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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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    DB - Opening Bell: 11.30.17
    https://dealbreaker.com/2017/11/opening-bell-11-30-17/

    Naked Capitalism Links 11/30
    https://www.nakedcapitalism.com/2017/11/links-113017-2.html

    SA - Market News Live Feed 11/30
    https://seekingalpha.com/market-news

    TBP - 10 Thursday AM Reads 11/30
    http://ritholtz.com/2017/11/thursday-reads-20-6/

    CWS - Morning News: November 30, 2017
    http://www.crossingwallstreet.com/archives/2017/11/morning-news-november-30-2017.html

    TRB - Hot Links: Ridiculous Statements 11/30
    http://thereformedbroker.com/2017/11/30/hot-links-ridiculous-statements/

    SA - Wall Street Breakfast: OPEC Signals Output Cuts Through 2018 11/30
    https://seekingalpha.com/article/4128687-wall-street-breakfast-opec-signals-output-cuts-2018

    MtM - US Dollar Comes Back Bid, but Brexit Hopes Underpin Sterling 11/30
    http://www.marctomarket.com/#!/2017/11/us-dollar-comes-back-bid-but-brexit.html
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  3. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Bitcoin Makes First Appearance in Shipping as Ukrainian Firm Plans Deal

    November 29, 2017 by gCaptain

    [​IMG]
    By 3Dsculptor / Shutterstock

    By Manisha Jha (Bloomberg) — A Ukrainian shipping company will start accepting payment in bitcoin — an early sign that the cryptocurrency could be used in international commodity trading.

    Varamar Ltd. is negotiating its first deal in bitcoin with a client, according to Alexander Varvarenko, founder of the Odessa-based shipper. Bitcoin will make it easier to do business with customers in countries affected by sanctions, and means less paperwork than traditional bank deals, he said.

    “Paperwork for transactions is a complicated issue with banks, and bitcoin payments will help solve that by being faster,” Varvarenko said. “It could also help solve payment problems in countries like Pakistan, Russia, Sudan, Yemen, and Qatar, which have safe companies but are victims of sanctions being imposed against their governments.”

    While the project is still in the beginning stage, it points to the explosive popularity of bitcoin as enthusiasm about cryptocurrencies drives prices to a record $11,000. Still, actual volume of transactions conducted in cryptocurrencies is relatively small.

    Other shippers are also looking at using bitcoin deals. Interchart Shipping Inc., a Russian broker, said some customers aren’t able to easily transact in dollars due to bank restrictions, so it’s working on a system to let them pay in bitcoin.

    “We still have to do our homework on this as it’s a new way of payments,” said Ivan Vikoulov, managing partner at Quorum Capital, a Gibraltar-based grain trader. He’s working with Interchart on the bitcoin system.

    “The industry has been under stress as majority of vessels are registered offshore and many vessel owners have banks in the Baltics, where there is a squeeze to send and receive payments in dollars,” he said.

    © 2017 Bloomberg L.P

    http://gcaptain.com/bitcoin-makes-first-appearance-in-shipping-as-ukrainian-firm-plans-deal/
     
  4. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Fear and Loathing In the Age of QE..AI
    GoldCore



    Published on Nov 30, 2017
    GoldCore CEO Stephen Flood discusses various markets themes for 2018 and beyond. Fear and Loathing in the age of QE ..AI is named as a parody for a global capital market swamped in printed money, comparing it to the drug-fueled binge of Hunter S Thompson in Las Vegas. How to buy gold as a hedge, what will drive the markets in 2018, what might AI mean for our economies?
     
  5. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Gold Seeker Closing Report: Gold and Silver Fall Again
    By: Chris Mullen, Gold Seeker Report
    Gold fell $14.70 to $1270.40 in early afternoon New York trade before it bounced back higher into the close, but it still ended with a loss of 0.81%. Silver slipped to as low as $16.314 and ended with a loss of 0.79%.
     
  6. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    TVR [#438] 11-30-2017 END OF DAY REPORT
    ALGO CAPITALIST



    Published on Nov 30, 2017
    Please remember to RATE, SHARE, FAVORITE, COMMENT AND SUBSCRIBE.
     
  7. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Bitcoin Assaulted By Elite Afraid of Paradigm Shift?
    Junius Maltby



    Published on Nov 30, 2017
    Trying to take it all in? Trying to remain open minded? Trying to learn and understand this new era? Welcome to the JUNIUS MALTBY CHANNEL.
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    CVS set to close $66 BILLION deal to buy health insurer Aetna on Monday
    • CVS is one of the largest US pharmacy benefits managers and drugstore chains
    • Aetna is one of the oldest health insurers, which influences everything from government policies to employer healthcare plans
    • The two are said to be finalizing a deal for CVS to buy Aetna for $205 a share


    Read more: http://www.dailymail.co.uk/health/article-5133381/CVS-closes-deal-buy-health-insurer-Aetna-source.html#ixzz500FZ5ytE
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
  9. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Korea..........

    [Business Daily] Ep.679 - Government announced 4th industrial revolution plan _ Full Episode
    ARIRANG TV



    Published on Dec 1, 2017
    Government announced 4th industrial revolution plan
    The Korean government has issued a comprehensive plan for the "4th Industrial Revolution" called the "People Oriented 4th Industrial Revolution". How do the blueprints for this government proposed plan vary from what's already underway in this progressive economy?

    Global Business News
    North Korea surprises the world with a missile test of the Hwasong-15, a significantly upgraded projectile that could theoretically cross over the U.S. East Coast. Washington imposes fresh pressure on Beijing to cut all oil exports to the rogue regime, as the world looks on. This and other stories from the week.
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    REALIST NEWS - Cleaned out his Bitcoin on Coinbase - Indian Fake Support Number 844
    jsnip4



    Published on Dec 1, 2017
     
  11. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  12. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Global Stocks, US Futures Slide As Tax Bill Chaos Erupts In The Senate

    [​IMG]
    by Tyler Durden
    Dec 1, 2017 6:57 AM


    Markets were thrown for a loop in the past 24 hours, with the Dow first soaring nearly 400 points on Thursday on expectations that tax reform was a done deal, when drama emerged just after the close when the Senate tax bill came this close to falling apart when the proposed "Trigger" was ruled as invalid, pushing a Thursday tax vote to this morning, and as of this moment the bill appears in limbo with the GOP scrambling to find ways to appease the sudden loud opposition among budget hawks. UBS economist Paul Donovan summarized it best this morning:

    Tax cut plans were thrown into confusion by the realisation that the US Treasury Secretary repeating "tax cuts pay for themselves" does not, in fact, make it true. A tax increase trigger mechanism was also ruled out. Votes will take place today to attempt to strike a new compromise. Faced with this crisis, US President Trump has responded with swift and decisive leadership by publically saying "Merry Christmas". Like every other president has done.

    On Friday morning, Trump continued the pep talk...

    Republicans Senators are working hard to pass the biggest Tax Cuts in the history of our Country. The Bill is getting better and better. This is a once in a generation chance. Obstructionist Dems trying to block because they think it is too good and will not be given the credit!

    — Donald J. Trump (@realDonaldTrump) December 1, 2017

    ... but this time the market wasn't falling for it, and overnight both US futures and global equity markets are notably lower on concerns over what the latest fireworks in the Senate tax bill mean.

    For those who missed it, here's what happened: as reported last night, the Senate postponed a vote on the GOP tax bill on Thursday night with the debate to continue on Friday, in which US Senate Majority leader McConnell stated that the next floor votes will be 1100EST. in related news, US Senator Mike Rounds said the Senate is to adopt a USD 10K state-local tax deduction and Senator Cornyn said other trigger ideas are being vetted for tax reforms, while Senator Corker stated the bill is to include USD 350bln in tax increases. In other words, the tax cut somehow is now a tax hike.

    As a result, first Asian, then European stocks dropped at the start of the last month of 2017 as the tech stock selloff resumed. The dollar was pressured by tax confusion, and Treasuries predictably gained.

    The Stoxx Europe 600 Index fell to a two-week low, with all but one of the 19 industry sectors turning red. The price action in Europe began with DAX tripping through the 13k level and yesterday’s low, while the November low resides at 12,847. In tandem with this, auto names had been leading the losses with Fiat Chrysler shares halted for trade, having fallen 5%. Tech stocks stumbled sharply for a third day, bringing their decline this week to almost 5%. The SX8P index was down 1.7% vs Stoxx 600’s 0.8% decline; the tech subindex extends this week’s decline to as much as 5.2%. Among the worst performers: Infineon -4.2%, Software AG -3.5%, STMicro -3.2%, Logitech -2.2%, SAP -1.9%, ASML -1.8%.

    [​IMG]

    Sentiment in Asian markets was also subdued and Japanese stocks briefly gave up all their gains amid a pullback in USD/JPY, a miss on Chinese PMI data and after the Senate postponed a tax reform vote to Friday morning. Shanghai Comp. (Unch.) and Hang Seng (-0.4%) were indecisive in the wake the aforementioned data and after the PBoC skipped operations due to high liquidity, with Tencent also jittery following its fall out from the USD 500bln club. The Hang Seng Index fell 0.4% Friday, and down 2.7% on the week, to close out its worst week since December last year, with Tencent Holdings Ltd. and Ping An Insurance among the main drags on the benchmark. China large caps also have worst week of 2017, with CSI 300 Index declining 2.6%. Shenzhen Composite Index adds 0.8% Friday. Tencent tumbled 3.3% for weekly loss of 7.4%, though stock is still a top performer this year, with 103% gain.

    The MSCI World Index slid 0.2%. Japan's Nikkei had finished 0.4% higher, while MSCI's broadest index of Asia-Pacific shares outside Japan was nearly flat on the day.

    The dollar pared its weekly gains as U.S. tax overhaul stalled and Treasuries advanced; the euro met renewed demand from leveraged accounts and the loonie rose before the release of Canadian growth and labor data; the pound slipped below $1.35 as the Irish border question remained unanswered; core euro-area government bonds edged higher, while the S&P future index fell, suggesting U.S. stocks will track European equities’ weakness. Chinese bonds posted their first weekly gain since mid-September.

    There was one outlier in overnight FX: the pound was on track for its best week since mid-October even as the Brexit breakthrough that boosted the currency this week appeared to be at risk. Sterling has gained since Tuesday on hopes U.K. Prime Minister Theresa May and her European counterparts will agree to move Brexit talks on to trade at a Dec. 4 meeting, although the Irish border issue threatens to be a roadblock. The currency, which was also boosted by month-end dollar selling, could take direction from Friday’s manufacturing data for November, expected to come in stronger than the previous month. "Any sterling gains we may see on a beat on manufacturing PMI should be sold into as it makes sense to take profit on any gains into the weekend" CIBC’s head of G-10 FX strategy Jeremy Stretch said in emailed comments

    U.S. stock-index futures also declined. 10Y TSY yields dropped back below 2.4%, down 2bps - the largest dip in more than a week - after climbing eight basis points in the previous two days. The euro pared an advance even after manufacturing data underscored the region’s economic resilience. The latest Markit PMI showed Euro zone factories had their busiest month for over 17 years in November. Of course, ISM and PMIs are nothing but "fake news" as UBS also explained:

    Assorted manufacturing sentiment opinion polls are due out. 1) This is not the real world, and calling a rising PMI or ISM "stronger output" is fake news. 2) People lie on surveys, answer questions inaccurately, or answer a different question to the one asked. 3) This is why the correlation of sentiment surveys with economic reality is so low.

    "We have a two-faced market. Wall Street continues to run on hopes of fiscal reform while in Europe, the renewed strength of the euro is hurting the DAX which in turn is dragging all the other bourses to the downside," said Carlo Alberto De Casa, Chief Market Analyst at ActivTrades.

