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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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    Asian Metals Market Update: January-11-2018
    By: Chintan Karnani, Insignia Consultants
    In my view there is nothing special about China’s intention of reducing US treasury investment. This was bound to happen much earlier. China is “thee” happening place for the global financial service industry. It has opened up its economy for global investors. China is moving towards a service oriented growth from a manufacturing growth. Chinese moves economically or geopolitically is antagonizing USA and its NATO allies. Chinese reduction in US treasuries is just a way to safe guard its investment from the great American bully attitude.
     
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    Trump appointee may give McDonald's a break in landmark labor case
    by Lydia DePillis @CNNMoney January 11, 2018: 8:46 AM ET


    The Trump administration is moving to undo the actions of former President Obama on almost every front, and now it's happening with breathtaking speed at an agency charged with protecting worker rights.

    Starting last month, after a 3-2 majority of Republican appointees were confirmed, the National Labor Relations Board reversed four Obama-era decisions and one from the Bush years that bolstered protections for workers.

    Trump's influence at the NLRB is also being wielded by the general counsel he appointed, Peter Robb, who was confirmed by the Senate in November.

    Last week, Robb withdrew a July 2017 complaint charging manufacturing conglomerate Honeywell (HON) with illegally locking out 350 union members in New York and Indiana for nearly 10 months by preventing them from doing their jobs and replacing them with temps. As a result of the dismissal, the workers won't get any compensation for the ordeal. The complaint had been filed by Robb's predecessor, former union attorney and Obama appointee Richard Griffin.

    Now, it appears Robb may also back off what has become one of the most expensive and staff intensive cases in the board's history: A complaint filed against McDonald's in 2014 that claims the company should be held liable for alleged retaliatory actions by its franchisees against workers who participated in daylong strikes as part of the Fight for $15 movement, a union-backed campaign to raise wages. The NLRB declined to comment for this story.

    But in labor circles, there is growing speculation that the NLRB under Robb may move to settle the McDonald's case. "Elections have consequences," said Roger King, senior labor and employment counsel with the HR Policy Association, an organization for human resource officers representing major employers, including McDonald's (MCD), when asked to comment on the rumors. "As has been the case for decades, when administrations change, regulatory agencies change course, and that's what's happened at the NLRB."

    The NLRB's general counsel is arguably more powerful than the board members themselves, since he or she decides which cases to bring and what legal arguments to advance. (King had been in the running for the NLRB general counsel job himself, but was never nominated. He is a former partner at the law firm Jones Day, which is serving as lead counsel for McDonald's.)

    Related: Employers steal billions from some of nation's most vulnerable workers

    The McDonald's case began in 2012, when scores of workers filed 291 charges with the NLRB alleging retaliation by McDonald's franchisees, including reductions in hours, interrogations and disciplinary actions for participating in the strike. In 2014, former general counsel Richard Griffin consolidated the charges he found to have merit and issued a complaint naming McDonald's as a "joint employer" that is equally responsible for the retaliation, citing the many ways in which the Golden Arches — a franchising pioneer — controls working conditions even in those restaurants it doesn't own itself.

    The McDonald's case goes to the heart of an issue that has vexed unions and regulators for years: How to organize workers and protect their rights when employment relationships are increasingly stratified by franchises, outsourcing, contracts and subcontracts?

    If McDonald's were found to be a joint employer, large companies that have increasingly outsourced key functions to reduce costs could be on the hook for labor law violations incurred by partners over whom they exert substantial control. Both academics and industry groups, such as the International Franchising Association, have said that could force some companies to rethink their business models.

    To worker advocates, it's a matter of making New Deal-era laws, like the National Labor Relations Act and Fair Labor Standards Act, relevant in a changed workplace.

    "I think that's a bellwether issue as to whether this leadership cares about these statutes making sense and applying today," said Sharon Block, executive director of the Labor and Worklife Program at Harvard Law School, who served as head of policy at the Department of Labor until President Trump took office. "Or is this just a way of letting everybody fend for themselves, without the protections that they were supposed to have?"

    Related: Trump wants more on welfare to work, but many already do

    Both McDonald's and former NLRB general counsel Griffin fought the case hard, taking about 150 days of testimony and calling scores of witnesses, including 57 McDonald's executives and middle managers. McDonald's said in an October filing that discovery alone had cost more than $2 million.

    The record surfaced company practices such as its employee selection system, which franchisees almost universally use, and which Griffin's team had argued gave McDonald's substantial influence over hiring by setting the criteria on which applicants are judged. An operations and training manual also published by McDonald's corporate details job duties down to the second, and the trial revealed that headquarters developed a coordinated response to the Fight for $15 actions, by hiring business consultants who advised franchisees on how to deal with workers who attempted to organize their colleagues.

    "I want to be told when I can start terminating a few of them," a store supervisor in New York texted to one such business consultant, in messages released during the trial. "You have to document them 1st," the consultant texted back.

    McDonalds said in a statement that while it doesn't comment on pending litigation, "McDonald's USA simply is not a joint employer with its franchisees."

    There are only two more scheduled days of hearings left. After that, the NLRB administrative law judge who has been hearing the case will take a few months to issue her decision, which will almost certainly be appealed by the losing party to the agency's board.

    However, the case may not even get that far.

    In December, general counsel Robb issued a memo to regional offices signaling his intention to reverse direction on many of his predecessor's initiatives. While Robb likely couldn't withdraw the McDonald's complaint completely, he could seek to settle it without deciding the joint employer question, because of one of the flurry of decisions that the board issued in mid-December.

    Related: new Trump administration rule could force workers to share tips with employers

    A brief history: In August 2015, the NLRB ruled in a case called Browning-Ferris Industries that a franchisor or contracting company needed to exert only "indirect control" over the "terms and conditions of employment" at franchisees or contractors — or even simply reserve the right to exert that control — to qualify as a joint employer. Last month, the new board rescinded Browning-Ferris, returning to the old, more stringent standard that required "direct control" over contracted or franchised workers in order to qualify as a joint employer.

    Robb may contend that McDonald's wouldn't meet the criteria under the restored standard, and could seek to settle the underlying complaints without pursuing a decision on the joint employer question from the judge.

    Still, the original McDonald's complaint had been issued before Browning-Ferris first came down, and some labor experts think the facts support the case that McDonald's can be considered a joint employer under the resurrected standard.

    "There's a strong argument to be made that even under the pre-Browning-Ferris standard, there was sufficient evidence of direct and immediate control," said Wilma Liebman, who served as NLRB chair from 2009 to 2011 and has studied the McDonald's case record.

    Even if the Republican-dominated board eventually ruled for McDonald's, the NLRB often reverses itself when another party takes power, and Liebman thinks the case should get a decision either way, rather than settling.

    "You're not going to get a joint employer finding from this board, but at least there's a record," she said. "It's a setback, but I don't know that I would call it permanent damage."

    CNNMoney (New York) First published January 11, 2018: 8:46 AM ET

    http://money.cnn.com/2018/01/11/new...eed:+rss/money_latest+(CNNMoney:+Latest+News)
     
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    Oil Crisis, Stock Crash, Gold Crypto-like Gains | Steve St. Angelo
    SilverDoctors



    Published on Jan 11, 2018
    https://sdbullion.com
    http://www.silverdoctors.com/precious...

    Steve St. Angelo tells Silver Doctors global oil production will fall off a cliff, collapsing the markets and making people run for gold.

    St. Angelo discusses how global debt is growing nearly three times as fast as global assets. “It’s taking a lot more money printing to keep the economy going forward,” St. Angelo says.

    He notes energy consumption and economic growth are disconnecting. Wealth is growing, but energy consumption isn’t growing as fast. What accounts for the disconnect is debt. Debt has created a false sense of wealth.

    To make things worse, St. Angelo sees global oil production falling off a cliff. If oil supply falls, the stock market will collapse, he predicts. However, gold and silver could have cryptocurrency-like gains.
     
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    Silver and Gold: Not a Get Rich Quick Scheme
    Silver Fortune



    Published on Jan 11, 2018
    Silver and gold should first and foremost, be a way to preserve wealth, save money, and to hedge against inflation, economic, and geopolitical risk.
     
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    Gold Seeker Closing Report: Gold Gains with Stocks and Oil
    By: Chris Mullen, Gold Seeker Report
    Gold edged down to $1315.70 in Asia, but it then chopped up to as high as $1323.90 in New York and ended with a gain of 0.33%. Silver slid down to $16.884 before it jumped back to $17.03, but it then drifted back lower into the close and ended unchanged on the day.
     
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    Gold-Silver & News Live
    Junius Maltby



    Streamed live 5 hours ago
    News and conversation during lunch hour. Junius Maltby channel and friends!
     
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    About-Face Tweet on Florida Drilling May Backfire on Agency’s Plan

    January 11, 2018 by Bloomberg

    [​IMG]
    U.S. Interior Secretary Ryan Zinke (L) looks on with Secretary of State Rex Tillerson as U.S. President Donald Trump holds a cabinet meeting at the White House in Washington, U.S., January 10, 2018. REUTERS/Jonathan Ernst

    By Jennifer A. Dlouhy (Bloomberg) — Interior Secretary Ryan Zinke just handed offshore drilling foes ammunition for lawsuits by declaring the Florida coast off limits.

    Zinke declared he would dial back a proposal to auction drilling rights in as much as 90 percent of U.S. coastal waters less than a week after the plan was unveiled. The decision, announced Tuesday in a tweet, appeared to circumvent a detailed process laid out in federal law and came without any detailed explanation to justify the changes.

    “It’s politically unwise and legally unwise,” said Michael Livermore, an administrative law professor at the University of Virginia. “They have a draft out there, and there is a formal process for making changes to the draft. And they’re circumventing that.”

    Zinke’s declaration followed a meeting with one of the plan’s top Republican opponents, Florida Governor Rick Scott.

    “I support the governor’s position that Florida is unique, and its coasts are heavily reliant on tourism as an economic driver,” Zinke said in a post on Twitter. “As a result of discussion with Governor Scott’s [sic] and his leadership, I am removing Florida from consideration for any new oil and gas platforms.”

    Zinke also called Scott “a straightforward leader that can be trusted.”

