-Credit Growth Underlines BOE Bank Capital Action
    • East Europe’s Powerhouse Flees Balkan Woes for Western Calm
    • Bayer CEO Says Optimistic Monsanto Deal to Close Early 2018
    European stocks off to a good start this morning, aside from the FTSE 100 which has been hampered by the stronger GBP. Sentiment has been lifted by the progress in US tax cut plans, alongside a potential breakthrough in Brexit talks. In terms of sector specifics, financial names outperform, most likely driven by the pick-up in yields; led by the UK. Elsewhere, LSE (-2.25%) trade lower in the wake of reports that Xavier Rolet has finally settled the Co.’s board room battle by stepping down from his position as CEO. It’s been far more measured, and Eurex led this time, but bonds have witnessed more selling and Bunds enough to register a fresh low at 162.71, closer to a downside target on some intraday or short term charts around 162.61. The apparent early release of prelim German CPI, at 1.8% y/y vs 1.7% expected, may have provided some fundamental impetus for bears, despite the figures being pulled and the bias firmer than consensus anyway based on state data, but in truth this leg down in bonds seems more overarching and part of a general shift in sentiment due to what appears to be positive outcomes, or at least progressive developments regarding several uncertain issues – namely Brexit negotiations, US tax reforms and the OPEC/nonOPEC deal extension. Conversely, fixed may glean a degree of underlying support on month end factors and balance sheet/portfolio positioning needs. Core EU benchmarks now some 10 ticks off worst levels, US Treasuries flat to a tad softer at the longer end of the curve.

    In FX, GBP/USD has continued to rally on reports (unconfirmed) that the UK and EU have reached a divorce settlement deal, in principle, with a EUR 60bln figure touted and payment terms said to be staggered. Cable has cleared the 1.3400 marker and is testing key fibo resistance in the 1.3415-20 area with stops said to be in place on a sustained break and little else on the technical front preventing further gains towards the next big/psychological figure. EUR/GBP back down in the low 0.8800 area despite a relatively firm single currency vs other majors. EUR Holding above key chart support vs the USD around 1.1813 despite positive news on the US tax reform bill with notable data from the session thusfar including Y/Y and M/M pick-ups in regional German CPIs. In terms of the boarder USD, the DXY is maintaining recovery gains just over the 93.300 level on Senate Budget Committee approval of the Reps tax proposal, which is expected to be put to the floor tomorrow, and Fed chair-in-waiting Powell signalling his backing for another rate hike.

    In commodities, crude futures slightly weaker and somewhat unfazed by source reports that OPEC and Non-OPEC members have agreed a 9-month extension to output cuts, given that expectations had been for an agreement to this effect. Furthermore, some commentators continue to highlight that an extension to output cuts could be by less than the touted 9 months if negotiations prove to be difficult. API crude report showed an unexpected build in the headline figure. In metals markets, gold prices have meandered alongside an uneventful greenback and copper languished from yesterday’s slump amid continued concerns regarding its largest consumer China. US API weekly crude stocks (20 Nov, w/e) 1.821M (Prev. -6.356M). Russia are not reluctant to extend production cuts to the end of next year, according to Oman.

    Looking at the day ahead, the main focus today will be Fed Chair Yellen’s testimony before the congressional Joint Economic Committee in Washington in the afternoon. Will she speak a little freer now her tenor is nearly over? As a team player that might a stretch too far. Also worth noting is a scheduled speech from the Fed’s Williams. Datawise in Europe the big focus will be on the flash November CPI report in Germany. In the US we’ll get the second reading of Q3 GDP and Core PCE. Also due out is Q3 GDP in France, October money and credit aggregates for the UK, November confidence indicators for the Euro area and October pending home sales for the US. The Fed’s Beige Book will also be out in the evening.

    US Event Calendar
    • 7am: MBA Mortgage Applications, prior 0.1%
    • 8:30am: GDP Annualized QoQ, est. 3.2%, prior 3.0%; Personal Consumption, est. 2.5%, prior 2.4%; GDP Price Index, est. 2.2%, prior 2.2%; Core PCE QoQ, est. 1.3%, prior 1.3%
    • 10am: Pending Home Sales MoM, est. 1.0%, prior 0.0%; NSA YoY, est. 3.0%, prior -5.4%
    • 2pm: U.S. Federal Reserve Releases Beige Book
    • 8:30am: Fed’s Dudley speaks About U.S. Economy
    • 10am: Yellen Appears before Joint Economic Committee of Congress
    • 1:50pm: Fed’s Williams Speaks at Economic Forecast Luncheon in Phoenix
    • 2pm: U.S. Federal Reserve Releases Beige Book
    • 3:30pm: Kashkari hosts a Q&A on Twitter
    DB's Jim Reid concludes the overnight wrap

    Although the new Fed Chair Mr Powell’s prepared text for the Senate Banking Committee didn’t seem ground breaking and focused on continuity, investors appear to have liked his remarks on a potential regulatory easing on the financial sector that pushed US financials up +2.58% and the S&P (+0.98%) to a fresh record high. During Q&A, he noted “we will…consider
    appropriate ways to ease regulatory burdens while preserving core reforms”.

    Further, he added financial regulations are “tough enough” and supports a “rewrite” of the Dodd-Frank Volcker rule and believes we can do that in a way that is “faithful to both the language and the intent”. Notably, he did caveat that he no longer thinks any of the large US banks are “too big to fail”. On rates, he noted the case for a December rate hike is “coming together” and reiterated the expectation that “interest rates will rise somewhat further and the size of our balance sheet to gradually shrink”. Finally, he noted we are looking at an economy where unemployment is going to go below 4%.

    Staying in the US, the Senate tax plans appear to be heading in the right direction. The Senate budget committee has voted 12-11 to send the tax bill for debate, which could allow a full Chamber vote as early as this Thursday. President Trump noted “the bill will have lots of adjustments before it ends, but the end result will be very massive”. In the meantime, he has met with some of the undecided Republican Senators and described the meeting as “somewhat of a lovefest” and that “they want to see it (tax reforms) happen”. Elsewhere, one of the swing voters, Senator Murkowski noted “I’m feeling better today and I’m optimistic about the bill”.

    Over in the UK, all seven UK based banks have passed the annual stress tests with no bank ordered to raise additional capital or change their strategies. In the details, the 2017 stress test was based on a scenario more severe than the GFC with assumptions including: a UK and global economic decline, GBPUSD down 27%, house prices down 1/3 and a further £40bln of misconduct charges. However, the test showed that these losses can now be absorbed within banks’ existing capital buffers. Notably, the BOE has raised the counter cyclical capital buffer from 0.5% to 1%, potentially adding £6bln of additional capital to the banks’ minimum requirement going forward. At a press conference later, BOE’s Governor Carney has warned that a minimum 18-24 months of Brexit transition is required and “the combination of a disorderly Brexit, a severe global recession and stressed misconduct tests could result in more severe conditions than in the stress test”. Of the major UK banks, HSBC and RBS rose c1% while Barclays dipped 0.1% and Lloyds fell 1%.