    The gap between German 10-year and 30-year borrowing costs was at its tightest level since late August as a worse-than-expected euro zone inflation number on Thursday pushed back prospects for monetary policy tightening well into the future. The dollar index against a basket of six major currencies was 0.1% lower at 92.95 but poised to eke out some gains for the week, supported by oil prices, after OPEC and other major producers agreed to extend production curbs.

    In commodities, crude futures were up 28 cents, or 0.5%, at $57.67 a barrel. Brent added 37 cents or 0.6% to $63.01 a barrel. Brent rose for a third consecutive month in November. “This outcome was widely expected, but its confirmation has removed a clear near-term downside risk to prices,” said Gordon Gray, head of oil and gas equity research at HSBC. Gold edged higher as the dollar eased but was still trading near the 3-1/2-week low touched in the previous session, with investors flocking to riskier assets. Spot gold was up 0.2 percent at $1,277.82 an ounce. Copper advanced 0.5 percent to $3.08 a pound, the first advance in a week.

    Expected economic data include manufacturing PMIs and construction spending. National Bank of Canada and Big Lots are among companies reporting earnings.

    Market Snapshot
    • S&P 500 futures down 0.3% to 2640.5
    • Stoxx 600 down 0.6% to 384
    • MSCI Asia Pacific down 0.1% to 170
    • Nikkei 225 up 0.4% to 22819
    • Hang Seng down 0.4% to 29074
    • Shanghai Composite up less than 0.1% to 3318
    • S&P/ASX 200 up 0.3% to 5990
    • FTSE 100 down 0.2% to 7311
    • DAX down 0.9% to 12910
    • German 10Yr yield down 3bps to 0.34%
    • Italian 10Yr yield down 1bp to 1.74%
    • Spanish 10Yr yield down less than 1bp to 1.44%
    • Brent Futures up 1% to $63.25
    • Gold spot up 0.2% to $1,277.34
    • Dollar Index little changed
    Top Overnight News from BBG
    • Time is quickly running out for U.S. Secretary of State Rex Tillerson. The White House is weighing a plan to replace him with CIA Director Mike Pompeo, three administration officials said.
    • The U.S. dropped tentative plans to visit Britain soon after President Donald Trump re-tweeted anti-Muslim videos from a British right-wing activist then criticized Theresa May for rebuking him, the Telegraph reported. U.K. Prime Minister May said the close alliance between the two countries will endure.
    • The Northern Irish party that props up May’s government threatened to bring her down if she makes anything like the concessions that Europe is demanding. The move risks May’s Brexit breakthrough deal with the European Union.
    • A second daily surge in Europe’s overnight benchmark rate sparked widespread speculation among traders about the trigger, though there were no signs of wider funding stress
    • Some traders attributed the jump in the Eonia rate to possible year-end funding squeeze at some lenders, while others pinned it down to demand related to Greece’s just-concluded bond swap
    • The breakthrough in Brexit talks that Theresa May has been working to clinch next week was at risk Friday as the Northern Irish party that props up her government threatened to bring her down if she makes anything like the concessions that Europe is demanding
    • Oil extended gains after a third monthly advance as OPEC agreed to prolong production cuts through to the end of 2018 in an effort to drain a global glut. Goldman Sachs Group Inc. says oil markets are overly jittery and there’s a reduced risk of both unexpected increases in supply as well as excess draws in stockpiles
    • The Senate tax bill is headed for a marathon debate this week after Republican leaders brought the measure to the floor Wednesday with the goal of holding a final vote by the end of the week
    • Federal Reserve Bank of Cleveland President Loretta Mester brushed aside concerns over a flattening yield curve while expressing some worry over elevated stock market valuations, saying both were reasons for continued interest rate hikes
    • Short sellers may be aggravating China’s biggest bond selloff in four years. While the nation’s debt market has no official measure of short sales, analysts say a surge in bond lending has been partially fueled by rising bearish bets
    Asia equity markets were choppy as the region counterbalanced the momentum from the record highs in the US with disappointing Chinese Caixin Manufacturing PMI data. ASX 200 (+0.3%) and Nikkei 225 (+0.4%) took impetus from the rally in US where tax optimism fuelled advances in S&P 500 and Dow to fresh all-time highs, in which the latter also surmounted the 24,000 level for the first time. However, sentiment was brought down a notch and Japanese stocks briefly gave up all their gains amid a pullback in USD/JPY, miss on Chinese data and after the Senate postponed a tax reform vote to Friday morning. Shanghai Comp. (Unch.) and Hang Seng (-0.4%) were indecisive in the wake the aforementioned data and after the PBoC skipped operations due to high liquidity, with Tencent also jittery following its fall out from the USD 500bln club. Finally, 10yr JGBs eventually found mild support from an indecisive risk tone and the BoJ’s Rinban operation for nearly JPY 1tln of JGBs in 1yr-10yr maturities, which underpinned prices to above 151.00. Chinese Caixin Manufacturing PMI Final (Nov) 50.8 vs. Exp. 50.9 (Prev. 51.0). PBoC skipped open market operations for a net weekly drain of CNY 40bln vs. last week's CNY 150bln net injection. PBoC sets CNY mid-point at 6.6067 (Prev. 6.6034) Japanese CPI (Oct) Y/Y 0.2% vs. Exp. 0.2% (Prev. 0.7%). Japanese CPI Ex. Fresh Food (Oct) Y/Y 0.8% vs. Exp. 0.8% (Prev. 0.7%)

    Top Asian News
    • Short Sellers Seen Fueling Worst China Bond Rout Since 2013
    • Japan’s Economy Is Still Outrunning Its Potential Growth Rate
    • Central Banks Find Post-Crisis Bubble Tool Is Doing the Job
    • Hang Seng Index Has Worst Week This Year as Tencent Weighs
    • China’s Iron Ore Port Stockpiles Jump to Record on Winter Curbs
    European stocks are beginning the final trading month of the year on the backfoot with the Euro Stoxx 50 trading with losses of over 1%. The price action in EU bourses began with DAX tripping through the 13k level and yesterday’s low, while the November low resides at 12,847. In tandem with this, auto names had been leading the losses with Fiat Chrysler shares halted for trade, having fallen 5%. Additionally, sentiment has not been helped after a delayed vote on the US tax reform bill, which has dented trading. Several potential catalysts and some bullish factors that are guaranteed to have propelled bonds to their highs. Bunds took a while to challenge 162.96 near term technical resistance, but once through there was little psychological opposition to gains through 163.00 before a pause at yesterday’s 163.10 Eurex session peak. However, with the Dax dumping for no obvious reason other than charts turning bearish once it breached Thursday’s low, 13k and the late November base, the core 10 year bond advanced further to almost hit highs made during the countdown to month end (163.26, so far). Interestingly and perhaps tellingly, Gilts have not been unduly ruffled by stronger than forecast UK manufacturing PMI, and remain above 124.00 within a 123.57-124.08 range (so almost ½ point ahead at best), so it seems that some kind of asset-reallocation has occurred, legged in and by default if not designed or as a specific trade. Back to the abrupt about turn down in the German index and other EU cash bourses, there is talk of algo/chart selling, maybe a basket of equities and even an erroneous sale in a big auto that dragged other car names down with it.

    Top European News
    • Brexit Risks Leaving Banks on the Hook for Impossible Contracts
    • Morgan Stanley Is Right to Fear My Party, Labour’s Corbyn Says
    • Eonia Mystery Deepens Despite No Sign of Wider Funding Stress
    • Turkey’s Success Selling Junk Yen Bonds Shows Hunger for Yield
    • Poland’s Goldilocks Economy Faces Inflation Wake-Up Call
    In FX, the USD-index appears unable to sustain recovery gains above 93.000, with the delayed Senate vote on US tax reforms undermining Dollar sentiment, while Sterling and other major currency counterparts continue to thrive on bullish independent factors. GBP failed to benefit from firmer than expected manufacturing PMI from the UK (58.2 vs. Exp. 56.5) as markets pause for breath in the wake of recent gains and potential weekend risk ahead of PM May’s meeting with Barnier and Juncker on Monday with the Norther Ireland border issue also seemingly unresolved. EUR is maintaining 1.1900+ status vs the Greenback, but only just and capped by offers between 1.1940-50 before key chart resistance at 1.1961. JPY holding within a new broad 112.00- 113.00 range vs the Usd, eyeing JGB/UST yield differentials and of course the passage of US tax reform proposals/bills. Decent option expiries between 112.65-70 (1 bn).

    In commodities, crude prices marginally firmer, following last night’s decision by OPEC and Non-OPEC to extend production cuts for 9-months which was widely expected. The more interesting development had come out from the EIA, who stated that US production rose around 300k bpd. Elsewhere, the metals complex has been relatively uneventful with both gold and copper sideways throughout Asia hours

    Looking at the day ahead, the final November PMIs in Europe are due, while in the US, the November ISM manufacturing print and November vehicle sales data is due. Also worth noting is the various Fedspeak with Bullard, Kaplan and Harker all due.

    US Event Calendar
    • 9:05am: Fed’s Bullard Speaks in Little Rock, Arkansas
    • 9:30am: Fed’s Kaplan Addresses Symposium in McAllen, Texas
    • 9:45am: Markit US Services PMI, est. 54, prior 53.8
    • 10am: ISM Manufacturing, est. 58.3, prior 58.7
    • 10am: Construction Spending m/m, est. 0.5%, prior 0.3%
    • 10:15am: Fed’s Harker Speaks on Inclusive Economic Growth
    DB's Jim Reid concludes the overnight wrap

    I arrived back to London yesterday to snow, albeit for a few minutes and consisting of a few dozen snow flakes. However my twitter and Facebook feed is full of pictures and videos recording this monumental occasion. London has had a lot to deal with this year - first Brexit and now a nanometer of snow sending the capital flocking to buy shovels and tinned food. Wherever you are around the world please think of us Londoners trying to navigate through this deluge as we commute to work today. The transport system typically doesn’t respond well to such disruption.

    Anyway welcome to December. My wife officially marks this as the start of Xmas and I will most likely be greeted tonight at home as I come through the door with the Michael Buble’s Christmas Album which I always moan at but secretly quite like. In markets it's beginning to look a lot like a new record for the S&P 500 as yesterday's +0.82% climb cemented the 13th successive month of positive total returns in the index. We’ve never had such a run with data going back over 90 years. We've also never seen each month of a calendar year with a positive return so can December mark another landmark in this pretty incredible equity bull market?

    The month ended with the FANG and wider technology stocks regaining some of their mojo after a difficult day on Wednesday. The NASDAQ (+2.2%) and FANGs (+1.5%) recovered but with the DOW powering on and crossing 24,000 for the first time ever (30 business days after first crossing 23,000) and the S&P 500 hitting a new record high.

    Onto the US tax reform, momentum had been strong during the day, particularly after Senator McCain has decided to support the bill. However, later in the evening, there was a setback with three Senators (Mr Corker, Flake and Lankford) wanting to tie their votes to a triggering mechanism into the bill which would increase taxes down the track if revenue targets are not met. This seemed
    to prevent any chance of a late night Thursday vote. Looking ahead, the timing of the full Chamber vote is evolving. The wires (eg Bloomberg) are potentially suggesting this morning (11am US time) at the earliest. As a reminder, there are currently five undecided GOP Senators, with three of them required to pass the bill in the Senate (GOP control 52 seats and need 50 yes votes).

    One of the highlight yesterday was that not only did equities rise but US bond yields sold off quite sharply late in the Euro session. At one point we were up c5.5bp before closing +2.1bp to 2.41%, partly being bumped around by the tax developments and before that the solid core PCE data. European bond markets were firmer after weaker regional CPI data, with core yields down 1-3bp (Gilts -1bp; Bunds -1.7bp; OATs -2.8bp) while peripherals fell 4-6bp, with the outperformance led by Portugal where its yields are now the lowest since April 2015.

