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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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    U.S. Ready to Ship More Gas to Middle East

    December 6, 2017 by Bloomberg

    [​IMG]
    Photo: By Evgeny Shulin / Shutterstock

    By Anthony DiPaola, Tracy Alloway and Mahmoud Habboush (Bloomberg) — U.S. natural gas exports could find buyers in the oil-rich Persian Gulf as countries there look to meet surging demand.

    Growing U.S. exports of liquefied natural gas could be an additional source of gas supply to the region, U.S. Secretary of Energy Rick Perry and U.A.E. Energy Minister Suhail Al Mazrouei said Wednesday at a news conference in Abu Dhabi. Jordan, the U.A.E. and Egypt have been buyers of LNG from the Sabine Pass complex in the U.S. the past two years, according to Bloomberg vessel tracking, IHS Markit Ltd. and Genscape.

    “We want to be in the mix of LNG suppliers for the Mideast,” Perry said at the news conference. “Creating a relationship, having these conversations is good, it gives the U.A.E. some options.” The U.S. offered gas to Saudi Arabia, he said.

    Gulf oil producers like Saudi Arabia and the U.A.E. rely on gas to power their industries, run household air conditioning units and support petrochemicals production. While the Gulf is rich in crude oil, its gas resources are concentrated in just a few countries. Qatar and Iran share the world’s biggest gas deposit, located in the Persian Gulf.

    U.S. Flush
    The U.S., flush with supply of gas and oil from cracking open shale deposits, has one LNG export facility and is working to bring others on line. The U.S. and Australia, also developing an LNG export market, could rival Qatar as the world’s biggest supplier if they complete all their projects. The possibility of more shipments from the U.S. comes as the U.A.E. and Saudi Arabia are leading a trade ban against Qatar, currently the world’s LNG producer.

    U.S. suppliers and U.A.E. buyers have held talks about trading more of the fuel, Mazrouei said in an interview in Abu Dhabi. Electricity use in the region is rising about 6 percent a year, requiring increased supplies of gas, he said.

    “It’s an open market and we welcome all of the companies from the U.S. to come and explore this market,” Mazrouei said.

    Even as more imports become available, the U.A.E. wants to wean itself off foreign gas. The country’s contract for supply of natural gas from Qatar through the Dolphin Energy Ltd. pipeline expires in 2032.

    “We can achieve self-sufficiency by 2030,” Mazrouei said. That can occur as more renewable energy projects come on stream, he said.

    The U.S. and U.A.E. agreed to expand cooperation in development, trade in oil, gas, coal, LNG, and technologies related to carbon capture, use and storage during meetings this week. Perry also discussed civilian nuclear projects with the U.A.E. and Saudi Arabia.

    © 2017 Bloomberg L.P

    http://gcaptain.com/u-s-ready-ship-gas-middle-east/
     
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    Asian Metals Market Update: December-8-2017
    By: Chintan Karnani, Insignia Consultants
    Gold needs to trade over $1236-$1240 zone till next week to prevent it from falling to $1216 and $1202. Silver needs to trade over $1540 till next week to be in a long term bullish zone. Gold and silver will zoom if and when this bitcoinmania comes down to earth. No one is invincible. I am sure bitcoin prices will stabilize sooner than later. Once bitcoin prices stabilize, gold and silver will zoom.
     
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    Bitcoin plunges 15 per cent to below $14,500 in wild trading after a roller-coaster week that saw the currency hit record highs and fears it is on course to create 'largest financial bubble ever'
    • The value of Bitcoin plunged by as much as 15 percent to $14,480 (£10,725)
    • Earlier this week the digital currency hit a brief high of $17,000 (£12,600)
    • Explosive rise in value has surpassed even the 'tulip mania' of the 17th century
    • American Robert Shiller, Nobel prize-holding economist said bitcoin 'will crash'


    Read more: http://www.dailymail.co.uk/news/article-5159017/Bitcoin-plunges-15-14-500-wild-trading.html#ixzz50gFFUdQB
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
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    Russia Commissions $27 Billion Yamal LNG Project in Russian Arctic

    December 8, 2017 by Bloomberg

    [​IMG]
    Russian President Vladimir Putin accompanied by Total Chief Executive Officer Patrick Pouyanne and co-owner of gas producer Novatek Leonid Mikhelson attends a loading ceremony of the Christophe de Margerie, an ice-class tanker fitted out to transport liquefied natural gas, at the Yamal LNG plant in the Arctic port of Sabetta, Yamalo-Nenets district, Russia December 8, 2017. Sputnik/Alexei Druzhinin/Kremlin via REUTERS

    By Elena Mazneva (Bloomberg) — As Russia’s President Vladimir Putin oversees the official start of a $27 billion liquefied natural gas plant in the snow-covered tundra of northern Siberia, his mind may wander to its biggest competitor more than 3,000 miles away in Qatar.

    While the two regions may have vastly different climates, Putin is determined to make Russia’s Arctic competitive in the fuel that turned Qatar into the richest nation per capita. On Friday, he witnessed the loading of the first icebreaking tanker from the Yamal LNG plant, built on time despite the harsh climate and in defiance of U.S. sanctions targeting its biggest shareholder.

    Operator Novatek PJSC earlier this week announced the start of production at Yamal LNG, in which Total SA, China National Petroleum Corp. and China’s Silk Road Fund also hold stakes. The operator of the world’s coldest LNG plant has been under U.S. sanctions imposed three years ago as Russia’s relations with the U.S. soured.

    “This is for sure a complicated project,” Putin said at a ceremony attended by the project partners and the energy minister of Saudi Arabia. “But those who started this project took a risk, and the risk was justified, and they succeeded.”

    Russia, the world’s biggest gas exporter, has for decades relied on pipeline supplies of the fuel to Europe as a major source of income. It now aims to build LNG plants from the Baltic region to its Pacific coast to take on the biggest current and future producers of the super-chilled fuel delivered by tanker, including Qatar, Australia and the U.S.

    [​IMG]
    The LNG carrier Christophe de Margerie. File photo: Shutterstock / Koptyaev Igor

    The first cargo will be carried on the Christophe de Margerie, the world’s first icebreaking LNG tanker, named after the charismatic former Total chief executive officer who died when his plane crashed into a snowplough in Moscow three years ago. De Margerie, whom Putin praised as “a real, big friend of Russia” in 2011, forged ties with Novatek and joined its Yamal LNG project.

    “We managed to build from scratch a world-class LNG project in extreme conditions to exploit the vast gas resources of the Yamal peninsula,” Patrick Pouyanne, Total CEO, said in a statement on Friday. “With remarkably low upstream costs, Yamal LNG is one of the world’s most competitive LNG projects.”

    The Yamal region potentially contains more gas than the Persian Gulf. Putin called Yamal “a mega project” and said further expansion of the plant will be ahead of schedule.

    Putin ended state-run Gazprom PJSC’s monopoly on LNG exports four years ago to support the industry, before this week represented by a single plant off the Pacific coast producing some 10 million tons per year. His government also freed LNG from export taxes, which are at 30 percent for Gazprom’s pipeline supplies abroad, or almost 434 billion rubles ($7.3 billion) for the state budget in the first nine months of the year.

    Other tax breaks, including on gas extraction, make Arctic LNG competitive in any market, even taking into account higher transportation costs, according to the nation’s Energy Ministry. The region’s plants may use a shorter Northern Sea Route to Asia for the five months of the year when icebreakers can still operate, thanks to which Putin aims to gain a greater foothold in the Arctic.

    Saudi Arabian Energy Minister Khalid Al-Falih witnessed the feat of engineering that Yamal LNG represents for the first time, having failed at a previous attempt during the summer when bad weather prevented him from landing. The Gulf state, which seeks to replace oil with gas for power generation, is looking at investing in Novatek’s future LNG projects in the Arctic, Al-Falih’s counterpart Alexander Novak said in October.

    Novatek, which holds 50.1 percent of Yamal LNG versus 20 percent for Total and 29.9 percent for the two Chinese partners, has said it accumulated enough Arctic resources to produce more than 70 million tons of LNG per year, approaching the current capacity in Qatar, the world’s biggest producer of the gas cooled to minus 160 degrees Celsius (minus 260 Fahrenheit).

    Novatek will send its first Yamal LNG cargo to China in recognition of its support and growth as a key consuming region. Chinese lenders agreed to provide $12 billion to the project, the lion’s share of the budget, as the nation is on the verge of surpassing South Korea to become the biggest buyer of LNG after Japan.

    The second cargo may follow shortly after with a third tanker on its way to the project’s port of Sabetta, where temperatures were around minus 26 degrees Celsius Friday. Three production units of 5.5 million tons per year each are planned at Yamal LNG, with the second seen starting in the third quarter and the final one in early 2019. Novatek is also mulling a fourth smaller train of as much as 1 million tons by then. More than half of the project’s fuel will go to Asia.

    Yamal LNG’s production is sold under long-term contracts on Asian and European markets, predominantly under oil-indexed price formulas, according to Total, which will buy 4 million tons annually from the project.

    © 2017 Bloomberg L.P

    Filed Under: News Tagged With: russia, yamal lng

    http://gcaptain.com/russia-commissions-27-billion-yamal-lng-project-russian-arctic/
     
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    Rogue Mornings - Cultural Shift, Global Leadership & Interesting Times (12/08/17)
    ROGUE MONEY



    Streamed live 6 hours ago
    "V" and CJ discuss the euphoria with Bitcoin and reason for potential pause to diversify to other cryptos, the demise of the US dollar and Congress versus FBI battle heating up.

    We are political scientists, editorial engineers, and radio show developers drawn together by a shared vision of bringing Alternative news through digital mediums that evangelize our civil liberties.

    Please subscribe for the latest shows daily!

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    Spot truckload freight volumes surge again
    Dec 07, 2017

    Save DAT network of load boards jumped 64% during the week ending Dec. 2. The number of available trucks gained 22%, DAT reported.

