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

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



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    143 MILLION people's Social Security numbers, driver's licenses and other personal details may have been stolen in massive cybersecurity hack of credit agency Equifax
    • Consumer credit agency Equifax says that they suffered massive data breach
    • The information leak occurred on July 29 and may have affected 143 million
    • The company's stock dropped five per cent in after-hours trading Thursday
    • Data collected in the breach included Social Security numbers and licenses
    • The company said that over 200,000 credit card numbers were also stolen
    • CEO and Chairman of Equifax issued an apology and said the company is working with authorities


    Read more: http://www.dailymail.co.uk/news/article-4863648/Credit-agency-Equifax-info-143-million-stolen.html#ixzz4s2VdlW65
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
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  3. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Baltic Index Near 5-Month High on Improving Vessel Rates

    September 7, 2017 by Reuters

    [​IMG]
    Photo: Lukasz Z / Shutterstock

    Sept 7 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, touched a near 5-month high on Thursday, driven by stronger demand across vessel segments.

    The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 46 points to 1,296 points, a level last touched on April 13.

    The 3.68 percent jump was its biggest in a single day since Aug. 11.

    The capesize index climbed 176 points, or 7.22 percent, to 2,614 points, a peak not hit since late March.

    “Capesize rates are gapping up yet again with global earnings bumping up to around $19,400/day fueled by strong activity levels in the North Atlantic market,” Clarksons Platou Securities analysts said in a note.

    Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $1,218 to $19,449.

    The panamax index was up 37 points, or 2.82 percent, at 1,351 points.

    Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $294 to $10,840.

    Among indexes tracking rates for smaller vessels, the supramax index rose 7 points to 875 points, while the handysize index rose 5 points to 499 points. (Reporting by Karen Rodrigues in Bengaluru; Editing by Savio D’Souza)

    (c) Copyright Thomson Reuters 2017.

    http://gcaptain.com/baltic-index-near-5-month-high-improving-vessel-rates/
     
  4. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Fuel Traders Rethink Rushed Ship Hires as Harvey Dissipates

    September 7, 2017 by Bloomberg

    [​IMG]
    A Coast Guard flyover to assess the ports of Houston, Texas City, Freeport and Galveston, Aug. 31, 2017.

    By Heesu Lee, Ann Koh and Laura Blewitt (Bloomberg) — Some traders who rushed to hire ships to send fuel from Asia to the U.S. after Hurricane Harvey are reconsidering their plans.

    At least five tankers in the wake of the storm, which knocked out almost a quarter of U.S. refining capacity, have been canceled while some are being diverted elsewhere, data from shipbroker Ocean Freight Exchange show. As Gulf Coast plants restart and prices fall, Latin America may prove a more attractive region, according to industry consultants Energy Aspects and Resource Economist. OFE analyst Rachel Yew said some traders may not have managed to find supplies after making provisional bookings.

    The cancellations and diversions show how Harvey continues to reverberate across global oil markets even after dissipating. The shutdown of refiners on the Gulf Coast as the storm made landfall in Texas and then once again in Louisiana prompted concern about a fuel shortage, spurring traders to book ships to transport fuel from other regions and fill a potential supply gap. While there are still tankers hired by traders to ferry more than 800,000 metric tons of oil products from Asia, some are being reconsidered.

    “Some of this material from Asia would be diverted to Latin America and some might be canceled,” said Ehsan Ul-Haq, a London-based director of crude oil and refined products at Resource Economist. “Most of the refining capacity in the U.S. is coming back gradually and Europe has already sent additional barrels of gasoline and other products.”

    There are signs of a similar picture from Europe. The region’s cargoes of gasoline bound for the U.S. are set to drop to 18 charters over the next two weeks, in line with average levels, according to a Bloomberg survey of three shipbrokers and one owner. That compares with last week’s estimate of 30 cargoes, which was the highest since November.

    Refinery Restarts
    About 2.4 million barrels a day, or 13 percent of U.S. refining capacity, has restarted or is restarting operations, data compiled by Bloomberg show. About 12 percent of the U.S. processing capability is still halted. As supply resumes, fuel prices are tumbling, providing less of an incentive for traders to transport cargoes half way around the globe.

    Moreover, Asian processors are unlikely to have spare cargoes that traders can purchase to ship to the U.S. Most of the plants in the region have already completed September-loading fuel sales, according to Kim Wookyung, a spokeswoman at SK Innovation Co., South Korea’s biggest refiner.

    “A lot of the traders rushed to fix ships before they had the cargoes, so we saw some ships failing,” said OFE’s Yew. “Also there has been talk of traders unable to find a buyer and this could be due to the gradual ongoing restart of refineries in the Gulf Coast.”

    The biggest buyers of U.S. refined products, Latin American countries like Mexico and Brazil, have been starved of their typical shipments for more than a week as processors and ports were forced to shut out exports from the U.S. Gulf Coast.

    After the storm cleared, the first two product-export tankers to leave the Houston area loaded up for Brazil. The two tankers, NS Point and PTI Sextans, are bringing up to 74,000 tons of refined products from the docks in Texas City, Texas, with estimated arrivals between Sept. 17-20. Imports to Mexico’s East Coast that usually come from the U.S. Gulf Coast are instead being supplanted by shipments from Europe and New York, Bloomberg vessel-tracking data show.

    Gasoline Drop
    “We expect much of the arbitrage barrels to find their way into Latin American markets,” said Sam Alderson, an analyst at industry consultant Energy Aspects Ltd. “While refineries are beginning restart operations, we still have a sizeable chunk of gasoline and diesel production offline at this stage which, combined with port restrictions, continues to restrict exports of U.S. products.”

    The window of opportunity to export Asian gasoline cargoes to the U.S. is rapidly closing, according to data compiled by Bloomberg. U.S. prices of the fuel for November delivery in New York traded at discount of more than 25 cents a barrel to prompt Singapore prices, flipping from a premium of about $6 a barrel on Aug. 31. The cost of chartering a ship carrying 35,000 tons of gasoline was about $4.27 a barrel, shipbroker data from Sept. 1 showed.

    October gasoline futures in New York dropped as much as 3.3 percent to $1.643 a gallon, falling for a third session, on Wednesday. They were at $1.6504 at 10:55 a.m. in New York. The drop comes after prices surged in August by the most in more than a year.

    “Prices have probably peaked and will continue falling as the panic in the market subsides and supply improves, thereby closing some of the product arbs into the U.S.,” said Den Syahril, an analyst at FGE in Singapore. “Of course, the uncertainty is how long the refineries which have yet to restart will take to come back into the market.”

    © 2017 Bloomberg L.P

    http://gcaptain.com/fuel-traders-rethink-rushed-ship-hires-as-harvey-dissipates/
     
  5. searcher

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    Naval Forces Establish Maritime Security Transit Corridor Off Horn of Africa

    September 7, 2017 by gCaptain

    [​IMG]
    An overview Overview of Maritime Security Transit Corridor (including Internationally Recommended Transit Corridor). horn of africa Maritime Security Transit Corridor

    The Combined Maritime Forces (CMF) has established a Maritime Security Transit Corridor to protect merchant ships off the Horn of Africa in response to recent attacks against merchant shipping in the Gulf of Aden and Bab Al Mandeb strait.