    Staying in Europe, the economy is currently flying and latest surveys suggest it will likely continue. However, it’s precisely because of this strong growth impulse that DB’s Mark Wall feels the recent spell of unusually low macro volatility will inevitably change in 2018. He takes a closer look at the potential sources of change, including economic trends, Brexit, France’s Macron pivot, the Italy election and ECB tapering. Refer to his note for more details.

    This morning in Asia, markets are mixed but little changed. The Nikkei (+0.62%) and Kospi (+0.13%) are up modestly, while the Hang Seng (-0.28%) and China’s CSI 300 (-0.24%) are slightly lower as we type. Elsewhere, China’s November Caixin manufacturing PMI was softer than expectations at 50.8 (vs. 50.9), while Japan’s Nikkei manufacturing PMI was slightly lower than last month (53.6 vs. 53.8 previous) but core October CPI was in line at 0.8% yoy.

    Now briefly recapping other markets performance from yesterday. European markets were broadly lower, not responding to the positive boost from US tax reforms and the rebound in tech stocks. The Stoxx 600 and DAX were both down c0.3% while the FTSE fell 0.9%, impacted by the stronger Sterling.

    Turning to currencies, the US dollar index fell 0.17% while the Euro and Sterling gained 0.50% and 0.88%, with the latter boosted by increased signs of a potential Brexit deal. In commodities, WTI oil edged up 0.17% after OPEC members agreed to extend production cuts to the end of 2018, note that Libya and Nigeria have accepted their output caps for the first time.

    Away from markets, our US economists take a closer look at what new Fed nominee Marvin Goodfriend could mean for the Fed. They note that Mr Goodfriend is a respected monetary economist with considerable experience both inside and outside the Federal Reserve system. He has previous experience in Washington, having served on Ronald Reagan’s Council of Economic Advisers. In their view, his appointment will add much needed expertise on macroeconomics and monetary policymaking to a Board that has lost Stanley Fischer. Overall, they believe Goodfriend “leans hawkish, but is not a strident hawk”.

    Staying with central bankers, firstly on bitcoin. The Fed’s regulation chief Mr Quarles noted “while these digital currencies may not pose major concerns at their current level of use, more serious financial stability issues may result” if they’re adopted widely. The ECB’s Mersch also noted “I can’t call the assets currencies and sooner or later….there will be a price paid for having excessive speculation”. Turning back to the traditional economy, the ECB’s Praet noted the breadth of economic expansion in the Euro area is “notable” and that monetary policy still plays an important role in sustaining recovery, but “it is not the only game in town”. Elsewhere, the Fed’s Kaplan noted one of the Fed’s big concern is labour participation, which could fall below 61%. On tax reforms, he believes reforming the corporate tax code “could be beneficial”, but some elements of the overall tax plans will create “a short term (economic) bump…but when it’s over, we’ll be more highly leveraged” than before.

    Back in the UK, there seems to be little progress on the issue of Irish borders. Northern Island’s Democratic Unionists lawmaker Mr Wilson noted “it they (PM May) stop defending the union, we stop voting for them…it’s as simple as that”. Looking ahead, PM May is expected to meet with EC President Juncker on 4th December to discuss the next steps.

    Over in Germany, Ms Merkel has held initial talks with the SPD to potentially form the next coalition government. Little specific details were released but the SPD Premier of the State of Lower Saxony Mr Weil noted “I expect that we would wrap up coalition talks before February as a best case scenario”. Before then, the SPD will hold their party conference on 7-9 December.

    Finally, the NY times and then Bloomberg and Reuters have reported that the White House may be planning to replace Secretary of State Mr Tillerson with CIA Director Mike Pompeo, in part due to a slow pace of hiring and differences with President Trump. As per the administration officials, no official decision has been made, but if true, it could be a negative signal on the stability of Trump’s administration. Notably, the Guardian has reported that the White House has since denied such reports.

    Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the October PCE core was in line at 0.2% mom and 1.4% yoy, but note the prior reading was revised up 0.1ppt and recent momentum looks stronger with the 3-month annualized rate now at 1.9%. The October personal income growth was above market at 0.4% mom (vs. 0.3% expected), but spending was in line at 0.3% mom. Elsewhere, the November Chicago PMI was above expectations at 63.9 (vs. 63 expected), while the weekly initial jobless claims (238k vs. 240k expected) was in line but continuing claims were slightly above (1,957k. vs. 1,890k expected).

    In Europe, the November inflation data ranged from slightly below to in line. The Eurozone core CPI was below market at 0.9% yoy (vs. 1.0% expected). In Italy, CPI was also below at 1.1% yoy (vs. 1.2% expected). However, France’s CPI was in line at 0.1% mom but higher on an annual basis at 1.3% yoy (vs. 1.2% expected).

    For October unemployment stats, the Eurozone was slightly lower at 8.8% (vs. 8.9% expected) but Germany and Italy were both in line at 5.6% and 11.1%, respectively. In terms of the October PPI, Italy was slightly above the prior reading at 2.2% yoy (vs. 2.0% previous), but France was below at 1.5% yoy (vs. 2.0% previous). Elsewhere, Germany’s October retail sales were below market at -1.4% yoy (vs. 2.8% expected). Finally, in the UK, the November GfK consumer confidence was weaker than expectations at -12 (vs. -11) - back to its post- Brexit vote low. The Nationwide house price index was also below market at 2.5% yoy (vs. 2.7% expected).

    Looking at the day ahead, the final November PMIs in Europe are due, while in the US, the November ISM manufacturing print and November vehicle sales data is due. Also worth noting is the various Fedspeak with Bullard, Kaplan and Harker all due.

    http://www.zerohedge.com/news/2017-12-01/global-stocks-us-futures-slide-tax-bill-chaos-erupts-senate
     
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    COT Gold, Silver and US Dollar Index Report - December 1, 2017
    By: GoldSeek.com
    COT Gold, Silver and US Dollar Index Report - December 1, 2017

    Gold Seeker Weekly Wrap-Up: Gold Dips and Silver Slips on the Week
    By: Chris Mullen, Gold Seeker Report
    Gold saw slight gains in Asia and London before it drifted back to $1271.80 in midmorning New York trade and then shot up to $1289.00 at about 11:30AM EST, but it then fell back off into the close and ended with a gain of just 0.47%. Silver jumped between $16.244 and $16.547 and ended with a gain of 0.12%.
     
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    SD Weekly Metals & Markets Wrap...........

    “Gold & Silver are the Cheapest Assets in the World” | Bill Murphy
    SilverDoctors



    Published on Dec 1, 2017
    https://sdbullion.com
    http://www.silverdoctors.com/precious...

    With Bitcoin soaring above $10,000, the stock market making new highs, and gold and silver crashing, Bill Murphy comes on SD Metals & Markets to discuss this unprecedented week in the markets.

    Murphy stresses precious metals have become extremely undervalued. Gold and silver are the cheapest they've ever been relative to other assets, he says.

    Today, Bitcoin is $10,000. But tomorrow, that could be gold’s price. SDBullion’s James Anderson say Bitcoin’s spectacular rise makes $10,000 gold more believable.

    Murphy discusses Bank for International Settlements data that shows further evidence of gold price rigging.

    In the short run, both Murphy and Anderson see the gold market is looking stronger than silver.
     
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    Gold Sales Plummet Amidst Weak Dollar, 2018 Bullish Gold - Oil UP, Ripple XRP.
    Junius Maltby



    Published on Dec 1, 2017
    Amidst falling dollar index and rising oil prices, gold is trying to rise, yet sales continue to plummet with silver trading sideways and not performing at all. U.S. markets are on a bull run with a decline likely in sight. Will money flow into crypto during this next contraction? How will metals react? Ripple XRP is a choice not many may have heard of yet, although it is a promising crypto on the radar of people I trust.

    Join the cryptocurrency community on https://www.thebitforum.com
    Precious metals collectors and stackers forum http://thesilverforum.com

    SUPPORT: https://www.patreon.com/JuniusMaltby
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    Ripple XRP: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy
    tag: 1317751799

    My BTC Wallet: 189oA75Fma4jNAkcDetQX6YQpsBDktH9Wm
    LTC: LeR4z1FwYbgVHv791xydPqmbZeBjgG8wPt
     
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    Your Immediate Economic Risk vs 2008 Collapse? (ENCORE) | Kerry Lutz Financial Survival Network
    Reluctant Preppers



    Published on Nov 29, 2017
    This is an ENCORE presentation of one of our classic interviews for the benefit of our recent subscribers. Enjoy!

    =============
    Surrounding the Lehmans Brothers collapse of 2008, the managers of our financial world were, in their own words, "standing on the precipice and staring into the abyss," and narrowly evaded a total economic collapse. After almost a decade of unprecedented stop-gaps: zero and negative interest rates, exchange stabilization, and plunge protection, how does today's risk stack up? Are your retirement accounts any safer now than during the largest bank bailout of all time, or is your nest-egg truly in much greater peril?

    Kerry Lutz, Founder and host of The Financial Survival Network, returns to Reluctant Preppers to offer his perspectives on the direction and major upcoming triggers we need to prepare for in the financial world that WILL impact our economic lives!

    ==================================
    Get Silver at SPOT PRICE and Support ReluctantPreppers!
    https://www.SDBullion.com/RP

    Donate to Support ReluctantPreppers!
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    ==================


    Subscribe (it's FREE!) to Reluctant Preppers for more ► http://bit.ly/Subscribe-Free

    Channel graphics by http://JosiahJohnsonStudios.com
    Promotion by http://FinanceAndLiberty.com
     
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    The Anti Financial Asset
    belangp



    Published on Dec 2, 2017
    According to this metric gold is as favorably valued today as it was at the beginning of its 2000's bull run
     
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    Dr. Mark Skidmore – $21 Trillion Missing from US Federal Budget
    Greg Hunter



    Published on Dec 2, 2017
    Dr. Mark Skidmore thinks the federal accounting of $21 trillion in missing money is crazy and far outside the realm of normal. So, is this a legitimate U.S. national security issue? Dr. Skidmore, who holds a PhD in Economics, says, “Yeah, and that is one of the reasons I decided to look at this. How can this be, and what does this mean? If trillions of dollars are flowing in and flowing out, it appears to be outside of our Constitution and outside of the rule of law. If that is the case, that really is troubling because it suggests that there is a layer of things happening that are outside the rule of law. I know, for example, that some activities, just for the sake of protection of the people involved in national security, have to be black budget. There is always stuff like that. Usually, it’s authorized spending, and some percentage is this black budget where only a small percentage of people and some in Congress know about it, but this is way outside of that. So, I am worried about it.”

    Join Greg Hunter as he goes One-on-One with Professor Mark Skidmore of Michigan State University, as he talks about $21 trillion in missing money from the U.S. federal budget.

    Donations: https://usawatchdog.com/donations/

    Keep in contact with USAWatchdog.com: https://usawatchdog.com/join/

    All links can be found on USAWatchdog.com: https://usawatchdog.com/missing-21-tr...
     
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    Gold Seeker Closing Report: Gold and Silver Fall With Stocks
    By: Chris Mullen, Gold Seeker Report
    Gold held near unchanged in Asia and London, but it then fell back off in early New York trade and ended not far from its late morning low of $1261.10 with a loss of 0.74%. Silver slipped to as low as $16.029 and with a loss of 1.35%.
     
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    Russia - China Gold Price, U.S. Senate Criminalize BTC? Japan Exchange Offers Ripple XRP.
    Junius Maltby



    Published on Dec 4, 2017
    Russia - China setting gold price, U.S. Senate Criminalizing BTC? Japan exchange offering Ripple XRP - stand by for news!
    https://www.thebitforum.com
    https://btcmanager.com/us-senate-bill...
    https://www.judiciary.senate.gov/meet...

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    Ripple XRP: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy
    tag: 1317751799

    My BTC Wallet: 189oA75Fma4jNAkcDetQX6YQpsBDktH9Wm
    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.