    While the large increase in loads and trucks posted is in line with expectations when you compare a long week to a shorter workweek, strong demand for capacity has pushed spot rates unseasonably high:

    • Reefer: $2.43/mile, unchanged compared to the previous week
    • Van: $2.09/mile, up 2 cents
    • Flatbed: $2.30/mile, up 1 cent
    [​IMG]

    Spot van and refrigerated freight rates reached three-year highs in November as a monthly average.

    In the reefer market, the number of load posts jumped 55% while truck posts increased 12% last week, propelling the reefer load-to-truck ratio up 40% to 13.2 loads per truck. Several outbound reefer markets experienced double-digit average rate increases:

    • Los Angeles, $2.14/mile, up 25 cents
    • Dallas, $2.31/mile, up 10 cents
    • Philadelphia, $3.17/mile, up 25 cents
    • McAllen, Texas $2.23/mile, up 21 cents
    Van load post activity increased 68% and truck posts gained 23% as retail goods made their way across the country from West to East. The van load-to-truck ratio jumped 37% from 6.8 to 9.3 loads per truck and rates moved higher in
    Midwest and Eastern U.S. markets as shippers position holiday freight near major population centers. The average outbound van rate from Columbus, Ohio, added 9 cents to $2.66/mile, Philadelphia gained 4 cents to $2.05/mile, and Dallas increased a penny to $1.89/mile last week.


    [​IMG]

    Flatbed load and truck posts increased, as expected, following the Thanksgiving holiday. The number of load posts gained 67% and truck posts 42%, which caused the load-to-truck ratio to rise 18% to 30.6 loads per truck.

    Rates are derived from DAT RateView, which provides real-time reports on prevailing spot market and contract rates, as well as historical rate and capacity trends. RateView's comprehensive database is comprised of more than $33 billion in freight bills in over 65,000 lanes. All reported rates include fuel surcharges. For the latest spot market load availability and rate information, visit dat.com/industry-trends/trendlines and join the conversation on Twitter with @LoadBoards.

    http://www.fleetowner.com/economics...m=email&elq2=61f286f3be2c493782396ca935b3be59
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    America’s Next Crude Export Boom May Start at this Floating Buoy Offshore Louisiana

    December 8, 2017 by Bloomberg

    [​IMG]
    Offloading at the LOOP. Photo courtesy Louisiana Offshore Oil Port

    By Sheela Tobben (Bloomberg) — A 1,000-foot ship will likely pull up to a buoy floating in the Gulf of Mexico next year, hook up its hoses and usher the U.S. into a new era as a major oil exporter.

    The Louisiana Offshore Oil Port, which already handles imports from similar large ships known as Very Large Crude Carriers, or VLCCs, will likely be the first port to load oil into a supertanker. LOOP has indicated that its pipelines require minor modifications and could operate in both directions in early 2018.

    “Expanding U.S. ports to accommodate direct loading of VLCCs will logistically help to streamline and expedite exports,” said Michael Tran, a commodities strategist with RBC Capital Markets LLC in New York.

    Loading these mammoth ships without having to use other tankers to ferry the oil from shore could save shippers about a million dollars on each cargo. To a refiner in Europe or Asia, that may mean the difference between using U.S crude instead of oil from the Middle East, North Sea or West Africa. It may broaden the market for shale producers and further boost U.S. exports, which quadrupled in the past year to as high as 2.1 million barrels a day.

    A VLCC that gets its entire 2 million-barrel cargo directly from a single terminal spares the exporter the cost of hiring smaller ships to fill it up, Sandy Fielden, director of research and commodities for Morningstar Inc. in Austin, Texas, said in a phone interview. This process, known as reverse lightering, could cost at least 50 cents a barrel, he said.

    In addition to the freight cost, shipowners bill charterers if there are delays in lightering, which are not uncommon. These late fees, or demurrage, can run more than $35,000 a day for a VLCC, said Stefanos Kazantzis, a senior shipping and finance adviser at ship brokers McQuilling Partners, Inc. in New York.

    LOOP has a big advantage over Texas ports. Its buoy sits 20 miles (32 kilometers) offshore in 100 feet of water, deep enough to handle the biggest tankers. The ports of Corpus Christi and Houston, which currently handle the most exports, aren’t deep enough to fully load a VLCC with a draft of 70 feet to 74 feet.

    Corpus Christi has embarked on a three-to-six year project just to deepen its harbor enough to allow 1 million-barrel ships to come in. Eventually, it wants to dredge further, to be able to receive VLCCs, and will be issuing bonds next year to help pay for that project.

    Enough Supply
    One challenge for LOOP will be getting enough crude. While it’s connected to offshore fields in the Gulf of Mexico, the region’s production is relatively small at 1.65 million barrels a day, according to latest government data. And there’s plenty of demand for the oil from local refiners.

    No pipelines directly connect North Dakota and West Texas fields to Louisiana. LOOP receives some Texas supply through Royal Dutch Shell Plc’s 350,000-barrel-a-day Zydeco crude pipeline, which runs from Houston to various points in Louisiana.

    But the pipeline is well used and there is enough demand from refiners along the route that there will be little left for export markets, said Vikas Dwivedi, senior analyst at Macquarie Capital (USA) Inc. For Zydeco to supply export needs, it would have to be expanded, he said.

    Shell spokesman Ray Fisher said there are no immediate plans to increase the capacity of this line.

    A reversal of the Marathon Petroleum Corp.-operated Louisiana-Illinois Capline could enable Midwest supply to reach LOOP. Marathon is gauging interest to ship supplies south, but the pipeline project will only be ready in the second half of 2022, and at an initial capacity of just 300,000 barrels a day.

    Crude Mismatch
    Some minor logistical issues may also need to be worked out. LOOP pumps oil from ships at the offshore buoys through a 45-mile pipeline to onshore tanks at Clovelly, Louisiana. Oil already sitting in the pipe, known as linefill, kickstarts the discharge of supplies from the vessel. Much of that linefill is the heavy, high-sulfur crude that LOOP typically receives. By contrast, most of the U.S. exports would be light and low sulfur.

    Terry Coleman, a spokesman for LOOP LLC, declined to comment. It’s not likely to derail LOOP’s plans, according to analysts.

    “It’s not a big logistical barrier,” Fielden said. “The fact that LOOP has put this proposal out there suggests that they do have a solution.”

    © 2017 Bloomberg L.P

    Filed Under: Maritime News Tagged With: loop, US crude exports

    http://gcaptain.com/americas-next-c...art-at-this-floating-buoy-offshore-louisiana/
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    COT Gold, Silver and US Dollar Index Report - December 8, 2017
    By: GoldSeek.com
    COT Gold, Silver and US Dollar Index Report - December 8, 2017

    Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 3% and 4% on the Week
    By: Chris Mullen, Gold Seeker Report
    Gold edged up to $1249.60 in Asia before it dropped back to $1244.20 just after this morning’s jobs data was released, but it quickly popped back up to $1252.30 by midmorning and ended with a gain of 0.01%. Silver rose to as high as $15.894 and ended with a gain of 0.7%.
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  16. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    SD Weekly Metals & Markets Wrap..............

    BITCOIN HYSTERIA, $100,000 Bitcoin Coming? | Michael Pento
    SilverDoctors



    Published on Dec 8, 2017
    https://sdbullion.com
    http://www.silverdoctors.com/precious...

    Bitcoin skyrocketed more than 60% this week to over $17,000. What’s next? Michael Pento from Pento Portfolio Strategies joins Silver Doctors on this SD Weekly Metals & Markets to discuss.

    Bitcoin reminds Pento of the tulip mania. “It’s going to burst, and it’s going to end very, very badly. It can go to $100,000 - it’s going to do so without me."

    Pento sees continued pressure on gold and silver prices. The passage of “tax reform” makes it likely the Fed will continue to raise rates into 2018, he says.

    Today’s job’s report boosted the stock market. The stock market is trading at 140% of GDP. 50% GDP is normal. “We are extremely stretched valuation wise,” Pento says. He sees the Fed’s rate hikes will invert the yield curve, sending the economy and asset bubbles tumbling down into a crisis worse than 2008.
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Silver, Gold, or Bitcoin?
    Silver Fortune



    Published on Dec 8, 2017
    Of the three, which would you take $10,000 worth of today, if you had to keep it in that form for the next 10 years?
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Always enjoy predictions................

    8 Predictions for 2018
    Silver Fortune



    Published on Dec 9, 2017
    8 events and trends that I think will likely happen in 2018. One of my favorite videos to create, thus far.
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Catherine Austin Fitts –Smart Money Buying Gold and Land
    Greg Hunter



    Published on Dec 9, 2017
    Catherine Austin Fitts, who was also an Assistant Housing Secretary in the first Bush Administration, talks about the Mueller/Trump investigation that she says is twisting in the wind and also the gun control and why Americans need firearms now more than ever. Fitts also says a large market correction will probably happen in 2018.

    Join Greg Hunter as he goes One-on-One with Catherine Austin Fitts, Publisher of the Solari Report found on Solari.com.

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

    Stay connected with USAWatchdog.com: https://usawatchdog.com/join/

    All links can be found on USAWatchdog.com: https://usawatchdog.com/u-s-governmen...
     