    The Latest: Trump Yanks Florida From Offshore Drilling Plan After Objections

    The Outer Continental Shelf Lands Act specifies eight factors the Interior Department must consider when developing new leasing plans — everything from the proximity of energy markets and the environmental sensitivity of targeted areas to the interest of oil producers and the goals of affected states. The opinions of governors of the affected states — though not their personality traits — are supposed to be taken into account.

    Read my full statement on taking #Florida off the table for offshore oil and gas. Local voice matters. pic.twitter.com/fJhv0p0CDC

    — Secretary Ryan Zinke (@SecretaryZinke) January 9, 2018



    Zinke’s use of a tweet to announce the about-face drew comparisons to how opponents of President Donald Trump’s restrictions on travel from Syria, Libya and other nations have used his own words to argue in court that the policy was meant to discriminate against Muslims.

    Representatives of Zinke and the Interior Department did not respond to an emailed request for comment on the legal consequences of the secretary’s announcement.

    Earlier: Trump Said to Seek Biggest Offshore Drilling Increase in Decades

    At least 11 governors have asked the Interior Department to leave their states out of any new leasing plan. Some of them responded to Zinke’s pronouncement by demanding meetings with the Interior secretary to argue against new offshore drilling near their shores.

    “New York doesn’t want drilling off our coast either,” the state’s governor, Andrew Cuomo, said on Twitter. “Where do we sign up for a waiver?”

    Representative Ted Lieu, a Democrat from California, said Zinke did “not justify discriminatory agency action in favor of Florida over other states” and offered “no evidence other governors can’t be trusted.”

    If Zinke sticks to his decision, the Interior Department is foreclosing new oil lease sales in the south Atlantic, the Florida straits and the eastern Gulf of Mexico from 2019 to 2024. That’s a big blow to the oil industry, which viewed the eastern Gulf as prime new real estate in the U.S. — sure to contain crude and natural gas, close to existing development and near a host of refineries in Louisiana and Texas.

    Federal agency decisions can’t be “arbitrary and capricious” under a law known as the Administrative Procedure Act.

    “What he has done undermines the integrity of the entire program,” said Peter Van Tuyn, an Anchorage-based attorney with Bessenyey & Van Tuyn LLC who successfully challenged a previous leasing plan.

    “Congress put a very, very detailed and deliberate system in place to take input from the public and governors and affected communities,” Van Tuyn said. “To say that a meeting with one governor changes the secretary’s mind and to announce that Florida’s no longer in it when there’s no discussion of those public comments, when the process hasn’t played out, when we cannot see in writing what the secretary considers relevant — that smacks very heavily of an arbitrary decision.”

    The argument cuts both ways. Supporters of drilling off Florida could also use the decision to mount arguments for keeping those waters in the program.

    “The announcement by the secretary that he is considering limiting areas offshore Florida is disappointing and premature,” said Randall Luthi, head of the National Ocean Industries Association — and a former drilling regulator who helped assemble government leasing plans. “The conversation to be had around the draft proposed offshore leasing plan should include modern technology, science and America’s energy demand and security.”

    © 2018 Bloomberg L.P

    Filed Under: Maritime News Tagged With: department of interior, offshore drilling, president trump, trump offshore drilling plan

    http://gcaptain.com/face-tweet-florida-drilling-may-backfire-agency/
     
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    MUST WATCH: The Financial System Is Being Weaponized. By Gregory Mannarino
    Gregory Mannarino



    Published on Jan 11, 2018
     
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    World Stocks Hit New All Time High; Hong Kong Up For Record 14 Straight Days


    [​IMG]
    by Tyler Durden
    Fri, 01/12/2018 - 06:49


    World stocks hit a new all time high on Friday with U.S. equity futures rising for the 8th trading day out of 9 in 2018 - the Dow is just a little over 300 points away from 26,000 - alongside Asian shares while European stocks and oil are little changed. The euro surged to a three-year high as Germany was said to reach a "grand coalition" agreement, heaping more pressure on the dollar before inflation data.

    European stocks advanced with U.S. equity futures as BlackRock Inc. kicked off a busy earnings season with profits that beat estimates.

    MSCI’world stock index hit yet another record high and was on track to rise for its eighth of the nine business days so far this year -- for a total increase of 3.5%. "This bull market is highly related to the fact we are facing good growth, low inflation and soft monetary policy normalization. If any of those were to be shaken that would be a big problem,” said Jeanne Asseraf Bitton, head of cross-asset research at Lyxor Asset Management.

    The euro is set for its strongest close since December 2014, leading most G10 currencies higher against the dollar. The Stoxx Europe 600 Index climbed for the first day in three. Hong Kong’s equity index extended a record winning streak as data showed Chinese exports rose in December. Oil fell after a four-day rally, even as most commodities climbed, with gold heading for its highest close since September.

    Reports that German policymakers are set to resolve a months-long political stalemate added to news yesterday that the European Central Bank is open to tweaking its policy guidance soon to align it with a strengthening economy. The euro’s overnight index swap rates have risen sharply this week as traders priced in a higher chance of a rate hike early next year.

    [​IMG]


    In response to the EUR strength, German 10-year bond yield hit a fresh five-month high of 0.539 percent after Chancellor Angela Merkel’s conservatives and the Social Democrats agreed a blueprint for formal coalition negotiations.

    European stocks took their cue from a recovery in Asian trading, but were set to end the week on a dud note as a surging euro weighed on European exporters and kept gains on Germany’s DAX muted despite the breakthrough in coalition talks. As a result, the MSCI index of European stocks index eked out a 0.1% gain. While the Euro's rise has reflected growing optimism over the bloc’s economic recovery, some have flagged it as a potential brake on stocks. Monica Defend, head of strategy at Amundi Asset Management, said the currency, for which she has a target of $1.22, was the biggest risk to European equities.

    Rising European bond yields were also driven higher by minutes on Thursday of the ECB’s December meeting that showed it thinks it should revisit its communication stance in early 2018. Lyxor’s Bitton said Bund yields were already near to hitting her target for the first quarter. “Markets were a bit too complacent about bonds so they took some excuses to correct,” she told Reuters. “We were a little surprised that the market reacted so strongly to the ECB.” The minutes showed that with the euro zone seeing its best growth in a decade, ECB policymakers were considering a gradual shift in its stance to reduce the focus on bond purchases and raise the emphasis on interest rates.

    Overnight a blowout china trade surplus, helped by booming global trade, helped Chinese exports to surge last year while import growth slowed to 4.5%. Exports growth for China slowed to 10.9% yoy in December from an increase of 11.5% yoy in November, in line with consensus. Imports growth dropped to 4.5% yoy from 17.6% yoy in November, well below consensus. In sequential terms, exports rose 0.5% mom sa non-annualized, down from a strong increase of 4.1% in November. Imports fell 3.7% mom sa non-annualized, decelerating from +1.8% in November. The trade surplus increased to US$54.7bn, the highest since February 2016, from US$39.0bn in November.

    Chinese Trade Balance (CNY)(Dec) 362.0B vs. Exp. 235.2B (Prev. 263.6B).
    • Chinese Exports (CNY)(Dec) Y/Y 7.4% vs. Exp. 6.7% (Prev. 10.3%)
    • Chinese Imports (CNY)(Dec) Y/Y 0.9% vs. Exp. 11.8% (Prev. 15.6%)
    Chinese Trade Balance (USD)(Dec) 54.69B vs. Exp. 37.00B (Prev. 40.21B).
    • Chinese Exports (USD)(Dec) Y/Y 10.9% vs. Exp. 10.8% (Prev. 12.3%)
    • Chinese Imports (USD)(Dec) Y/Y 4.5% vs. Exp. 15.1% (Prev. 17.7%)
    [​IMG]


    Some observations on China trade from Goldman:

    The significant slowdown in imports growth should have been in a large part due to a notable moderation of volume growth. The moderation of year-on-year exports growth was primarily due to very weak sequential momentum in December, though a high base in December of the previous year also contributed somewhat. Exports prices might have decelerated sequentially in December, but exports volume growth should have also slowed, amid a slowing though still strong global demand, as suggested the GS Global Leading Indicator. The pace of appreciation in CNY against the USD has been faster since November (though less strong against the basket), and if the trend is extended, this could potentially weigh on exports growth in the coming months. The potential negative impacts on exports (and recent round of appreciation) might be part of reasons for reported suspension of CNY countercyclical factor, though more importantly we view this could signal a policy step further toward liberalization of the FX regime. And we maintain our view for a moderate CNY depreciation in the coming months, which could be supportive to exports growth. However, whether the support from exports can offset headwinds to activity growth from supply-side measures and prevent the growth from declining notably, remains uncertain. The official from the China Customs also mentioned potential pressure for exports growth in Q1 and possible moderation in exports growth for the whole year in the press conference. Against the backdrop of a less benign exports growth, we continue to expect policy to be broadly supportive for domestic demand, in order to keep stability of overall growth.

    China Customs said China trade outlook is upbeat for this year, but added it will be difficult for Chinese trade to maintain double digit growth.

    The strong trade data, helped the onshore yuan strengthen as much as 0.42% to the highest intraday level since Sept. 8 at 6.4702 per U.S. dollar. The CNY rose 0.41% to 6.4714 as of 3:31pm in Shanghai; CNH reverses earlier loss to advance 0.18% to 6.4790 in Hong Kong.

    Hong Kong investors were unfazed by signals local equities may be overbought as the benchmark gauge rose for a record 14th day. Tencent Holdings Ltd. and energy explorers led the advance on Friday. The Hang Seng Index closes 0.9% higher; gauge has added more than 7% since Dec. 20. The 14-day relative strength index has risen to 80, the highest since February last year and above the 70 level that signals to some traders an asset is overbought.

    In geopolitics, South Korea and US are in discussions to develop ties with North Korea, according to Yonhap citing an envoy. US Treasury Secretary Mnuchin confirms US plans to reimpose sanctions on Iran, while a separate report states the White House plans to announce decision on Friday. North Korea's propaganda outlet called for the total suspension of joint military drills between South Korea and the United States on Friday, according to Yonhap.

    Elsewhere, an exchange-traded fund tracking Brazilian equities dropped in after-hours U.S. trading after S&P Global Ratings cut Brazil’s sovereign credit rating deeper into junk territory. Bitcoin steadied after four days of losses amid increasing scrutiny from regulators around the world.