    Staying in the UK, the Telegraph has reported that the UK and the EU reached an outline deal on the financial settlement issue late last week. Without citing sources, the paper noted the UK will improve its offer to €45bln-€55bln (from €20bln) depending on how each side calculates the outputs. If true, this should clear one of the key issues that is stalling the Brexit talks, but the issue of Irish borders remain. Although Sterling had originally dipped on the day, this news sent it around 1% higher from the lows.

    The US rally only briefly missed a beat when late in the US session, Yonhap reported that North Korea has fired a ballistic missile. It landed into the Sea of Japan with no casualties and reactions from US markets have been muted with President Trump noting “we’ll take care of that situation”. This morning, Asian markets are trading mixed. The Nikkei is up 0.27% and Kospi is broadly flat, but Hang Seng (-0.36%) and China’s CSI 300 (-0.89%) are down as we type. China’s 10y policy bank bond yield has increased by 70bp in the last 2 months. DB’s Zhiwei Zhang take a closer look at the potential causes such as financial sector deleveraging, regulatory tightening and changing inflation expectations.

    Now recapping market performance from yesterday in more detail. US equities strengthened to fresh highs, with the S&P 500 (+0.98%), Dow (+1.09%) and Nasdaq (0.49%) all firmly higher. Within the S&P, with the exception of the real estate sector, all other sectors were in the green. European markets were also all higher, with the Stoxx 600 and DAX up c0.6%, while the FTSE outperformed (+1.04%), boosted by Royal Dutch Shell, which rose c4% after restoring its practice of full cash dividends for the first time in more than two years. The VIX rose 1.6% to 10.03.

    Government bonds were little changed. The UST 10y yield pared back minor gains to closed flat at 2.329% following broadly stronger US macro data. Elsewhere, core 10y European bond yields were little changed (Bunds & OATs -0.3bp; Gilts flat).

    Turning to currencies, the US dollar index and Sterling gained 0.39% and 0.16% respectively, while the Euro fell (-0.49%) for the second consecutive day. In commodities, WTI oil fell 0.64% ahead of tomorrow’s OPEC meeting. Precious metals softened (Gold -0.04%; Silver -1.05%) and other base metals also weakened (Copper -1.08%; Zinc -0.68%; Aluminium -1.55%).

    Away from the markets and over in Germany, the upcoming coalition talks between Ms Merkel and SPD may have hit a small obstacle. The acting agriculture minister Mr Schmidt has defied the SPD’s objections and unilaterally voted on Monday in favour of keeping one of the world’s widely used herbicides on EU markets for another five years. The SPD noted Mr Schmidt’s decision was a breach of trust. Ms Merkel was quick into damage control, noting “this was not in accord with the guidance…in the government” and it “is something that can’t be repeated”.

    Staying in politics, over in the US, two top democratic leaders have pulled out of a scheduled meeting with President Trump to discuss the federal spending plan to prevent a partial government shutdown post funding expiring on December 8th. House minority leader Nancy Pelosi and Senate minority leader Chuck Schumer skipped the meeting in protest following Trump tweeted “meeting with Chuck and Nancy…problem is they want… I don’t see a deal!” ahead of their meeting. Notably, markets reactions have been fairly muted.

    Finally, the l atest OECD semi-annual report suggests global economic growth will strengthen to 3.7% in 2018 before slowing to 3.6% in 2019. The softening from 2018 to 2019 is evident across most countries including US (-0.4ppt to 2.1%), China (-0.2ppt to 6.4%), the Euro area (-0.2ppt to 1.9%) and the UK (-0.1% to 1.1%). OECD’s Chief economist Ms Mann cautioned 2018 may be “the peak of the cycle” and that the “fiscal and monetary space are too limited to weather a financial downdraft”. Elsewhere, the report warned “financial asset prices are inconsistent with expectations for future growth and the policy stance, exacerbating the risks of financial corrections”.

    Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the macro data was broadly above expectations. The November conference board consumer confidence reading rose to a fresh 17 year high of 129.5 (vs. 124 expected). In the details, the present situation index rose 1.9pts to 153.9 and the expectations index was up 4.3pts to 113.3. The Richmond Fed manufacturing index also beat at 30 (vs. 14 expected) – the highest since 1993, with sharp improvements seen across the shipments, new orders and employment indices. The September’s Corelogic House price index rose 0.5% mom (vs.0.3% expected), lifting annual growth to 6.2% yoy (vs. 6.04% expected). Elsewhere, the October advanced goods trade deficit was wider than expected at -$68.3bn (vs. -$64.9bln). Exports fell 1.0% mom and imports rose 1.5% mom, leading to annual growth of 5.5% yoy and 7.1% yoy respectively. Finally, October wholesale inventories fell 0.4% mom (vs. +0.4% expected), although the softness was partly due to a 0.2ppt downward revision in the prior month.

    In France, the November consumer confidence was above market at 102 (vs. 101 expected), while Germany’s December GfK consumer confidence was in line at 10.7 and just below its recent 16 year high. Finally, the Eurozone’s October M3 money supply was a tad softer at 5.0% yoy (vs. 5.1% expected). After adjusting for sales and securitization, loans to households was steady at 2.7% yoy and loans to corporates was up 2.9% yoy.

    Looking at the day ahead, the main focus today will be Fed Chair Yellen’s testimony before the congressional Joint Economic Committee in Washington in the afternoon. Will she speak a little freer now her tenor is nearly over? As a team player that might a stretch too far. Also worth noting is a scheduled speech from the Fed’s Williams. Datawise in Europe the big focus will be on the flash November CPI report in Germany. In the US we’ll get the second reading of Q3 GDP and Core PCE. Also due out is Q3 GDP in France, October money and credit aggregates for the UK, November confidence indicators for the Euro area and October pending home sales for the US. The Fed’s Beige Book will also be out in the evening.

    http://www.zerohedge.com/news/2017-11-29/us-futures-world-stocks-bitcoin-all-hit-record-highs
     
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    Frontrunning: November 29