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    TBP - 10 Sunday Reads 12/10
    http://ritholtz.com/2017/12/sunday-reads-117/

    Naked Capitalism Links 12/10
    https://www.nakedcapitalism.com/2017/12/links-121017.html

    SA - Market News Live Feed 12/10
    https://seekingalpha.com/market-news

    AR - Sunday links: vulnerable traders 12/10
    https://abnormalreturns.com/2017/12/10/sunday-links-vulnerable-traders/

    SA - Weighing The Week Ahead: Plenty Of Cross-Winds For Santa 12/10
    https://seekingalpha.com/article/4130837-weighing-week-ahead-plenty-cross-winds-santa

    MtM - FOMC and ECB Highlight Central Banks' Last Meetings of the Year 12/10
    http://www.marctomarket.com/#!/2017/12/fomc-and-ecb-highlight-central-banks.html
     
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    Are Russia & China Setting Up A Gold Standard? Will It Affect Dollar?
    SalivateMetal



    Published on Dec 10, 2017
     
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    30 Risks To Market In 2018: Precious Metals & News.
    Junius Maltby



    Streamed live 8 hours ago
    Tonight we cover everything from metals to crypto. We discuss 2018 economy - predictions. We will address silver:gold ratio, DOW, crypto, Ripple XRP, Verge XVG, LTC, economy, what to do when you have wealth and recent developments with the Junius Maltby Channel. Thanks to all 60-70 of you who sat through the session. See you next time!

    https://www.patreon.com/JuniusMaltby
    Channel Coin: https://qualitysilverbullion.com/prod...
    BTC Wallets:
    189oA75Fma4jNAkcDetQX6YQpsBDktH9Wm
    18vMJCAibzgFzSDoupoWe6noY8bvmWU4CK
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    Ripple XRP: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy
    tag: 1317751799
    Verge XVG: DAsQV89aCbhiWhFwXto7E7Xqk8SKo27Q1f


    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 makes debut on major US stock exchange and leaps to a a high of $17,170
    • Bitcoin future trading began on Sunday on the Chicago Board Options Exchange
    • The virtual currency was trading at $15,800 in the first hour and 15 minutes
    • Futures are a type of contract in which a buyer and a seller agree on a price for a particular item to be delivered on a certain date in the future
    • A debate has raged on the merit of bitcoin and other virtual currencies, some calling it helpful and others claiming it facilitates money laundering


    Read more: http://www.dailymail.co.uk/news/article-5165401/Bitcoin-futures-set-begin-trading-later-Sunday.html#ixzz50wrDRZj7
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  26. searcher

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    US Futures Hit New All Time High Following Asian Shares Higher; European Stocks, Dollar Mixed

    [​IMG]
    by Tyler Durden
    Dec 11, 2017 6:57 AM


    U.S. equity index futures pointed to early gains and fresh record highs, following Asian markets higher, as European shares were mixed and oil was little changed, although it is unclear if anyone noticed with bitcoin stealing the spotlight, after futures of the cryptocurrency began trading on Cboe Global Markets.

    In early trading, European stocks struggled for traction, failing to capitalize on gains for their Asian counterparts after another record close in the U.S. on Friday. On Friday, the S&P 500 index gained 0.6% to a new record after the U.S. added more jobs than forecast in November and the unemployment rate held at an almost 17-year low. In Asia, the Nikkei 225 reclaimed a 26-year high as stocks in Tokyo closed higher although amid tepid volumes. Equities also gained in Hong Kong and China. Most European bonds rose and the euro climbed. Sterling slipped as some of the promises made to clinch a breakthrough Brexit deal last week started to fray.

    “Strong jobs U.S. data is giving investors reason to buy equities,” said Jonathan Ravelas, chief market strategist at BDO Unibank Inc. “The better-than-expected jobs number supports the outlook that there is a synchronized global economic upturn led by the U.S."

    The dollar drifted and Treasuries steadied as investor focus turned from US jobs to this week’s central bank meetings. Europe's Stoxx 600 Index pared early gains as losses for telecom and utilities shares offset gains for miners and banks. Tech stocks were again pressured, with Dialog Semiconductor -4.1%, AMS -1.9%, and Temenos -1.7% all sliding. Volume on the Stoxx 600 was about 17% lower than 30-day average at this time of day, with trading especially thin in Germany and France.

    The dollar dipped 0.1 percent to 93.801 against a basket of major currencies, pulling away from a two-week high hit on Friday.

    “I think this is being driven by the softer earnings data we saw in the payrolls report on Friday which reinforces the Fed’s current policy dilemma, where yes we have solid growth but so far a lack of inflation pressure,” said MUFG currency strategist Lee Hardman. “It was a continuation of the ‘Goldilocks’ conditions, with stronger global growth but little inflation pressure, no strong pressure on central banks to speed up the pace of tightening.”

    Meanwhile, the yen fell to a one-month low against the dollar on expectations solid U.S. data will justify the Federal Reserve to raise interest rates this week. The euro inched up 0.1% against a stronger dollar to $1.1791, holding above its nearly three-week low of $1.1730 plumbed on Friday, ahead of a European Central Bank policy meeting this week at which rates are expected to be kept on hold.

    Despite the strong US data, JPM calculated that the Fed has roughly 6 more 25bps hikes before its tightening finally hits capital markets, suggesting that the bullish sentiment may continue for some time.

    [​IMG]

    Asian equities rose after better-than-expected U.S. jobs data bolstered investor optimism for global economic growth prospects. Two stocks rose for each that declined on the MSCI Asia Pacific Index, which rose 0.7% at 170.28. Japan’s shares climbed, sending the Nikkei 225 Stock Average to its highest since 1992. The Nikkei 225 Stock Average climbed to a 26-year high as the yen slid to a one-month low. Hong Kong’s Hang Seng Index and South Korea’s Kospi advanced.

    Consumer stocks led Chinese equities higher, while small caps got a boost from reports that new asset management rules would be delayed and that President Xi has called for a national big data strategy and for innovation in the technology, pushing big data-linked firms higher. Beijing Orient National Communication Science & Technology Co. surges by 10% daily limit, while Hand Enterprise Solutions Co. +5.4%. Small caps were also boosted by news that China may extend a deadline for financial institutions to comply with new rules on asset management products.

    “The reported delay for financial institutions to comply with new asset management products rules pushed up the market, especially small caps that are more subject to liquidity risks as they would be dumped first by such products amid any policy tightening,” said Wang Chen, Shanghai- based partner with XuFunds Investment Management Co. “A possible delay, even if just for one year or so, will alleviate the selling pressure on small cap stocks”

    Shares in Hong Kong were also stronger. The CSI 300 Index advanced 1.7% at the close, with the gauge gaining 2.5% over the past two sessions, the most since the end of August. The Shanghai Composite Index added 1% after the PBoC resumed liquidity operations, although a miss on inflation data over the weekend somewhat capped the advances; the small-cap ChiNext measure jumped 1.4%. In Hong Kong, Hang Seng China Enterprises Index added 1.5% with the broader Hang Seng Index climbing 1.2%; both are coming off two straight weeks of losses. Strength in commodity-related stocks in Australia kept the ASX index afloat, while focus was on AWE shares which rallied over 15% after Co. was subject to a take-over offer. Meanwhile, Vietnam’s benchmark index plunged 2.4 percent, the most in two years, after Public Security Ministry said in a Dec. 8 statement that the police arrested Dinh La Thang, a senior Communist Party official and former Politburo member, for alleged wrongdoing

    The Bloomberg dollar index looked to snap a five-day rally as Treasuries edged up before the two-day FOMC meeting kicks off. The pound reversed Asia-session gains after London stepped in as fragile Brexit sentiment prevailed. The appointment of a new RBNZ chief, seen as less of a dove, boosted the kiwi, while the Norwegian krone led losses on the back of an inflation miss. Bonds and European equities edged higher.

    In overnight geopolitical developments, South Korea, Japan and US began joint missile tracking exercises today. North Korea stated that UN envoy expressed a willingness to reduce tensions. However, over the weekene Yonhap also reported that North Korea warned the US on Sunday over the possible use of a naval blockade, which it said would be considered as a "declaration of war.".

    Meanwhile in Europe, UK PM May will insist that “nothing is agreed until everything is agreed” on the terms of Brexit after the Irish government claimed that last week's preliminary deal is binding. This has led the Irish Government to hit back at a British government suggestion that a deal reached on the post-Brexit Border was a “statement of intent” rather than “a legally enforceable
    thing”, which in turn spooked cable and Gilts. UK Brexit Secretary Davis suggested he wants a bespoke deal with the EU and is seeking an overarching agreement with no tariffs. Further to this, The Times report that Britain could be forced to accept swathes of Brussels red tape if it is to secure the extensive trade deal that David Davis is championing, according to senior European sources.

    Over in the US, Senator Collins reiterated she is unsure if she will support the final version of the tax bill and wants to see it first.

    As noted above, market focus returns to central banks this week with the Fed expected to raise rates at its meeting on Wednesday and the European Central Bank to reveal details of plans to taper asset purchases on Thursday. The Bank of England and Swiss National Bank also meet. With the world economy heading into its strongest period since 2011, Wall Street economists are telling investors to brace for the biggest tightening of monetary policy in more than a decade.

    Meanwhile, as discussed overnight, the big highlight was the brand new Bitcoin future, the XBT, which surged as much as 20%, rising just shy of $19,000.


    [​IMG]

    The first bitcoin futures began trading on Sunday at 6 p.m. (6.00 p.m. ET) on CBOE Global Markets Inc’s CBOE Futures Exchange. The futures are cash-settled contracts based on the auction price of bitcoin in U.S. dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss. The most-traded futures contract opened at $15,460 before leaping to a high of $18,700 - a gain of 21 percent. They last stood at $17,770.

    “Regardless of what side of the debate you’re on, what’s undeniable is that the current euphoria and the extreme levels of price volatility offer the brave of heart some excellent speculative opportunities,” Stephen Innes, head of Asian trading at currency broker Oanda said in a note to clients.

    Elsewhere, oil declined to around $57 a barrel as U.S. drillers expanded the crude rig count to a three-month high. Bitcoin futures began trading in Chicago and at one point jumped as much as 25 percent.

    Yields across the world dipped, with the rate on 10Y TSYs down less than one basis point to 2.37%; German 10Y Bunds fell one basis point to 0.30%, while Britain’s 10Y gilts decreased 4 bps to 1.237% on renewed Brexit concerns; meanwhile Japan’s 10-year yield declined less than one basis point to 0.05%.

    Economic data include job openings and labor turnover, New York Fed consumer expectations survey. KMG Chemicals and Quanex Building are among companies reporting earnings.