    The end of a turbulent week for bond markets also saw U.S. Treasury yields extending Thursday’s pullback after China disputed a media report that government officials had recommended it slow or halt its purchases of U.S. bonds. The 10-year Treasury yield stood at 2.5498 percent, settling down from Wednesday’s 10-month high of 2.597 percent when fears of a bond bear market gripped investors. “Our target for U.S. 10-year treasuries is 2.8 -- and we might afford up to 3 percent -- but going beyond that it’s becoming an alert signal,” said Amundi’s Defend.

    Oil prices retreated from 2014 highs hit the previous day, but stayed near three-year highs on signs of tightening supply in the United States. Brent crude futures hovered at $69.28 a barrel after hitting $70.05 a barrel on Thursday, their highest level since November 2014, while U.S. West Texas Intermediate (WTI) crude futures stood at $63.49, down 0.3 percent on the day.

    Bulletin Headline Summary from RanSquawk
    • EUR takes out 2017 highs and the 1.2100 level after German coalition talks appear to make a breakthrough
    • European equities trade with little in the way of firm direction as EUR gains cap upside for the DAX
    • Looking ahead, highlights include US CPI, retail sales and earnings from Wells Fargo, JP Morgan and Blackrock

    Market Snapshot
    • S&P 500 futures up 0.2% to 2,775.50
    • STOXX Europe 600 up 0.16% to 397.90
    • MSCI Asia Pacific up 0.3% to 181.02
    • MSCI Asia Pacific ex Japan up 0.8% to 590.07
    • Nikkei down 0.2% to 23,653.82
    • Topix down 0.6% to 1,876.24
    • Hang Seng Index up 0.9% to 31,412.54
    • Shanghai Composite up 0.1% to 3,428.94
    • Sensex up 0.3% to 34,597.69
    • Australia S&P/ASX 200 up 0.04% to 6,070.05
    • Kospi up 0.3% to 2,496.42
    • German 10Y yield fell 0.3 bps to 0.578%
    • Euro up 0.8% to $1.2133
    • Italian 10Y yield rose 1.2 bps to 1.781%
    • Spanish 10Y yield fell 2.5 bps to 1.513%
    • Brent futures little changed at $69.21/bbl
    • Gold spot up 0.7% to $1,331.43
    • U.S. Dollar Index down 0.6% to 91.33
    Top Overnight news from Bloomberg
    • Japanese investors sold U.S. sovereign bonds for a second straight month in November while continuing to buy German and French bonds
    • According to three-month options on 10-year Treasury futures, volatility remains near record lows, suggesting investors aren’t worried about big price moves in either direction. That contrasts with the jump in volatility seen during the “taper tantrum” of 2013
    • Fed’s Powell is being asked by Senate Banking Committee member Chris Van Hollen to give assurance he would shield the central bank from any White House effort to influence its oversight of Deutsche Bank AG, which has been drawn into investigations of Russian meddling in U.S. politics
    • Demand for Chinese products is holding up as growth in major trade partners remains intact, and a feared trade war between China and the U.S. has yet to materialize; the trade surplus swells to its largest since January 2016 as imports slump
    • China’s broadest gauge of new credit trailed projections and broad money growth posted the slowest pace on record, signaling that a campaign to cut financial risk is gaining traction
    • Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are on a hiring drive in Frankfurt as global investment banks race to establish new headquarters inside the European Union in time for Brexit

    Asia equity markets are mostly positive following record highs across all major US indices on optimism heading into earnings season and where energy outperformed with oil at 3yr highs. ASX 200 (Unch) was kept positive throughout the day by commodity-related stocks, but still closed flat due to losses in the largest weighted financials sector. In Japan, index-heavyweight Fast Retailing outperformed and hit its highest in over 2 years after strong quarterly results, although the Nikkei 225 (-0.2%) failed to benefit with the broader market negative on JPY strength. Elsewhere, Hang Seng (+0.9%) and was positive following better than expected Chinese Trade Surplus and Exports, as well as a more convincing liquidity effort by the PBoC. However, the Shanghai Comp (+0.1%) was less decisive as participants also digested disappointing Import numbers and the fact that open market operations still resulted to a net weekly drain. Finally, 10yr JGBs were marginally higher with support seen amid the dampened risk tone in Japan and amid slightly firmer demand in the 40yr JGB auction. The PBoC injected CNY 140bln via 7-day reverse repos and CNY 130bln via 14-day reverse repos. This resulted to a daily net injection of CNY 180bln, but also a weekly net drain of CNY 60bln vs. last week's CNY 510bln net drain.

    Top Asian News
    • Another HNA Stock Halted From Trading, Pending Announcement
    • Mubadala Is Said to Mull Options for $920 Million RHB Stake
    • India’s Top Court Judges Break Ranks With Chief Justice
    • Nomura Sees Strong Year in Japan M&A, Fueled by Equity Finance

    European equities (Eurostoxx 600 0.2%) have been trading with little in the way of firm direction with any potential gains in the DAX (following German coalition talks) capped by EUR strength. In terms of sector specifics, energy names are seen lower, in-fitting with the moves seen in WTI and Brent while consumer discretionary names are outperforming with Fiat (+2.7%) top of the FSTE MIB after unveiling plans to invest further in their Michigan plant and provide bonuses to US workers following US tax legislation. Other individual movers include Vivendi (-1.3%) seen lower after warning on guidance, whilst GKN (+24.7%) after rejecting Melrose’s latest takeover offer; nonetheless, sources suggest that Melrose will continue their pursuit of the Co. In European fixed income, the relative calm did not last long, for core EU debt at least, as Gilts succumbed to selling pressure and reversed to a fresh low at 123.69 (-16 ticks vs +9 ticks at best), while Bunds extended to the upside to register a new Eurex peak at 160.62 (+31 ticks vs -14 ticks at worst). FX markets and even faster/frantic trade were the catalyst or driver for moves in bonds with the 10 year German benchmark and even moreso periphery paper the beneficiaries of EUR strength and upbeat tone/fiscal pledges from the new German coalition Government. Off peaks and troughs now as price action abates somewhat, while USTs remain largely sidelined awaiting today’s key data

    Top European News
    • Euro Surges to Three-Year High After German Coalition Accord
    • Puma Plunges as Gucci Owner Kering Moves to Shed Its Stake
    • For This Soccer Giant, a Losing Streak Threatens a Takeover Deal
    • Theresa May Facing Winter of Discontent With U.K. Health Crisis
    • Russia’s Oligarchs Brace for U.S. Report Listing Putin Friends

    In FX markets, EUR has been extending gains in wake of hawkish December ECB minutes, with added boost coming from news of a breakthrough in Germany to form a grand coalition Government. EUR/USD showed little resistance this time at last year’s 1.2092 peak or the psychological 1.2100 level with layered macro bids propelling the pair to a circa 1.2135 high (best since December 2014). Tech studies show a bullish target 1.2169, but ultimately the charts signal 1.2350 and 1.2430 (200 MMA) as the next major objectives. On the flip-side, big 2.5bln option expiries at 1.2100 may exert a gravitational pull, but with the USD on the back foot perhaps not (DXY down near 91.30). Indeed, the Dollar is weaker across the board, with Cable tripping stops above 1.3600, USD/JPY eyeing bids at 111.00 and stops below, USD/CAD and USD/CHF both close to big figures or round numbers at 1.2500 and 0.9700 respectively. Antipodeans lagging a bit, but still bid vs the Greenback and only just off overnight peaks (AUD/USD and NZD/USD just below 0.7900 and 0.7275 respectively, with weaker Chinese imports within the latest trade balance perhaps dampening sentiment somewhat).

    In commodities, in the energy complex, both WTI and Brent crude futures are seen lower despite the softer USD as Brent makes a pullback from the USD 70.00 level, leading some to question how much further scope there is for the ongoing rally in prices. Energy specific newsflow remains light, however, markets will be on the watch for any announcements today from the White House regarding sanction on Iran. In metals markets, both spot gold and silver have benefitted from the softer USD. Elsewhere, steel futures saw their largest daily decline in a month after three consecutive days of gains as demand faltered overnight. Finally, the latest Chinese trade data saw a 4.3% decline in copper imports for the month of December. US Commerce Secretary Ross says results of investigation into national security impact from steel imports have been submitted to President Trump who has 90 days to decide on any potential action.

    Looking at the day ahead, Italy’s November IP and the final reading of France and Spain’s December CPI are due. Over in the US, there is the December CPI (core of 0.2% mom and 1.7% expected) and retail sales along with the November business inventories. Onto other events, the Bundesbank’s Weidmann and the Fed’s Rosengren will speak. Elsewhere, Wells Fargo, JP Morgan and Blackrock will release its results.

    US Event Calendar
    • 8:30am: US CPI MoM, est. 0.1%, prior 0.4%; CPI Ex Food and Energy MoM, est. 0.2%, prior 0.1%
    • 8:30am: US CPI YoY, est. 2.1%, prior 2.2%; CPI Ex Food and Energy YoY, est. 1.7%, prior 1.7%
    • 8:30am: Retail Sales Advance MoM, est. 0.5%, prior 0.8%; Retail Sales Ex Auto MoM, est. 0.3%, prior 1.0%
    • 8:30am: Retail Sales Ex Auto and Gas, est. 0.4%, prior 0.8%; Retail Sales Control Group, est. 0.4%, prior 0.8%
    • 8:30am: Real Avg Weekly Earnings YoY, prior 0.83%; Real Avg Hourly Earning YoY, prior 0.2%
    • 10am: Business Inventories, est. 0.4%, prior -0.1%
    DB's Jim Reid concludes the overnight wrap

    After a long period of calm, suddenly the market is getting startled by all manner of things. Indeed it’s been a pass the parcel week for reasons for the sell-off. The BoJ started things off on Tuesday, China added to it by a tweak to the way they managed the Yuan and then remarks about reducing their Treasury holdings (subsequently denied) turbo charged it and then just as things were reversing, along came a surprisingly hawkish set of ECB minutes as the baton got passed from Treasuries to European bonds as to the epicentre of the sell-off. If that wasn't enough today we have US CPI which should be the focal monthly US release this year. DB are in line with consensus with +0.1% mom headline (+2.1% yoy) and +0.2% mom/+1.7% yoy (unchanged) core expected. As a reminder our economists think US inflation will pick up more meaningfully from Q2 onwards.