    For more information go to: http://www.law.cornell.edu/uscode/17/
     
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    New General Agency Agreement Aims to Reduce Shipping Disputes

    December 5, 2017 by The Loadstar

    [​IMG]
    Photo: By Petr Jilek / Shutterstock


    By Mike Wackett (The Loadstar) – A new draft standard general agency agreement, covering a comprehensive list of functions contracted between shipowners and operators and ship agency firms, has been launched.

    Created by the international shipping association, BIMCO, and FONASBA, the organisation representing shipbrokers and ship agents around the world, it has been launched in response to the increasingly complex needs of modern day shipping and an increase in the number of disputes.

    Parties to the agreement can select their requirements from a list of functions that include traditional port or general agency and ships husbandry and sales and marketing, as well as other niche and ad-hoc services.

    Over the past two decades, the practice of signing agency agreements has reduced significantly as the functions have changed – for example, port agency companies may just provide husbandry cover or back-up for liner companies’ own offices.

    Consequently, some relationships between counterparties have evolved based on an appointment by email, or even by telephone, between the respective port operation managers.

    This generally works well, until there is a dispute between the parties. In this case it is usually the agent that has the weaker hand and is left out of pocket.

    Fulvio Carlini, chairman of FONASBA’s chartering & documentary committee, explained: “Managing ships has become much more complex, with many more parties involved and, as a result, knowing who your exact counterpart is can be difficult.”

    Mr Carlini claimed the standard contract created “a solid agreement, allowing agents and operators to focus on core activities, build stronger relations and not worry about potential disputes or legal issues”.

    And from BIMCO’s perspective it is equally important to adapt agency agreements to make them more user friendly.

    “Disputes cost time and money,” said BIMCO’s documentary committee chairman, Francis Sarre. “We hope this new agency representation contract will facilitate smoother working practices and help prevent disagreements between operators and agents across the industry.”

    He added: “The new contract offers both parties a clear structure agreeing their specific individual requirements while covering all the wider obligations and liabilities and offering greater flexibility.”

    One port agent The Loadstar spoke to today said he would have a look at the new agency contract to see if it could be adapted to his company’s use.

    “We tend to be appointed by email, normally from recommendations or from charter party nominations,” he said.

    “We haven’t had too many disputes over the years, but when we have we have normally had to give in, in order to keep future business,” he admitted. “So this could be good for us, but only if there is a mutual agreement from our principals to use it.”

    The new standard contract, which can be downloaded from either the FONASBA or BIMCO websites, was drawn up by the working group responsible for drafting the Agency Appointment Agreement released earlier this year.

    BIMCO’s 2,100 membership includes some 400 agents or agencies around the world, while FONASBA represents national shipbroking and ship agents’ associations in 58 countries.

    The Loadstar is fast becoming known at the highest levels of logistics and supply chain management as one of the best sources of influential analysis and commentary.

    Check them out at TheLoadstar.co.uk, or find them on Facebook and Twitter.

    http://gcaptain.com/new-general-agency-agreement-aims-reduce-shipping-disputes/
     
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    Rising Dry Bulk Freight Costs Will Squeeze Traders, Boost Food Prices

    December 5, 2017 by Bloomberg

    [​IMG]


    By Agnieszka de Sousa (Bloomberg) — It’s getting more expensive to transport commodities around the world, threatening to squeeze profits for global traders and raise food prices.

    The Baltic Dry Index, a benchmark of shipping rates, surged 73 percent in 2017 to a four-year high because of a slowdown in new bulk freight capacity. More than 85 percent of global trade in grains and oilseeds is transported by dry-bulk carriers, according to Rabobank International.

    Higher shipping costs will make agriculture goods from farther away less competitive and could push up food prices, the bank said in a report Monday. The United Nations’ Food & Agriculture Organization expects the world food bill to be the second-highest on record this year, driven by more expensive freight and rising demand for foodstuffs.

    “Higher global freight rates are expected to have an increasing influence on grains and oilseed trade dynamics and trade flows in 2018 as the cost of dry-bulk sea freight increases,” Rabobank said in an emailed statement.

    Asia, a major grain importer, will be especially affected because of long distances and reliance on dry-bulk carriers to bring in food staples. Australia’s close position will boost competitiveness in Asian markets, while other suppliers in South America, the U.S. and countries in the Black Sea region face pressure, Rabobank said.

    Growth in demand for dry-bulk shippers is likely to surpass supply in the next two years, leading charter rates to rise 10 to 20 percent. Higher oil prices are also making bunker fuel more expensive.

    “Importers may also opt to pass the rising freight costs to customers,” Rabobank said. “Consumers should be ready to face increasing food prices.”

    © 2017 Bloomberg L.P

    http://gcaptain.com/rising-dry-bulk-freight-costs-will-squeeze-traders-boost-food-prices/
     
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    U.S. Labor Enforcer Issues Complaint Against Pasha Over Construction of New Ships

    December 5, 2017 by gCaptain

    [​IMG]
    An illustration of the LNG-powered containerships being built at Keppel AmFELS for Pasha Hawaii. Credit: Pasha Hawaii

    The National Labor Relations Board (NLRB), the federal agency tasked with prosecuting unfair labor practices, has issued a complaint against The Pasha Group and certain of its subsidiaries for labor violations associated with two new containerships being built at Keppel AmFELS in Brownsville, Texas, the International Organization of Masters, Mates & Pilots (MM&P) revealed on Monday.

    The complaint follows a charge filed by the union alleging that Pasha violated the National Labor Relations Act and its collective bargaining agreement requiring that Pasha bargain in good faith with MM&P and provide it with documents to review before vessel construction begins so that the union can confirm that the vessels are in compliance with agreed living standards.

    A subsequent investigation by NLRB determined that MM&P requested information that “is necessary for, and relevant to, the Union’s performance of its duties.” The NLRB complaint alleges that Pasha, both orally and in writing, failed and refused to furnish the Union with the information requested. The union says NLRB is seeking an order to compel Pasha to turn over the documents and to bargain in good faith with MM&P.

    The two vessels in question were ordered by Honolulu-based Pasha Hawaii in May. The LNG-fuelled, 2,525 TEU containerships will operate in the Jones Act market upon delivery in Q1 and Q3 of 2020.

    The NLRB will now take the case against the company for prosecution before an administrative law judge.

    “We are pleased with the NLRB’s decision to prosecute Pasha,” said MM&P President Captain Donald Marcus. “We will not hesitate to take any and all legal action necessary to vindicate the hard-fought contractual rights of MM&P members.”

    “Employers who refuse to honor contractual obligations and federally protected rights must be held accountable,” said MM&P Vice President-Pacific Ports J. Lars Turner. “The NLRB’s decision is critical to ending Pasha’s refusal to bargain in good faith. We look forward to returning to the negotiating table in December to discuss proposals reflecting the tremendous skill and professionalism MM&P Licensed Deck Officers bring to the Pasha vessels.”

    The MM&P represents about 6,000 members made up of qualified and highly-trained professional mariners including Licensed Deck Officers on U.S.-flag commercial vessels and civilian-crewed government ships, licensed and unlicensed mariners who work on dredges, state pilots, marine engineers, unlicensed seafarers, and maritime industry shore side clerical and service workers.

    Filed Under: News Tagged With: maritime_unions, unions

    http://gcaptain.com/u-s-labor-enfor...against-pasha-over-construction-of-new-ships/
     
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    Asian Market Rout Goes Global On Tech, Tax And Government Shutdown Tremors

    [​IMG]
    by Tyler Durden
    Dec 6, 2017 6:58 AM


    A selloff which started in Asia, driven by renewed liquidation of Chinese and Hong Kong tech stocks and accelerated by weaker metal prices which pushed the Shanghai Composite below a key support and to 4 month lows...

    [​IMG]

    ... which sent the Nikkei to its worst day since March and the second worst day of the year, while the overall Asia Pac equity index slumped for the 8th day - the longest streak for two years, spread to Europe adn the rest of the world, pushing the MSCI world index lower by 0.3% as investors continued to lock in year-end gains among the best performing assets amid a broad risk-off mood. In FX, the dollar stabilized as emerging-market currency weakness meets yen gains while Treasuries and euro-area bonds gain as focus now turns to efforts to avert a U.S. government shutdown on Saturday. Euro and sterling trade heavy in average volumes while the loonie consolidates before BOC decision.

    The VIX was up again in early trading, its eighth day of gains in the last ten sessions as investors grow increasingly jittery about stock markets driven to pricey levels by widespread enthusiasm about the economy.

    Investors concerned about high valuations took the top off the tech sector, where stocks such as Facebook, Alphabet, Tencent and Alibaba have reached prices some describe as “eye-watering”.

    Quoted by Reuters, Ken Hsia, European equities portfolio manager at Investec Asset Management, said he had shifted positioning this year from tech into other sectors including financials which he thought would gain from higher yields and fiscal shrinking. “Their valuations needed something more heroic in terms of the earnings growth they were reporting, and we sold some and rotated that into other parts of the market,” he said.

    “We really don’t see great bargains in any market right now with the U.S. trading at 18.2x price to earnings and 14 percent above its average, and Europe at 15.1x, 10 percent ahead of the average,” said Jefferies analysts in a note.

    Asia was broadly lower, with the MSCI Asia index down 1.3% to 167.27 while MSCI Asia ex japan slid 1.5% to 543.05, pressured by a 2% drop in the Nikkei. The MSCI Asia Pacific Index is set to fall for the eighth day, the longest run of losses since 2015, and emerging-market stocks slumped to a two-month low and is nearing a critical 100-DMA support level.

    [​IMG]

    The Shanghai composite recouped some losses, closing down only 0.3%, after the PBoC skipped open market operations for a 4th consecutive day, but lent CNY 188bln via its Medium-term Lending Facility, matching the maturity of a similar maturing facility. Australia's ASX 200 (-0.4%) weakened with miners dampened in Australia by losses across the metals complex in which gold slipped to near 4-month lows and copper prices slumped, while underperformance was seen in Japan as exporters took the brunt of a firmer JPY. Hang Seng (-1.7%) and Shanghai Comp. (-0.9%) conformed to the downbeat tone after the CBRC signalled further regulation in the financial sector and the PBoC skipped on Reverse Repo operations for a 4th consecutive day, but instead opted for its Medium-term Lending Facility. The Hong Kong market tumbled on Wed, with the Hang Seng sliding 2.1%...

    [​IMG]


    ... and the Hang Seng China enterprises index down 2.8%, suffering losses seen across the board, but tech stocks leading the drop again with Tencent sliding another over 2.6%. Earlier, it was reported that Pony Ma, Tencent's founder, was very interested in AI healthcare companies; it has invested in at least seven companies of the type.

    [​IMG]

    Elsewhere, automaker BYD plunged near 7%, biggest drop in a year.

    Japan's 10yr JGBs were relatively unchanged and failed to benefit from abroad risk-averse tone, while the BoJ’s Rinban operation for JPY 460bln of JGBs concentrated in the belly was also largely ignored.

    Europe's Stoxx 600 Index dropped a second day as technology and basic resource shares declined. European tech shares led the fall, with the sector index (SX8P) the worst-performer in the Stoxx 600. The SX8P has lost more than 5% since Nov. 29, when a broad selloff of large-cap U.S. tech stocks began, with the index now testing a key support level and approaching the 200-DMA. Among biggest decliners on Wednesday are chip stocks AMS, STMicroelectronics and Infineon, which have been among the year’s best performers. U.S. and European technology shares have been falling over the past week amid a widespread rotation from momentum to value stocks, with some investors noting reallocation into financials and industrials, which are seen as more likely to benefit from a U.S. tax cut. That said, Bloomberg notes that some strategists, notably SocGen's Andrew Lapthorne, say that the size of the tech selloff indicates that computer-driven funds liquidated or readjusted factor exposures.