    [​IMG]
    by Tyler Durden
    Nov 29, 2017 8:10 AM

    • North Korea Missile Launch Shows Ability to Reach D.C. (WSJ)
    • Senate Republicans shove tax bill ahead as Democrats fume (Reuters)
    • British negotiators still working on Brexit deal: Treasury minister (Reuters)
    • Trump Retweets Anti-Muslim Videos From Far-Right U.K. Group (BBG)
    • Bitcoin Futures Provoke Pushback From Market Cops (BBG)
    • Saudis Free Detainees in Sign of Resolutions in Crackdown (WSJ)
    • Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stiglitz Says (BBG)
    • Build fast, fix later: speed hurts quality at Tesla, some workers say (Reuters)
    • EU's Barnier: No agreement yet on Brexit bill, Irish border (Reuters)
    • Opponents of GOP Tax Bill Find a Rich Target in Trump (WSJ)
    • U.S. Supreme Court weighs major digital privacy case (Reuters)
    • Forget Robots: Bad Public Policies Could Be Bigger Job Killers (WSJ)
    • The End of the U.S. Housing Shortage Is Finally in Sight (BBG)
    • Strange Bedfellows: Democrats and Trump Blow Up 20-Year Consensus on Trade (WSJ)
    • EU's Barnier: No agreement yet on Brexit bill, Irish border (Reuters)
    • Short Sellers Are Lining Up at Shake Shack (BBG)
    • House GOP to Propose Sweeping Changes to Higher Education (WSJ)
    • Uber Ex-Employee Alleges Covert Tactics to Steal Secrets (WSJ)
    Overnight Media Digest

    WSJ

    - Bitcoin crossed the $10,000 mark for the first time in its nine-year history, the latest burst in a rally that has transformed the virtual currency from a curiosity to a hot topic for mainstream investors. (on.wsj.com/2j2BgHN)

    - AT&T Inc and Time Warner Inc said an explosion of online programming has spawned a "golden age for television—and for consumers," in its first court filing countering government claims that their planned merger would stymie competition and hurt customers. (on.wsj.com/2j1VP77)

    - Uber Technologies Inc had a team dedicated to stealing trade secrets and helped employees dodge regulators' scrutiny, according to allegations from a former employee that are generating the latest in a string of controversies to beset the ride-hailing firm. (on.wsj.com/2j16C1i)

    - North Korea said Wednesday that it fired a brand-new intercontinental ballistic missile into the waters off Japan, ending a more than two-month hiatus by Pyongyang and threatening to ramp up tensions with the U.S. and in the region. (on.wsj.com/2j2ar6s)

    - Siemens AG, the German engineering conglomerate, is readying the listing of a big chunk of its health-care business, estimated to be worth up to $47 billion. (on.wsj.com/2j1fm7R)

    - British movie theater operator Cineworld Group Plc has made an offer for American counterpart Regal Entertainment Group, Regal confirmed Tuesday afternoon. (on.wsj.com/2j19efC)

    - After making multiple offers to buy Rockwell Automation Inc, Emerson Electric Co said Tuesday it was rescinding its offer because of the target company's board's "unwillingness to engage in discussions." (on.wsj.com/2j1hMmG)

    FT

    Nomura Holdings Inc will inject 100 billion yen ($895.6 million) into a new business the financial services provider says will provide funding for corporate restructuring and management buyouts.

    Bank of England governor Mark Carney has pushed back on a call to intervene in a governance crisis at the London Stock Exchange Group, where an activist investor is trying to force out the chairman and extend the contract of its chief executive.

    Switzerland’s Gategroup Holding AG announced it was exploring a public offering of its shares just days after the country’s takeover watchdog censured its Chinese owner HNA Group for providing “untrue or incomplete” information when it acquired the company.

    NYT

    - Bowing to pressure from shareholders and the Paris international climate accord, Royal Dutch Shell Plc pledged on Tuesday to increase its investment in renewable fuels and to cut its carbon emissions in half by 2050. nyti.ms/2j1eHmT

    - WeWork announced on Tuesday that it had bought Meetup, whose 35 million members use the service to find fellow aficionados of some common interest: drone racing, say, or learning Dutch. nyti.ms/2hZm3WU

    - On Tuesday, the discovery of the letter that detailed a secretive effort at Uber Technologies Inc to gather intelligence on competitors and cover its tracks caused a federal judge to delay a trade secrets trial — a day before jury selection was set to begin — between Uber and Alphabet Inc's Waymo. nyti.ms/2i1LebH

    - Toray Industries, a manufacturer of materials like carbon fiber, said one of its subsidiaries had for years been providing clients with false product-test reports. nyti.ms/2AeLkqt

    Canada

    THE GLOBE AND MAIL

    ** One day after Torstar Corp and Postmedia Network Canada Corp announced a deal to exchange 41 newspapers - closing the majority of them and wiping out 291 full-time and part-time jobs - federal Heritage Minister Mélanie Joly shot back at suggestions that the closings were due to the government's decision not to offer additional funding for news outlets as part of its new cultural policy. (tgam.ca/2BwEzyA)

    ** Canada is challenging U.S. lumber tariffs by taking its fight to the World Trade Organization, the second appeal launched in two weeks by the federal government. (tgam.ca/2Bwbxz7)

    ** Suncor Energy Inc says crude is flowing from Hebron, a major offshore project on Canada's Atlantic coast, a milestone for the company as it pledges to give more cash to shareholders. (tgam.ca/2BwMKLe)

    NATIONAL POST

    ** Alternative asset manager West Face Capital, which opted out of a class-action settlement with Home Capital Group Inc last summer, has given the mortgage lender a draft statement of claim that asserts damages of C$70 million ($54.51 million) for alleged misrepresentation in Home Capital's disclosure. (bit.ly/2BvWW6E)

    ** Elevated housing prices and household debts remain the single-biggest vulnerability in the Canadian economy, according to the latest Bank of Canada report, despite signs that financial risks are beginning to ease. (bit.ly/2BuReBX)

    Britain

    - Bank of England Governor Mark Carney has waded into the boardroom row at the London Stock Exchange by signalling that its chief executive, Xavier Rolet, should go quietly. bit.ly/2Afio23

    - Thames Water has cancelled dividend payments worth 100 million pounds a year to its mainly international shareholders as it seeks to plug its leakage problem and reimburse customers. bit.ly/2nanGqe

    The Guardian

    - British retail supplier Palmer & Harvey McLane Ltd has gone into administration with 2,500 immediate redundancies and a further 900 jobs at risk. bit.ly/2Bm2pfo

    - Ofcom has launched a review of children's television programmes that could lead to the media regulator demanding that ITV, Channel 4 and Channel 5 spend more on young audiences. bit.ly/2BlEmxm

    The Telegraph

    - British and European Union (EU) negotiators have reached a deal over the so-called Brexit bill, opening the door to a potential breakthrough in the talks this December, the Telegraph has learned. bit.ly/2Bk6YXV