    In a week of surprises is there one last sting in the tail though? Ahead of this, and the start of US bank earnings today, the minutes from the December ECB meeting showed that there was a “widely shared” view amongst ECB officials that the Governing Council’s communication would need to evolve gradually, without a change in sequencing, if the economy continued to expand and inflation converged towards the Governing Council’s aim. The minutes also showed that “the language pertaining to various dimensions of the monetary policy stance and forward guidance could be revisited early in the coming year (2018)”. The key was "widely shared” view as this indicates that a desire to move policy on was more prevalent than just amongst one or two outlier council members. Our rates strategist Francis Yared noted that the “without a change in sequencing” implies that the first thing to go will be the QE part of forward guidance which means either removing the potential for increase "in size and/or duration" mention in the statement (low hanging fruit) or remove the possibility to extend beyond Sep-18 (more hawkish). Overall this makes the January 25th meeting a little more interesting now.

    10 yr bunds which had troughed at 0.512% in the morning session, hit a high of 0.596% in the run up to the end of the session with a late rally leading to a close of 0.579% (+3.9bp). The highest level since the major leg of the rally that began at the start of 2016 is the 0.60% print seen very briefly in July last year. So we were nearly at 2 year highs yesterday. Bunds are finally succumbing to gravity. Elsewhere, Gilts and French OATs also rose 2.2bp and 4.9bp respectively, with similar increases at the 2y part of the curve.

    However after Europe closed, a strong US 30 year auction led to decent rally in Treasuries and after hitting an earlier high of 2.5679%, 10 years closed at 2.538% (-2bp). They're at up c1bp in Asia this morning.

    In China, the December trade surplus was released this morning and was above market at $54.7bn (vs. $37bn) with imports lower than expected at 4.5% yoy (vs. 15.1%) but exports were broadly in line at 10.9% yoy. This morning in Asia, markets are a mixed. The Hang Seng (+0.48%) and Kospi (+0.25%) are both up modestly, while China’s CSI300 (-0.09%) and Nikkei (-0.31%) are down as we type.

    Now recapping other markets performance from yesterday. US bourses rebounded to fresh highs, with the S&P (+0.70%), Dow (+0.81%) and Nasdaq (+0.81%) all closing higher. Within the S&P, gains were mainly led by energy and industrial stocks. European markets broadly weakened, with the Stoxx 600 (-0.34%), CAC (-0.29%) and DAX (-0.59%) all lower, but the FTSE rose 0.19%, led by mining and energy stocks.

    Turning to currencies, the US dollar index fell 0.50% while the Euro jumped 0.70% following the hawkish ECB minutes and Sterling also gained 0.23%. Brent crude briefly broke through $70/bbl for the first time in three years, but pared
    back gains to close marginally higher at $69.26/bbl. Elsewhere, precious metals strengthened (Gold +0.42%; Silver +0.06%) while other base metals were mixed but little changed (Aluminium -0.36%; Copper -0.82%; Zinc +0.32%).

    Away from the markets and onto Fed speak now. The Fed’s Dudley noted three rate hikes in 2018 “doesn’t seem to be an unreasonable sort of starting point” but the final trajectory will depend on how the economy and inflation evolves. In view of the tax cuts and stronger economic momentum in the US, he has lifted his 2018 GDP growth forecast by c0.5ppt to 2.5%-2.75%, with the tax benefits accounting for about 2/3 of the upgrade. Looking further ahead, he noted that the “Fed may have to press harder on the brakes at some point over the next few years”, in part as if labour market tightens much further, it will be harder to slow the economy to a sustainable pace.

    Staying in the US, in an interview with President Trump, the WSJ noted Mr Trump reiterated his stance of exiting from the NAFTA (North American Free Trade Agreement) if it can’t be reworked in his favour, although he is willing to be “a little bit flexible”. In terms of the Mexican border wall, he said “they (Mexico) can pay for it indirectly through NAFTA”. Elsewhere, Wal-Mart has raised the starting pay for its US workers by c10% to $11/hour, which is expected to cost the retailer c$300m. If other US firms follow through, it may just add to the inflation pressures the market has been largely waiting for.

    Back in the UK, the former UK Independence party leader Nigel Farage tweeted “just maybe, we should have a second referendum (on Brexit)”, a view that is echoed by a Labour member of the House of Lords Andrew Adonis who noted “…I agree…bring it on”. That said, PM May has ruled out another vote as it would be a “betrayal” of the 52% voters who had previously voted for Brexit.

    Finally, our FX team has recently raised their 2018 EURUSD forecast to 1.30. Yesterday, our European economists wrote a note considering the ramifications for the euro area and in particular ECB policy from a higher Euro. Assuming a gradual, linear appreciation to 1.30 at the end of 2018 and then remaining steady in 2019 and 2020, Our economists estimate that the ECB staff’s annual core HICP inflation forecast profile would face a downwards parallel shift by 0.1-0.2pp over the period 2018 to 2020. That said, they view the FX-adjusted profile for core inflation as still consistent with their call that the ECB ends QE net purchases by the end of 2018. Core inflation would rise from c1.0% in 2018 to 1.6-1.7% in 2020. Refer to their note for more details.

    Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the core PPI (ex food and energy) was below expectations at -0.1% mom (vs. 0.2%) and 2.3% yoy (vs. 2.5% expected), with the miss mainly due to a decline in the price of volatile trade services. Notably, the healthcare services component was solid, up 0.37% mom, which is the largest increase since 2009. This lifted annual inflation for this component to 1.6% yoy and should be reflected in the PCE healthcare print later on. Elsewhere, the weekly initial jobless claims was above market (261k vs. 245k) while continuing claims was lower than expected (1,867k vs. 1,920k). The Eurozone’s November IP was higher than expected at 1.0% mom (vs. 0.8%) and 3.2% yoy (vs 3.1% expected), which backs up the solid PMIs recently.

    Elsewhere, Italy’s November retail sales was also above market at 1.4% yoy (vs 1.2% expected), while the December Bank of France industrial sentiment rose to a fresh seven year high of 110 (vs. 107). In Germany, 2017 GDP growth was softer than expected at 2.2% (vs. 2.3% expected) but still the strongest annual reading since 2011. Finally, in the BOE’s 4Q credit conditions survey, lenders reported no change in the supply of credit to corporates. The demand for refinancing of mortgages posted the biggest increase for almost a decade, but the supply of unsecured credit to households was reported to have tightened, with a further tightening expected in 1Q.

    Looking at the day ahead, Italy’s November IP and the final reading of France and Spain’s December CPI are due. Over in the US, there is the December CPI (core of 0.2% mom and 1.7% expected) and retail sales along with the November business inventories. Onto other events, the Bundesbank’s Weidmann and the Fed’s Rosengren will speak. Elsewhere, Wells Fargo, JP Morgan and Blackrock will release its results.

    https://www.zerohedge.com/news/2018...l-time-high-hong-kong-record-14-straight-days
     
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    Asian Metals Market Update: January-12-2018
    By: Chintan Karnani, Insignia Consultants
    Monday US markets are closed. Traders will take positions for Tuesday. The hawkish European central bank meeting also supported gold prices. Next week, the Federal Reserve Beige book and US housing numbers will affect metals as well as currency markets. Traders expect a strong growth view from the Federal Reserve. If consumer price index numbers today also come in on the higher side of the expectation curve, then chances of a March interest rate hike will increase.
     
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    Rogue Mornings - S**tHoles, The Banksters & The Chessboard (01/12/18)
    ROGUE MONEY



    Streamed live 1 hour ago
    "V" drops some major truth regarding "S**tHoles".

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    COT Gold, Silver and US Dollar Index Report - January 12, 2018
    By: GoldSeek.com
    COT Gold, Silver and US Dollar Index Report - January 12, 2018

    Gold Seeker Weekly Wrap-Up: Gold and Silver Gain with Stocks and Oil on the Week
    By: Chris Mullen, Gold Seeker Report
    Gold gained $11.30 to $1333.10 in London before it pared back to $1324.70 at about 9AM EST, but it then climbed to a new session high of $1339.30 in afternoon New York trade and ended with a gain of 1.23%. Silver rose to as high as $17.283 and ended with a gain of 1.53%.
     
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    farm talk sunday the 14th
    Ag Talk In The Raw



    Published on Jan 14, 2018
    i am here to talk about farming and all that goes with it
     
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    Has the Bankers' Dictatorship Descended on Our Shores?
    maneco64



    Published on Jan 14, 2018
    In this report I cover the major UK banks' call for the UK government to bail out the Carillion Group who is on the hook for almost £1 billion to its creditors. I also talk about how UK lenders are black balling people who have come into crypto currencies windfalls from taking on a mortgage.
     
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    Why Is Gold Rising With A Booming Stock Market? (Sneeze Alert)
    SalivateMetal



    Published on Jan 14, 2018
     
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    Turkey Reveals Route for New Canal to Ease Bosphorus Shipping

    January 15, 2018 by Reuters

    [​IMG]
    Photo: By SARYMSAKOV ANDREY / Shutterstock

    By Ali Kucukgocmen ISTANBUL, Jan 15 (Reuters) – Turkey announced on Monday the route for a planned canal that would reduce shipping traffic on the busy Bosphorus Strait and transform the European half of Istanbul into an island.

    Work on the 45-km (28-mile) Kanal Istanbul, linking the Black Sea and the Sea of Marmara west of the Bosphorus, will begin this year, Transport Minister Ahmet Arslan said, adding it formed part of Turkey’s most expensive construction project.

    The Bosphorus is one of the world’s busiest waterways with 42,000 vessels passing through in 2016 – compared with 16,800 that transited the Suez Canal in the same year.

    It is the only maritime outlet to the oceans for Bulgaria, Romania, Ukraine and Georgia, and for Russia’s Black Sea ports.

    With urban projects on the canal’s banks and logistical centers to be built in the Black Sea, Kanal Istanbul will be Turkey’s most expensive project yet, Arslan said.

    Without specifying the exact cost, he added that the project would be funded through public and private partnerships.

    The new canal would not be subject to the Montreux Conventions Regarding the Use of Straits which guarantees free passage to civilian vessels during peacetime, he said, meaning Turkey could charge vessels using it.

    It will run from the Durusu region on Istanbul’s Black Sea coast to Kucukcekmece Lake on the Sea of Marmara. Documents from Turkey’s Environment Ministry showed the canal will be 25 meters (82 feet) deep and 250-1,000 meters (825-3,300 feet) wide, depending on where the docks are located.