    Bulletin Headline Summary
    • European equities trade modestly higher with the FTSE 100 outperforming its peers alongside the softer GBP
    • The USD index is back down through 94.000 and unwinding some of its recent recovery gains, aided by last Friday’s US jobs data
    • Looking ahead, highlights include US 3yr and 10yr auctions
    Market Snapshot
    • S&P 500 futures up 0.1% to 2,656.75
    • STOXX Europe 600 unchanged at 389.26
    • Brent futures little changed at $63.44/bbl
    • MSCI Asia up 0.7% to 170.28
    • MSCI Asia ex Japan up 0.7% to 553.19
    • Nikkei up 0.6% to 22,938.73
    • Topix up 0.5% to 1,813.34
    • Hang Seng Index up 1.1% to 28,965.29
    • Shanghai Composite up 1% to 3,322.20
    • Sensex up 0.6% to 33,433.04
    • Australia S&P/ASX 200 up 0.07% to 5,998.28
    • Kospi up 0.3% to 2,471.49
    • Gold spot up 0.2% to $1,250.51
    • U.S. Dollar Index down 0.1% to 93.78
    • German 10Y yield fell 0.9 bps to 0.298%
    • Euro up 0.2% to $1.1793
    • Italian 10Y yield fell 2.6 bps to 1.388%
    • Spanish 10Y yield rose 0.8 bps to 1.409%
    Top Overnight News
    • Donald Trump will deliver a closing argument for the proposed Republican tax overhaul in a speech on Wednesday, said a person familiar with the matter
    • With the world economy heading into its strongest period since 2011, Citigroup Inc. and JPMorgan Chase & Co. predict average interest rates across advanced economies will climb to at least 1 percent next year in what would be the largest increase since 2006
    • Japanese companies that raise wages could see as much as a 20% reduction in their corporate tax burden, Nikkei reports, citing government tax proposal
    • The fragile truce Theresa May struck with her warring cabinet and the European Union last week was already being tested on Monday, as some of the promises made to clinch a breakthrough Brexit deal started to fray
    • U.K. Environment Secretary Michael Gove and Foreign Secretary Boris Johnson will demand that Prime Minister Theresa May presses for a hard Brexit when the U.K. starts trade negotiations with Brussels, as payback for support for her deal last week, Sunday Times says, citing unidentified people
    • Britain wants a trade deal with the EU that includes the best parts of the bloc’s agreements with Japan, Canada and South Korea, along with financial services, Brexit Secretary David Davis said
    • OPEC and its global allies including Russia may end their production cuts before 2019 if the crude market re-balances by June, Kuwait’s oil minister said
    • President Emmanuel Macron said he doesn’t intend to immediately revive past French Middle East peace initiatives, as Donald Trump’s administration stood behind his decision to recognize Jerusalem as Israel’s capital and move the U.S. embassy there
    • Bitcoin futures surged as much as 26 percent during their debut session on Cboe Global Markets Inc.’s exchange, triggering two temporary trading halts meant to cool volatility
    Asia equity markets began the week mostly positive after last Friday’s gains on Wall St and better than expected US NFP jobs data, although the upside in Asia-Pac bourses were contained ahead of this week’s central bank-heavy roster. ASX 200 (+0.1%) and Nikkei 225 (+0.6%) were higher with strength in commodity-related stocks in Australia just about keeping the index afloat, while focus was on AWE shares which rallied over 15% after Co. was subject to a take-over offer. Hang Seng (+0.6%) and Shanghai Comp. (+1.1%) were also in the green after the PBoC resumed liquidity operations, although a miss on inflation data over the weekend somewhat capped the advances. Finally, 10yr JGBs were lower amid the positive risk tone in the region and absence of the BoJ in the market under its massive bond buying program. Chinese CPI (Nov) Y/Y 1.7% vs. Exp. 1.8% (Prev. 1.9%). Chinese PPI (Nov) Y/Y 5.8% vs. Exp. 5.9% (Prev. 6.9%) PBoC injected CNY 40bln via 7-day reverse repos and CNY 40bln via 28-day reverse repos. PBoC set CNY mid-point at 6.6152 (Prev. 6.6218)

    Top Asian News
    • China Said to Weigh Delay in Asset-Management Product Rules
    • Chinese Regulator Cracks Down on Booming Hedge-Fund Industry
    • HSBC Is Said to Step Up Scrutiny of China’s Indebted HNA Group
    • China Appliance King Said to Eye IPO of $12 Billion Property Arm
    • Malaysia Central Bank Has More Policy Options, Governor Says
    European equities (Eurostoxx 50 +0.1%) have kicked the week off on the front-foot in a continuation of the sentiment late last week on Wall Street and overnight during Asia-Pac trade. European specific newsflow remains on the light side with the latest Brexit-related headlines questioning PM May’s commitment to Friday’s deal on the Irish border unable to derail sentiment. In fact, the FTSE 100 (+0.7%) is currently out-performing its peers largely on a currency basis amid recent GBP softness with GBP/USD below 1.3400. The FSTE has also been bolstered by Hong Kong-exposed banks with index-heavyweight HSBC (+1.9%) and Standard Chartered (+1.8%) both near the top of the leaderboard in-fitting with some of the price action seen overnight; financial names subsequently outperform. Gilts have extended early gains to 55 ticks at a marginal new 124.70 high, and Brexit-related impulses appear to be encouraging buyers rather than anything more fundamental (like Rightmove’s weak house price report overnight). Doubts about the actual deal that has been struck to move forward to phase 2 of negotiations with the EU continue to underpin the 10 year UK benchmark and undermine PM May who continues to face opposition and challenges to her position (both internally and externally). Of course, thin December/year end trading conditions are impacting and exacerbating price action, while Bunds are deriving some indirect support to trade up to 163.61 (+13 ticks vs -11 ticks at one stage) and US Treasuries are inching up too. However, German debt looks reluctant to get too carried away ahead of Thursday’s ECB policy meeting that should underscore more upbeat assessments via the presser and Staff forecasts ahead of January’s QE downsizing, and the impending bond-buying suspension for the 2017-2018 turn. On the US front, 3 and 10 year supply to consider and make room for if not a concession, and then the FOMC (hike anticipated), SEP and dot plots. Back to Liffe, some short end flow via a 10k lot sale of Mar19 Short Sterling futures at 99.100, but the 3 month contract remains bid at the price.

    Top European News
    • As Brexit Moves On, Poland Risks Becoming EU’s Real Rogue State
    • HSBC Says the DOJ to Seek End of Deferred Prosecution Agreement
    In FX, GBP is the main laggard in the G10 space with Cable unable to maintain 1.3400 or above ground on latest Brexit-related uncertainty (Ireland apparently at odds with the UK Government over the legalities of the border agreement), and EURGBP crossing 0.8800 to the upside again. The USD index is back down through 94.000 and unwinding some of its recent recovery gains, aided by last Friday’s US jobs data, with ongoing uncertainty on tax reforms and a vote on the reconciled proposals now not expected until December 22. NZD remains the standout G10 gainer, with a 1%+ rise vs the Greenback on the appointment of ex-RBNZ Deputy Governor and now CEO of the NZ Superannuation Fund, Orr as new RBNZ chief with effect from March 27th, 2018.

    In commodities, WTI and Brent crude futures trade marginally softer with the Kuwait oil minister suggesting that OPEC and non-OPEC nations could consider an exit strategy before the next scheduled meeting in June. As a reminder, Friday’s Baker Hughes data showed an increase in the oil rig count from 749 to 751; an increase for the third consecutive week. In metals markets, gold is slightly firmer despite the largely upbeat sentiment with prices likely swayed by the broadly softer USD. Elsewhere, Asia-Pac trade saw a recovery in Chinese steel futures alongside the nation’s output curbing efforts whilst copper was relatively choppy overnight. Kuwait Oil Minister stated that oil output reductions could stop in June if the market rebalances.

    US Event Calendar
    • 10am: JOLTS Job Openings, est. 6,100, prior 6,093
    • 11am: New York Fed to Release Survey of Consumer Expectations
    DB's Jim Reid concludes the overnight wrap

    With Christmas Day now only being a fortnight away, there’s likely to be one last hoorah this week with regards to activity given a busy week of data, central bank meetings and the post-Brexit divorce agreement European Council meeting at the end of the week. The highlight is undoubtedly the almost completely nailed on FOMC rate hike on Wednesday and the last Yellen press conference. With regards to the ECB meeting on Thursday, the focus will be on the latest staff macroeconomic forecasts with the first outlook for 2020 due to be revealed. It’s also worth keeping an eye on Draghi’s press conference and particularly if he addresses some of the internal divisions which have been hinted at on forward guidance. The BoE meeting should be the least exciting of the three (Thursday) with any discussion on what the Brexit breakthrough on Friday might mean for policy being the most interesting feature. As an aside it was fascinating to read the FT this morning to see that any incoming Labour Government might look to relocate most of the BoE to Birmingham. An interesting proposal to say the least!!

    Returning to Brexit, the EC meeting scheduled for Thursday and Friday will shed some light on how quickly we can get a transitional agreement for the UK and how contingent it is on talks over the future relationship. It is generally perceived that the UK needs this ASAP and before March at the very latest to ease the worries of businesses. So this week’s meeting is important for the mood music. One of the interesting things about Brexit is that of the few polls that have been done in recent months, it’s not clear you would get a materially different result today if there was a fresh referendum. Views are pretty entrenched. Also with Martin Schulz last week encouraging the continent to aim for a “United States of Europe” by 2025, and with Macron on a similar page, if Europe is going to go in this direction (a big if I appreciate) then the U.K. would collectively never agree to be part of this. So as painful as Brexit might be in the short-term if negotiations go badly, it’s possible that the two areas would eventually deviate economically anyway. So maybe we’re just accelerating that move. Just food for thought.