    - Cineworld Group Plc, a British operator of movie theatres is in talks with U.S. peer Regal Entertainment Group about a potential takeover, Regal confirmed on Tuesday. bit.ly/2Adht1K

    Sky News

    - Facebook Inc and Twitter Inc have said they will assist UK's inquiries into Russian interference in the EU referendum. bit.ly/B6kK29

    - During a three-day visit to the Middle East, Prime Minister Theresa May will hold talks in Saudi Arabia and Jordan, in a continuing effort to forge stronger ties with countries she visited earlier this year. bit.ly/2hZ9OJS

    http://www.zerohedge.com/news/2017-11-29/frontrunning-november-29
     
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    [Business Daily] Ep.678 - Rate hike / Korea's display industry _ Full Episode
    ARIRANG TV



    Published on Nov 30, 2017
    Rate hike
    The Bank of Korea has hiked its benchmark interest rate for the first time in nearly six-and-a-half years, ending its wait-and-see approach to determine if the local economy could withstand the move. But the ever growing household debt pile is still a big concern. Tune in to hear more from an expert.

    Korea's display industry
    Korea was once the world's leading provider of large display panels, holding onto that title for 31 consecutive quarters. When it appeared that no other country could challenge for the throne, China recently overtook Korea to take the top spot. Amid stiffening competition and the dawn of the Fourth Industrial Revolution, what can Korea do become an innovative player in the display industry?
     
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    Asian Metals Market Update: November-30-2017
    By: Chintan Karnani, Insignia Consultants
    Gold and silver fell yesterday on a technical breakdown. Gold could consolidate in a wider $1240-$1290-$1360 range for a few months. Questions are being asked to how can gold rise? Two factors can result in gold zooming over the next few months (a) There is a clear indication that global central bankers (including the Federal Reserve) will raise interest rate at a slower pace next year. (b) There is an armed attack by NATO forces in North Korea.
     
  39. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Dow Hits Record 24,000, Europe Jumps As Euphoria Returns After Tech Rout

    [​IMG]
    by Tyler Durden
    Nov 30, 2017 7:01 AM


    Despite a Wednesday dive in high-flying U.S. tech stocks on worries their boom may have peaked following a MS downgrade, which presured Asian stocks leading to a slide in Hong Kong and South Korean share, on Thursday morning the dip buyers have emerged and both European stocks and US equity futures are once again solidly in the green as yesterday's tech selloff is quickly forgotten. Confirming that algos have moved on, US stock-index futures climbed briskly (ES +0.3%), and Dow futures were above 24,000 with Europe green across the board as signs of progress on the tax reform plan led some investors to shift to positions that are seen benefiting from lower corporate tax.

    Following a lackluster Wednesday session, and some mixed results in Asia, Europe's Stoxx 600 has advancds to session’s high, up 0.6%, as defensive sectors including telecommunications, utilities and real estate outperform more cyclical sectors like construction, financial services and technology, with the FTSE 100 once again lagging (-0.3%) as the firmer GBP continues to hamper the index. Despite opening relatively flat, European bourses have drifted higher amid the declines seen in EUR with little else in the way of fresh fundamental catalysts to guide price action. All sectors trade in positive territory with the exception of energy names in the wake of yesterday’s sell-off in oil prices.

    Germany's Dax and France's CAC 40 both inched up for a third day, though London's FTSE was back in the red as hopes of a breakthrough in Brexit negotiations pushed the pound higher again.

    Earlier, Hong Kong and South Korean-listed shares tumbled, while Japanese stocks gained. Asia stock markets were mostly negative as the tech-sell off on Wall St. dampened sentiment in the region and overshadowed better than expected Chinese PMI data. ASX 200 (-0.7%) was pressured by its largest weighted Financial sector after the announcement of a royal commission inquiry into the industry, while Nikkei 225 (+0.6%) recovered from opening losses as JPY weakness provided support. Elsewhere, KOSPI (-1.5%) weakened as the BoK delivered a widely anticipated 25bps rate hike and Chinese markets were also subdued with the Hang Seng (-1.5%) reeling on tech weakness, although losses in the Shanghai Comp. (-0.6%) were somewhat stemmed by encouraging Chinese Official PMI data.

    In global FX and macro, the Bloomberg Dollar Spot Index was higher a fourth day, its longest winning run since August, before key U.S. data releases including personal income, spending, deflator, initial claims, and Chicago PMI; the pound held on to Asia session gains as Brexit talks seemed on track to soon enter phase 2, the hardest part of the negotiations. As noted earlier, the euro reversed gains after inflation in the currency bloc missed estimates, while the 10-year bund yield fell from a two-week high; equities were mixed amid profit taking in EMFX and month-end flows in G-10 currencies. Some other key FX observations, from Bloomberg:
    • The pound was the only G-10 currency to strengthen against the dollar on Thursday after news that Ireland and the U.K. were close to a border deal
    • EUR/USD set a fresh session low after annual euro-zone flash CPI rose 1.5% in November versus an estimated 1.6% rise
    • Kiwi dropped after business confidence fell to the lowest level since 2009
    • The yen fell to a one-week low on the back of a rally in Japanese stocks and as better-than- expected U.S. economic data sapped haven demand
    • Norway’s krone slid to a nine-year low against the euro, with low liquidity exaggerating the move, after retail sales unexpectedly contracted 0.2% m/m in October versus an estimated 0.7% rise
    Weighing on tech were concerns, sparked by a Morgan Stanley report earlier this week, that the “super-cycle” in memory chip demand looks likely to peak soon. Yesterday, shares of Amazon.com, Apple, Alphabet and Facebook fell between 2 percent and 4 percent. Among the year’s other high fliers, Netflix slid 5.5 percent while Asia’s bellwether Samsung slumped 4.3 percent to two-month lows, also on some Morgan Stanley skepticism.

    “I‘m not sure one would say it’s a bubble (in tech stocks),” said Andrew Milligan, head of investment strategy at Standard Life. “By and large the companies are generating either good profits or the potential for good profit growth”. But “Tech is a sector unto itself... it’s utterly a view about barriers to entry.”

    Still, the Nasdaq index remains up 26.8% so far this year, roughly 7% points above gains in the MSCI world index. “It is true that if you look at the world’s semiconductor sales on chart, their year-on-year growth appears to be peaking out,” said Hiroshi Watanabe, an economist at Sony Financial Holdings. “But if you look at what’s driving demand, it’s not just smart phones and actually a lot of things.”