    “CRAZY PROJECT”
    Kanal Istanbul will also be located near a number of projects in northern Istanbul spearheaded by President Tayyip Erdogan’s AK Party government, including the third bridge over the Bosphorus, which opened in 2016, and the city’s third airport which is under construction.

    The soil to be dug out for the canal project will be used for agriculture as well as for artificial islands and ports to be built in the Sea of Marmara, Arslan said.

    The plan has many critics and Erdogan himself light-heartedly called it a “crazy project” when he first raised it in 2011. Environmentalists say it would pave the way for further development in the city’s north, advancing the destruction of forests there.

    A report evaluating the project’s environmental impact, which is required by the government before construction commences, is currently being compiled, the Environment Ministry said.

    Istanbul’s Chamber of Geology Engineers said the initial filing for the environmental impact report did not take into account several factors that make the project unviable.

    The project has the potential to severely impact the climate and balance of minerals and nutrients in the Black Sea and surrounding areas, and would deplete oxygen levels in the Sea of Marmara, it said.

    Construction has been a key driver of the economy under the AK Party. The government’s critics say the legal framework surrounding the construction sector has been repeatedly watered down, creating loopholes that developers can exploit for profit. (Additional reporting by Can Sezer; Editing by Dominic Evans/Mark Heinrich)

    (c) Copyright Thomson Reuters 2018.

    Filed Under: Maritime News Tagged With: bosphorus strait, turkey

    http://gcaptain.com/turkey-reveals-route-new-canal-ease-bosphorus-shipping/
     
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    Shell Gives North Sea Shot in Arm With Field Redevelopment

    January 15, 2018 by Bloomberg

    [​IMG]
    The Penguins field is in 165 metres (541 feet) of water, approximately 150 miles north east of the Shetland Islands. Discovered in 1974, the field was first developed in 2002 and is a joint venture between Shell (50% and operator) and ExxonMobil (50%). Photo: TK Kurikawa / Shutterstock.com

    By Kelly Gilblom (Bloomberg) — Royal Dutch Shell Plc made one of its biggest commitments to the North Sea in 30 years, with plans to redevelop the Penguins oil and gas field.

    The Anglo-Dutch oil major will build a floating production, storage and offloading vessel — its first new manned installation in almost three decades — to take output from eight wells it plans to drill. Peak production will be the equivalent of 45,000 barrels a day, with a break-even price of less than $40 a barrel, Shell said on Monday.

    “It is another example of how we are unlocking development opportunities, with lower costs, in support of Shell’s transformation into a world class investment case,” Andy Brown, Shell’s upstream director, said in a statement.

    Penguins, a joint venture between Shell and Exxon Mobil Corp., is already operational after first being developed in 2002. Oil from the field — about 150 miles (240 kilometers) northeast of the Shetland Islands — will be transported by tanker to refineries, while the gas will be sent by a pipeline to the St. Fergus terminal in Scotland.

    Production in the North Sea has fallen by about two-thirds since its heyday in the 1990s as fields have depleted. The U.K. is making it easier to claim tax relief to encourage companies to apply new technology to extract oil and gas from fields previously considered too expensive and difficult to develop.

    The U.K. Oil and Gas Authority said the redevelopment is “a vote of confidence” for the area.

    “We are expecting further high-value projects to move forward to sanction this year, which will help prolong U.K. production for many years,” Andy Samuel, OGA chief executive, said in a statement.

    © 2018 Bloomberg L.P

    Filed Under: News Tagged With: north sea oil, offshore oil and gas, shell, UK

    http://gcaptain.com/shell-gives-north-sea-shot-arm-field-redevelopment/
     
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    Oil Propelled Past $70 for First Time in Three Years

    January 15, 2018 by Bloomberg

    [​IMG]
    Photo: By papa1266 / Shutterstock

    By Robert Tuttle (Bloomberg) — Oil reached new highs in London as OPEC members called for output curbs to continue, allaying concerns that the recent rally could weaken their commitment.

    Brent crude closed above $70 a barrel for the first time in three years after Iraqi Oil Minister Jabbar al-Luaibi said Saturday that production curbs have contributed to stability in the market and should remain, echoing comments from Qatar and the United Arab Emirates. The global benchmark had only briefly breached the key level last week.

    The comments came as Citigroup Inc., Societe Generale SA, and JPMorgan Chase & Co. predict the coalition of oil producers could begin winding down their intervention from the middle of the year, before its scheduled conclusion in December.

    The call to maintain cuts by Iraq “is another sign that the market is going to go up,” Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said by telephone. “We are seeing supply, globally, really start to tighten.”

    Oil is extending a two-year rebound as the Organization of Petroleum Exporting Countries and its allies reduce supply to drain a global glut. Though they’ve said their historic deal will run until the end of this year, OPEC is “very likely to cut short” the pact if markets become balanced, JP Morgan Securities said in a report.

    Brent for March settlement rose 39 cents to $70.26 a barrel on the London-based ICE Futures Europe exchange, the highest close since December 2014. Prices climbed 3.3 percent last week. The global benchmark crude traded at a premium of $5.40 to March WTI.

    West Texas Intermediate for February delivery rose 51 cents to $64.81 a barrel on the New York Mercantile Exchange. Total volume traded was about 51 percent below the 100-day average. There was no settlement Monday because of the Martin Luther King holiday in the U.S., and all transactions will be booked Tuesday.

    The U.A.E. sees no big changes in OPEC policy as a result of short-term price fluctuations, Energy Minister Suhail Al Mazrouei said in Abu Dhabi. Qatari Energy Minister Mohammed bin Saleh Al Sada told the official Qatar News Agency that the group should only review its supply accord once crude stockpiles return to their five-year historical average.

    Oil-market news:
    Bank of America Merrill Lynch raised its 2018 Brent forecast to $64 a barrel from $56. The market is tightening faster than expected because of “improving cyclical conditions,” cold winter weather and strong OPEC compliance, the bank said. U.S. drillers added 10 rigs to fields last week, the most in more than six months, according to data from Baker Hughes Friday. OPEC holds enough spare output capacity to push the global market from deficit to surplus this year, but there’s low probability of it coming into play given the continued commitment to the supply-cuts deal, BMI Research said Jan. 12.

    Filed Under: Maritime News Tagged With: Oil, tankers

    http://gcaptain.com/oil-propelled-past-70-for-first-time-in-three-years/
     
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    MACRO ANALYTICS - 01-04-18 - 2018: Year of Accelerating Social Change - Part I - Time For a Change
    GordonTLong



    Published on Jan 8, 2018
    VIDEO NOTIFICATION SIGN-UP: http://bit.ly/2y63PvX-Sign-Up

    Sign-up for Planned Release Schedule Notifications: Part II - 01-15-18, Part II - 01-22-18

    Thank you to all Macro Analytics/Gordon T Long YouTube followers. I will continue to add the following message to each video, which many have already seen to help all of those that haven’t learned of the new update. Thank you again for your support!

    To all Macro Analytics/Gordon T Long subscribers: YouTube recently made an update that can cause you not to receive notifications when a new video is published, even if you previously subscribed to this channel to receive updates. If you would like to continue to receive notifications when we upload new videos, please do the following: click on the Subscribe button, click the
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    MACRO ANALYTICS - 01-15-18 - 2018: Year of Accelerating Social Change - Part II
    GordonTLong



    Published on Jan 15, 2018
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    Sign-up for Planned Release Schedule Notifications: Part III - 01-22-18

    Thank you to all Macro Analytics/Gordon T Long YouTube followers. I will continue to add the following message to each video, which many have already seen to help all of those that haven’t learned of the new update. Thank you again for your support!

    To all Macro Analytics/Gordon T Long subscribers: YouTube recently made an update that can cause you not to receive notifications when a new video is published, even if you previously subscribed to this channel to receive updates. If you would like to continue to receive notifications when we upload new videos, please do the following: click on the Subscribe button, click the
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    TVR [ #447] 01-16-2018 PRE-MARKET PULSESCAN: BITCOIN MAJOR MARKET CORRECTION GOLD SILVER BOND $$$
    ALGO CAPITALIST



    Published on Jan 16, 2018
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  32. searcher

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    Dow To Open Above 26,000 As Global Stock Meltup Turns Parabolic, Dollar Rebounds
    [​IMG]
    by Tyler Durden
    Tue, 01/16/2018 - 07:06

    When markets open for trading today, the S&P will rise above 2,800 and the Dow Jones will not only make a new record high (those have become a bit of a boring daily occurrence lately) it will do so in historic fashion with just 12 days needed to move from 25,000 to 26,000, the fastest 1,000 point move in history, nearly twice as fast as the previous record when it took just 23 days for the DJIA to move from 24,000 to 25,000. And yes, get ready for the imminent (self-)congratulatory tweet from Donald Trump...

    [​IMG]

    And as the DJIA makes history, and breaks every possible record, Asia and Europe’s bourses similarly kept world shares on their record-breaking run on Tuesday, though a steadier dollar halted the sizzling start to the year for the euro, yen and yuan and sent metals markets sprawling.

    MSCI's all-country world index notched its third consecutive all-time high as Japan's heavyweight Nikkei rose to its best level since 1991 during a lively Asian session. In Europe, the STOXX 600 index crawled 0.3% higher as technology and insurance stocks offset a 0.5% drop in miners caused by the buckling metals prices.

    After ending its record streak of upward days at 15 yesterday, the Hang Seng nonetheless closed at a post-2007 record high, soaring 1.8% to a new record high of 31,904.

    [​IMG]

    S&P futures move through 2800 and European equity markets are lifted by technology sector. Core fixed income markets also rally, UST and bund curves flatten and ASW widens due to limited long-end supply outlook. Metals continue overnight selloff after bearish Barclays note on iron ore.

    Overnight, the dollar rebounded following its widest two-day drop in ten months and the yen snapped a five-day rally after Japan’s Finance Minister Aso said sudden moves are a concern. The euro was headed for its first drop in five days amid profit-taking, and a report that German coalition talks are still facing hurdles and speculation that the ECB will not change its forward guidance any time soon. Speculation over a Chinese intervention to slow the yuan’s gains also prompted short-covering of the dollar. In addition to equities, Euro-area bonds and Treasuries also advanced.