    The Maritime Security Transit Corridor (MSTC) will consist of the existing Internationally Recommended Transit Corridor (IRTC); the BAM Traffic Separation Scheme (TSS) and the TSS West of the Hanish Islands; and a two-way route directly connecting the IRTC and the BAM TSS. When combined, these sections as a whole will make up the MSTC.

    The CMF says the purpose of the corridor is to provide a recommended merchant traffic route around which multi-national Naval Forces can focus their presence and surveillance efforts. It is recommended that all vessels use the corridor to benefit from military presence and surveillance.

    The CMF is also reminding that all vessels transiting the Gulf of Aden and Bab Al Mandeb should follow the guidance of BMP4 to the maximum extent possible and consider the use of embarked armed security.

    Providing some background to the establishment of the MSTC, CMF Commander Admiral Donegan explained that there continues to be risk associated with transits through the Gulf of Aden, Bab-el-Mandeb and the Southern Red Sea, included the risk of piracy and attacks by small, high speed boats using small arms, rocket propelled grenades, and significant amounts of explosives. To date, these sorts of small boat attacks have been unsuccessful and the identity of the attackers remains unclear. However, they demonstrate the continuing risks to the maritime community during passage through these waters.

    “Beyond piracy and terrorism, the spillage of conflict in Yemen into the maritime and how it impacts traffic in the Gulf of Aden, and the Bab-el-Mandeb and the Red Sea is a concern, said Admiral Donegan.

    “The nexus of these dynamic threats in a constrained area is why we recommend an expansion of not just our naval presence but our operations and how we do business between the area from the Bab-el-Mandeb to the Internationally Recognised Transit Corridor. No longer can that area between the Bab-el-Mandeb and start of the transit corridor be ignored,” he said.

    Combined Maritime Forces (CMF), with 31 member nations, is a multi-national naval partnership existing to promote security, stability, and prosperity across approximately 3.2 million square miles of international waters, which encompass some of the world’s most important shipping lanes. CMF’s main focus areas are defeating terrorism, preventing piracy, encouraging regional cooperation, and promoting a safe maritime environment.

    Filed Under: Maritime NewsTagged With: gulf of aden, maritime security, somali piracy

    http://gcaptain.com/naval-forces-establish-maritime-security-transit-corridor-off-horn-of-africa/
     
  6. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    TVR [#392] 09-08-2017 END OF DAY REPORT: GOLD SILVER BREAKOUT MINERS TOO
    ALGO CAPITALIST



    Published on Sep 7, 2017
    Please remember to RATE, SHARE, FAVORITE, COMMENT AND SUBSCRIBE.
     
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    The Chennai Six – Justice for Crew of M/V Seaman Guard Ohio

    September 7, 2017 by Editorial

    [​IMG]
    AdvanFort’s Seaman Guard Ohio. Image: AdvanFort

    By Captain George Livingstone – Some stories are worth telling over, this is one. Perhaps the reader will recall a rather spectacular international story from 2013 regarding an anti-piracy ship called the ‘Seaman Guard Ohio’. It was a floating armory ship owned by an American company named AdvanFort. The ship contracted and supplied mobile ‘anti-piracy’ personnel to merchant vessels transiting the dangerous waters of the Arabian Sea and the Persian Gulf. In-between assignments the guards would stand by on the ship for ready deployment.

    At first-glance it seems a rather innovative idea to supply anti-piracy teams via a mobile platform. There are complicated issues, however, about the movement of weapons through various territorial waters. The company claimed to have met all required registrations and disclosures.

    A Complicated Story
    On October 12, 2013, while at anchor in international waters (disputed by India), the ship was intercepted by the Indian Coast Guard Cutter ICGS Naiki Devi and escorted to anchor in the port of Tuticorin. Before proceeding into port, the vessel master again declared weapons on board and the nature of the ship’s mission. After anchoring, the Ukrainian captain and the British tactical deployment leader (supervisor of the security personnel) were then questioned by a multi-agency team from the Indian Coast Guard, Navy, Customs and the Q Branch of India’s Intelligence Bureau.

    The Indian authorities claimed it was just a routine paperwork check although a check had already been done two months prior in Indian territorial waters. Over many days various authorities came aboard questioning the ship’s master. Obviously something was wrong. After running low on fuel, food and water the ship’s master contacted the Indian Coast Guard for help and the ship was allowed to dock.

    Indian authorities then boarded the ship and notified the master that everyone needed to be taken to the hospital for medical checks. Once the men got off the ship, their passports were seized and they were arrested. The Europeans were taken to Puzhal Central Jail in Chennai where they languished for three months before charges were actually delivered against them. Indian media reported at the time that it was assumed the men were linked to Al Qaeda and the Tamil Tigers (later debunked). The following eventual charges laid against them were:
    • Entering territorial waters with illegal firearms
    • Illegal procurement of fuel
    Freedom Overturned
    After being confined in prison for six months, in April 2014, the men were released on bail with strict orders to report in to police twice a day until the investigation was completed. In July 2014 all charges were dropped via the Indian High Court and the men were free to leave India. The Q Branch of India’s Intelligence Service, however, would not return the men’s passports even after a British Government request. Indian law allowed the Q Branch ninety days to lodge an appeal during which time passports could be withheld. The British government relented telling the men they would have to await a possible appeal by Q Branch. Just prior to the ninetieth day, Q Branch lodged an appeal resulting in the case going to trial.

    I’m sure the reader gets the jist of where this is heading, as did the poor souls from the ship. After many delays involving nearly another year of time, on January 11, 2016, the ship’s entire complement was convicted and sentenced to five years in prison. Lawyers for the crew members and guards appealed the decision in late 2016, and to date are still awaiting an answer from the Indian courts. As of this writing, the men have served over two years of their five-year sentence. There have been multiple discussions between both governments regarding the case, so far to no avail. There is currently an effort underway to submit a petition to the Chief Justice of the Indian Supreme Court, likely the last chance the men have to overturn the decision.

    So, what happened?
    A September 15, 2015, BBC story stated that just prior to the ship being detained, AdvanFort Head Quarters had ordered an illegal fuel delivery for the ship. Indian customs law demands ships refueling at sea (within Indian jurisdiction) must use regulated sources. AdvanFort management was attempting to purchase and deliver fuel ‘under the radar’ of Indian customs law. Emails received anonymously by the BBC show that AdvanFort managers ordered the ship’s captain to take fuel and hide any trace of it, in other words, a cover up. Emails leaked to BBC indicate at least one manager at Advanfort recognized the danger of such an order, emailing senior management ’Misleading customs and port state officials regarding a vessels mission, mechanical condition and seaworthiness is a serious matter’ ‘I will not condone that type of misrepresentation’ adding ’Such behavior puts our vessels and crew at risk of arrest.’ Shortly after the fueling, Indian authorities detained the ship having apparently determined the ship had broken Indian customs law.

    The BBC story alludes that the ship did break Indian Customs law making it a calamity by an attempting a cover up. There was also the charge of illegal firearms by Indian authorities. The question then is who is legally responsible and accountable? The company itself, Advanfort? It would seem certain. The ship’s master and chief engineer? Much as I hate to admit it, yes, they knowingly engaged in an illegal activity against what may have been their better judgement. What about the poor ship’s cook? The ordinary seamen? The hired security personnel simply riding aboard awaiting a piracy escort assignment? No, they should not be held responsible.