    The MSCI Asia Pacific Index is set to fall for the eighth day, the longest run of losses since 2015, and emerging-market stocks slumped to a two-month low. European bonds followed the U.S. benchmark higher. Sterling weakened as efforts to rescue Brexit talks prompted fresh divisions in the U.K. Cabinet. The euro drifted even as an unexpected rise in German factory orders showed Europe’s largest economy will carry its strong momentum into 2018.

    Copper prices recovered slightly in early London trading, up 0.1 percent having hit a two-month low, but European mining stocks .SXPP fell 1.1 percent.

    As Bloomberg notes, global markets have succumbed to a bout of profit taking as traders move out of some of 2017’s biggest winners, including technology shares and emerging-market equities. The selloff comes as investors assess U.S. tax reform developments and wrangling over the American debt ceiling after a Republican plan to avoid a federal shutdown on Saturday were thrown into disarray by infighting. Investors are “locking in profits earlier than usual for the year and not opening any new positions,” said Andrew Clarke, director of trading at Mirabaud (Asia) Ltd. “Eventually, as profit taking subsides, buying for the new year will appear as people look toward 2018.”

    In the ongoing Brexit saga, DUP Party says no plans for a phone call between its leader Foster & UK PM May today. However, it was later reported that UK PM May had been speaking to DUP Party leader Foster. Overnight we also got reports that PM Theresa May is reportedly facing cabinet revolt led by Boris Johnson and Michael Gove over concerns she is forcing a soft Brexit. Similar reports in the Guardian stated that Brexit supporters in May’s top team would object if they believed that anything was agreed that could limit the UK’s ability to diverge from the EU in the future.

    In overnight geopolitical developments, the US flew B-1B bombers over the South Korean peninsula, according to the South Korean military, while the Russian Deputy Foreign Minister stated that North Korea has shown interest to Russia’s diplomatic initiative regarding settlement of the situation on the Korean Peninsula and stated that Kim Jong Un is ready for negotiations in any format. Separately, Trump is set to recognize Jerusalem as Israel's capital, although will not specify timeframe for moving embassy to Jerusalem which will take years, according to senior administration. Some see the move as sotking tension between the US and its mid-east allies with the Palestinians’ chief envoy to Great Britain said the move was “declaring war”.

    In euro zone debt markets, German 10-year bunds yields were close to three month lows on Wednesday as risk-off sentiment drove investors into safer assets. The two-year Treasury yield fell slightly but still hovered near the nine-year high it’s been driven to by the Fed’s monetary tightening plans and hopes tax reform will boost the economy. The 10Y Tsy yield also declined, helping the yield curve steepen slightly from its decade low. The flattening yield curve has obsessed investors concerned it may be a sign of imminent market stress.

    “At the moment it is a market signal to watch and interpret, should the Fed start moving aggressively however it will become key to assessing the market’s longer term economic view,” said Edward Park, investment director at Brooks Macdonald.

    Oil declined after industry data showed U.S. gasoline stockpiles expanded for the first time in four weeks. WTI crude futures are lower following the API weekly inventory report which despite showing headline crude inventories at a larger than expected drawdown, was accompanied by large builds in gasoline and distillate components. Elsewhere, gold was relatively flat which provided much needed reprieve from the prior day’s losses that saw the precious metal slump to near 4-month lows, while copper languished following its largest daily decline in 2 years amid increased LME inventories and as Shanghai prices tracked the losses.

    Things to keep an eye on today:
    • U.S. ADP data, unit labor costs
    • BOC rate decision; no change expected, traders are speculating policy makers will signal a brighter outlook
    • U.K. PM May’s question time in House of Commons; the European Commission College of Commissioners discusses Brexit progress while May could make her offer to unlock trade talks
    Market Snapshot
    • S&P 500 futures down 0.2% to 2,623.30
    • STOXX Europe 600 down 0.6% to 384.40
    • MSCI Asia down 1.3% to 167.27
    • MSCI Asia ex japan down 1.5% to 543.05
    • Nikkei down 2% to 22,177.04
    • Topix down 1.4% to 1,765.42
    • Hang Seng Index down 2.1% to 28,224.80
    • Shanghai Composite down 0.3% to 3,293.97
    • Sensex down 0.7% to 32,582.79
    • Australia S&P/ASX 200 down 0.4% to 5,945.71
    • Kospi down 1.4% to 2,474.37
    • German 10Y yield fell 1.3 bps to 0.307%
    • Euro down 0.05% to $1.1820
    • Italian 10Y yield fell 1.0 bps to 1.442%
    • Spanish 10Y yield fell 0.7 bps to 1.406%
    • Brent futures down 0.6% to $62.50/bbl
    • Gold spot up 0.2% to $1,267.94
    • U.S. Dollar Index little changed at 93.33
    Top Overnight News
    • British PM May is facing a revolt from inside her Cabinet over her plan to keep U.K. regulations aligned with the EU after Brexit, a split that threatens to undermine her chances of breaking the deadlock in negotiations
    • The U.S. is ready to talk with North Korea if it renounces further nuclear or missile tests and follows through on the pledge, U.S. Ambassador to China Terry Branstad said
    • The Federal Reserve Bank of Richmond’s decision to hire Thomas Barkin as its next president has renewed questions over the secretive process of selecting U.S. rate- setters
    • German factory orders unexpectedly rose for a third month in October. Orders were driven by gains in export demand for investment goods
    • India’s central bank kept its benchmark repurchase rate unchanged at 6 percent, with five of the six- member monetary policy committee voting for the move. The decision was predicted by 42 of 48 economists in a Bloomberg survey with the rest seeing a cut to 5.75 percent
    • India’s equities rally, which has made the market the region’s most expensive, is causing the nation’s largest investor, Life Insurance Corp. of India, to restrain new purchases through the March year-end
    Asia equity markets were lower as the region followed suit from Wall St, where the major indices finished an indecisive trading day mostly negative. ASX 200 (-0.4%) and Nikkei 225 (-2.0%) weakened with miners dampened in Australia by losses across the metals complex in which gold slipped to near 4-month lows and copper prices slumped, while underperformance was seen in Japan as exporters took the brunt of a firmer JPY. Hang Seng (-1.7%) and Shanghai Comp. (-0.9%) conformed to the downbeat tone after the CBRC signalled further regulation in the financial sector and the PBoC skipped on Reverse Repo operations for a 4th consecutive day, but instead opted for its Medium-term Lending Facility. Finally, 10yr JGBs were relatively unchanged and failed to benefit from abroad risk-averse tone, while the BoJ’s Rinban operation for JPY 460bln of JGBs concentrated in the belly was also largely ignored. PBoC skipped open market operations for a 4th consecutive day, but lent CNY 188bln via its Medium-term Lending Facility, matching the maturity of a similar maturing facility. PBoC set CNY mid-point at 6.6163 (Prev. 6.6113). The Indian central bank keps its rates constant as expected: Indian Repo Rate (N/A) 6.00% vs. Exp. 6.00% (Prev. 6.00%); Reverse Repo Rate (N/A) 5.75% vs. Exp. 5.75% (Prev. 5.75%).

    Top Asian News
    • Japan Retail Giant FamilyMart Uny Is Said to Mull Hong Kong Exit
    • India Holds Rates as Inflation Nears Central Bank’s Target
    • Alibaba’s Ma Argues China Benefits From One-Party Stability
    • Hong Kong Stock Selloff Quickens as Year’s Top Performers Slide
    • As Selloff Hits Asian Stocks, Some Investors Point to Jerusalem
    European bourses have taken the lead from their Asia-Pac counterparts to trade lower across the board. Macro newsflow has been light from a European perspective with focus on the continent continuing to remain on any updates between the UK and Brussels on Brexit with next week’s BoE and ECB meetings unlikely to provide much in the way of fireworks. In terms of sector specifics, material names lag given the recent traction seen in metals markets, notably Copper. IT names are also seen softer in what has been a tough week for the tech sector given rotation plays seen in the US. Notable individual equity movers include Intu Properties (+20%) given their tie-up with Hammerson with German-listed Steinhoff (-59%) markedly lower in the wake of accounting irregularities which have subsequently led to the resignation of their CEO.

    Top European News
    • German Factory Orders Unexpectedly Rise Amid Unabated Momentum
    • Surging Koruna Yield May Boost Case for Czech Eurobond Comeback
    • Is This the Silver Bullet for Italy’s Bad Loan Problem?
    In FX, the GBP has been undermined by ongoing Brexit deal apprehension and latest pressure on UK PM May on the home front. Cable has revisited bids/tech support under 1.3400. GBP has been hampered throughout the latest press statement from David Davis with the Brexit secretary failing to assure markets that he has carried out a thorough assessment of post-Brexit life for the UK. JPY has been the main beneficiary of risk-off positioning, with USD/JPY back down towards the 112.00 following peaks just above 113.00 in recent sessions. Elsewhere, NZD vying for the title of top G10 currency performer, but by virtue of weakness in its AUD antipodean counterpart. CAD likely to come into focus ahead of the BoC meeting at 1500GMT. Australia’s dollar dropped and bonds rose as slower-than-expected GDP growth spurred traders to delay their expectations on interest-rate increases. Australian GDP (Q3) Q/Q 0.6% vs. Exp. 0.7% (Prev. 0.8%, Rev. 0.9%), Australian GDP (Q3) Y/Y 2.8% vs. Exp. 3.0% (Prev. 1.8%, Rev. 1.9%)

    In commodities, energy markets have been lacklustre thus far with WTI crude futures softer following the API weekly inventory report which despite showing headline crude inventories at a larger than expected drawdown, was accompanied by large builds in gasoline and distillate components. Elsewhere, gold was relatively flat which provided much needed reprieve from the prior day’s losses that saw the precious metal slump to near 4-month lows, while copper languished following its largest daily decline in 2 years amid increased LME inventories and as Shanghai prices tracked the losses

    Looking at the day ahead, another another key date arrives for Brexit talks with the EC College of Commissioners likely to make a recommendation on whether or not sufficient progress has been made. UK Brexit Secretary David Davis is also due to address a Brexit Parliamentary Committee. Away from that, the most significant data release will be the November ADP employment change report in the US, while final revisions to Q3 nonfarm productivity and unit labour costs will also be released. German factory orders for October will be out in the morning. Away from that the BoJ’s Masai speaks early in the morning, while the ECB’s Mersch speaks later on. In the afternoon, UK Chancellor of the Exchequer Philip Hammond is due to speak at the Treasury Select committee.

    US Event Calendar
    • 7am: MBA Mortgage Applications, prior -3.1%
    • 8:15am: ADP Employment Change, est. 190,000, prior 235,000
    • 8:30am: Nonfarm Productivity, est. 3.3%, prior 3.0%
    • 8:30am: Unit Labor Costs, est. 0.2%, prior 0.5%
    DB's Jim Reid concludes the overnight wrap

    Morning from Germany. Maybe the way Brexit talks are going I should have brought my chequebook with me and scrambled enough money together to reserve the few school places left and put a deposit down for a flat before property prices get out of hand. I’ve always been very resistant to working abroad as I’d miss the domestic UK sport on TV. However yet again I find myself watching the England cricket team live on my iPad from Australia via a VPN connection. However after a rousing day yesterday where a miracle comeback was looking increasingly possible England have capitulated this morning and have just lost as I’ve been typing this. So maybe moving somewhere that doesn’t show the cricket might not be such a bad idea.

    The mood in Asia is matching that of an England cricket fan this morning with markets down sharply. China’s CSI 300 (-1.31%), Kospi (-1.28%), Hang Seng (-1.80%) and Nikkei (-1.95%) are all down as we type. For the latter two, all sectors are in the red with losses led by auto car marker and speciality retailing sectors respectively. The Nikkei is on course for its worst day since March and the second worst day of the year. Overall the Asia Pac equity index is now down for the 8th day - the longest streak for two years.