    Looking at the macro picture, Bloomberg notes that it’s a peculiar European session, "with asset classes moving independently from each other." Of note, the USD is finally stronger against G-10 overall as the DXY index attempts to bounce from close to important 90.00 level. The EUR spikes lower in early trade after reports of potential German coalition jitters, however regional impact is later downplayed. A later dovish report that ECB is unlikely to drop its bond-buying pledge next week pushes EUR/USD toward 1.22. GBP softer after core CPI is lower than expected, USD/ZAR runs downside stops through yesterday’s low to hit lowest since June 2015 amid little news.

    “The yen’s appreciation against the dollar has stopped and this brightened sentiment, along with expectations for robust company quarterly results,” said Sumitomo Mitsui Asset Management’s Masahiro Ichikawa about Tokyo’s gains.

    Japanese Finance Minister Taro Aso said on Tuesday that he did not see problems with the dollar weakening to around 110.80 yen, but that big swings in currencies would be problematic.

    Also notable: Bitcoin led a slump in cryptocurrencies, tumbling as much as 20 percent. Emerging-market stocks jumped, consolidating at the highest level in almost a decade.

    [​IMG]

    Copper slumped 1.8 percent, while nickel plunged almost 4 percent. For both it was their biggest drop since early December, after which they went on to surge 10 and 20 percent respectively. Analysts put the wobble partly down to supply issues after stockpiles of iron ore at China’s ports leapt to the highest since at least 2004, but also the dollar - used to price commodities - pulling out of a four-day dive.

    “Everything this year (in commodity markets) has been largely about the dollar,” said Crédit Agricole FX Strategist Manuel Oliveri. “It has been selling off regardless of rate expectations, regardless of the growth outlook,” he added, saying he expected it to start to stabilize.

    The steadier dollar also brought an end to the euro’s four-day hot-streak. The single currency was also being buffeted by reports that parts of Germany’s main opposition party are resistant to reforming a ‘Grand Coalition’ with Angela Merkel’s conservatives.

    The euro slipped back to $1.2235 but was still up 2 percent since the start of the year, helped by talk of a quicker end to European Central Bank stimulus. The yen was 0.15 percent lower at 110.6 per dollar.

    Euro zone government bond yields switched direction too, with German Bunds coming off recent highs and low-rated Italian and Portuguese debt outperforming as investors returned to some of 2017’s most profitable trades

    Market Snapshot
    • S&P 500 futures up 0.4% to 2,800.50
    • STOXX Europe 600 up 0.3% to 398.98
    • MSCI Asia Pacific up 0.4% to 182.83
    • MSCI Asia Pacific ex Japan up 0.4% to 594.38
    • Nikkei up 1% to 23,951.81
    • Topix up 0.6% to 1,894.25
    • Hang Seng Index up 1.8% to 31,904.75
    • Shanghai Composite up 0.8% to 3,436.59
    • Sensex down 0.2% to 34,781.66
    • Australia S&P/ASX 200 down 0.5% to 6,048.64
    • Kospi up 0.7% to 2,521.74
    • German 10Y yield fell 1.4 bps to 0.573%
    • Euro down 0.3% to $1.2224
    • Italian 10Y yield rose 1.9 bps to 1.734%
    • Spanish 10Y yield fell 2.5 bps to 1.506%
    • Brent Futures down 0.6% to $69.85/bbl
    • Gold spot down 0.4% to $1,334.59
    • U.S. Dollar Index down 0.3% to 90.68
    Top News
    • Republican leaders are weighing a stopgap spending bill until Feb. 16, as they don’t believe they have the time to complete a fiscal year spending deal by Friday, according to a person familiar with the talks
    • Crypto: PBOC official says China’s centralized virtual currency trade needs to end, according to people familiar: Reuters
    • The European Central Bank is unlikely to drop a pledge to keep buying bonds at next week’s meeting as rate setters need more time to assess the outlook for the economy and the euro, Reuters reports, citing unidentified people
    • The EU has stepped up the demands it will make of the U.K. for the transitional period that follows Brexit, calling for more rights for EU citizens, according to revised draft guidelines seen by Bloomberg
    • Russia’s government is said to be discussing a proposal to turn on the fiscal taps in the biggest domestic spending spree since Putin last ran for re-election in 2012
    • Bitcoin slumped as much as 20 percent, giving more impetus to a January selloff in cryptocurrencies, after South Korea’s finance minister repeated that the country may ban trading in one of the world’s most active markets
    • The Fire & Police Pension Association of Colorado alleged in a New York court filing that Canada’s six biggest banks and three foreign lenders of conspiring to manipulate the Canadian Dealer Offered Rate to boost “illegitimate profits" on derivatives trades for several years until 2014
    • Government Shutdown: GOP leaders don’t believe they have time to complete a fiscal year spending deal by Friday, considering a short-term extension until Feb. 16, according to people familiar
    • ECB is unlikely to change forward guidance at Jan. meeting; March meeting a more likely option due to updated forecasts, according to people familiar: Reuters
    • German Coalition: Berlin regional SPD reject coalition deal with Merkel bloc; Berlin SPD hold 23 out of 600 delegates at SPD congress for Jan. 21: Spiegel
    • UK Dec. CPI y/y: 3.0% vs 3.0% est; Core CPI 2.5% vs 2.6% est; ONS notes decline largely driven by a technical reweighting of airfares in the inflation basket
    • Japan Finance Minister Aso: current USD/JPY rate isn’t a major issue, referring to a level of 110.80

    Asia equity markets were overwhelmingly positive as region digested corporate updates and picked up the pace from the holiday-quietened lead due to the US market closure for Martin Luther King Jr Day. Nikkei 225 (+0.9%) and ASX 200 (-0.5%) traded mixed as Japan coat-tailed on a rebound in USD/JPY, while sentiment in Australia was dampened by weakness across commodity names including Rio Tinto which was pressured despite a beat on Q4 iron ore shipments, as the Co. also maintained full year guidance against expectations for an upgrade. Elsewhere. Hang Seng (+1.1%) outperformed and is on course for a record close, while Shanghai Comp. (+0.2%) was also in the green amid several positive profit alerts and after a firm liquidity operation by the PBoC, which resulted to a net daily injection of CNY 270bln. Finally, 10yr JGBs were flat with prices range-bound throughout the day amid a lack of catalysts and after mixed results from a 5yr JGB auction. PBoC injected CNY 160bln via 7-day reverse repos, CNY 150bln via 14-day reverse repos and CNY 10bln via 63-day reverse repos. PBoC set CNY mid-point at 6.4372 (Prev. 6.4574)

    Top Asian News
    • Thousands of Palm Oil Farmers March Against EU Restrictions
    • Race for Lithium Sees Quarter Billion Investment From Toyota

    Most of the major bourses traded in positive territory with the FTSE 100 benefitting from a decline in the GBP after the inflation data. Continental and Michelin topped their respective bourses after reports that the former has hired JPMorgan to look at a break up of the business. There was more to cheer for the UK high street as Greggs and JD Sports both reported strong sales over the Christmas period. In European fixed income, following the UK inflation data, the 10 year gilt inched closer to 124.00 at 123.98 and Short Sterling futures climb another tick or so to stand 0.5-3 ticks above yesterday’s settlement levels. Bunds also revisiting their Eurex session peaks (160.70), but just shy on Monday’s intraday high despite upside hedging for latest sovereign and corp supply via swaps, while USTs have edged a few ticks higher with the curve still flatter ahead of the return of US participants after the long holiday weekend. Only Empire State manufacturing scheduled, but another White House funding bridge to be crossed this week after IP data on Wednesday.

    Top European News
    • ECB Could End QE After September, Hansson Tells Boersen- Zeitung
    • Bundesbank Says China’s Yuan to Be Included in Currency Reserves
    • Rep. of Macedonia Plans to Cut Budget Deficit to 2%/GDP by 2020
    • EU’s Tusk Says the U.K. Can Have ‘Change of Heart’ on Brexit
    • Dubai Oil Refiner Said to Have Held Talks on Retail Unit IPO
    • Brexit to Drive Dublin Office Real Estate in 2018, CBRE Says
    • Israel’s Discount Investment May Propose Eurocom Creditor Deal

    In FX, there has been broad, albeit modest recovery gains for the USD which have helped the Index rebound above 90.500, but it seems to be a fragile move awaiting confirmation and the return of US traders following Monday’s MLK market holiday. In the meantime, some short covering/long liquidation or position paring and profit taking, with the EUR seeing a bit of negativity on reports the Berlin branch of the SPD vote against a grand coalition – EUR/USD now around 1.2250 vs 1.2217 low and near 1.2300 peak yesterday. 1.2302 remains the nearest upside chart objective (another December 2014 high) before strong tech resistance at 1.2350, while support comes in around 1.2188-70. Cable retreated after (and before) the UK inflation data although the moves were relatively as the headline was in line with forecasts.

    In commodities, WTI and Brent crude futures are trading mixed with a number of big banks commenting on prices this morning. Goldman Sachs said they see increasing upside risks to their calls for the two major benchmarks, although this isn’t too surprising considering both trade above Goldman’s average forecast this year. Morgan Stanley, Soc Gen and Bank of America have all lifted their forecasts. Precious metals have slipped back as the USD has regained some ground, with palladium pulling back from the record high hit on Monday. Base metals have seen similar price action with copper down just shy of 1% on the LME.

    Brexit update (via RanSquawk): EU is said to toughen conditions for a post Brexit agreement, as draft documents showed revised directives for EU chief negotiator Barnier with stricter conditions for a transition deal. (FT) BOE’s external member Tenreyro said that at December meeting, she saw 'ample time' before the BOE would need to raise rates and expects a couple more hikes over next three years if economy performs as expected. (Newswires) UK PM May is planning a speech to outline Brexit policy next month, while reports also stated that the EU withdrawal bill is expected to move to the House of Lords this week and pass. (Newswires) ECB's Lane said he sees an abrupt Brexit to be a genuine shock that would risk the stability of the European financial system. (FT)
    Norwegian officials tell Brussels they may seek radical rethink of their terms if UK has access to single market for key sectors. (The Guardian)

    Looking at the day ahead, final December CPI reports are due in Germany and Italy. In the UK, there is the December CPI, PPI and RPI along with the November house price index, while in the US the January empire manufacturing print is due. Away from the data, Canada’s Foreign Affairs Minister Chrystia Freeland and US Secretary of State Rex Tillerson are due to meet to discuss stability on the Korean Peninsula. Citigroup are due to report Q4 earnings.