    Like any law, when maritime or customs law is broken, the responsible parties should be sought out. It doesn’t take a maritime or customs lawyer to determine that the responsible parties in this case are the American company Advanfort, the master, chief engineer and the vessel itself. It’s a travesty of justice to imprison other individuals aboard who were not responsible; that is in fundamental opposition to international convention and law. The actions taken by Indian authorities in this case are the lowest form of coarse, punitive action by a major maritime nation that should know better. One can only hope that the Indian Supreme Court will overturn this miscarriage of justice against the poor souls who had nothing to do with the decisions made by the company, master and chief engineer. I am reminded of the Spanish Supreme Courts’ imprisonment of the master of the tanker Prestige, once again ‘We should hang our heads in shame.’

    Footnotes
    This is a major story in the U.K. and there is an ongoing push to get the Chennai Six case appealed to the Indian Supreme Court this coming October. Hopefully the sentence will be overturned and the six Britons released on time served along with the rest of the non-responsible crewmembers.

    This article would not have been possible without the help of Lisa Dunn, sister of Nick Dunn, one of the detainees being held by the Indian Government. I would also like to thank Mr. Jordan Wylie, Maritime Security Adviser for his efforts on behalf of the Chennai Six and for introducing me to Ms. Dunn.

    The men in this case are, of course, still in prison. They must purchase and pay for many things, even water as well as still being responsible for all personal financial obligations back in the U.K. If anyone is interested there is a fundraising page through ‘Just Giving’ called The Chennai 6, it is overseen by Mission to Seafarers Charity who have stepped up to support these men

    http://gcaptain.com/chennai-six-justice-crew-mv-seaman-guard-ohio/
     
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    Crashing Dollar Sends European Stocks, US Futures Reeling; Yuan Has Best Week On Record

    [​IMG]
    by Tyler Durden
    Sep 8, 2017 7:05 AM


    European stocks dropped, Asian and EM market rose, and S&P were lower by 0.3% as investors assessed the latest overnight carnage in the USD which plunged to the lowest level since the start of 2015, sending the USDJPY tumbling to 107, the euro extending gains to just shy of $1.21 and a slowdown in China’s export growth which however did not prevent the Yuan from posting its best weekly gain on record.

    It was all about the seemingly huge currency moves overnight as the dollar plunged for the 7th day in a row, the biggest 7 day drop in 4 months, amid doubts about further Federal Reserve tightening, North Korea tensions and as Hurricane Irma threatens South Florida. The Yen rose to the strongest level against the dollar since Nov. amid nervousness about possible provocation from North Korea ahead of its foundation day on Saturday; yen surged past 108 per dollar as options barriers gave way, triggering a series of stop-losses. The Yuan rallied toward 6.45/USD in both onshore and offshore markets as traders speculate PBOC will tolerate a stronger currency after it rose past the psychological 6.50 mark Thursday. The Australian dollar surged to the highest in more than two years on the back of dollar weakness while the cherry on top was the 10Y TSY yield touching a YTD low of 2.014% before rebounding to ~2.035%.

    Meanwhile, natural disasters were aplenty, including the most powerful earthquake this century to shake Mexico, while Hurricane Irma is projected to hit Florida Sunday, and North Korea is widely expected to launch an ICBM on its September 9 holiday.

    As reported last night, the big overnight story was the dramatic plunge in the dollar in Asian trading....

    [​IMG]


    ... which also pushed the EURUSD to the highest level since January 2015, a move that was not helped by this morning's Reuters "trial balloon" according to which the ECB was considering 4 QE reducing scenarios.

    [​IMG]

    “At its current level, the Euro is not a threat for the Eurozone,” Philippe Ithurbide, global head of research at Amundi Asset Management, said in a report. “If the euro stabilizes, or continues a gradual appreciation path as in our base scenario, the ECB could announce -- maybe in October -- a reduction, starting in January 2018, of the quantitative easing program. Should the euro continue to appreciate rapidly, the ECB could become more dovish and postpone its tapering.”

    This morning, the USD has attempted to stabilize after said heavy selling in Asian session, which has seen the DXY hit a fresh YTD low. Meanwhile, the USD/CNH has bounced from levels last seen in Dec. 2015 after reports of Chinese concerns on yuan strength. The Yuan was set for its best weekly gain since records began in 2007. The onshore yuan headed for the third weekly advance in a row, with a gauge of the dollar tumbling toward the biggest decline since May. The CNY climbed 0.48% to 6.4543 per dollar as of 5:11 p.m. in Shanghai on Friday; extending the weekly advance to 1.6%, the most since Bloomberg began compiling CFETS data in 2007. On Friday morning, the PBOC strengthened the daily reference rate by 0.36% to 6.5032 per dollar, extending the 10-day run of increases to 2.4%. The Bloomberg replica of CFETS index, which tracks the yuan against 24 currencies, climbs 0.10% to 95.16

    [​IMG]

    The Yuan’s recent appreciation has been bigger than expected - and it’s also more than what can be explained by the dollar’s moves - which is likely driven by strong corporate dollar selling and positive market sentiment, UBS economist Wang Tao writes in report sent Friday. "Allowing the yuan to gain versus the basket is a step toward convincing the market of increased two-way flexibility; not expecting it to embark on a multi-year appreciation path in effective term" Wang adeded.

    According to Reuters, China policy makers are increasingly worried a sharp CNY rally could hurt exports and the economy, however China is unlikely to intervene forcefully to cap the CNY due to worries of criticism from the US.

    Overnight, NY Fed president Bill Dudley became the latest U.S. central banker to lay out his views ahead of a policy-setting meeting later this month as expectations for an interest-rate increase have been scaled back. According to Bloomberg, Dudley reiterated the need to continue raising rates while conceding that the Fed may have to rethink its inflation model.

    USD/JPY holds close to overnight levels after tripping downside stops through 108.00. As noted earlier, Bund futures sell off after latest ECB sources give more details on potential tapering, curve steepens. Treasurys partially retrace overnight spike higher, precipitated by the USD weakness.

    In equities, European equity markets open lower and slowly grind back to unchanged led by bank sector, Santander +2.5% after being upgraded at Morgan Stanley. Mining sector underperforms after base metals sell off aggressively in response to China trade data. Stocks in Europe struggled for traction as the euro extended its march above $1.20, while S&P 500 index futures dropped. The most powerful earthquake this century shook Mexico, adding to investor anxiety.