    With regards to the data this week, the most significant release is the November CPI report in the US on Wednesday. The consensus is for a +0.4% mom jump in the headline and +0.2% mom rise in the core. Base effects are expected to hold the annual core rate at +1.8% yoy however. Staying with inflation we have the final November CPI revisions for the UK (Tuesday), Germany (Wednesday) and France (Thursday), as well as US PPI (Tuesday) and retail sales (Thursday). In China we’re also due to receive the November retail sales, fixed asset investment and industrial production data on Thursday. Also due this week are the flash December PMIs in Europe and the US on Thursday. Expectations are for the manufacturing PMI for the Eurozone to hold at the lofty levels of around 60. So given all the above be careful to keep some brain cells active after all those Xmas parties and lunches.

    Over in the US, President Trump is expected to give a closing argument for the tax reforms this Wednesday. He sounded relatively upbeat on Sunday when he tweeted “getting closer and closer on the tax cut bill… House and Senate working very hard and smart”. Elsewhere, the reconciliation of the House and Senate tax bill continues with the timing broadly unchanged, which is to have the finalised bill ready for Trump’s signature before year end.

    Over the weekend, China’s November PPI was in line at 5.8% yoy but moderated from last month’s 6.9%, while CPI was a tad softer at 1.7% yoy (vs. 1.8% expected), mainly due to faster price declines in the food sector. This morning in Asia, key bourses are all trending higher. China’s CSI 300 (+0.94%), the Hang Seng (+0.57%), Nikkei (+0.36%) and Kospi (+0.29%) are all up as we type.

    Now briefly recapping markets performance from last Friday. US bourses strengthened 0.4%-0.6% following a nonfarm payrolls beat and Congress voting to avert a partial government shutdown. The S&P rose 0.55% to a fresh high, with gains broad based and led by the health care and telco sectors. European markets were also all higher, with gains led by the FTSE (+1.0%) following the Brexit break through, while the Stoxx 600 (+0.73%) and DAX (+0.83%) also advanced. The VIX fell for the fourth consecutive day and is now below 10 again (-5.71% to 9.58).

    Government bonds softened with core 10y bond yields up 1-3bp (UST & Bunds +1.3bp; Gilts +2.6bp) while peripheral bond yields outperformed. Turning to currencies, the US dollar index gained for the fifth consecutive day (+0.11%, +1.1% for the week), while the Euro was flat and Sterling fell 0.62%. In commodities, WTI oil rose 1.18% and precious metals strengthened (Gold +0.1%; Silver +0.87%). Other base metals were little changed (Copper flat; Zinc +0.59%; Aluminium +0.28%).

    Away from markets, our Chinese economists see five key structural challenges for China over the next five years, including: i) global interest rates will likely rise, ii) the labour force in China is shrinking, iii) property and infrastructure investments face constraints as growth drivers, iv) financial risks have reached alarming levels and v) environmental constraints are also clear. The team takes a closer look at these factors and expects GDP growth will likely slow to 6.3% in 2018 and 2019, with risks balanced. Elsewhere, another round of regulatory tightening has started to contain financial leverage and property speculation. On the other side, the main risks to growth outlook come from inflation and interest rates. The team thinks the market underestimates the risk of inflation in 2018 and 2019.

    Over in Germany, SPD’s leader Mr Schulz noted his party won’t “shy away from its responsibilities” and "we’re going into open ended talks to figure out how to bring this country out of this difficult situation”. His official meeting with Ms Merkel will start this Wednesday.

    Finally back onto Bitcoin. The New Zealand central bank’s acting governor Spencer noted that Bitcoin “looks remarkably like a bubble forming to me…with a bubble, you never know how far it’s going to go before it comes down”. That said, he also noted that “digital currencies…are a real and serious proposition for the future…but not the sort that we see in bitcoin”. Elsewhere, futures on Bitcoin have started trading today at CBOE and have already seen a 25% rally and two trading halts. Futures trading is likely to add even more speculative interest to this story.

    We wrap up with other data releases from Friday. In the US, the November change in nonfarm payrolls was above market at 228k (vs. 195k expected). While there was a 17k downward revision to the prior month, the strength of payrolls was still evident given a 6- month average gain of 178k - the fastest pace of growth seen since February. The unemployment rate was in line at 4.1% and remained at a 17 year low. However, the average hourly earnings growth was a tad softer at 0.2% mom (vs. 0.3% expected) and 2.5% yoy (vs. 2.7% expected), and note that the prior reading was revised down by 0.1ppt. Elsewhere, the December University of Michigan consumer sentiment index was below market at 96.8 (vs. 99 expected), but in line with the average for the year and the one year-ahead expected inflation rose 0.3pts to 2.8% (a level not seen since April last year). Finally, the final reading of October wholesale inventories was -0.5% mom (vs. -0.4% expected). Factoring in above, the Atlanta Fed’s GDPNow model now estimates 4Q GDP growth at 2.9% saar (vs. 3.2% previous).

    In Europe, France’s October IP was substantially above market at 1.9% mom (vs. -0.1% expected) and 5.5% yoy (vs. 2.9% expected), partly due to stronger manufacturing at 2.7% mom. In the UK, October IP was in line and flat for the month, but prior revisions led annual growth to be higher at 3.6% yoy (vs. 3.5% expected). Elsewhere, manufacturing production was slightly above at 0.1% mom (vs. 0% expected) and 3.9% yoy (vs. 3.8% expected). Finally, the October trade deficit narrowed to -£1.4bn (vs. -£3bln), with exports up 9.5% yoy and imports up 9.6% yoy.

    http://www.zerohedge.com/news/2017-...ing-asian-shares-higher-european-stocks-dolla
     
  27. searcher

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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Futures Flat As FOMC Meeting Begins; Brent Jumps Over $65 For First Time Since 2015

    [​IMG]
    by Tyler Durden
    Dec 12, 2017 6:59 AM

    E-mini futures are modestly in the green this morning, though net of fair value the S&P index is poised for another record high open as the FOMC begins its last meeting for 2017 in which it is expected to raise rates by 25bps. European stocks gain while Asian equities slide led by weakness in Chinese airplane stocks. Brent has jumped above $65 for the first time since 2015 as a result of a shutdown in the Forties North Sea pipeline, which carries 40% of UK North Sea oil & gas production while sterling declines amid the ongoing Brexit drama despite the highest UK inflation print since 2012.

    [​IMG]

    The Forties pipeline is important for the global oil market because the crude it carries normally sets the price of dated Brent, a benchmark used to price physical crude around the world and which underpins Brent futures. The shutdown comes as oil supply cuts by OPEC have helped chip away an excess of inventories built up following a global supply glut which began to emerge in late 2014.

    “Such a reaction (in prices) indicates that supply disruptions can no longer be ignored in tight markets,” said Hussein Sayed, analyst at FXTM. U.S. crude oil futures were last 0.5 percent higher at $58.30 a barrel.

    Across macro, the Aussie 10-year yield fell four basis points while T-note yields were a basis point lower at 2.38%. The Bloomberg Dollar Index steady near three-week high; kiwi outperformed G-10 peers for second day. In China, the PBOC added a net 40bn yuan of liquidity, after injecting 20bn the day before, while keeping the CNY fixing little changed.

    Europe's Stoxx 600 Index gained 0.2% as technology shares rebounded after a tech deal in the sector, in which Atos offered to buy Gemalto for $5 billion, lifting shares of peer Ingenico. Energy shares also rose, helped by firmer oil prices as brent jumped above $65 for the first time since 2015 on a North Sea pipeline closure.

    In Asia earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan drifted off 0.3 percent, having bounced 2% in the past three sessions, with markets consolidating in the hope an upswing in global growth could outlast a likely hike in U.S. interest rates this week. The Nikkei 225 retreated from a 26-year high, and Hong Kong and Chinese shares slipped. Australia's ASX 200 (+0.3%) and Nikkei 225 (-0.3%) were mixed with strength in commodity related stocks keeping the Australian benchmark afloat. This was after copper rose to above USD 3/lb and Brent crude rallied to a 2-year high on reports the Forties pipeline, which carries 40% of UK North Sea oil production, will be shut for weeks due to repairs. Meanwhile the Hang Seng (-0.6%) and Shanghai Comp. (-1.3%) were subdued on plans of further regulatory steps for insurers to help curb risks and reports of possible contingency measures such as higher interest rates and tighter capital controls to combat possible outflows and support CNY from the impact of US tax reform and Fed hikes.

    Losses for large-cap Chinese shares accelerated toward the close as A shares of the nation’s big three carriers all posted their worst daily declines since February 2016 amid rising oil prices. China Southern Airlines Co. slumped 6.5% in Shanghai, Air China Ltd. lost 5.5% and China Eastern Airlines Corp. dropped 5.3%. All three rose more than 10% over one month through Monday, led by China Southern with a 23% gain; even after Tuesday’s losses, China Southern and Air China are up more than 40% this year. “Airlines stocks have been rising in defiance of an oil rally because of better performance in ticket prices in what is traditionally a slow season,” said Su Baoliang, an analyst at Sinolink Securities Co. “Today’s decline shows the continued oil rally finally having its toll. Some investors have decided to lock in their gains.” As a result, the CSI 300 Index closed down 1.3%, its biggest loss in two weeks.

    Hong Kong stocks fell in tandem with mainland equities Tuesday afternoon, as airlines tumbled amid rising oil prices. Sunny Optical Technology Group Co. led a retreat among technology shares after a recent rally. The Hang Seng Index closed down 0.6% after rising as much as 0.4% in the morning; that ended three days of gains that had added 2.6%. Hang Seng China Enterprises Index drops 1%. Shanghai Composite Index falls 1.3%.