    US Event Calendar
    • 8:30am: Empire Manufacturing, est. 19, prior 18

    DB's Jim Reid concludes the overnight wrap

    I hope you all got over Blue Monday - supposedly the most depressing day of the year. This is calculated on a model that includes the weather, debt levels, the amount of time post Xmas, time since failing New Year’s resolutions, low motivational levels and the feeling of needing to take charge of your life. Feel familiar? I spent this uplifting day in Paris and during a communication with a taxi driver I realised the most odd thing that a lot of us do. I was trying to tell my taxi driver where I wanted to go in what can only be described as hideously bad French. However as I was talking I heard myself trying to pronounce everything in an absurdly strong French accent. It made me stop and think as to why when speaking certain foreign languages we feel the need to try to do an impression of a person from that country? If you think about it, if you went to Birmingham, New York or Sydney you wouldn’t tell a taxi driver where you were going in a strong regional accent so why should you in France? Indeed imagine you were in the Caribbean and spoke in a strong West Indian accent when ordering something or an Indian accent in Mumbai. You may get locked up and rightly so. So if anyone can tell me why we try to speak in accents in certain languages and not others then I’d be interested to know. Or maybe it’s only me in France. Yikes!!

    In reality it was a good day to be out of the office given the US holiday and fairly dull markets. However the highlight was the continued weakness in the dollar, with the US dollar index down for the fourth consecutive day (-0.58%) and extending on its three year low. Conversely, Sterling rose 0.47% and the Euro was up 0.51% to 1.227. As a reminder, our FX team believes that flows out of USD will matter more in 2018 than rate differentials and they have a target of 1.30 (EURUSD) on the currency.

    Staying in FX, China’s RMBUSD rose to a two year high (+0.49%) after the central bank strengthened the Yuan fixing by 0.55% (the biggest increase in fixing in three months). Notably, the Bundesank has decided to add the Yuan to its currency reserve, albeit starting with a small amount.

    Over in government bonds, 10y Bunds and French OATs yields rose c1bp, partly weighed down by the hawkish tone from the ECB’s Hansson. He noted that if growth and inflation continue to evolve broadly in line with the ECB’s projections, it would “certainly be conceivable and appropriate to end the (QE) purchases after September”. Further, in terms of how to end QE, he added that “the last step to zero is not a big deal anymore” and “I think we can go to zero in one step without any problems”. On the higher Euro, he noted it “is not a threat to the inflation outlook” up to now and one “should not overdramatize it”. Finally, on policy guidance, he added “there are certainly good reasons to reduce the importance of the net purchases in our communication soon”. Elsewhere, 10y Gilts yields fell for the first time in five days (-1.6bp) while peripherals rose 1-3bp.

    In the UK, the BOE’s Tenreyro has echoed other MPC member’s view that if the central bank’s forecasts are accurate, then the UK economy will potentially have two more rate hikes over the next three years. Notably, she noted that “a different outturn for productivity growth would affect that rate path” and that based on her analysis, it leads her to think that “in the medium term, the risks to productivity may be skewed to the upside”. Looking ahead, she noted that as of December, she saw “ample” time to assess current policy before potentially hiking rates again.

    This morning in Asia, equities are trading higher. The Hang Seng has rebounded (+1.22%) with all sectors in the green, while the Nikkei (+0.98%), Kospi (+0.77%) and China’s CSI300 (+0.71%) are all higher. Elsewhere, China’s RMBUSD is up 0.05% as we type. The Japanese Finance minister Aso noted the Yen’s current exchange rate is not a major issue but sudden movements are a big problem for the currency.

    Now recapping other markets performance from yesterday. European equities were broadly lower with the Stoxx 600 down 0.17%, partly weighed down by the stronger Euro and weakness in healthcare stocks. Across the region, key bourses were all modestly lower (FTSE -0.12%; CAC -0.13%; DAX -0.34%) while Italy’s FTSE MIB bucked the trend to be up 0.49%.

    In commodities, Brent crude oil rose 0.47% to above $70/bbl and is up c40% from its recent lows in August. Yesterday’s strength was partly supported by Iraqi oil minister al-Luaibi comments over the weekend, where he noted that OPEC production curbs should remain until the end of 2018. Gold has edged higher (+0.18%) to a four month high and is up c8% since mid-December. Elsewhere, other base metals were mixed with softness in aluminium prices (Copper +0.16%; Zinc flat; Aluminium -0.79%).

    Away from the markets and onto Germany’s efforts to form the next coalition government. The SPD’s caucus whip Mr Schneider said he is “firmly convinced” that this Sunday’s party convention will support the coalition talks with Ms Merkel’s bloc. Elsewhere, according to a Forsa poll conducted last Friday, 56% of SPD voters and 70% of CDU/CSU voters would back a renewed grand coalition between Ms Merkel’s bloc and the SPD.

    Turning to Brexit, the FT has reported that EU member states have drawn up revised directives that will toughened its conditions on the UK’s post Brexit transition deal. Based on a draft seen by the FT, the conditions include: i) restricting the UK’s ability to apply a new immigration system to EU national arriving in the transition period, which implies that individuals arriving in the UK after Brexit but before 2021 are eligible to stay indefinitely, ii) British ministers will not be able to enter into agreements with non-EU countries to replace the benefits of those lost trade deals unless authorised to do so by the EU and iii) no change to fishing rights in UK waters.

    Finally, the latest ECB holdings were released yesterday. Net CSPP purchases last week were €1.4bn and Net PSPP purchases €7.1bn. This left the CSPP/PSPP ratio at 19.4% last week (vs. 11.5% before QE was trimmed in April 2017), which is in line with our expectations of “around 20%” post the latest taper. That said, this is the first week of relevant data after the QE was halved and the data can be lumpy, so we believe it’s too early to make material conclusions until additional readings. However one of the reasons we thought Q1 would be strong for credit was that the CSPP technicals will improve initially. After Q1 macro issues will start to offset this though and the overall end of QE will come into view.

    Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In Europe, the Eurozone’s November trade surplus was higher than expected at €22.5bln (vs. €22.3bln) with exports up 7.7% yoy and imports up 7.3% yoy. In the UK, the January Rightmove index reported that asking prices for homes rose 1.1% yoy, slightly higher than the prior month’s reading of 1%.

    In Japan, the BOJ’s regional economic report noted that six of nine regions had been expanding or expanding moderately, with the remainder continuing to recover moderately. Elsewhere, three of the nine regions revised up their economic assessment from that made in October.

    Looking at the day ahead, final December CPI reports are due in Germany and Italy. In the UK, there is the December CPI, PPI and RPI along with the November house price index, while in the US the January empire manufacturing print is due. Away from the data, Canada’s Foreign Affairs Minister Chrystia Freeland and US Secretary of State Rex Tillerson are due to meet to discuss stability on the Korean Peninsula. Citigroup are due to report Q4 earnings.

    https://www.zerohedge.com/news/2018...-stock-meltup-turns-parabolic-dollar-rebounds
     
  33. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Frontrunning: January 16
    [​IMG]
    by Tyler Durden
    Tue, 01/16/2018 - 07:54


    • GE to Take Massive Charge to Shore Up Insurance Reserves (WSJ)
    • GOP Leaders Struggle to Avert Shutdown After Immigration Blow-Up (BBG)
    • DACA Squabbling Imperils Ability to Avert a Shutdown (WSJ)
    • Bitcoin Plunges 20% (WSJ)
    • China Escalates Crackdown on Cryptocurrency Trading (BBG)
    • Wall St. Braces for a Different Year of U.S. Inflation (BBG)
    • Days after Hawaii alert gaffe, Japan issues false alarm about a missile launch (Reuters)
    • Under Trump, the Business World Notches a Net Success (WSJ)
    • Lawmakers urge AT&T to cut ties with Huawei (Reuters)
    • Not just Florida: Tourism big in other states opposing coastal drilling (Reuters)
    • U.S. Warned Jared Kushner on Wendi Deng Murdoch (WSJ)
    • Trust in news media takes a hit during Trump presidency (AP)
    • Sell the New York Times. Now (Politico)
    • Battle Stations: U.S. and China Prepare for Trade Clash of the Titans (WSJ)
    • Platinum Industry Faces a Crisis (WSJ)
    • Saudi Aramco snubs UBS and Bank of America for listing roles (Reuters)
    • Pentagon Plans New Nuclear Weapons (WSJ)
    • Sweden’s Worst Housing Slump Since 2008 Is Ripe for Sanity Check (BBG
    • Spotify Challenges Bankers on IPOs (WSJ)
    • Five Potential Risks to the Oil Rally (WSJ)
    • Uber to introduce mandatory rest breaks for UK drivers (Reuters)

    Overnight Media Digest

    WSJ

    - Fiat Chrysler Automobiles NV's, chief executive said Monday he has no plans to sell its Jeep business or split up the company, cooling speculation but leaving the company's long-term strategy unclear. on.wsj.com/2rerVDm

    - SoftBank Group Corp said Monday it may list shares of its profitable Japanese cellphone operator, a move that could raise nearly $20 billion and help SoftBank make big bets on technology companies. on.wsj.com/2r9T76h

    - Apple Inc and Chinese technology giant Tencent Holdings Ltd have settled their tiff over tips, allowing users of Tencent's popular WeChat messaging app to resume giving monetary gifts to their favorite video-streaming stars and content creators. on.wsj.com/2r9rHNR

    - Royal Dutch Shell PLC said Monday it is selling for an undisclosed amount a stake in the West Qurna 1 oil field in Iraq to Japan's Itochu Corp, giving up on its last oil fields in Iraq. on.wsj.com/2rbw372

    - Airbus SE Chief Executive Tom Enders has flatly accused the Trump administration of protectionism, while criticizing rival Boeing Co for exploiting such sentiments. on.wsj.com/2r6dNvI

    FT

    Airbus was prepared to shut down production of its A380 superjumbo aircraft if it does not resolve its stand-off with the Emirates airline over a $15 billion order for the world’s largest passenger jet, according to the company’s outgoing sales chief John Leahy. “If we can’t work out a deal with Emirates, there is no choice but to shut down the programme,” Leahy said.