    Asia equity markets traded mixed following similar indecisiveness in US and as the region digested a slew of economic releases including Japanese GDP and Chinese Trade data. ASX 200 and Nikkei 225 were lower as financials mirrored the underperformance in their US peers, with Japan also dampened by a weaker than expected Final Q2 GDP which showed the largest downward revision since the current accounting method began in 2010. Shanghai Comp. and Hang Seng were positive despite another OMO skip by the PBoC which resulted to a larger net weekly liquidity drain W/W, as strength in property and energy names kept sentiment upbeat while traders mulled over the release of mixed Chinese Data. China released its latest trade balance data which showed that Exports missed, but Imports surpassed expectations to suggest strong domestic demand. Exports growth for China moderated to 5.5% yoy in August from 7.2% yoy in July, below expectations, while imports growth was up to 13.3% yoy from 11.0% yoy in July, above consensus. In sequential terms, exports contracted by 0.4% mom sa, albeit less than that in July ( -2.0% mom sa). Imports increased by 2.9% mom sa, rebounding from -1.9% mom sa in July. The trade surplus moderated to US$42.0bn from US$46.7bn in July
    • Chinese Trade Balance (CNY)(Aug) M/M 286.5B vs. Exp. 335.7B (Prev. 321.2B)
    • Chinese Exports (CNY)(Aug) Y/Y 6.90% vs. Exp. 8.70% (Prev. 11.20%)
    • Chinese Imports (CNY)(Aug) Y/Y 14.40% vs. Exp. 11.70% (Prev. 14.70%)
    [​IMG]

    Meanwhile, the threat from North Korea lingers. U.S. President Donald Trump said it’s not “inevitable” that the U.S. will wind up in a war with North Korea over its continued development of nuclear weapons, though military action remains an option. Pyongyang may test a missile this weekend to coincide with its “founding day” on Sept. 9.

    Ten-year Treasury yields fell toward 2 percent and gold headed for a third week of advance ahead of a potential North Korean missile launch. Copper led most industrial metals lower and crude oil dropped. The yield on 10-year Treasuries declined less than one basis point to 2.04 percent, the lowest in 10 months. Britain’s 10-year yield advanced one basis point to 0.982 percent.

    West Texas Intermediate crude fell 0.4 percent to $48.91 a barrel, the largest fall in more than a week. Gold gained 0.2 percent to $1,351.25 an ounce, the strongest in almost 13 months. Copper declined 1.4 percent to $6,802.00 per metric ton, the lowest in more than a week on the largest drop in more than four months.

    Economic data include wholesale inventories.

    Market Snapshot
    • S&P 500 futures down 0.4% to 2,455.75
    • STOXX Europe 600 down 0.2% to 374.04
    • German 10Y yield fell 1.3 bps to 0.294%
    • MSCI Asia up 0.4% to 161.82
    • MSCI Asia ex Japan up 0.4% to 534.48
    • Nikkei down 0.6% to 19,274.82
    • Topix down 0.3% to 1,593.54
    • Hang Seng Index up 0.5% to 27,668.47
    • Shanghai Composite down 0.01% to 3,365.24
    • Sensex up 0.03% to 31,671.21
    • Australia S&P/ASX 200 down 0.3% to 5,672.62
    • Kospi down 0.1% to 2,343.72
    • Euro up 0.2% to $1.2046
    • Italian 10Y yield fell 10.2 bps to 1.634%
    • Spanish 10Y yield rose 1.6 bps to 1.511%
    • Brent Futures up 0.5% to $54.76/bbl
    • Gold spot up 0.4% to $1,354.10
    • U.S. Dollar Index down 0.4% to 91.27
    Top Overnight News
    • Reuters: ECB discussed scenarios yesterday and agreed the next step is to cut stimulus but should be done with broadest possible consensus; options included reduction to EU20b or EU40b and extension by 6 or 9 months, according to people familiar; ECB’s Liikanen: Some QE decisions will be taken in December
    • Fed’s Dudley: Appropriate to continue to remove monetary policy accommodation gradually, low inflation may be structural; Fed’s George says it’s time to continue with Fed rate hikes
    • President Donald Trump said it’s not “inevitable” that the U.S. will wind up in a war with North Korea over its continued development of nuclear weapons, but that military action remains an option
    • Trump suffered another setback on his travel ban, with an appeals panel leaving in place a lower-court ruling that forces the administration to accept people with grandparents, cousins and other relatives in the U.S.
    • Traders braced for economic damage to Florida from Hurricane Irma, set to make landfall on Sunday. The most powerful earthquake this century shook Mexico, adding to investor anxiety and sending the peso weaker
    • Federal Reserve Bank of New York President William Dudley reiterated the need to continue raising interest rates while conceding that the U.S. central bank’s inflation model may be in for a rethink soon
    • White House is considering at least six candidates to be the next head of the Fed; a chance Yellen will be renominated, though Cohn’s prospects have dimmed according to people familiar
    • Chinese officials are beginning to worry about the rallying yuan due to the strain on exporters, according to people familiar: Reuters
    • China Aug. Trade Balance: +$41.9b vs +$48.5b est; Exports 5.5% vs 6.0% est; Imports 13.3% vs 10.0% est.
    • Delta Cancels Flights for South Florida Airports on Irma
    • Strongest Quake in Century Hits Mexico, at Least Three Dead
    • White House Is Said to Be Considering at Least Six for Fed Chair
    • Equifax’s Historic Hack May Have Exposed Almost Half of U.S.
    • U.S. Is Said to Target North Korea Violators, With ZTE’s Help
    • BlackRock Is Said to Be in Talks for Calpers’s Buyout Business
    • ECB Is Said to Study QE Options That Don’t Need Rule Tweaks
    • Apple-Backed Billionaire Makes Case to Buy Toshiba Chip Unit
    • China’s Export Engine Slows as Imports Maintain Steady Gains
    Asia equity markets traded mixed following similar indecisiveness in US and as the region digested a slew of economic releases including Japanese GDP and Chinese Trade data. ASX 200 and Nikkei 225 were lower as financials mirrored the underperformance in their US peers, with Japan also dampened by a weaker than expected Final Q2 GDP which showed the largest downward revision since the current accounting method began in 2010. Shanghai Comp. and Hang Seng were positive despite another OMO skip by the PBoC which resulted to a larger net weekly liquidity drain W/W, as strength in property and energy names kept sentiment upbeat while participants also mulled over the release of mixed Chinese Data where Trade Balance and Exports missed, but Imports surpassed expectations to suggest strong domestic demand. 10yr JGBs gained amid the risk averse sentiment in Japan and as yields tracked the declines seen in their US counterparts, while the BoJ were also present in the market for a total of JPY 880bln of JGBs across the curve. China policy makers worry a sharp CNY rally could hurt exports and the economy; China unlikely to intervene forcefully to cap the CNY due to worries of criticism from the US, according to sources.

    Top Asian News
    • Tencent’s Giant Rally Is a Problem for Some China Investors
    • SpiceJet Shows Long-Haul Intent With Boeing-Airbus Contest
    • Japan’s GDP Growth Revised Down on Softer Capital Expenditure
    • Citi Sees Pressure on Yuan, Philippines Peso Amid Reserves Trend
    • China No. 4 Developer Seeks to Repay Overdue Debt at Lower Rate
    • Topix Has Worst Week Since April on N. Korea, Natural Disasters
    • Yuan Surge Feeds Speculation Policy Makers to Loosen Control
    Soft risk off tone has highlighted this lacklustre Friday morning, as much of the price action was seen yesterday. Equity markets opened marginally lower and have traded around these levels from the open with 8/10 Euro Stoxx sectors trading in the red. The stronger EUR has supported the mild risk-off tone following yesterday’s ECB meeting and the EUR continuing to ramp.
    Stock specific sees basic resources struggling, being affected by the pressure of copper prices, elsewhere the finance sector is one
    to trade in the marginal green, buoyed by Morgan Stanley’s upgrade of Santander. Peripheral bonds are seeing slight downward pressure, likely due to profit taking following yesterday’s outperformance amid the ECB press conference. Price action across European curves has been quiet, as the EU AAAs all trade around levels seen in the open.