    This follows another day when US equities couldn’t hold on to early gains. However the recent sector rotation out of tech did partly reverse yesterday. The Nasdaq was up +0.9% in the morning, but gains were pared back with the index down 0.19% for the day. Both the S&P (-0.37%) and Dow (-0.45%) also reversed course and weakened into the close with only the tech sector in the green (+0.21%) while losses were led by the telco (-1.78%) and utilities sector. The mood has changed quite sharply from the Monday’s early trading where tax reform euphoria dominated.

    Staying in the US, the nomination of new Fed Chief Powell was formally passed by the Senate Banking Committee by a 22-1 vote, with the lone against vote reportedly due to concerns that Mr Powell may weaken financial regulations. Elsewhere, the reconciliation of the House and Senate’s versions of the tax bill continues, with some of the current debate focusing on whether to repeal the alternative minimum tax rate.

    Back in the UK, there does not seem to be a breakthrough on Brexit talks, but EU officials expect PM May to return to Brussels later in the week to discuss next steps. Yesterday, the Brexit Secretary Davis proposed aligning some of Britain’s economy regulations to those in the EU to get talks back on track, although Foreign Secretary Johnson later raised concerns that this may dilute Brexit, in part due to reduced flexibility on trade deals around the world. Further, Scotland’s conservative leader Ruth Davidson noted if Northern Ireland is able to get access to the EU single market, then so must the whole of the UK. Elsewhere, Chancellor Hammond was relatively upbeat, noting “I’m optimistic that we’ll achieve sufficient progress at the (EU) Council next week, and move on to the next stage of negotiations”. On the other side, the EC spokesman Ms Schinas said “the show is now in London…we stand ready…to resume talks…at any moment when we get the sign that London is ready”. So much at stake over the coming days and weeks.

    Following on Brexit, DB’s Oliver Harvey believes the question of a December breakthrough is now in doubt after the DUP rejected the proposed compromise over Northern Ireland’s status after Brexit, and so scuppering talks. He notes that the failure of the UK to reach agreement is problematic for four reasons. 1) the DUP appears to have drawn a red line over continued regulatory alignment between Northern Ireland the Republic. 2) proposed regulatory alignment between Northern Ireland and the Republic has emboldened leaders of other devolved administrators, most notably in Scotland. 3) the rejection of the deal has emboldened some hard Brexiteers within the Conservative Party, and 4) time is now tight. The UK must reach a final agreement by the end of this week to have a chance of reaching sufficient progress at next week’s Council. Overall, Oliver’s baseline view remains that sufficient progress will however be reached, after compromise with the DUP.

    Now recapping other markets performance from yesterday. European bourses were broadly lower, with the Stoxx 600 (-0.19%), DAX (-0.08%) and FTSE (-0.16%) all modestly down, impacted by mining stocks following a fall in base metals and copper prices. Peripheral markets such as Spain’s IBEX (+0.03%) and Italy’s FTSE MIB (+0.24%) outperformed, with the latter likely helped by a solid PMI reading. Elsewhere, after six consecutive days of gains, the VIX fell 3% yesterday to 11.33.

    Government bonds were firmer with core 10y yields down 2-3bp (UST -2.1bp; Bunds -2.4bp; Gilts -2.9bp). The flattening across the treasury curve has continued, with the 2s10 now down to 53bp (-3bp) and 5s30s down to 59bp, with the latter below 60 for the first time in a decade. Elsewhere, Greece’s 10y bond yields fell below 5% for the first time since 2009, following news over the weekend that Greece has reached a pact with international creditors which has since been approved by the Eurogroup on Monday. Note that 10y bonds were yielding over 18% back in July 2015.

    Turning to currencies, the US dollar index firmed 0.13% while Sterling and the Euro weakened 0.27% and 0.34% respectively. In commodities, WTI oil was broadly flat while precious metals weakened c1% (Gold -0.82%; Silver -1.33%). Elsewhere, copper fell the most in c3 years (-3.32%), impacted by a rise in stock piles and expected slower demand from China, while other base metals also trended lower (Aluminium -1.40%; Zinc -2.05%).

    Over in Germany, a Spiegel online election poll suggests SPD respondents favour a minority coalition government with Ms Merkel’s CDU/CSU party. In the details, 28% of the SPD respondents favour a grand coalition and 57% is in favour of tolerating a minority government. In terms of party preference across all respondents, there were little changes versus last week with CDU/CSU achieving 31% support and the SPD at c20%.

    In the US, the Fed’s Evans has reiterated his dovish views on rates. He noted “is there really a hurry to raise rates?” as the data he has been looking at have not been strongly indicating “we should continue with a rate increase’. Further, he said “maybe we would stop briefly and assess for more info, maybe wait until mid-2018”.

    Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the November non-manufacturing ISM retreated from last month’s 12 year high and was slightly lower than expectations at 57.4 (vs. 59 expected). In the details, the activity index eased 0.8pts to 61.4, but the employment index fell 2.2pts to 55.3 and the new orders index fell 4.1pts to 58.7, perhaps reflecting an end to the post-storm restocking. Elsewhere, the final reading for November’s US PMIs were slightly softer, with the composite PMI at 54.5 (vs. 54.6 previous) and services PMI at 54.5 (vs. 55.2 expected). Finally, the October trade deficit was more than expected at -$48.7$bln (vs. -$47.5bln), with exports flat for the month but imports rose 1.8% mom and 7.4% yoy.

    In Europe, the final reading of November’s PMIs were a bit mixed. For the Eurozone, the services (56.2) and composite PMI (57.5) were both unrevised, with the latter at a six year high. Across the countries, France’s composite and services PMI were both 0.2ppt higher than expectations, at 60.3 and 60.4 respectively, with the latter at the highest since May 2011. Over in Italy, the composite (56 vs. 55 expected) and services PMI (54.7 vs. 53.2 expected) were also above market. Conversely, both Germany and UK’s readings were below market, with Germany’s composite PMI at 57.3 (vs. 57.6) and services at 54.3 (vs. 54.9), while the UK’s composite PMI came in at 54.9 (vs. 55.8) and services PMI was weaker at 53.8 (vs. 55 expected).

    Elsewhere, the Eurozone’s October retail sales number was below market at -1.1% mom (vs. -0.7% expected) and 0.4% yoy (vs. 1.6% expected) but Spain’s October IP was above at 0.6% mom to lift annual growth to 4.1% yoy (vs. 3.6% expected).

    Looking at the day ahead, another key date arrives for Brexit talks with the EC College of Commissioners likely to make a recommendation on whether or not sufficient progress has been made. UK Brexit Secretary David Davis is also due to address a Brexit Parliamentary Committee. Away from that, the most significant data release will be the November ADP employment change report in the US, while final revisions to Q3 nonfarm productivity and unit labour costs will also be released. German factory orders for October will be out in the morning. Away from that the BoJ’s Masai speaks early in the morning, while the ECB’s Mersch speaks later on. In the afternoon, UK Chancellor of the Exchequer Philip Hammond is due to speak at the Treasury Select committee.

    http://www.zerohedge.com/news/2017-...obal-tech-tax-and-government-shutdown-tremors
     
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    Gold Seeker Closing Report: Gold and Silver Edge Lower As Dollar Gains
    By: Chris Mullen, Gold Seeker Report
    Gold gained $2.30 to $1269.10 in Asia before it drifted back to $1262.70 in late morning New York trade, but it then bounced back higher in afternoon trade and ended with a loss of just 0.17%. Silver slipped to as low as $15.916 and ended with a loss of 0.87%.
     
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    BITCOIN HITS $13,000, CRASH AHEAD | Steve St. Angelo
    SilverDoctors



    Published on Dec 6, 2017
    https://sdbullion.com
    http://www.silverdoctors.com/precious...

    Steve St. Angelo from SRSRoccoReport

    St. Angelo says oil runs the world, and the oil industry is "being cannibalized just to stay alive." He notes stocks, bonds, and real estate get their value from burning energy in the future, while a gold or silver coin bought today, received its value from burning energy in the past. If there's an energy crisis, stock, and real estate will suffer, while gold and silver will increase in value.

    St. Angelo says central banks do not have complete control of silver prices. Silver prices are based upon the cost of production, he believes. For this reason, he does not see silver falling much further.

    The cryptocurrency market is going to crash within the next few months, St. Angelo
     
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    How the Government Shutdown is All Part of the Plan
    Silver Fortune



    Published on Dec 6, 2017
    A discussion of the possible partial shutdown of the U.S. government, and how it fits into the bigger picture of Fed policy and the markets.
     
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    Greenspan on Bitcoin, Gold, Weimar & Crypto
    Junius Maltby



    Published on Dec 6, 2017
    Ron Paul has written about competitive currencies. We need currency that competes with the valueless, inflated USD / Federal Reserve Note. The USD is fading, the Yen, Yuan, Ruble, Rupee, Euro, Pound, all fading. Governments hate competition, without their monopoly of currency issuance and their FORCE and LAWS to control the herd, they lose the ability to TAX through inflation. Could crypto with Gold, bring down the fiat empire?
    UPPORT: https://www.patreon.com/JuniusMaltby
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    Ripple XRP: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy
    tag: 1317751799


    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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    Bitcoin, Crypto & Currency Competition: RON PAUL
    Junius Maltby



    Published on Dec 6, 2017
    The year was 2011 - Ron Paul, a champion of Liberty proposed a sound money bill. It failed. The idea is still alive. Believe GOLD & SILVER are sound money, yet perhaps crypto can pave the way for review!
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    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/


    The end of June marked what is hopefully the end of the Federal Reserve’s policy of quantitative easing. For months the Fed has purchased hundreds of billions of dollars of Treasury debt, enabling the government to fund its profligate deficit spending, push the national debt to its limit, and further devalue the dollar. Confidence in the dollar is plummeting, confidence in the euro has been shattered by the European bond crisis, and beleaguered consumers and investors are slowly but surely awakening to the fact that government-issued currencies do not hold their value.

    Currency is sound only when it is recognized and accepted as such by individuals, through the actions of the market, without coercion. Throughout history, gold and silver have been the two commodities that have most fully satisfied the requirements of sound money. This is why people around the world are flocking once again to gold and silver as a store of value to replace their rapidly depreciating paper currencies. Even central banks have come to their senses and have begun to stock up on gold once again.

    But in our country today, attempting to use gold and silver as money is severely punished, regardless of the fact that it is the only constitutionally-allowed legal tender! In one recent instance, entrepreneurs who attempted to create their own gold and silver currency were convicted by the federal government of “counterfeiting”. Also, consider another case of an individual who was convicted of tax evasion for paying his employees with silver and gold coins rather than fiat paper dollars. The federal government acknowledges that such coins are legal tender at their face value, as they were issued by the U.S. government. But when it comes to income taxes owed by the employees who received them, the IRS suddenly deems the coins to be worth their full market value as precious metals.

    These cases highlight the fact that a government monopoly on the issuance of money is purely a method of central control over the economy. If you can be forced to accept the government’s increasingly devalued dollar, there is no limit to how far the government will go to debauch the currency. Anyone who attempts to create a market based currency– meaning a currency with real value as determined by markets– threatens to embarrass the federal government and expose the folly of our fiat monetary system. So the government destroys competition through its usual tools of arrest, confiscation, and incarceration.

    This is why I have taken steps to restore the constitutional monetary system envisioned and practiced by our Founding Fathers. I recently introduced HR 1098, the Free Competition in Currency Act. This bill eliminates three of the major obstacles to the circulation of sound money: federal legal tender laws that force acceptance of Federal Reserve Notes; “counterfeiting” laws that serve no purpose other than to ban the creation of private commodity currencies; and tax laws that penalize the use of gold and silver coins as money. During this Congress I hope to hold hearings on this bill in order to highlight the importance of returning to a sound monetary system.

    Allowing market participants to choose a sound currency will ensure that individuals’ needs are met, rather than the needs of the government. Restoring sound money will restrict the ability of the government to reduce the citizenry’s purchasing power and burden future generations with debt. Unlike the current system which benefits the Fed and its banking cartel, all Americans are better off with a sound currency.

    http://thehill.com/blogs/floor-action...
    https://www.ronpaul.com/2012-08-13/ro...
    https://www.ronpaul.com/tag/free-comp...
     