    Royal Dutch Shell Plc said it would redevelop the Penguins field northeast of the Shetland Islands, together with its partner Exxon Mobil Corp, in a project expected to cost more than $1 billion, its first major new project in the ageing basin in six years.

    William Hill Plc was considering a sale of its Australian business after the British bookmaker complained that a regulatory crackdown will put pressure on profits in the country. The company said it was “undertaking a strategic review” of its business in Australia, one of the world’s most liberal gambling markets

    NYT

    - Laurence Fink, founder and chief executive of the investment firm BlackRock Inc, is going to inform business leaders that their companies need to do more than make profits - they need to contribute to society as well if they want to receive the support of BlackRock. nyti.ms/2r67EQa

    - At the Detroit auto show on Monday, officials of GAC Motor, based in Guangzhou, outlined a broad plan to build up its operations in the United States and begin selling a vehicle here next year, possibly in partnership with Fiat Chrysler Automobiles. nyti.ms/2reGAhY

    - A blazing Iranian tanker that sank in the East China Sea, producing a 10-mile-long oil slick, is drawing concern from environmentalists about the threat to sea and bird life in the waterway. nyti.ms/2rdplx8

    Canada

    THE GLOBE AND MAIL
    ** Canada's six biggest banks are facing a lawsuit filed with a New York court that alleges they conspired with three other global banking giants to rig a Canadian interest-rate benchmark and boost profits. tgam.ca/2B5pySX

    ** The British government is scrambling to cope with the collapse of global construction giant Carillion Plc, which has thrown the future of 43,000 jobs worldwide into question, including thousands in Canada. tgam.ca/2B4TLkQ

    ** The Liberal government is set to introduce carbon-tax legislation that will give breaks to industrial emitters as Ottawa seeks to limit the economic impact of an ambitious environmental agenda to be enacted this year. tgam.ca/2B4TNJu

    NATIONAL POST
    ** A major, government-backed investment in Ontario by Linamar Corp is a "vote of confidence" in Canada's position in the ongoing North American Free Trade Agreement negotiations, according to the president of the Automotive Parts Manufacturers Association. bit.ly/2B4quqE

    ** The Bank of Canada is already well into the process of raising interest rates to more normal levels and another increase is expected on Wednesday, after the economy's stellar performance last year. bit.ly/2B4RHtq

    Britain

    The Times

    - Financial Reporting Council warned that it may launch an investigation into KPMG over its audit of Carillion Plc . The company has collapsed into liquidation putting thousands of jobs at risk. bit.ly/2B3UEuh

    - The value of the pound has risen above $1.38 for the first time since the Brexit referendum, thanks to a weakening dollar and rising hopes that other European Union members will seek a relatively "soft" Brexit. bit.ly/2B1S4oC

    The Guardian

    - Silvana Tenreyro, one of the nine members of the monetary policy committee, warned the Brexit uncertainty is deterring companies from investing and hampering Britain’s ability to close its productivity gap with other leading developed countries. bit.ly/2B4n0o5

    - A no-deal Brexit would cost the remaining 27 EU nations 112 billion euros ($137.39 billion)in lost economic output, according to research by Oxford Economics. bit.ly/2B5fYzf

    The Telegraph

    - Turnaround specialist Melrose sketched out its strategy to turn around acquisition target GKN Plc, saying the engineering company lacks "clear focus" and "needs fundamental change". bit.ly/2B3igyX

    - Airbus SE said it would cut the rate at which builds the double-decker jet to just six a year by 2019, from a peak of 27 a few years ago. bit.ly/2B3iJBi

    Sky News

    - The RAF scrambled two Typhoon jets to intercept Russian planes near the UK's airspace, the Ministry of Defence (MoD) said. The jets were scrambled from RAF Lossiemouth in Moray, Scotland, on Monday morning. bit.ly/2B3YS59

    - Virgin Trains will once again stock copies of the Daily Mail, after a decision to ban sales of the paper on the company's trains led to accusations of censorship. bit.ly/2B3ZhVd

    The Independent

    - Vaccitech, a UK company developing a vaccine that would be the first in the world to fight all types of flu has raised 20 million pounds from investors including venture capital arm of Google parent Alphabet Inc, GV.


    https://www.zerohedge.com/news/2018-01-16/frontrunning-january-16
     
  34. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Investors Are Buying Power Stations In Russia To Mine Cryptocurrency
    [​IMG]
    by Tyler Durden
    Tue, 01/16/2018 - 02:45


    Two electric power stations in Russia were recently sold to a cryptocurrency miner looking to expand his operations – the latest sign that the country’s government-supported push to become a cryptocurrency mining hub has been successful.

    The two stations are situated in the Perm Region on the western slopes of the Middle Ural Mountains, and in the neighboring Republic of Udmurtia. The facilities will be used as data centers as well as housing for cryptocurrency mining equipment and a center for cryptocurrency mining. The price paid for the two stations? Roughly 160 million rubles (about $3 million), according to RT.

    After initially approaching cryptocurrencies with skepticism, the Russian government last summer signaled that it would instead try to regulate and embrace the markets.

    [​IMG]

    That trend has culminated with the Russian Ministry of Finance drafting a bill to legalize the trading of cryptocurrencies on approved exchanges, according to Deputy Finance Minister Alexei Moiseev, who has indicated that the government is seeking to provide greater oversight. President Vladimir Putin has ordered the government to create legislation governing the status of bitcoin, other cryptocurrencies, mining, and initial coin offerings, as well as defining everything that relates to digital money, by July.



    [​IMG]

    image courtesy of CoinTelegraph

    The bill will open the door to more open cryptocurrency trading and investment within Russia, as some countries like China have sought to stamp out both mining and trading.

    In August, a company known as Russian Miner Coin, or RMC, announced that it would try to raise $100 million in an initial coin offering, promising to allocate 18% of the company’s mining revenue to holders of their tokens. The company was founded by a close aide to Putin.

    The law currently being written by the Duma will be the country’s first targeting cryptocurrencies. Back in December, Moiseev suggested that mining bitcoin and other cryptocurrencies could be made illegal, though he quickly back-tracked from those comments.

    The new owner of the power stations, businessman Aleksey Kolesnik, has indirectly confirmed the acquisition – though he added that he will wait to begin mining cryptocurrencies from the facilities until after Russia adopts the relevant legislation.

    Furthermore, the Russian government and its state-owned energy companies have reportedly considered launching a digital currency that could be used in partnership with Venezuela, Iran and Russia to circumvent US sanctions in accepting payment for their oil exports, similar to Venezuela’s Petro, an oil-backed digital currency that is being developed by Latin America's favorite Socialist Paradise.

    https://www.zerohedge.com/news/2018...ing-power-stations-russia-mine-cryptocurrency
     
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    Asian Metals Market Update: January-16-2018
    By: Chintan Karnani, Insignia Consultants
    Look for signs of profit taking in gold and silver as US markets reopen. Any further rise in gold and silver will be dependent on the ability or inability to break past key resistances of $1358 and $1754. Over the past two years gold has not been able to break $1380. It will not be easy to break $1380 on fears of sharp correction. However in case gold breaks and trades over $1380 anytime before 31st March, then chances of $1522.80 and $1649.50 will be very high. Direction of global bond yields and direction of energy prices will be the key mover for gold prices till June.
     
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    Dollar Decline: $2,000 Gold & $20 Silver?
    Junius Maltby



    Published on Jan 15, 2018
    As the Junius Maltby channel limps into the bizarre year of 2018, we take a look at recent dollar movements, Gold, Oil, Silver and possible numbers going forward. Thank you all for your support of the JM channel, motivations and continued participation!
    THE MOST BORING CHANNEL ON YOUTUBE!
    Gold Coin: https://qualitysilverbullion.com/prod...
     
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    Swamp Lives On: Crooked Banks and Captured Regulators


    -- Published: Tuesday, 16 January 2018

    By Clint Siegner

    If officials at the Securities and Exchange Commission (SEC) are bothered by allegations of incompetence and capture by Wall Street’s bankers, it is hard to tell. The Commission recently hired Brett Redfearn to serve as Director of the Division of Trading and Markets. Redfearn left a 13 year stint at JP Morgan to assume a key role in regulating banks, investors and traders.

    The SEC, and other regulators such as the CFTC and the Federal Reserve, aren’t worried about appearances. Redfearn looks like yet another fox being sent to guard the henhouse. His appointment undermines confidence even if he intends to serve with integrity.

    Instilling confidence ought to be a priority at the SEC. The past decade has been a disaster when it comes to the agency’s credibility.

    [​IMG]

    To date, not one high level bank executive, has been prosecuted for misdeeds related to the 2008 Financial Crisis. This despite plenty of the shareholders SEC officials are supposed to be protecting having lost their shirts. SEC bureaucrats either bungled or turned a blind eye to Bernie Madoff’s Ponzi scheme.

    To cap it off, a high-profile story which broke in 2010 uncovered agency staff and contractors spending an inordinate amount of time watching pornography on the job.

    Office of Inspector General investigators looked at a 5-year period and found 33 people had violated policy by watching X-rated content on federal computers. During these years, Madoff’s con was reaching its peak and Wall Street banks were busily selling mortgage backed securities stuffed with fraudulent loans to pension funds. You would think leadership there might be embarrassed.

    Which brings us back to the appointment of Mr. Redfearn. It demonstrates the SEC remains tone deaf at a minimum, and completely captured at worst.

    JP Morgan, Redfearn’s former employer, served as Madoff’s banker and has been involved in a number of questionable affairs. Laurence Kotlikoff from Forbes suggested the bank may be "America’s Most Corrupt."

    Until the SEC and its people prove they actually care about keeping the investment banks and financial insiders honest, they should probably do their hiring somewhere besides Wall Street. Otherwise people will understandly assume federal regulators are there to protect powerful firms under their jurisdiction, and not Americans at large.

    Clint Siegner is a Director at Money Metals Exchange, the national precious metals company named 2015 "Dealer of the Year" in the United States by an independent global ratings group. A graduate of Linfield College in Oregon, Siegner puts his experience in business management along with his passion for personal liberty, limited government, and honest money into the development of Money Metals' brand and reach. This includes writing extensively on the bullion markets and their intersection with policy and world affairs.

    http://news.goldseek.com/GoldSeek/1516116237.php
     

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