    The euro edged higher and most European bonds declined even as German investor confidence slid in December for the first time in four months. The Bloomberg Dollar Spot Index erased overnight losses before the start of the FOMC’s two-day meeting and 10-year Treasury yields edged lower. Sweden’s krona led G-10 gains after inflation beat expectations. Meanwhile, sterling fluctuated as U.K. inflation unexpectedly accelerated to the highest rate in more than five-and-a-half years. Commodity-linked currencies also got a boost from the pick up in oil prices. The Australian dollar and the New Zealand dollar were both over half a percent higher while the Norwegian crown rose 0.7 percent.

    The dollar was idling at 113.42 yen just off a one-month top of 113.69, while the index that measures it against a basket of peers was down 0.1 percent. Dealers at Citi noted interbank volumes in the forex market had been 35 percent below average overnight and another thin session was in prospect for Tuesday. There was a little more action in bitcoin, which was last up over half a percent on the day at $16,540 on the Bitstamp exchange BTC=BTSP. The cryptocurrency's newly launched 1-month futures contract fell 4% to stand at $17,780 on its second day of trading.

    The fate of the dollar is now in the hands of the 3-day FOMC meeting which started today, while the European Central Bank and the Bank of England will meet for the last time in 2017 on Thursday.

    JPMorgan economist David Hensley suspects the Fed will revise up its growth forecast while trimming the outlook for the unemployment rate, potentially adding upside risk to the “dot plot” forecasts on interest rates. “The dot plot previously called for three hikes in 2018; it is a close call whether this moves to four hikes,” he warned, a shift that would likely boost the dollar but could bludgeon bonds. “For its part, the European Central Bank (ECB)is likely to emphasize its low-for-long stance and continue to distance itself from the Fed,” he added. “The staff is likely to revise up its 2018 growth forecast, while we think the core inflation forecast will reveal an even slower recovery than before.”

    The divergence in Fed and ECB policy was supposed to be bullish for the dollar, given it had widened the premium offered by U.S. two-year yields over German yields to 256 basis points from 188 basis points this time last year. The last time the spread was so wide was in 1999 according to Reuters.

    In commodities, the big mover was Brent which topped $65 for the first time since 2015 amid reports of an outage in the Forties North Sea pipeline. Subsequently, this saw the WTI/Brent widen to $7.35, the widest since May 2015, while UK gas futures saw its largest rise since 2011 with support also coming from an explosion at OMV’s gas facility in Baumgarten.

    [​IMG]

    In metals markets, gold is currently trading relatively flat whilst base metals in China continued to be supported overnight by domestic supply cuts. Goldman Sachs says on a long term basis expects commodities to outperform other asset classes even as policy makers are forced to hike rates, most bullish copper and most bearish aluminium. Protesters in Nigeria claim they have halted flows from 3 of Eni's (ENI IM) wells. U.K. natural gas prices surged after a pipeline explosion in Austria threatened to tighten flows.

    In rates, the yield on 10Y TSYs dipped less than one basis point to 2.39%, while Germany’s 10Y Bund rose two bps to 0.31%, the highest in a week. Yield on Britain’s 10Y Gilt climbed two basis points to 1.225% as Japan’s 10Y JGB yield declined less than one basis point to 0.047%, the lowest in a week.

    VeriFone and MongoDB are among companies reporting earnings. Economic data include PPI readings, monthly budget statement.

    Bulletin Headline Summary from RanSquawk
    • European equities trade with little in the way of firm direction. Energy names outperform in the wake of yesterday’s Forties pipeline outage
    • In FX markets, EUR and JPY are a tad firmer vs the Dollar, as the DXY struggles to stay within touching distance of the 94.000
    • Looking ahead, highlights include US PPI and supply from the US
    Market Snapshot
    • S&P 500 futures up 0.08% to 2,663.50
    • STOXX Europe 600 up 0.2% to 389.75
    • MSCI Asia down 0.1% to 170.21
    • MSCI Asia ex Japan down 0.3% to 552.60
    • Nikkei down 0.3% to 22,866.17
    • Topix up 0.1% to 1,815.08
    • Hang Seng Index down 0.6% to 28,793.88
    • Shanghai Composite down 1.3% to 3,280.81
    • Sensex down 0.7% to 33,222.70
    • Australia S&P/ASX 200 up 0.3% to 6,013.20
    • Kospi down 0.4% to 2,461.00
    • German 10Y yield rose 0.7 bps to 0.3%
    • Euro up 0.1% to $1.1783
    • Italian 10Y yield rose 0.3 bps to 1.391%
    • Spanish 10Y yield fell 0.5 bps to 1.408%
    • Brent Futures up 1.1% to $65.37/bbl
    • Gold spot up 0.2% to $1,244.35
    • U.S. Dollar Index down 0.08% to 93.79
    Top Overnight News via BBG
    • Alabama votes in a special general election to fill Senate seat vacated by Attorney General Jeff Sessions
    • U.S. and South Korea may delay joint military drills until after Pyeongchang Winter Olympics in February to reduce tensions with North Korea
    • International Trade Secretary Liam Fox said the U.K. would like a trading relationship with the EU after it leaves the bloc that’s “virtually identical” to the one it has now
    • China will continue its neutral monetary policy with a bias toward tightening next year, according to a front-page commentary in Securities Times; the country may cut RRR for some banks to provide liquidity and increase support for agriculture and small companies
    • Britons will see their real wages drop 0.5% next year, lagging behind a global average of a 1.5% gain, according to a salary forecast from Los Angeles-based recruitment firm Korn Ferry
    • Unibail Buys Westfield for $16 Billion as Mall Owners Merge
    • Disney Said to Near Deal for Fox Assets as Comcast Drops Out
    • Edison Sees Its Equipment Being Probed as Possible Cause of Fire
    • Atos Bids $5.1 Billion for Security- Software Maker Gemalto
    • Passport to Shut Global Hedge Fund After ‘Unacceptable’ Returns
    • State Dept. Said to Convene U.S. Airlines for ‘Open Skies’ Talks
    • Trump May Actually Be Right About the Trade Deficit With Canada
    • ‘Star Wars: Last Jedi’ Could Approach $200m in Domestic Opening
    • AMC, Saudi Arabia Fund to Explore Commercial Opportunities
    • J&J Says Darzalex Data Show Manageable Safety Profile, 12% IRs
    • Billionaire Zara Owner Said to Seek $472 Million for 16 Stores
    Asia equity markets traded subdued as momentum from Wall Street where S&P 500 and DJIA posted fresh record closes, was lost on the region. ASX 200 (+0.3%) and Nikkei 225 (-0.3%) were mixed in which strength in commodity related stocks kept the Australian benchmark afloat. This was after copper rose to above USD 3/lb and Brent crude rallied to a 2-year high on reports the Forties pipeline, which carries 40% of UK North Sea oil production, will be shut for weeks due to repairs. Hang Seng (-0.6%) and Shanghai Comp. (-1.3%) were subdued on plans of further regulatory steps for insurers to help curb risks and reports of possible contingency measures such as higher interest rates and tighter capital controls to combat possible outflows and support CNY from the impact of US tax reform and Fed hikes. Finally, 10yr JGBs traded relatively flat, although some mild support was observed following a 5-yr auction in which the b/c and accepted prices were higher than previous. China's insurance regulator plans to revise certain guarantee fund rules for insurance industry as China seeks to strengthen insurers' capability to curb risks. PBoC injected CNY 80bln via 7-day reverse repos and CNY 70bln via 28-day reverse repos. PBoC set CNY mid-point at 6.6162 (Prev. 6.6152)

    Top Asian News
    • Philippines to Approve $2.6 Billion Tax Bill in Win for Duterte
    • Big 3 China Airlines Fall Most in 22 Months, Dragging Large Caps
    • Reliance Said to Weigh Jio IPO After $31 Billion Wireless Spree
    • China to Guide Private Capital into Internet Security Investment
    European stocks trade modestly higher in what’s been a relatively choppy session thus far. Shares have seen some support from M/A activity, alongside the strength in energy names. Gemalto shares surged some 30% after Atos’s EUR 4.3bln takeover proposal. Energy names gaining on the back of Brent crude futures rising to the highest level since 2015 amid reports of the outage in the Forties North Sea pipeline, which carries 40% of UK North Sea oil & gas production. It seems the path of least resistance remains south for fixed, with fresh losses made in recent trade, albeit in a gradual and measured manner. Bunds are just off a 163.27 base, and with the 10 year cash yield back above the 0.30% level that has been sticky despite a brief dip below on Monday, and even 2 year Schatz futures are retesting worst levels (112.130) despite a solid auction, but chart support around 112.120 could stall further declines. Elsewhere, Gilts just printed a tick below the initial post-UK inflation data low, at 124.69 before regrouping and USTs have also recovered some composure to sit just off worst levels awaiting the 2nd half and PPI data, plus the long bond offering.

    Top European news
    • Genmab Drops; Bernstein Expects Near-Term Estimates to Come Down
    • Swedish Inflation Surprise Paves Way for Stimulus Retreat
    • Gas Explosion at OMV’s Baumgarten Hub Leads to Shutdown
    • Poland Triggers Alarm Bells as Judges Tumble in Eastern EU
    • Atos Bids $5.1 Billion for Security-Software Maker Gemalto
    In FX markets, EUR and JPY are a tad firmer vs the Dollar, as the DXY struggles to stay within touching distance of the 94.000 level into day 1 of the December FOMC. Sterling saw a push higher with inflation rising by 3.1% above analyst estimates which is also against the peak that the BoE had estimated for October. However, the move was short-lived and GBP then proceeded to lose ground against its major counterparts with Brexit still at the forefront after European Parliament’s Verhofstadt stating that David Davis made an own goal with Brexit deal remarks. Elsewhere, we have seen a sharp reversal and retreat in EUR/SEK on the back of Swedish inflation data beats with CPI at 1.9% y/y in November vs 1.7% expected and last, while the Riksbank’s targeted CPIF index came in at 2% against the 1.8% forecast and the same previously. Finally, Kiwi continues to outperform its G10 peers, with NZD/USD forming a firmer base above 0.6900 and the rebound on less dovish RBNZ expectations pushing the pair just over 0.6950 at one stage

    In commodities, Brent crude futures are trading at 2015 levels after breaking above USD 65/bbl amid reports of an outage in the Forties North Sea pipeline. Subsequently, this saw the WTI/Brent widen to USD 7, while UK gas futures saw its largest rise since 2011 with support also coming from an explosion at OMV’s gas facility in Baumgarten. In metals markets, gold is currently trading
    relatively flat whilst base metals in China continued to be supported overnight by domestic supply cuts. Goldman Sachs says on a long term basis expects commodities to outperform other asset classes even as policy makers are forced to hike rates, most bullish copper and most bearish aluminium. Protesters in Nigeria claim they have halted flows from 3 of Eni's wells. Ineos who operate the Forties pipeline state that the crack in the pipeline is 5-6 inches and they will know within the coming days
    whether the pipeline will be closed for 2 or 3 weeks. Libya's Waha Oil Co. state that they are producing around 217k bpd.