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    China Commodity Carnage Continued Overnight As Brexit Fears & Bitcoin Cheers Dominate

    [​IMG]
    by Tyler Durden
    Dec 7, 2017 6:40 AM


    Once again weakness in the US carried through to Asia with stocks unable to hold any National-Team-inspired gains, but it was the contagion to commodities that was most notable (as a hike in exchange fees snuffed out a lot of speculative fervor)
    • European equities have followed suit from their Asia-Pac counterparts to trade higher across the board
    • Markets await Brexit headlines amid Barnier deadline
    • Looking ahead, highlights include US weekly jobs and potential comments from ECB’s Draghi.
    ASIA

    Asia equity markets somewhat shrugged off the subdued tone on Wall St and mostly rebounded from the prior day’s losses, aside from China which underperformed amid continued regulatory concerns. ASX 200 (+0.5%) and Nikkei 225 (+1.5%) were lifted from the open, in which the Japanese benchmark led the gains amid short-covering from yesterday’s 2% slump and as it coat-tailed on the bounce in USD/JPY. Conversely, Hang Seng traded (+0.7%) indecisive while Shanghai Comp. (-0.3%) lagged after the CBRC drafted new requirements for banks to curb liquidity risks, and although the PBoC conducted Reverse Repos for the 1st time in 5 working days, this still amounted to a net neutral daily position after expiring operations were accounted for. Finally, 10yr JGBs were uneventful as focus was centred on riskier assets, while a mixed 30yr JGB auction result also failed to spur demand.

    China's banking regulator drafted new requirements for banks to curb liquidity risks which will go into effect March 2018. (Newswires)
    • PBoC injected CNY 120bln via 7-day reverse repos, CNY 50bln via 14-day reverse repos and CNY 100bln via 28-day reverse repos, which represents a net neutral daily position when maturing operations are accounted for. (Newswires)
    • PBoC set CNY mid-point at 6.6195 (Prev. 6.6163)
    • Australian Trade Balance (AUD)(Oct) 105M vs. Exp. 1,375M (Prev. 1,745M, Rev. 1,604M). (Newswires)
    • Australian Exports (Oct) -3.0% (Prev. 3.0%)
    • Australian Imports (Oct) 2.0% (Prev. 0.0%)
    [​IMG]

    UK/EU

    EU's chief Brexit negotiator Barnier said UK has 48 hours to agree a text on potential deal over Irish border or else talks will not move on to the next phase. (Guardian)

    Equities

    European equities have followed suit from their Asia-Pac counterparts to trade higher across the board (Eurostoxx 50 +0.3%) with the Nikkei 225 (+1.5%) the notable outperformer in a recovery from yesterday’s losses. Once again, European specific newsflow remains on the light side with markets awaiting any Brexit-related updates and developments in the US tax /shutdown legislation. In terms of sector specifics, health care names are the only sector in the red whilst outperformance is seen in the telecom sector with markets appeased by the latest strategy update by Orange (+1.5%). Other notable individual movers include Sky (+1.8%) who have been supported by reports that Comcast is looking to push for a deal for Fox (FOXA) assets in a move which could see it take full control of Sky.

    Fixed Income

    Solid Spanish auction results did not set the tone for Eurozone semi-core and UK bond sales, but have underlined the relative attraction of Eurozone periphery paper and demand for premium despite ECB QE depressing yields most at the margins. French OATs were not greeted that well, like yesterday’s 10 year German Bund, but UK Gilts drew even less demand despite appealing to the investment portfolio needs of institutional buyers (normally). Hence, a downturn in Eurex debt futures and Liffe’s core 10 year contract to new session lows at 163.27 for Bunds, 157.28 for OATs and 124.24 for Gilts (-1/4 point, -23 ticks and -43 ticks vs +8, +8 and +10 ticks at the other end of the scale). US Treasuries also feeling some contagion having traded to fresh overnight highs earlier amidst a decent clip of 10 year note buying.

    FX

    USD index has inched over the 93.500 level that has been hindering the Greenback’s recovery from recent lows for a while. However, a significant element of the more concerted rebound is due to weakness in other currencies rather than outright Dollar strength. GBP is holding up pretty well, above yesterday’s lows around 1.3360 in Cable and EUR/GBP just over 0.8800, despite yet another deadline for the UK Government to sort differences with the DUP over the Irish border. NZD is suffering more than the AUD in percentage terms vs the USD despite a double-dose of negatives for Aussie unit in the form of a big downside miss on trade and a meltdown in iron ore prices with NZD/USD having recently topped out around 0.6900.

    The continued rise of GBP/USD implied volatility that covers the period of the EU summit next week is less surprising when one considers that Theresa May appears to have misjudged the positions of her own party and a number of countries within the EU.

    [​IMG]

    Two-week implied volatility is around 2.0 vol higher than 1 month, the widest spread since the time of the June general election.

    COMMODITIES

    Energy markets have been relatively quiet amid a lack of drivers, although WTI crude futures are off worst levels and just about reclaimed the USD 56/bbl level to provide some mild reprieve from this week’s product inventory-triggered pressure. Gold and copper were also uneventful overnight with the former stuck near 4-month lows as participants await this Friday’s key-risk NFP data. The main mover in metals markets was Dalian Iron ore which crashed by 7.5% amid ongoing demand concerns from China.

    But Chinese stock weakness spread to the commodity markets - which had promised so much growth previously - as Reuters reports, China’s commodity exchanges have hiked transaction fees and margin requirements for a range of futures this year in their latest effort to curb speculative trading that Beijing says has spurred recent price surges in markets from sugar to ferro-silicon.

    [​IMG]

    As Bloomberg's Mark Cranfield notes, China's iron ore future is doing it's best to shock global markets in the way copper did earlier this week. Partially thanks to top miner Vale SA, the metal is having a high volume swoon on the Dalian exchange, which could be the tipping point for another commodity complex slide as Europe gets going.

    Things to keep an eye on today:
    • 7:30am: Challenger Job Cuts YoY, prior -3.0%
    • 8:30am: Initial Jobless Claims, est. 240,000, prior 238,000
    • 8:30am: Continuing Claims, est. 1.92m, prior 1.96m
    • 9:45am: Bloomberg Consumer Comfort, prior 51.6
    • 12pm: Household Change in Net Worth, prior $1.7t
    • 3pm: Consumer Credit, est. $17.0b, prior $20.8b
    Market Snapshot
    • S&P 500 futures up 0.2% to 2,634.90
    • STOXX Europe 600 up 0.3% to 387.42
    • MSCI Asia up 0.4% to 167.94
    • MSCI Asia ex Japan up 0.1% to 544.14
    • Nikkei up 1.5% to 22,498.03
    • Topix up 1.2% to 1,786.25
    • Hang Seng Index up 0.3% to 28,303.19
    • Shanghai Composite down 0.7% to 3,272.05
    • Sensex up 0.9% to 32,894.90
    • Australia S&P/ASX 200 up 0.5% to 5,977.72
    • Kospi down 0.5% to 2,461.98
    • German 10Y yield rose 0.6 bps to 0.301%
    • Euro down 0.03% to $1.1793
    • Italian 10Y yield rose 2.0 bps to 1.462%
    • Spanish 10Y yield unchanged at 1.433%
    • Brent futures up 0.6% to $61.61/bbl
    • Gold spot down 0.4% to $1,257.82
    • U.S. Dollar Index up 0.05% to 93.66
    Top Overnight News from Bloomberg
    • President Trump will meet with congressional leaders Thursday to negotiate on a long-term budget deal as Congress is on track to avoid a government shutdown
    • Trump recognized Jerusalem as Israel’s capital and announced he would begin moving the U.S. embassy there, despite warnings from global leaders that the move would undermine peace efforts and spark violence.
    • Germany’s Social Democratic Party holds convention that’s expected to vote on endorsing coalition talks with Chancellor Angela Merkel
    • Hamas Leader Calls for Another Intifada Against Israel
    • GVC in Talks to Buy Ladbrokes Coral for Up to $5.2 Billion
    • Bitcoin Frenzy Like No Other Has Koreans Paying 23% Premium
    • Steinhoff Falls Further Amid Plan to Raise $1 Billion From Sales
    • Bitcoin Fails to Win Over Giants of Finance in Scandinavia
    • Banks Seen Losing 15% of European Stock Trading Under MiFID
    • Goldman, BlackRock, Blackstone Vie to Keep Wall Street Crowns
    • IMF Joins Criticism of Ukraine’s Crumbling Anti-Graft Efforts
    • U.K. House Prices Rise for a Fifth Month on Dearth of Supply
    • Italy’s Banca Carige Misses $590 Million Share Sale Target
    DB's Jim Reid concludes the overnight wrap

    The show rolls on to Switzerland this morning. The only good thing about being away most of this week is that I’ve missed two design consultations at home for our new kitchen. We don’t move in for a year, need to knock down several walls and then build a kitchen from scratch. It’s a crazy thing to do when trying to cope with new born twins and a toddler. In the ?rst meeting about kitchens I started to glaze over when we discussed tap options. Which one of the ten metallic ?nishes we wanted was a question I really couldn’t answer. Multiply that by about 100 di?erent decisions that need to be made to spec up a kitchen and then duplicate that across the two companies we’re getting quotes from and it’s a maddening process. If I was in charge we’d probably get stuck with a microwave and a few plates. However they’d be a very good TV hung expertly on the wall to watch while the microwave was being ?red up.

    Markets have heated up a little this morning after the Nikkei dropped the most since March yesterday (-1.97%; +16% YTD) although like most microwaved food there are some hot and cold bits. The Nikkei is up 1.36%, the Hang Seng and ASX 200 are both up c0.5%, while other markets are down as we type (Kospi -0.32%; China’s CSI 300 -0.74%).

    Yesterday’s fall in Asia dragged European markets initially much lower - opening down c1%. However sentiment improved through the day with key markets ?nishing modestly lower (Stoxx 600 -0.11%; DAX -0.38%; FTSE +0.28%). Across the pond, US equities fluctuated as a rebound in tech shares was broadly offset by weakness in energy and telcos. By the close, the S&P 500 was flattish (-0.01%), the Dow dipped 0.16% and Nasdaq edged higher (+0.21%). In commodities, WTI oil dropped 2.86% following an EIA report that showed a buildup in gasoline stockpiles but LME copper’s losses have moderated (+0.11%).

    Staying in the US, plans to avoid a partial government shutdown seems to be moving the right way. The House Rules Committee has approved a plan to extend government funding for two weeks until 22 December. The bill will be up for a House ?oor vote today, then the Senate will have until the end of Friday to pass the bill to avoid a partial shutdown this Saturday.

    Onto Brexit now and we remain in somewhat of a stalemate position, but the prior deadline of achieving a breakthrough this week now seems more ?exible, with Bloomberg noting EC President Juncker is prepared to meet PM May “any day ahead of the run-up to next week’s EU summit”. In terms of the latest headlines, Brexit Secretary Davis noted “no quantitative assessment” was made before the UK cabinet decided to leave the EU trade bloc. Elsewhere, the SUN reported that some supporters of Mr Davis are planning to launch a bid to replace PM May by Christmas. On the Irish border issue, both PM May and Irish PM Varadkar agreed on the importance of “no hard border or physical infrastructure at the border…”, and later on Wednesday evening, Mr Varadkar noted PM May “wants to come back to us with some text tonight or tomorrow”. So still lots bubbling along.

    In Europe, the ECB’s Mersch sounded cautious on giving markets too much longer term guidance. On QE, he noted that if stimulus is removed too quickly, the economy may su?er, but risks also increase the longer QE runs, so “to contain those risks, a credible perspective of an exit is needed”. On rates, he noted that given the di?culty in measuring in?ation pressures, the ECB might be “running behind those developments without being aware of it”. On forward guidance, he posed the question of whether guidance is reaching out too far into the future and noted “when the time comes in the course of next year…we should think carefully how much we pre-commit (our monetary policy course)”.