    Top European News
    • U.K. Manufacturing Jumps, Construction Falls as Quarter Starts
    • Akzo Nobel Warns on 2017 Profit as Paintmaker Replaces CFO
    • Nordea Move Has Riksbank Chief Warning of Dangerous Fallout
    • Swedish Government Backs Away From Plan to Cut Riksbank Reserves
    • Overlooked in Cancer, Glaxo and Sanofi Look to Get Into the Race
    • Greene King Shares Slump on Trading Update, Dragging Pubs Lower
    • Mercedes Fields Buzz Aldrin to Take on BMW While Fiat Stays Home
    • Trinity Mirror Starts Talks to Buy Desmond’s U.K. Tabloids
    • Germany’s Facebook Case Tackles Crucial Digital Issues: Mundt
    FX markets have seen subdued trade following yesterday’s volatility being followed by an attack on the greenback overnight. Much anticipation was on the UK Manufacturing and Industrial Production data, the formers slight beat vs. expected sparked little sterling buying, with the data causing no real price action. USD/JPY broke through the 108 handle during the Asia/European crossover, knocking through option barriers on the way through. The week’s aggressive buying between 108.00/108.50 has aided with the bearish pressure, as stops were triggered through the 108.00 level, now firmly through April’s low. July 16, 2016 high has paved some support for the pair, however, a break through 107.50 is likely to see a 105 print.

    In commodities, the US storms remain a concern to energy traders, the catastrophic events are likely to lead to refiners and recovery projects competing for the same labour, in turn driving up costs or causing labour shortages. Brent futures have flipped back into its pre-hurricane backwardation after fears of a significant drop in crude demand failed to leak into markets. Copper has been the noticeable laggard in metal markets, as the precious metals all perform well amid the risk-off tone.

    Looking at the day ahead, there is the final reading for wholesale inventories
    along with consumer credit data. Away from the data, the Philadelphia
    Fed President Harker will speak on consumer behaviour in credit.

    US Event Calendar
    • 8:45am: Fed’s Harker Speaks on Consumer Finance in Philadelphia
    • 10am: Wholesale Inventories MoM, est. 0.4%, prior 0.4%; Wholesale Trade Sales MoM, est. 0.5%, prior 0.7%
    • 3pm: Consumer Credit, est. $15.0b, prior $12.4b
    DB's Jim Reid concludes the overnight wrap

    So unsurprisingly the talk of the town over the past 24 hours has been the ECB and President Draghi. As expected there was no change to policy but that was never going to be the talking point. Draghi did however more or less confirm that a decision on tapering will likely be taken at the October meeting. A “very, very preliminary discussion” was said to have taken place within the governing council yesterday but the “bulk of decisions” will be made in October for beyond 2017 according to the President.

    The biggest focus going into the meeting though was on what sort of rhetoric we would get from Draghi around the recent strength in the currency. While questioned and addressed at least half a dozen times, the general feeling was that Draghi felt relatively comfortable suggesting that he and the council view Euro strength as a sign of improving economic fundamentals. That gave the green light for the single currency to rally another +0.89% yesterday and so close above 1.200 for the first time since January 2015. This morning it’s up further, at 1.2070 as we go to print. The President did yesterday highlight up front that “the recent volatility in the exchange rate represents a source of uncertainty which requires monitoring” along with making various other references. However Draghi also played up growth and failed to really downplay inflation. Draghi called growth “robust” and “broad based” and signalled that the ECB had upgraded this year’s growth forecast to 2.2% from 1.9%. 2018 and 2019 forecasts were left unchanged. On inflation the impact of the recent currency move was to only shade one-tenth off the 2018 and 2019 headline forecasts, and leave 2017 as is at 1.5%. That said core inflation expectations were revised down in 2019 by twotenths. Overall though it felt a bit like every time Draghi tried to downplay the currency he ended up caveating it with a positive.

    Away from that, another notable snippet from the press conference included Draghi saying that the ECB “haven’t really discussed the scarcity issue (for bond buying) because so far we’ve consistently shown that we’ve been able to cope with this issue quite successfully”. DB’s Mark Wall summed up in his report by saying that his baseline expectation is a “slow and extend” decision on QE at the October meeting, extending until mid-2018 at the slower rate of EUR40bn per month. He expects a dovish tightening and notes that the ECB could achieve this by justifying slower QE on the basis of partial normalisation of core while saying that full normalisation is susceptible to FX appreciation, and also maintaining the QE guidance by saying that the Bank is prepared to do more if necessary.

    The failure to temper the move in the currency resulted in an interesting market dynamic as it essentially cleared the path for European bonds to rally. 10y Bund yields closed -4.1bps lower at 0.302% and the lowest since late June. France and Netherlands were -5.0bps and -4.5bps lower respectively while the periphery outperformed with yields in Italy, Spain and Portugal -11.1bps, -7.3bps and -10.5bps respectively. The Stoxx 600 also rebounded from an early fall to close +0.27%.

    Meanwhile across the pond, 10y Treasuries plunged to a new YTD low during the day of 2.032% and are continuing to flirt with that 1% handle. They eventually closed just off that at 2.040% which is where they are this morning. That move for Treasuries appeared to be more European led but clearly the threat of Hurricane Irma (and two other Hurricanes) inching closer to Florida and reports per Bloomberg about another possible missile test by North Korea is keeping the bond market propped up. The cloud hanging over the Fed now with the all the antics in Washington and an uncertain Fed Board composition is clearly not helping too. The S&P 500 closed virtually flat (-0.02%), but within the sectors, health care rose but banks (-1.76%) and insurers (-1.90%) were hit given the potential drags from lower bond yields and Hurricane Irma respectively. Elsewhere, the US dollar index fell -0.68%, Gold rose +1.12% to a new one-year high but WTI Oil was little changed.

    On the topic of uncertainty, the feeling was that it might be a two-horse race between Janet Yellen and Gary Cohn to be the next Fed Chair, but Bloomberg reported last night that Trump may be considering six more possible candidates for the top job. The list is fairly broad and includes: Kevin Warsh (former Fed governor), Glenn Hubbard (professor at Columbia Uni.), John Taylor (professor at Stanford Uni.), Lawrence Lindsey (former economic advisor to President Bush), Richard Davis (former US Bancorp CEO) and John Allison (former CEO of BB&T). With the various other departures on the Board, Trump is going to have a rare opportunity to handpick and reshape the composition of the Federal Reserve. However as we’ve been saying in recent days, this very much keeps the clouds of uncertainty from dissipating over the Fed for a while.

    On a related note, following up from the Fed’s Vice-Chair Stanley Fischer’s early resignation the other day, our US team took a closer look at the potential implications. They argue that the FOMC has lost one of its more hawkish members and with the December FOMC decision already on a course to be contentious, it is possible that there could be at least three dissents to a rate hike decision.