    Looking to the day ahead, the CPI/RPI/PPI prints are due in the UK (CPI 0.2% mom and 2.7% yoy core expected), and November PPI due in the US. The December ZEW survey will also be released in Germany while the November NFIB small business optimism and November monthly budget statement data are also out in the US. Away from the data, ECB President Draghi is scheduled to speak in Frankfurt while in the US a special general election will be held in Alabama to fill the US Senate seat, which has been vacated by Attorney General Jeff Sessions.

    US Event Calendar
    • 6am: NFIB Small Business Optimism, est. 104, prior 103.8
    • 8:30am: PPI Final Demand MoM, est. 0.3%, prior 0.4%; Ex Food and Energy MoM, est. 0.2%, prior 0.4%
      • PPI Final Demand YoY, est. 2.9%, prior 2.8%; Ex Food and Energy YoY, est. 2.35%, prior 2.4%
    • 2pm: Monthly Budget Statement, est. $134.5b deficit, prior $136.7b deficit
    DB's Jim Reid concludes the overnight wrap

    In between the snow showers in London yesterday there really wasn’t a lot going on yesterday unless of course you were a Bitcoin trader. Markets are waiting for the central bank and inflation onslaught this week. Indeed this morning see the starts of this with CPI/RPI/PPI prints due in the UK before the PPI is due in the US. Ahead of this there was a big Gilts rally yesterday as 10y yields fell 7.7bp to a 3 month low, while USTs rose 1.2bp and Bunds fell 1.4bp back to levels last seen in late June.

    The rally in Gilts partly reflects increased concerns on the Brexit deal from last week. In the UK, PM May told Parliament that the UK’s financial settlement offer is conditional on a successful post-Brexit trade deal and Brexit Secretary Davis noted the agreement was “much more a statement of intent than it was a legally enforceable thing”. Bloomberg also noted Foreign minister Johnson continues to press PM May for a “hard” Brexit. On the other side, the EU Commission called it a “gentlemen’s agreement”, but caveat that if the UK try to unpick what it was agreed, it will halt the next phase of talks. Elsewhere, Bloomberg reported that Ms Merkel told CDU/CSU caucus members that it’s likely the EU Summit this week will confirm Brexit talks can move onto trade, but the mandate will only be provided in February. Along with the Gilts rally, GBPUSD fell 0.37% yesterday.

    Over in the US, there is a special general election in Alabama today to fill the US Senate seat which has been vacated by Republican Jeff Sessions. It was initially thought to be an easy win for the Republicans as no Democrat has won an election for the Senate in almost 20 years. However, the race has tightened with polls suggesting it is too close to call or showing conflicting results. For example, a Fox News poll released yesterday showed the Democrat candidate having a 10 point lead, but Politico noted most public surveys conducted last week showed the Republican candidate Roy Moore having a small lead instead.

    Notably, a potential win by Democrats would reduce the Republican’s Senate majority to a thin margin of 51-49 (from 52-48). Given that the tax bill has been approved by Congress and is now in the reconciliation stage, it is less likely to scuttle this process, but a Democrat win could impact the prospects of future bills being passed. CNN noted that one in every 20 votes so far this year in the Senate would have had a different outcome if just one vote had flipped to the opposite side.

    Over in commodities, Brent rose 2.03% to the highest since August 2015 as a key North Sea pipeline (Forties Pipeline system) was shut down after a crack was discovered. According to the operator, repairs are expected to take weeks. The boost to energy stocks along with a rebound in tech and telco shares helped the S&P edge +0.32% higher to a fresh high, while the Dow (+0.23%) and Nasdaq (+0.51%) also advanced. Back in Europe, equities trended slightly lower with the Stoxx 600 (-0.05%) and DAX (-0.23%) both down, but the FTSE100 bucked the trend to be up 0.80%, partly benefiting from the weaker Sterling and gains in mining stocks.

    Moving along, the DB’s House View team published their latest report yesterday, with the title “Happy holidays”, which they think summarises the market mood at the moment. As always they recap the views from our economists and strategists across research. Click the link for our views into 2018 for global macro, central banks, political risk and key markets views by asset class. This morning in Asia, markets are trading modestly weaker. The Nikkei is down -0.28%, while other key bourses are down c0.5% as we type (Kospi -0.54%; Hang Seng -0.46%; China CSI 300 -0.61%). Now briefly recapping other markets performance from yesterday. The US dollar index firmed 0.06% while the Euro and Sterling fell 0.03% and 0.37% respectively. The NZDUSD jumped 0.95% following news that Adrian Orr has been appointed as the next Governor of New Zealand’s central bank. In commodities, precious metals softened (Gold -0.52%; Silver -0.97%) while other base metals advanced modestly (Copper +1.20%; Zinc +1.46%; Aluminium +0.56%). Elsewhere, The VIX fell for the fifth consecutive day to 9.34 and is now down c20% from last Monday.

    Away from the markets and onto the ECB’s Nowotny comments. He noted the ECB should be “careful when unwinding low interest rates” but “thanks to the broad base economic expansion…growth prospects are looking up…in particular at the European level”. On Austria more specifically, he noted systemic risks from real estate lending remain subdued, but close supervisory monitoring is required.

    Elsewhere, he touched on Bitcoin, noting it is “not a currency. It doesn’t fulfil the criteria” and based on its scope, “one should probably discuss whether regulatory steps are necessary here”.

    Over in the US, President Trump’s infrastructure plans may be in focus early next year as the White House noted Trump had “a productive meeting” with Transportation and Infrastructure Committee Chairman Shuster where they discussed plans “for rebuilding America’s infrastructure”. Bloomberg had earlier noted that Trump may be releasing his infrastructure plans in January 2018. Elsewhere, according to a one page analysis by the US Treasury department, the Republican tax proposals would pay for themselves over the next 10 years, with the report expecting GDP to increase an average of 2.9%, which would lead to US$1.8trn in new revenue. The growth number will obviously be questioned.

    Back in Germany, Ms Merkel seems to be providing support for France Macron’s proposed reforms for a tighter Europe. She noted "it would be better if Europe spoke with one voice” and that Europe “does not only need a stronger economic and monetary union but we must also have a Europe of security and the rule of law…” Elsewhere, she was confident that Germany would be able to ‘react
    in a concrete way” to Macron’s proposed reforms and that reforms must make progress in 2018.

    The latest ECB holdings were released yesterday. Net CSPP purchases last week were €1.1bn and Net PSPP purchases €16.2bn. This left the CSPP/PSPP ratio at a lowly 7% last week (12% over last 4 weeks vs. 11.5% before QE was trimmed in April 2017). The reduced CSPP/PSSP ratio partly reflects the seasonal lull and likely noise in these numbers during December. Overall, we believe relevant signals will start trickling in from January after net QE purchases have been halved. That said, we still think the ECB will likely keep CSPP relatively unscathed as part of this process.

    Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the October JOLTS job openings was lower than expectations at 5,996 (vs. 6,135), but the quits rate remained at 2.2%. In France, the November Business industry sentiment index was broadly in line at 106 (vs. 107). Over in Italy, the October retail Sales fell more than expected, at -1% mom (vs. flat expected) and -2.1% yoy (vs. 3.1% previous). In the UK, the November Rightmove measure of home asking prices fell 2.6% mom (vs. -0.8% previous).

    Over in Asia, Japan’s 4Q MoF/Cabinet Office Business Outlook Survey was reasonably upbeat. Large and medium sized firms in both the manufacturing and non-manufacturing sectors reported an improvement in business conditions and the survey also pointed to considerable optimism about the outlook for business conditions in 1Q18.

    Looking to the day ahead, the CPI/RPI/PPI prints are due in the UK (CPI 0.2% mom and 2.7% yoy core expected), and November PPI due in the US. The December ZEW survey will also be released in Germany while the November NFIB small business optimism and November monthly budget statement data are also out in the US. Away from the data, ECB President Draghi is scheduled to speak in Frankfurt while in the US a special general election will be held in Alabama to fill the US Senate seat, which has been vacated by Attorney General Jeff Sessions.

    http://www.zerohedge.com/news/2017-...ng-begins-brent-jumps-over-65-first-time-2015
     
  29. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    DB - Opening Bell: 12.12.17
    https://dealbreaker.com/2017/12/opening-bell-12-12-17/

    Naked Capitalism Links 12/12
    https://www.nakedcapitalism.com/2017/12/links-121217.html

    SA - Market News Live Feed 12/12
    https://seekingalpha.com/market-news

    TRB - Hot Links: Blood Money 12/12
    http://thereformedbroker.com/2017/12/12/hot-links-blood-money/

    CWS - Morning News: December 12, 2017
    http://www.crossingwallstreet.com/archives/2017/12/morning-news-december-12-2017.html

    RR - Inflation, Retirement and Bitcoin 12/12
    https://www.bloomberg.com/view/articles/2017-12-11/what-s-the-value-of-bitcoin-who-knows

    SA - Wall Street Breakfast: Investors Ready For FOMC Meeting 12/12
    https://seekingalpha.com/article/4131247-wall-street-breakfast-investors-ready-fomc-meeting

    MtM - UK Front and Center, but Sterling is Laggard in Today's Move Against the Dollar 12/12
    http://www.marctomarket.com/#!/2017/12/uk-front-and-center-but-sterling-is.html
     
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    Brent Oil Jumps Above $65 for First Time Since 2015 on Pipe Halt

    December 12, 2017 by Bloomberg

    [​IMG]
    Photo: By VanderWolf Images / Shutterstock

    By Grant Smith (Bloomberg) — Global benchmark Brent crude jumped above $65 a barrel for the first time in 2 1/2 years after one of the most important pipelines in the world was shut because of a crack.