    In the US, Senate Republicans voted 52-48 to begin debate on their sweeping tax-overhaul bill, touching off a process that could produce an up-or-down vote before the end of this week. Outgoing Federal Reserve Chair Janet Yellen said Wednesday the central bank would welcome and support a faster expansion of the economy stemming from changes in the tax code, provided it was the right kind of growth. Other notable US events overnight:
    • White House adviser Kushner said to have met with Special Counsel Mueller's team for discussions regarding former National Security Adviser Flynn.
    • Marvin Goodfriend was nominated for the Fed Board of Governors position.
    Other changes are afoot: JPM Asset Management global head of rates David Tan predicted on Thursday that there will be some 1,000 rate hikes globally over the next decade. “The current period of economic expansion has therefore been extraordinarily long, almost 10 years and counting, but we know that the days of super low global central bank rates are in the process of coming to an end,” he said.

    Meanwhile, interest rates in Germany rose to their highest in just over two weeks, while 10-year U.S. Treasuries yield climbed too, reaching 2.389% to near this month’s high of 2.414%.

    There was no immediate market response after U.S. President Donald Trump nominated Carnegie Mellon University professor Marvin Goodfriend, viewed as a policy hawk, to be a member of the Federal Reserve Board of Governors.

    Oil meanwhile moved cautiously ahead of an OPEC meeting in Vienna later in the day, with members set to debate an extension of the group’s supply-cut agreement. While the Organization of the Petroleum Exporting Countries and key non-member Russia look set to prolong oil supply cuts until the end of 2018, they have signaled that they may review the deal when they meet again in June if the market overheats.

    Market Snapshot
    • S&P 500 futures up 0.3% to 2,633
    • STOXX Europe 600 up 0.3% to 389.17
    • MSCI Asia Pac down 1.1% to 170.05
    • MSCI Asia Pac ex Japan down 1.6% to 553.31
    • Nikkei up 0.6% to 22,724.96
    • Topix up 0.3% to 1,792.08
    • Hang Seng Index down 1.5% to 29,177.35
    • Shanghai Composite down 0.6% to 3,317.19
    • Sensex down 1.1% to 33,245.95
    • Australia S&P/ASX 200 down 0.7% to 5,969.89
    • Kospi down 1.5% to 2,476.37
    • German 10Y yield rose 1.1 bps to 0.396%
    • Euro down 0.1% to $1.1835
    • Brent Futures up 1.5% to $64.08/bbl
    • Italian 10Y yield rose 1.3 bps to 1.527%
    • Spanish 10Y yield fell 0.5 bps to 1.48%
    • Brent Futures up 1.5% to $64.08/bbl
    • Gold spot down 0.2% to $1,281.27
    • U.S. Dollar Index up 0.2% to 93.36
    Top Overnight News
    • U.S. Senate begins a marathon debate on the Republican tax bill after an intensive bargaining phase. Lawmakers reached a deal on pass-through business and were still discussing adding a trigger to include up to $350b in automatic hikes if revenues were not met.
    • The pound advanced after news the U.K. and the EU are working against the clock to reach a compromise on the Irish border that will allow a breakthrough in Brexit talks at a key meeting next week
    • German unemployment declined for a fifth month as Europe’s largest economy continues to boom. Business confidence is at the highest level since the country’s reunification with the hiring spree driven by companies seeking to expand their ranks to keep up with a growing backlog of work
    • Marvin Goodfriend, a widely respected monetary economist and sometime critic of the Federal Reserve under Chair Yellen, was nominated by President Trump to be a governor at the U.S. central bank, the White House announced on Wednesday
    • The International Monetary Fund is projecting the volume of trade in goods and services will have climbed 4.2 percent over the year, up from 2.4 percent in 2016. That would be the first time trade has outpaced output growth since 2014 and goes against the view earlier this year that 2017 would be the year of trade wars
    • The U.S. is rejecting China’s claim of market-economy status, saying the country doesn’t deserve to be treated as such in anti-dumping investigations because the state continues to play a pervasive role in the economy. The stance will be made clear in a document that will be published Thursday.
    • The U.K. and the European Union are moving to a compromise on the Irish border which will allow Brexit talks to move on to trade next week. All parties want to avoid a hard border, U.K. Prime Minister Theresa May told reporters.
    Asia stock markets were mixed as the tech-sell off on Wall St. dampened sentiment in the region and overshadowed better than expected Chinese PMI data. ASX 200 (-0.7%) was pressured by its largest weighted Financial sector after the announcement of a royal commission inquiry into the industry, while Nikkei 225 (+0.6%) recovered from opening losses as JPY weakness provided support. Elsewhere, KOSPI (-1.5%) weakened as the BoK delivered a widely anticipated 25bps rate hike and Chinese markets were also subdued with the Hang Seng (-1.5%) reeling on tech weakness, although losses in the Shanghai Comp. (-0.6%) were somewhat stemmed by encouraging Chinese Official PMI data. Finally, 10yr JGBs were lower amid spill-over selling from their US counterparts and as a mixed 2yr auction failed to inspire demand. Chinese Official Manufacturing PMI (Nov) 51.8 vs. Exp. 51.4 (Prev. 51.6). Chinese Non-Manufacturing PMI (Nov) 54.8 (Prev. 54.3) PBoC injected CNY 150bln via 7-day reverse repos, CNY 120bln via 14-day reverse repos and CNY 10bln via 63-day reverse repos to total a net neutral operation for a 4th consecutive day once maturing repos are accounted for. PBoC set CNY mid-point at 6.6034 (Prev. 6.6011) BoK 7-Day Repo Rate (Nov) 1.50% vs. Exp. 1.50% (Prev. 1.25%). BoK Governor Lee said the rate decision was not unanimous as board member Cho dissented, while he added that uncertainties for the economy are higher than ever and that additional adjustment depends on growth and inflation.

    Top Asian News
    • BOJ Cuts Buying Range for Debt Due Up to 1 Year in December Plan
    • BOJ Reflationist Harada Sees No Problem in Continuing Stimulus
    • China Bond Selloff Abates as 10-Year Yield Falls Most Since June
    • China Factory Gauge Unexpectedly Rises as Global Demand Firms Up
    • Hong Kong Regulator Says Agreement Reached on Investor ID Plan
    • BOJ Cuts Buying Range for Debt Due in Up to One Year in December
    European equities trade higher across the board (Eurostoxx 50 +0.6%) with the FTSE 100 once again lagging (-0.3%) as the firmer GBP continues to hamper the index. Despite opening relatively flat, European bourses have drifted higher amid the declines seen in EUR with little else in the way of fresh fundamental catalysts to guide price action. All sectors trade in positive territory with the exception of energy names in the wake of yesterday’s sell-off in oil prices. A rather timely rebound in the 10 year German benchmark just ahead of the Eurozone inflation data, as the slightly softer than forecast headline measure inspired more upside to a fresh 162.75 high for the Eurex session (+27 ticks vs -24 ticks at the other extreme). Relatively dovish, albeit typical comments from ECB’s Praet may also have impacted and countering speculation about a leak or pre-release whisper, USTs squeezed higher around the same time. Whatever the catalyst or inspiration, the price recovery to intraday peak represents a 50% retrace of Wednesday’s move, to the precise tick. Short term longs will now be eyeing 162.96 ahead of 163.10.