    This morning in Asia, markets are heading into the end of the week a bit mixed. The Nikkei (-0.38%), Kospi (-0.13%) and ASX 200 (-0.36%) are all softer but the Hang Seng (+0.50%) and Shanghai Comp (+0.24%) have edged higher. It’s worth noting that trade data in China this morning showed export growth as slowing to +5.5% yoy in Dollar terms from +7.2%. Expectations were for a slower decline to +6.0%. Imports on the other hand surged to +13.3% yoy from +11.0% after the consensus was also for a slowdown in the growth rate. It’s worth noting that this is the second month in a row that export numbers have disappointed.

    Back to the US debt ceiling. Now that the September deadline has been extended to December, President Trump suggested yesterday that there are “a lot of good reasons” to get rid of the debt ceiling altogether. Senate minority leader Schumer and Senate Finance Chairman Hatch along with others supports the idea, but some do not, including House Speaker Paul Ryan who said that “there is a legitimate role for the power of the purse and Article One powers”.

    Staying with the US, we’ve had two more Fed speakers in the last 24 hours. The usually hawkish Cleveland’s Fed President Mester said she is “comfortable” raising interest rates again this year and added that not hiking rates between now and March 2018 is not her idea of a gradual rise. Elsewhere, The NY Fed President Dudley said that “I expect the US economy will perform quite well… as this occurs, I anticipate that wage growth will firm and price inflation will gradually rise” and that “we will continue to gradually remove monetary policy accommodation”.

    Moving on. The latest on Brexit talks yesterday saw EU Chief Brexit negotiator David Barnier say “I’ve been very disappointed by the UK position…there is a moral dilemma here, you can’t have 27 (states) paying for what was decided by 28” and that “the UK needs to tell us what it wants and we will see what is possible”. Elsewhere, the President of the European Parliament, Antonio Tajani, said “it would seem very difficult that sufficient progress can be achieved by October”. Here in the UK, the Guardian noted that PM May has rejected an invite to address the EU Parliament to explain Britain’s position, instead preferring to discuss with leaders in closed sessions.

    Before we take a look at today’s calendar, a quick recap of yesterday’s economic data. In the US, the initial impact of Hurricane Harvey has seen initial jobless claims rise 62k to 298k (vs. 245k expected), with applications in Texas up 52k. Continuing claims were broadly in line at 1,940k (vs. 1,945k expected). Elsewhere, the final reading for nonfarm productivity was above market at +1.5% qoq (vs. +1.3% expected), resulting in a through-year gain of +1.3% yoy.

    Back in Europe, the final reading on the Eurozone’s 2Q GDP was unrevised at +0.6% qoq and +2.3% yoy (vs. 2.2% expected). In Germany, July industrial production was flat (vs. +0.5% mom expected), but annual growth is still up +4.0% yoy (vs. +4.6% expected). In the UK, the Halifax house price index was well above market at +1.1% mom (vs. +0.2% expected) and +2.6% yoy (vs. +2.1% expected). Over in France, the trade deficit widened to EUR6.0bn in July, with +4.9% yoy growth in exports outpaced by +9.2% yoy growth in imports.

    Looking at the day ahead, Germany’s trade balance, current account balance and export / imports stats are due this morning. For the UK and France, industrial production (+0.2% mom expected for UK; +0.5% mom for France), manufacturing production and trade balance stats are also due. Over in the US, there is the final reading for wholesale inventories along with consumer credit data. Away from the data, the Philadelphia Fed President Harker will speak on consumer behaviour in credit.

    http://www.zerohedge.com/news/2017-09-08/crashing-dollar-sends-european-stocks-us-futures-sliding
     
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    Frontrunning: September 8

    [​IMG]
    by Tyler Durden
    Sep 8, 2017 8:16 AM

    • Hurricane Irma threatens power losses for millions in Florida (Reuters)
    • Back-to-Back Hurricanes to Test FEMA Reforms (WSJ)
    • How Would the U.S. Defend Against a North Korean Nuclear Attack? (BBG)
    • Russia says too early to decide on U.N. resolution on North Korea: Interfax (Reuters)
    • Strongest Quake in a Century Hits Mexico, 15 Reported Dead (BBG)
    • Ryan Bears Brunt of GOP Anger Over Trump’s Deal With Democrats (BBG)
    • Trump’s Debt Deal Moves Forward, With Help From Democrats (WSJ)
    • Houston CEOs Race to Mend a Storm-Battered Workforce (WSJ)
    • Consumers Struggle to Get Answers From Equifax After Hack (BBG)
    • Irma Batters Reinsurance Mutual Fund as Hurricane Nears Florida (BBG)
    • Uber Faces FBI Probe Over?Program Targeting Rival Lyft (WSJ)
    • Three Equifax Managers Sold Stock Before Cyber Hack Revealed (BBG)
    • Trump anger at Cohn raises doubts about his White House tenure: sources (Reuters)
    • U.S. Wants Shkreli Jailed After Offer of Clinton Hair Bounty (BBG)
    • Erdogan urges U.S. to review 'political' charges against (Reuters)
    • Israel Has a Playbook for Dealing With North Korea (BBG)
    • Will Saudi Aramco deliver world record profit for next year's IPO? (Reuters)
    • Monsanto fights to sell Arkansas farmers herbicide linked to crop damage (Reuters)

    Overnight Media Digest

    WSJ

    - Amazon.com Inc on Thursday launched an plan to establish a second corporate headquarters in North America, creating up to 50,000 high-paying jobs, many in software development and most of them new. on.wsj.com/2wNapaV

    - President Donald Trump signaled he was open to making more deals with Democrats in Congress despite anger from fellow Republicans over a bipartisan agreement that passed the Senate Thursday. on.wsj.com/2wMN355

    - Authorities on Thursday ordered more than 650,000 people to evacuate the Miami area as Hurricane Irma churned toward a possible collision with the mainland U.S. and after the Category 5 storm killed at least 11 people in the Caribbean. on.wsj.com/2wN0SAz

    - Guo Wengui, Chinese businessman who has alleged corruption among China's political and corporate elites, said he is seeking asylum in the U.S., Beijing tries to discredit him and try him on criminal charges. on.wsj.com/2wNhKaq

    - President Donald Trump refused to rule out military action against North Korea on Thursday, but he stopped short of answering a reporter's question as to whether he would tolerate a nuclearized North Korean state if the threat were contained. on.wsj.com/2wMKxf5

    - Equifax Inc said Thursday that hackers gained access to some of its systems, potentially compromising the personal information of roughly 143 million U.S. consumers. on.wsj.com/2wMWJN9

    - The Food and Drug Administration issued a scathing warning letter to a Pfizer Inc unit that manufactures the emergency auto-injector EpiPen, saying the company "failed to thoroughly investigate" product failures depsite patients' deaths. on.wsj.com/2wMWWQ8

    - Eli Lilly Co announced plans on Thursday to cut roughly 8% of its global workforce, which includes 2,000 jobs in the U.S. on.wsj.com/2wMNIn5


    FT

    * U.S. President Donald Trump said on Thursday he would prefer to avoid military action to deal with North Korea’s nuclear threat, but said previous diplomatic efforts have failed to pressure Pyongyang from developing its missiles.

    * British PR firm Bell Pottinger told its staff that it is likely to go under administration as early as next Monday after it failed to find a buyer, according to people familiar with the matter.

    * Saudi Arabia is revising parts of an economic development plan released a year ago but key policies, including fiscal reforms and a massive privatisation programme, according to an internal document seen by the Financial Times.