    Futures rose as much as 1.8 percent in London, set for the highest close since June 2015, after advancing 2 percent Monday. It will take about two weeks to repair the small hairline crack after it was discovered on the North Sea Forties Pipeline System during a routine inspection, according to operator Ineos. In the U.S., crude stockpiles are forecast to drop a fourth week, a Bloomberg survey showed before government data Wednesday.

    Oil is heading for a second yearly gain as the Organization of Petroleum Exporting Countries and its allies including Russia extend supply cuts through to the end of 2018. A strategy to exit the deal can be drafted in June if the market is no longer oversupplied by then, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.

    “The extra tick-up in the price is a result of what’s happened in the North Sea, because it just starts to say the market is a little more tight,” Daniel Yergin, vice chairman of consultants IHS Markit Ltd., said in a Bloomberg television interview.

    [​IMG]

    Brent for February settlement rose as much as $1.14 to $65.83 a barrel on the London-based ICE Futures Europe exchange, and was at $65.68 at 1:11 p.m. London time. Prices gained $1.29 to $64.69 on Monday. The benchmark traded at a premium of as much as $7.35 to February West Texas Intermediate, the most since May 2015.

    WTI for January delivery climbed as much as 57 cents, or 1 percent, to $58.56 a barrel on the New York Mercantile Exchange after rising 1.1 percent Monday. Total volume traded was about 15 percent above the 100-day average.

    The supplies that flow through the Forties Pipeline System are the single largest constituent part of so-called Dated Brent crude that helps to settle more than half of the world’s physical oil prices. The shutdown forced Apache Corp. to suspend operations at its nearby Forties field.

    “Yesterday’s closure of the Forties pipeline system for weeks is one of the most significant unplanned crude oil shortages we have seen this year,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. in London.

    Oil-market news:

    U.S. crude stockpiles probably dropped by 2.89 million barrels last week, according to the Bloomberg survey before an Energy Information Administration report Wednesday. Protesters in Nigeria’s southern Niger River delta stopped work at three oil wells operated by Eni SpA’s Nigerian unit, their representatives said.

    © 2017 Bloomberg L.P

    Filed Under: Maritime News Tagged With: Oil

    http://gcaptain.com/brent-oil-jumps-65-first-time-since-2015-pipe-halt/
     
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    U.S. Fuels the World as Shale Boom Powers Record Oil Exports

    December 12, 2017 by Bloomberg

    [​IMG]
    The Theo T departs the port of Corpus Christi with the first export cargo of US crude oil since the United States government repealed a 40 year ban on the export of crude oil in December 2015. Picture taken December 31, 2015. Photo credit: Port of Corpus Christi

    By Laura Blewitt (Bloomberg) — The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down.

    You name it — crude oil, gasoline, diesel, propane and even liquefied natural gas — all were shipped abroad at a record pace. While the surge comes many years after the shale boom started, it can be traced straight back to the growth of horizontal drilling and fracking. U.S. exports are poised to expand even further, as the fear of peak oil supply has all but vanished just as a new demand threat emerges in the form of electric vehicles.

    Crude Oil
    Americans are expected to end the year pumping oil out of the ground at rates unseen since the early 1970s. More and more of it is going overseas, giving OPEC a headache as the group restrains its own output.

    Last year the U.S. tested the export waters after a nearly four-decade-old ban was removed. But this year, purchases of U.S. light, sweet crude have skyrocketed as pipeline and dock infrastructure was built out and the wider price spread between Brent and West Texas Intermediate crude coaxed more cargoes abroad.

    Canada, once the only regular buyer of U.S. crude, finds itself competing with refiners in Europe and Asia. China’s appetite for American oil is voracious: in April, China bought more than Canada did for the first time.

    “It’s pretty amazing, really,” said Matt Smith, ClipperData LLC’s director of commodity research. “You learn to never say never in this market.”

    Of all the emerging trade flows this year, crude deliveries into Europe and Asia are most surprising, according to Smith. And if the price of European oil stays suspended into the New Year — a good possibility after the Forties oil pipeline was shut this week to repair a crack — U.S. exports will continue hold above 1 million barrels a day.

    “The U.S. has fully integrated itself into the global market,” Smith said by phone. “You have U.S. crude going into Europe, and European crude heading elsewhere because the U.S. is selling crude into its own backyard.”

    Fuel Bonanza
    The growth of U.S. gasoline and diesel exports was more subtle this year, mostly filling the gaps left as refiners in Latin America weren’t up to the task of meeting the region’s growing thirst for fuel.

    Refiners in the middle of the U.S. were pumping out fuel at a record pace, leaving a surplus of refined products along the Gulf Coast ready to be shipped to eager Latin American buyers, according to Mason Hamilton, an analyst with the U.S. Energy Information Administration.

    “The Midwest is running at bonkers levels,” Hamilton said by phone from Washington. Weekly preliminary government data show total gasoline exports hit a record 1.21 million barrels a day in November.

    July was a banner month for American refiners, who processed crude and exported distillate fuel at a record clip, according to monthly data. The strong demand from Latin America will continue into 2018, according to Hamilton.

    NGL/LPG
    Talk about alphabet soup. Exports of oft-confused natural gas liquids and liquefied natural gas exports chugged along to records as well. NGLs like propane and butane are in high demand around the world to feed plastics-making plants, heat homes and stoves. China and Japan emerged as the biggest propane buyers in 2017.

    LNG shipments are just warming up. The sole export terminal in the U.S., operated by Cheniere Energy Inc., hit new highs this year after its capacity was expanded. Mexico, where demand for natural gas increased following energy sector reforms, led all countries in 2017, followed by South Korea and China. LNG is even reaching the Middle East, typically a top supplier of the fuel.

    “It’s like selling ice to the Eskimos,” ClipperData’s Smith said.

    © 2017 Bloomberg L.P

    Filed Under: News Tagged With: US crude exports, us lng exports

    http://gcaptain.com/us-fuels-the-world-as-shale-boom-powers-record-oil-exports/
     
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    Gold Seeker Closing Report: Gold and Silver Trade Mixed With Stocks
    By: Chris Mullen, Gold Seeker Report
    Gold edged up to $1246.20 in Asia before it fell back to $1236.50 in late morning New York trade, but it then bounced back higher in afternoon trade and ended with a gain of 0.13%. Silver rose to as high as $15.815 and ended with a gain of 0.06%.
     
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    Precious Metals Performances: Is Crypto Crushing Gold?
    Junius Maltby



    Published on Dec 12, 2017
    https://www.thebitforum.com
    Lengthy look at news surrounding precious metals performance with many charts to entertain us! Join the Junius Maltby channel as we look at Gold, Silver, Oil and other precious metals as well as some opinion pieces regarding metals and crypto relations.
    $10 Free BTC: https://www.coinbase.com/join/59f9326...

    https://www.patreon.com/JuniusMaltby
    Channel Coin: https://qualitysilverbullion.com/prod...
    BTC Wallets:
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    18vMJCAibzgFzSDoupoWe6noY8bvmWU4CK
    LTC: LeR4z1FwYbgVHv791xydPqmbZeBjgG8wPt
    Ripple XRP: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy
    tag: 1317751799
    Verge XVG: DAsQV89aCbhiWhFwXto7E7Xqk8SKo27Q1f

    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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    Gregory Mannarino - Bitcoin Futures Biggest Pump and Dump Ever
    Greg Hunter



    Published on Dec 12, 2017
    On Bitcoin and the new futures markets for it, Trader/analyst Gregory Mannarino says, “Right now, Wall Street with its hand on Bitcoin, means to me that it’s going to be gamed. (Bitcoin) It’s very thinly traded, it’s not widely held. Very few people actually hold this, and the bulk of this is held by very few. So, to game Bitcoin through the exchanges, someone out here with deep pockets, like a bank with unlimited fiat currency, could run the biggest pump and dump the world has ever seen with regard to Bitcoin. They are going to play it using the futures market. Wall Street is going to game this. How do we know this? Wall Street games everything.”

    On the Bond market, Mannarino contends, “The debt market or the bond market is in the largest bubble the world has ever seen. If you believe Bitcoin is in a bubble, the bond market bubble makes Bitcoin look like one grain of sand on the entire earth. That’s how big the debt bubble is. World central banks have gone to unbelievable lengths to prop all this up. . . .They are going to kill the dollar, and they have been killing it for years. It has lost almost all of its purchasing power.”

    Mannarino says the “red warning flag” will come from both the stock and bond markets at the same time. Mannarino explains, “When we see a sell-off in the bond market that does not stop, and we see a simultaneous sell-off in the stock market, when these two assets start to sell off at the same time, there is the gong of gongs. . . . That’s going to be the moment when people need to run for the hills, if you can get out.”

    Join Greg Hunter as he goes One-on-One with Gregory Mannarino of TradersChoice.net.

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    TVR [#443] 12-13-2017 PRE-MARKET PULSESCAN: NO AFFILIATION, FOMC DAY
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    Published on Dec 13, 2017
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    Ira Epstein's End of the Day Financial Video 12 13 2017
    Ira Epstein



    Published on Dec 13, 2017
     
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    Ira Epstein's Metals Video 12 13 2017
    Ira Epstein



    Published on Dec 13, 2017
     

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