    Top European News
    • Hong Kong Stocks Pare Monthly Gain as Technology Selloff Spreads
    • BOE’s Carney Hints at Scrapping Banker Bonus Cap After Brexit
    • Turkey Cenbank May Raise LLW Rate Without MPC Meeting: Ertem
    • IPT: Bunzl Finance Expected GBP300m 7.5Y UKT +135 Area
    • IPT: TSB Bank GBP Bmark 5Y Covered 3mL +30 Area
    In FX markets, GBP is still riding high on expectations that the UK and EU are getting closer to striking an agreement on the key issues that need to be settled before a Brexit transition and trade talks can begin. JPY softer again on broadly upbeat risk sentiment (amidst above forecast Chinese PMIs, healthy Fed Beige Book and commentary), with USD/JPY up near 112.50 and the next chart resistance level at 112.70. EUR is holding above key tech support vs the USD at 1.1813 again, but struggling to maintain bullish momentum given the ongoing Greenback recovery. Expiry interest close by at 1.1840-45 (2.8 bln). In terms of Eurozone inflation, headline Y/Y printed at 1.5% for Nov vs. Exp. 1.6% with ex-food and energy firmer at 1.1% vs. Exp. 1.0%. Eurozone Inflation, Flash YY (Nov) 1.5% vs. Exp. 1.6% (Prev. 1.4%); Eurozone Inflation ex-food, energy, tobacco (Nov P) Y/Y 0.9% vs. Exp. 1.0% (Prev. 0.9%); Eurozone Inflation Ex Food & Enr Flash (Nov) 1.1% vs. Exp. 1.0% (Prev. 1.1%).

    In commodities, WTI and Brent crude futures initially traded with little in the way of the firm direction after yesterday’s modest recovery from the initial sell-off, however, heading into US trade have been met with a bid. In terms of the latest OPEC rhetoric, energy ministers all appear to be on the same page with their desire for a 9-month extension to the existing deal (subject to a review in June). The Kuwaiti oil minister also added that production caps have been confirmed for Libya and Nigeria at around 1mln bpd and 1.8mln bpd respectively. In metals markets, spot gold has drifted lower throughout the session, briefly breaking below USD 1280/oz to the downside where some contacts had reported stops. Elsewhere, Copper was subdued overnight alongside the broad risk averse tone triggered by the US tech sell-off.

    Looking at the day ahead, in the US the big focus will be on October personal income, spending and PCE data all due out at 8.30am ET. Also due is the November Chicago PMI and the latest weekly initial jobless claims data. The big focus away from the data will be a possible Senate vote on tax reform while central bank speakers today include the ECB’s Mersch and Praet, Fed’s Kaplan and BoE’s Sharp. The OPEC meeting in Vienna is also worth keeping a close eye on given that the meeting should include a discussion around extending production cuts.

    US Event Calendar
    • 8:30am: Initial Jobless Claims, est. 240,000, prior 239,000; Continuing Claims, est. 1.89m, prior 1.9m
    • 8:30am: Personal Income, est. 0.3%, prior 0.4%; Personal Spending, est. 0.3%, prior 1.0%
      • PCE Deflator MoM, est. 0.1%, prior 0.4%; PCE Deflator YoY, est. 1.5%, prior 1.6%
      • PCE Core MoM, est. 0.2%, prior 0.1%; PCE Core YoY, est. 1.4%, prior 1.3%
    • 9:45am: Chicago Purchasing Manager, est. 63, prior 66.2
    • 9:45am: Bloomberg Consumer Comfort, prior 51.7
    • 12:30pm: Fed’s Quarles Speaks on Payments Systems in Cleveland
    • 1pm: Fed’s Kaplan Speaks in Dallas
    DB's Jim Reid concludes the overnight wrap

    It might be the last day of November but it still feels like we have some way to go before markets finally ease their feet off the pedals for the holiday season. We’re at the business end of the week now and one event which is waiting in the wings is the Senate vote on tax reform. It’s unclear if we’ll get a vote today or even this week with the latest update being that the Senate approved a motion to proceed on party lines yesterday, clearing a path for a vote on the bill. The vote to approve followed more debate yesterday with GOP senators negotiating compromises with their leaders. One of those was a more generous tax break for pass-through business. Politico reported that there are still a number of issues to resolve so keep an eye on how things progress today.

    Away from politics it’s also worth watching some of the data due out today and especially the various inflation readings. This morning we’ll receive the November CPI report for the Euro area where the consensus expect a small pickup in the core to +1.0% yoy from +0.9%. Across the pond this afternoon we’ll then get the October personal income and spending data in the US which will also provide the latest reading for the Fed’s preferred inflation metric – the core PCE deflator. Our US economists and the market expect a +0.2% mom reading which if it holds would push the annual figure up one-tenth to +1.4% yoy. We talked extensively about inflation in our outlook and how the risks are to upside in the second half of next year especially, so this data is becoming more and more significant in our view as we look ahead to 2018.

    Back to the present now where the biggest action in markets over the last 24 hours has been that in the tech sector. The Nasdaq closed -1.27% last night, although did pare heavier losses intraday, for its biggest one day decline since August. An index tracking FANG stocks fell -3.72% with an impressive $62bn wiped from the four stocks’ combined market value. That’s pretty much the equivalent of the GDP of Uzbekistan. In contrast, the S&P 500 (-0.04%) finished pretty much flat while the Dow closed +0.44%. In Europe the Stoxx 600 also closed +0.24%. So it was very much a tech only story with much of the commentary pointing towards sector rotation as the reason for the selloff ahead of US tax reform which is seen as doing little to benefit the sector given the already low effective tax rates. In fairness, the Nasdaq move looks like an afterthought compared to the 21.21% high-to-low range for Bitcoin yesterday. After nearly touching $11,500 intraday, in the space of five and a half hours the cryptocurrency tumbled all the way to $9,000, before then rallying back above $10,000 by the close to end the day more or less unchanged. For some context, while the intraday range in percentage terms was ‘only’ the fifth biggest this year, the range in US $ terms ($2,424) is actually the same as where the cryptocurrency traded back in July. Mind boggling.

    Elsewhere, bond markets didn’t offer much in the way of protection yesterday with yields sharply higher across the globe. 10y Treasuries finished +6.1bps higher last night with a combination of a Gilt led selloff following the Brexit developments late on Tuesday (more on that below), tax reform talk and Yellen’s testimony all seemingly playing a part.