    NYT

    - Equifax Inc, one of the three major consumer credit reporting agencies, said on Thursday hackers had gained access to company data that potentially compromised sensitive information for 143 million American consumers, including Social Security numbers and driver's license numbers. nyti.ms/2xTtBRI

    - Amazon.com Inc took the unusual step on Thursday of announcing it wants a second home outside Seattle, starting what is sure to be a fierce bidding war to lure Amazon — and the thousands of high-paying jobs it will bring to town — using a combination of tax breaks and other sweeteners. nyti.ms/2wMJ1sQ

    - Two planned streaming services of Walt Disney Co took clearer shape on Thursday, as the entertainment giant vowed to bring "Star Wars" and Marvel movies to one and proposed a novel approach to the other: sports á la carte. nyti.ms/2f7TyFJ

    - The Food and Drug Administration this week accused the drugmaker Pfizer Inc of failing to properly investigate reports of malfunctioning EpiPens, including incidents when patients died or became severely ill after the device failed to work. Pfizer manufactures the EpiPen, which treats allergic reactions, for the drugmaker Mylan NV. nyti.ms/2ePWWZ0


    Canada

    THE GLOBE AND MAIL

    Veteran Canadian tech executive Les Rechan is joining Ottawa messaging and data-transfer technology firm Solace Corp as president and CEO, four months after the takeover of his previous company, Halogen Software Inc. (tgam.ca/2xQZud7)

    TransCanada Corp is seeking to halt a federal review of its C$15.7 billion ($12.97 billion) Energy East pipeline, raising the possibility the project could get scrapped in a move that would spare Prime Minister Justin Trudeau from having to make a politically charged decision on the project's fate. (tgam.ca/2xRwySm)

    The mayors of several Canadian cities are competing to become the home of Amazon.com Inc's second headquarters, a massive complex the company says comes with up to 50,000 jobs and more than $5-billion in investment over the next 15 years. (tgam.ca/2xRi0lk)

    NATIONAL POST

    Bell Media, the owner of TV networks CTV and TSN, on Thursday announced the promotion of three senior executives after its president of media sales, Steve Garvie, took a job as CEO of media investment firm GroupM's Canadian operations. (bit.ly/2xQZQAt)


    Britain

    The Times

    - Eicher Motors Ltd, the Indian company that owns Royal Enfield, is set to make a binding bid to buy Volkswagen-owned Ducati of up to $2 billion by the deadline at the end of the month, according to a report in the Economic Times. bit.ly/2xaewxz

    - The votes of a single City investment house, Schroders Plc , saved Keith Hellawell, the Sports Direct International Plc chairman. Schroders confirmed that it had voted its 5.05 percent stake in support of Hellawell at the retail group's annual meeting on Wednesday. bit.ly/2xauKXg

    The Guardian

    - Jaguar Land Rover Automotive Plc has become the latest large carmaker to say it will stop launching new models solely powered by internal combustion engines, two months after Volvo AB pledged to do so. bit.ly/2xa18cE

    - Increases in payouts to victims of car crashes and botched operations are to be scaled back after a furious backlash by the insurance industry against Ministry of Justice plans. bit.ly/2xadNfv

    The Telegraph

    - Bovis Homes Group PLC's share price has soared more than 8 percent as its new Chief Executive Greg Fitzgerald updated investors on his strategic review. bit.ly/2xa38Sc

    - Charlotte Hogg, who resigned from the Bank of England earlier this year after failing to declare her brother's job at Barclays Plc, has been named the new head of Visa Inc's Europe business. bit.ly/2x9V1oy

    Sky News

    - Public relations firm Bell Pottinger Private Ltd is on the brink of collapsing into administration, just days after controversial work for a South African client led to its expulsion from its industry association. bit.ly/2xa9wZD

    - British Airways faces union opposition over its plans to address a "significant and growing" funding deficit by closing its main pension scheme. bit.ly/2xaachM

    The Independent

    - European Central Bank President Mario Draghi has sounded a warning about the rapid appreciation of the euro and said there were concerns expressed by "most members" of the ECB's governing council at its meeting this week over the euro exchange rate. ind.pn/2xabR75

    - Consumer goods giant Unilever NV has snapped up tea group Pukka Herbs Ltd. ind.pn/2xasgbq

    http://www.zerohedge.com/news/2017-09-08/frontrunning-september-8
     
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    Asian Metals Market Update: September-08-2017
    By: Chintan Karnani, Insignia Consultants
    Energies will crash if hurricane Irma turns out to be a damn squib. The Korea situation and the European central bank and crypto currencies legal issues are ensuring that the bullish trend in gold and silver continue. Japanese GDP expanded less than expected and should prevent big gains for the Yen in the medium term. In the short term it will be a momentum play for the currency markets.

    Gold Has 2% Weekly Gain, 18% Higher YTD – Trump’s Debt Ceiling Deal Hurts Dollar
    By: Mark O’Byrne
    – Geo-political concerns including North Korea, falling USD push gold 2.1% in week
    – Gold prices reach $1,355 this morning following Mexico earthquake
    – Safe haven demand sees gold over one year high, highest since August 2016
    – Silver touches $18.24 – highest level since April 2017
    – Goldman, BoAML and Deutsche Bank all warn re markets this week
     
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    TVR [#393] 09-08-2017 PRE-MARKET PULSESCAN TAKE BACK FRIDAY
    ALGO CAPITALIST



    Published on Sep 8, 2017
    Please remember to RATE, SHARE, FAVORITE, COMMENT AND SUBSCRIBE.
     
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    SD Weekly Metals & Market Wrap.............

    Doomsday for US dollar Fast Approaching | Steve St. Angelo
    SilverDoctors



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

    China plans trade oil gold-backed Yuan. This is a major death nail for the petrodollar. St. Angelo says countries will no longer need there US Treasuries. Massive bond dumping will take place, causing high inflation. What does this all mean for precious metals? He says gold and silver should continue rising.

    St. Angelo also reveals the recent spike in American Silver Eagle sales shows a major shift in the silver market.
     
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    Best Buy stops selling products by leading computer security firm Kaspersky Lab over concerns it has links to Russian spies
    • The electronics store company Best Buy says it will stop selling products made by computer security firm
    • Best Buy said it was concerned that the company has ties to Russian spies
    • Kaspersky denies it has links to the Russian government and confirmed it was no longer doing business with the chain store
    • A statement by Kaspersky said the 'relationship may be re-evaluated in the future'
    • Kaspersky is a global business with an estimated 400 million product users
    • One senator said she was introducing legislation to ban US government bodies from using Kaspersky software
    • No evidence has been presented to back up assertions that it might be a tool of Moscow


    Read more: http://www.dailymail.co.uk/news/article-4867426/Best-Buy-drops-Kaspersky-products-amid-Russia-concerns.html#ixzz4sBByER4g
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
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    Baltic Dry Index Tops 1,300 Points as Capesize Levels Soar to Near 3-Year High

    September 8, 2017 by Reuters

    [​IMG]
    Photo: Shutterstock / Yaniv Schwartz

    Sept 8 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, jumped to an over five-month high on Friday, buoyed by a surge in rates across vessel segments, especially capesizes.