    Now recapping other markets performance yesterday. Government bonds were firmer with core 10y bond yields down 2-3bp (UST -1.8bp; Bunds -2.4bp; Gilts -2.9bp) while peripherals underperformed. Note 10y Bunds are back below 0.3% for the first time since late June and the 30y treasuries are at a three month low, although the 5s30s has steepened slightly to 60.3bp.

    Turning to currencies, the US dollar index was 0.17% stronger while Euro and Sterling fell 0.26% and 0.42% respectively, with the latter partly impacted by the stalled Brexit talks. In commodities, precious metal continued to soften (Gold -0.11%; Silver -0.71%) while losses from other base metals moderated somewhat (Zinc -0.49%; Aluminium -1.42%). Elsewhere, the VIX fell 2.74% to 11.02.

    The price of Bitcoin has jumped to US$15,200 a piece this morning and is up c15x YTD. To put the rally in a di?erent context, it took 100 trading days for Bitcoin’s price to rise from $1,000 to $2,000, but getting through the subsequent $1,000 increment has been much faster, at 55, 5, 43, 12, 3, 12, 5, 2 days and then only 7 trading days for it to rise from $10,000 to >$15,000 if it closed at similar levels today. We are cognisant that as Bitcoin’s price gets higher, the hurdle to go up each $1,000 increment is easier in percentage terms, but we thought it was an interesting stat nonetheless.



    [​IMG]

    Away from the markets, the European Commission has unveiled more details on the future of a tighter Europe. Some of its key proposals include: i) expanding the role of the European Stability Mechanism (ESM), such as acting as a backstop for the single resolution fund to wind down failed banks, and potentially transform the ESM into a type of EU monetary fund, ii) new budget instruments within the EU budget framework, potentially to provide funds for structural reforms and iii) creation of a dedicated EU minister of economy and ?nance. Looking ahead, EU leaders will meet next week to discuss next steps with plans for an agreement by next June.

    Looking into 2018, DB’s global fixed income team now expect 10Y UST to approach 3%, Bunds to approach 1% and Gilts to approach 2% by the end of next year. Some of the key themes in their outlook report include: i) rising core in?ation and easier ?scal and regulatory policies will support further monetary policy tightening, ii) the US economy enters 2018 with strong momentum and prospects for easier ?scal and regulatory policies. Absent an external shock, monetary policy will have to be tightened and rates will have to rise before growth slows down materially and iii) they expect the ECB to be more hawkish than current market expectations. Refer to their note for more details.

    Looking at the day ahead, politics might well be the main focus for markets again with Germany’s Social Democratic Party due to hold a convention in Berlin. A vote on endorsing coalition talks is expected. Datawise, we’ll get October industrial production in Germany, the October trade balance in France and weekly initial jobless claims and October consumer credit in the US. The ?nal reading of Q3 GDP for the Euro area will also be released.

    http://www.zerohedge.com/news/2017-...vernight-brexit-fears-bitcoin-cheers-dominate
     
  37. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Frontrunning: December 7

    [​IMG]
    by Tyler Durden
    Dec 7, 2017 8:04 AM

    • Hamas calls for Palestinian uprising (Reuters)
    • Arabs, Europe, U.N. reject Trump's recognition of Jerusalem as Israeli capital (Reuters)
    • Trump Jr. Refuses to Discuss Father-Son Talk With Investigators (WSJ)
    • L.A. Fires Halt Filming, Menace Crops, Send Edison Plunging (BBG)
    • North Korea says U.S. threats make war unavoidable as China urges calm (Reuters)
    • Goldman, BlackRock, and Blackstone: Will They Still Rule Wall Street in 10 Years? (BBG)
    • Bitcoin Soars Through $15,000, Up More Than 50% This Month (BBG)
    • Uber paid 20-year-old Florida man to keep data breach secret (Reuters)
    • Family Businesses Worry the Tax Overhaul Will Hurt Them (WSJ)
    • Trump’s Middle-Class Tax Pledges Go Unfulfilled in Senate Bill (BBG)
    • China's Sinopec sues Venezuela in sign of fraying relations (Reuters)
    • Wall Street Tells Frackers to Focus on Profits, Not Output (WSJ)
    • Kaspersky to Close Washington Office But Expand Non-State Sales (BBG)
    • Commodities Crumble Again on China Alarm Bells (BBG)
    • German SPD leader takes aim at U.S. tech giants (Reuters)
    • They Gave Her a $3.8 Million Bonus—and Then the Boot (BBG)
    • Tillerson holds tough line on Russia sanctions over Ukraine (Reuters)
    Overnight Media Digest

    WSJ

    - Walt Disney Co Chief Executive Robert Iger will likely stay on past his 2019 retirement date if the entertainment company wins its bid to buy the entertainment assets of Twenty-First Century Fox Inc, according to people familiar with the negotiations. on.wsj.com/2AzJIrp

    - A Volkswagen AG manager was sentenced to seven years imprisonment and will pay a $400,000 fine for participating in the German auto giant's emissions fraud. on.wsj.com/2BQ8nGz

    - Wal-Mart Stores Inc announced Wednesday that it will shorten its legal name to Walmart Inc. The move highlights the company's shift away from building traditional stores toward competing online with rival Amazon.com Inc. on.wsj.com/2AWYBou

    - General Motors Co plans to use costly but lightweight carbon fiber to make the beds on premium versions of large pickup trucks, according to people familiar with the strategy, as the automaker aims to stay competitive in the crucial category while also satisfying tightening fuel-economy standards. on.wsj.com/2BHcsvS

    - Six women filed a lawsuit against Harvey Weinstein on Wednesday, claiming the movie producer's actions to cover up sexual assaults amounted to civil racketeering. on.wsj.com/2j1cXgM

    FT

    - Italy’s competition authority slapped a 60 million euro fine on Unilever, for abusing its dominant position in the market for packaged ice-cream through the Algida brand.

    - Crypto-currency Bitcoin crossed the $13,000-mark for the first time. Bitcoin started the year 2017 at around $1,000 and has shot higher since, luring in investors with its soaring valuation.

    - A new study by specialist research group Coalition found that the much-hyped EU Mifid II investor protections coming into force on Jan. 3 will erode less than 3 per cent of investment banks’ annual revenue from Europe, the Middle East and Africa.

    - Australian Securities Exchange said it plans to use blockchain technology to manage the clearing and settlement of equity transactions.

    NYT

    - UnitedHealth Group Inc's Optum unit will acquire Davita Inc's primary and urgent care services, a large for-profit chain of dialysis centers, for about $4.9 billion in cash. nyti.ms/2AgKT0j

    - Oliver Schmidt, a former Volkswagen AG manager in Michigan, was sentenced on Wednesday to seven years in prison for his role in the German automaker's decade-long scheme to cheat on diesel emissions tests. nyti.ms/2AYkCDm

    - Scientists at the Environmental Protection Agency (EPA) will be free to publicly discuss their work from now on, Scott Pruitt, the agency's administrator, has assured lawmakers who criticized the EPA for preventing employees from presenting findings about climate change. nyti.ms/2kv7cId

    - U.S. Senator Elizabeth Warren said in a speech on Wednesday that mega-deals like Aetna Inc's $77 billion sale to CVS Health Corp could kill competition and also backed the Justice Department's fight against AT&T Inc - Time Warner Inc merger. nyti.ms/2iwaC9t

    Canada

    THE GLOBE AND MAIL

    ** Alberta's ambitious plan to lower its industrial greenhouse gas (GHG) emissions without alienating the province's powerful oil and gas sector has been rolled out with a mixed response from many of the heavy emitters it will impact. (tgam.ca/2ACZQXk)

    ** Kinder Morgan Canada Ltd is selling C$200 million ($155.96 million) in shares even as the company dials back spending and warns of additional delays to its marquee Trans Mountain pipeline expansion. (tgam.ca/2ACCf9d)

    ** Plains Midstream Canada said it is reopening its train-loading facility in Kerrobert, Saskatchewan, which closed in 2016 after oil prices had plunged to less than $50 a barrel from more than $100 and Canadian crude was shunned by U.S. refiners in favor of cheaper supplies from overseas. (tgam.ca/2ADiDSo)

    NATIONAL POST

    ** WestJet Airlines Ltd is forming a new trans-border venture with Delta Air Lines to expand its reach into the U.S., part of a diversified growth strategy that will see the Calgary-based airline try to attract more premium customers while also launching an ultra-low cost carrier. (bit.ly/2AVZM7N)

    ** Hudson's Bay Co Chief Executive Richard Baker believes the department store retailer will see an upside from the demise of Sears Canada, but the apparent health of HBC's operations in Canada might be moot given the malaise and underperformance of its business divisions in the U.S. and Europe. (bit.ly/2B01Efw)

    Britain

    The Times

    - Cancer patients and people with severe mental illness are going without essential medicines because of shortages that have cost the National Health Service 180 million pounds in six months, the Times has learnt. bit.ly/2AfJ7MX

    - Britain must pay an exit bill of about 40 billion pounds even if it does not get a trade deal with the European Union, Philip Hammond said on Wednesday. bit.ly/2AxrJCa

    The Guardian

    - Michel Barnier, the European Union's chief Brexit negotiator, has told member states that the British government has just 48 hours to agree a text on a potential deal or it will be told that negotiations will not move on to the next stage. bit.ly/2ACG8e6

    - More than 2 million people in the United Kingdom are stuck with permanent overdrafts, with many trapped in a "vicious cycle" of borrowing, according to a debt charity. bit.ly/2Ae3iuI

    The Telegraph

    - European Commission President Jean-Claude Juncker fears Theresa May's government could collapse next week if Brexit talks remain deadlocked, the Telegraph has learnt. bit.ly/2Aguklb

    - Hedge fund billionaire Christopher Hohn's bid to oust the London Stock Exchange's chairman has received a major setback after an influential investor advisory firm urged shareholders not to support him. bit.ly/2BOcR0d

    Sky News

    - Prudential Plc is courting buyers for a bigger than expected portion of its UK annuities business worth up to 13 billion pounds ($17.40 billion). bit.ly/2zXD63b

    - A group of Conservative members of parliament has written to Prime Minister Theresa May expressing outrage at colleagues "imposing their own conditions" on the Brexit negotiations. bit.ly/2AdCdaN

    http://www.zerohedge.com/news/2017-12-07/frontrunning-december-7
     
  38. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    [Business Daily] Ep.683 - Korea's logistics industry / Closer look at the 2018 budget _ Full Episode
    ARIRANG TV



    Published on Dec 7, 2017
    Korea's logistics industry
    Logistics is considered to be a key cog in supporting the manufacturing and distribution industries in the era of Fourth Industrial Revolution. Playing an important role in this is Busan Port, which is home to the world's 6th busiest port in terms of cargo volume. As Korea seeks to become a powerhouse in the international logistics industry, how is Busan Port moving towards becoming the country’s leading source of growth in the era of Fourth Industrial Revolution?

    Closer look at the 2018 budget
    The big news this week was the passing of the 2018 budget bill by the National Assembly on Wednesday. The government hopes the budget plan will help to create more public jobs while boosting welfare and defense.Tune in to hear from an expert on how the 2018 budget is going to shape Korea next year.
     
  39. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  40. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Asian Metals Market Update: December-7-2017
    By: Chintan Karnani, Insignia Consultants
    Focus of the markets is on US November nonfarm payrolls tomorrow. Next week is the Federal Reserve meeting, the European central bank meeting and the Bank of England meeting. The European central bank’s tapering view for the first quarter of next year can shake the markets. I do not expect the Federal Reserve to cause any furor. The new Federal Reserve chairman in February could be the bartender for global financial markets.
     

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