    This morning in Asia it’s more of the same with weakness across tech names generally weighing on sentiment. The Hang Seng (-1.28%) has been the biggest mover with tech names down -2.47%, while the Kospi (-0.70%), ASX (-0.57%) and Shanghai Comp (-0.25%) are also in the red. The Nikkei is back to flat following a similarly weak start while US equity index futures are mixed. It’s worth noting that there doesn’t appear to be any follow on to President Trump’s tweet yesterday when he warned of “additional major sanctions” for North Korea following a phone call with President Xi Jingping of China.

    Speaking of China, this morning China’s manufacturing PMI for November was reported as rising slightly to 51.8 from 51.6 the month prior. Expectations had been for a modest decline. The non-manufacturing PMI was also reported as rising, to 54.8 from 54.3. The other significant overnight news is that at the Fed, with Bloomberg reporting that monetary economist Marvin Goodfriend has been nominated by President Trump to be a governor at the Fed following an announcement by the White House. Goodfriend has previously questioned the use of QE post 2008 and was instead said to favour negative interest rates, despite acknowledging that it could require abolishing paper currency.

    Back to Yellen, as was pretty much expected the Fed Chair played a relatively straight bat in what was likely her last testimony to Congress in her current role. As a broad conclusion, her tone seemed to somewhat reiterate a willingness at the Fed to continue with tightening but clearly dependent and limited on the data. A “gradual” need for rate increases was noted as being appropriate to sustain a healthy labour market and stabilize inflation. Recent inflation readings were highlighted as transitory which was also no change although she did note that the Fed has seen modest upward pressure on wages. She also made mention that the lesson from modest wages is that the labour market and economy are not overheated which was a similar comment to one made by the incoming Chair Jerome Powell the day before. On growth Yellen also said that “economic growth appears to have stepped up from its subdued pace early in the year” and is now “increasingly broad-based across sectors as well as much of the global economy”. One topic which Yellen chose to refrain from addressing however was tax reform.

    The Fed Chair’s comments around growth also came as the second reading for Q3 GDP was revised up a tenth more than expected to +3.3% qoq annualized, compared to the initial +3.0% estimate in the flash reading. Meanwhile the details showed that while headline PCE prices were revised down a tenth (+2.1% vs. +2.2%) the core PCE was however revised up a tenth to +1.4% qoq (compared to expectations for no change). It’s worth noting that corporate profits also rose +4.3% qoq and in year over year terms have now risen for four consecutive quarters following five quarters of consecutive declines ending in Q3 2016.

    Yellen’s colleague at the Fed, the NY Fed President William Dudley, was also busy speaking yesterday. In comments at a moderated forum in New Jersey, Dudley played down any concern about the relative strength in markets currently although did make a special mention of being sceptical about Bitcoin. On the economy Dudley said that he thinks that the expansion has “got lots of room to go”. Meanwhile later on in the evening San Francisco Fed President John Williams said that four rate hikes in 2018 is his base case, roughly two more than that currently implied by market pricing.

    Closer to home, as noted earlier UK assets spent much of yesterday absorbing the latest Brexit developments. Tuesday’s headlines regarding the agreement between the UK and EU on the divorce bill was confirmed by most major UK press outlets yesterday. It remains to be seen how PM May will deal with some likely fallout from her cabinet and a resolution on citizens’ rights and Northern Ireland also remains outstanding, but it is still being taken as a key breakthrough of sorts.

    Sterling rallied +0.52% and +0.47% respectively versus the Greenback and Euro yesterday, weighing on the FTSE 100 (-0.90%), while 2y, 10y and 30y Gilt yields rose +3.5bps, +8.4bps and +6.5bps. In contrast 10y Bunds were +4.5bps higher. Quickly wrapping up the remaining data yesterday, pending home sales in the US came in a much stronger than expected +3.5% mom (vs. +1.0% expected). In Europe there was a modest upward surprise in the November flash CPI report in Germany where headline CPI came in at +0.3% mom (vs. +0.2% expected), helping to lift the YoY rate to +1.8% from +1.5% and the highest since February. In France Q3 GDP was left unrevised at +0.5% qoq while in the UK there wasn’t a huge amount interesting in the October money and credit aggregates data. Lending growth in consumer credit continued to flat line slightly but not to levels which would likely concern the BoE.

    Looking at the day ahead, this morning in Europe we’ll kick off with German retail sales data for October alongside the latest November house price data in the UK. Following that we’ll get the flash November CPI report for France where market expectations are for a modest +0.1% mom headline increase. That data comes before the wider Euro area report where the consensus is for a two-tenths increase in the headline to +1.6% yoy and one-tenth increase in the core to +1.0% yoy. In the US the big focus will be on the aforementioned inflation data too with the October personal income, spending and PCE data all due out at 1.30pm GMT. Also due is the November Chicago PMI and the latest weekly initial jobless claims data. The big focus away from the data will be a possible Senate vote on tax reform while central bank speakers today include the ECB’s Mersch (at 8am GMT) and Praet (10am GMT), Fed’s Kaplan (6pm GMT) and BoE’s Sharp (6.10pm GMT). The OPEC meeting in Vienna is also worth keeping a close eye on given that the meeting should include a discussion around extending production cuts.

    http://www.zerohedge.com/news/2017-...europe-jumps-euphoria-returns-after-tech-rout
     
  40. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Frontrunning: November 30

    [​IMG]
    by Tyler Durden
    Nov 30, 2017 8:10 AM

    • The thinking behind Kim Jong Un's 'madness' (Reuters); U.S. warns North Korean leadership will be 'utterly destroyed' in case of war (Reuters)
    • Senate tax drama enters complicated end-game gambit (Reuters)
    • Corporate Tax Rate in Flux as Senate Prepares to Vote (WSJ)
    • The Senate Tax Bill Has Something for Every Republican to Hate (BBG)
    • Bitcoin Mania: Even Grandma Wants In (WSJ)
    • The Best Way to Spur Growth? Help the Poor, Not the Rich (BBG)
    • OPEC, allies set to agree oil cut extension to end of 2018 (Reuters)
    • Six Minutes to Counterattack: South Korea Shows Plan to Strike Back at North’s Missiles (WSJ)
    • Trump sparks outrage in UK with tweet to May after sharing far-right videos (Reuters)
    • Matt Lauer’s N.Z. Ranch Under the Spotlight Amid Harassment Allegations (BBG)
    • Global deal on bank capital rules likely: EU official (Reuters)
    • Sexual misconduct allegations may roil 2018 U.S. congressional elections (Reuters)
    • China Bond Rout Is `Early Warning Signal' to Global Debt Market (BBG)
    • Elon Musk to compete to fund high-speed Loop in Chicago (Reuters)
    • Nokia Denies It's in Acquisition Talks With Juniper Networks (BBG)
    • From Amazon to Etsy, Tech Giants Fight Trump’s Plan to Save Coal (BBG)
    • One City’s Experience After Insurance Subsidies Vanish (WSJ)
    Overnight Media Digest

    WSJ

    - Amazon.com Inc wants workers to ask its virtual assistant Alexa to book conference rooms and launch meetings, as the company races against rivals to make the office the next major inroad for voice-recognition devices. on.wsj.com/2Bny6Fb

    - Demands by a former Uber Technologies Inc employee Ric Jacobs, who was granted $4.5 million this year in a settlement agreement over his claims about the company's secrecy measures were "clearly extortionist," said one of Uber's top attorneys. on.wsj.com/2BkMZZ1

    - American internet media company BuzzFeed is laying off about 100 employees and reorganizing its advertising sales and business operations as it moves away from relying purely on native advertising. on.wsj.com/2Bnhbml

    - Chipotle Mexican Grill Inc founder Steve Ells will step down as chief executive, after the fast-casual dining pioneer failed to retain customers amid rising competition and repeat food-safety scares. on.wsj.com/2BlRBOq

    - The United States called on all countries to suspend diplomatic ties with North Korea and asked that China stop crude oil trade with Pyongyang as diplomats met at an emergency United Nations Security Council meeting. on.wsj.com/2BnzCqR

    - South Korea became the first major Asian economy to raise its main policy rate since the Federal Reserve started increasing U.S. rates two years ago, the latest sign of a global move away from crisis-era stimulus measures. on.wsj.com/2BmUb6L

    - Jared Kushner, senior White House adviser and U.S. President Donald Trump's son-in-law, was interviewed this month by Special Counsel Robert Mueller's team as it investigates whether Trump associates colluded in Russia's efforts to interfere in the 2016 U.S. election. on.wsj.com/2Bo0E1z

    FT

    Xavier Rolet has stepped down as chief executive of the London Stock Exchange Group Plc, bowing to growing board pressure to resolve a governance crisis at the top of one of the City’s most high-profile institutions

    Mounting litigation costs and tough global competition have pushed up losses at Uber Technologies Inc even as the ride-hailing company disclosed the formal launch of a SoftBank Group Corp led deal to invest between $7 billion and $10 billion.

    The government of Australia announced a public inquiry into its banks and financial system, caving to political pressure from lawmakers as the country’s four biggest lenders relented from a lobbying campaign against the idea and requested an inquiry into themselves.

    NYT

    - The United States has filed arguments to the World Trade Organization in a looming dispute over China's future in the international body, which could shape the global trading system for decades to come. nyti.ms/2imEgSb

    - Senior executives at NBC News made the decision to fire Matt Lauer, the face of "Today" for two decades, late Tuesday night. At 6:49 a.m., 11 minutes before airtime, Andrew Lack, the news division's chairman, sent a memo to the staff. nyti.ms/2k9D2u7

    - On Thursday, General Motors will demonstrate its growing fleet of computer-operated, battery-powered Chevrolet Bolts in San Francisco to dozens of investment analysts, who are eager to evaluate the automaker's advanced test vehicles. nyti.ms/2BxTLLT

    - Minnesota Public Radio said Wednesday that it was severing all business ties with Garrison Keillor, the creator and retired host of "A Prairie Home Companion" after allegations of "inappropriate behavior with an individual who worked with him." nyti.ms/2nicUhS

    Canada

    THE GLOBE AND MAIL

    ** Canada's largest coalition of institutional investors, the Canadian Coalition for Good Governance, wants shareholders to have the right to nominate directors for board elections, saying it has obtained an expert legal opinion that its proposed model for proxy access is allowed under business law statutes. tgam.ca/2BASnbh


    ** Canada Mortgage and Housing Corp saw its mortgage insurance business continue to shrink in recent months as a result of tougher new qualification rules and declining home sales in the Toronto area. tgam.ca/2BxTDfj

    ** Enbridge Inc is issuing C$1.5 billion ($1.16 billion) of shares and plans to sell at least C$3 billion in assets as it seeks to fund major development projects and streamline its operations following its takeover of Spectra Energy Partners. tgam.ca/2k8ZaEP

    NATIONAL POST

    ** Canadian Heritage Minister Mélanie Joly has filled the long-vacant role of Ontario commissioner at the Canadian Radio-television and Telecommunications Commission. bit.ly/2kbJuAC

    ** Kinder Morgan Canada Ltd staff described the City of Burnaby's process to obtain municipal permits as "opaque" and "ineffective" to a National Energy Board hearing called to resolve delays stalling the C$7.4 billion Trans Mountain pipeline expansion. bit.ly/2kbODZu

    ** Japanese dollar store Miniso is expanding across Canada and has been described as Dollarama Inc's biggest potential threat. bit.ly/2k90R59

    Britain

    The Times

    - Britain is close to a deal over the Northern Ireland border, after British officials made proposals this week to avoid a "hard border" in Ireland. bit.ly/2AJ89Ur

    - Millions of iPhone users could be in line for compensation after the launch of a mass legal claim against Google for illegally harvesting personal data from Apple handsets. bit.ly/2zAwAiq

    The Guardian

    - U.S. President Donald Trump retweeted a handful of anti-Muslim videos posted by the deputy leader of a British far-right group, prompting a rare condemnation of Trump by Prime Minister Theresa May, whose official spokesperson called Trump's actions wrong. bit.ly/2AjuTr1

    - Uber Technologies Inc has admitted that 2.7 million people in the UK were affected by a 2016 security breach that compromised customers' information, including names, email addresses and mobile phone numbers. bit.ly/2j3ypyf

    The Telegraph

    - The London Stock Exchange has launched an attack on one of its biggest investors in a row that has resulted in boss Xavier Rolet leaving "with immediate effect", a year earlier than planned. bit.ly/2nfgER3

    - German engineering company Siemens AG is to float its medical business in Frankfurt in what is set to be the country's largest public offering in a generation. bit.ly/2jxZ3ib

    Sky News

    - Sky News has learnt that UK Asset Resolution will announce that it has kicked off the process to offload the Bradford and Bingley mortgages, more than six months after bankers were hired to prepare the process. bit.ly/2j2UDAy

    - Lloyds Banking Group Plc said it would close 49 of its 1,843 branches under the Halifax, Bank of Scotland and Lloyds brands, with 99 staff losing their jobs. bit.ly/2zCz403

    http://www.zerohedge.com/news/2017-11-30/frontrunning-november-30
     

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