    The overall index — which factors in rates for capesize, panamax, supramax and handysizeshipping vessels — was up 36 points, or 2.78 percent, at 1,332 points.

    The index rose for the fifth straight session and hit a peak since March 29.

    The capesize index gained 153 points, or 5.85 percent, to 2,767 points, the strongest level for the index since November 2014.

    Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $894 at $20,343.

    The panamax index was up 24 points, or 1.78 percent, at 1,375 points.

    Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $197 to $11,037.

    Among smaller vessels, the supramax index rose 13 points to 888 points, and the handysize index rose five points to 504 points. (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Shounak Dasgupta)

    (c) Copyright Thomson Reuters 2017.

    http://gcaptain.com/baltic-dry-index-tops-1300-points-capesize-levels-soar-near-3-year-high/
     
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    Welcome To The Third World, Part 25: Losing Faith In College

    By: John Rubino

    [​IMG]


    -- Published: Friday, 8 September 2017

    One of the hallmarks of a successful society is the widespread belief that education is a key to success. For that to be true there have to be 1) enough jobs farther up the food chain to make four more years of studying worthwhile, and 2) schools that are good and cheap enough to make the equation work.

    The US is losing both:

    Americans Losing Faith in College Degrees, Poll Finds
    (Wall Street Journal) – Americans are losing faith in the value of a college degree, with majorities of young adults, men and rural residents saying college isn’t worth the cost, a new Wall Street Journal/NBC News survey shows.


    The findings reflect an increase in public skepticism of higher education from just four years ago and highlight a growing divide in opinion falling along gender, educational, regional and partisan lines. They also carry political implications for universities, already under public pressure to rein in their costs and adjust curricula after decades of sharp tuition increases.

    Overall, a slim plurality of Americans, 49%, believes earning a four-year degree will lead to a good job and higher lifetime earnings, compared with 47% who don’t, according to the poll of 1,200 people taken Aug. 5-9. That two-point margin narrowed from 13 points when the same question was asked four years earlier.

    The shift was almost entirely due to growing skepticism among Americans without four-year degrees—those who never enrolled in college, who took only some classes or who earned a two-year degree. Four years ago, that group used to split almost evenly on the question of whether college was worth the cost. Now, skeptics outnumber believers by a double-digit margin.

    Conversely, opinion among college graduates is almost identical to that of four years ago, with 63% saying college is worth the cost versus 31% who say it isn’t.

    [​IMG]

    Big shifts occurred within several groups. While women by a large margin still have faith in a four-year degree, opinion among men swung significantly. Four years ago, men by a 12-point margin saw college as worth the cost. Now, they say it is not worth it, by a 10-point margin.

    Likewise, among Americans 18 to 34 years old, skeptics outnumber believers 57% to 39%, almost a mirror image from four years earlier.

    Today, Democrats, urban residents and Americans who consider themselves middle- and upper-class generally believe college is worth it; Republicans, rural residents and people who identify themselves as poor or working-class Americans don’t.

    Research shows that college graduates, on average, fare far better economically than those without a degree. For example, the unemployment rate is 2.7% among college graduates, compared with 5.1% among high school graduates who never attended college, and Labor Department research shows that bachelor’s degree recipients earn higher salaries than those who never went to college. But the wage premium of getting a degree has flattened in recent years, Federal Reserve research shows.

    Student debt has surged to $1.3 trillion, and millions of Americans have fallen behind on student-loan payments.

    “Costs have gone up considerably to the point that I think there are a number of people who maybe rightfully say, ‘I’m not in the league of Harvard and maybe not even in the league of really good state schools,’” said Doug Webber, a Temple University econimics professor. Many of those Americans are concluding that paying high tuition at less-prestigious schools isn’t worth it.

    College is clearly still a good thing, just not at current prices. Put another way, higher ed has been in a bubble fueled by government loans and deceptive marketing, and now that bubble is bursting. The old model of extended adolescence in which mom/dad/Uncle Sam cover five or more years of partying and sampling various majors is now beyond the means of more than half the population.

    And the trend is just getting started, as soaring debts make it harder for future governments to subsidize higher ed and automation makes an ever-longer list of degrees pointless.

    The result: The gap between educational haves and have-nots will continue to widen, as formerly middle-class kids find themselves with – at best – working class prospects. And the political and financial instability that flow from inequality will define the coming decade.

    http://news.goldseek.com/DollarCollapse/1504883760.php
     
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    DHS Secretary Duke Signs Jones Act Waiver to Secure Fuel After Major Hurricanes Irma and Harvey

    September 8, 2017 by Mike Schuler


    The U.S. Department of Homeland Security on Friday said it was temporarily waiving the Jones Act for tankers to ensure enough fuel reaches emergency responders and affected areas during Hurricane Irma and in the wake of Hurricane Harvey.

    The waiver was signed Friday by Department of Homeland Security Acting Secretary Elaine Duke and will be in effect for seven days. The waiver is specifically tailored to transportation of refined petroleum products in hurricane-affected areas. It includes shipments of gasoline, diesel, and jet fuel from New York, Pennsylvania, Texas, and Louisiana to South Carolina, Georgia, Florida, and Puerto Rico.

    The DHS said the waiver will ensure that over the next week, all options are available to distribute fuel to states and territories impacted by Hurricanes Harvey and Irma, both of which have turned out to be historic storms.

    A copy of the waiver can be found HERE.

    The Jones Act requires that cargo shipped between points in the U.S. be transported on vessels that are built in the United States and owned and and crewed by American citizens.

    The waiver will allow oil and gas operators to use often cheaper or more readily available foreign-flagged vessels to move petroleum cargoes within the affected areas.

    “This is a precautionary measure to ensure we have enough fuel to support lifesaving efforts, respond to the storm, and restore critical services and critical infrastructure operations in the wake of this potentially devastating storm,” said Acting Secretary Duke.

    “Hurricane Harvey significantly disrupted the distribution of fuel across the Southeastern states, and those states will soon experience one of the largest mass evacuations in American history while at the same time we’ll see historic movements through those states of restoration and response crews, followed by goods and commodities back into the devastated areas.”

    The last Jones Act waiver was issued in December 2012, for petroleum products to be delivered for relief assistance in the aftermath of Hurricane Sandy.

    http://gcaptain.com/u-s-waives-jone...-fuel-after-major-hurricanes-irma-and-harvey/
     
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    Slower Steaming, More Cargoes Push VLCC Rates Upwards

    September 8, 2017 by Reuters

    [​IMG]

    By Keith Wallis Sept 8 (Reuters) – Freight rates for very large crude carriers (VLCCs) on Asian routes may have found a floor this week as a combination of increased chartering activity and some tankers sailing at slower speeds pushed rates slightly higher from the Middle East.

    “Rates are at a bottom, they have kind of found a floor,” said Ashok Sharma, managing director of BRS Baxi Far East in Singapore, on Friday. “But the recovery is a very shallow one – the market is really rubbish,” he added.

    Charter rates from the Middle East to Asia gained about 3 Worldscale points on the week to Thursday equivalent to an extra $3,500 in daily earnings. The majority of deals was done secretively and off the open market, Norwegian shipbroker Fearnley said.

    “A sudden burst of activity in the Asian VLCC market this week gave owners an opportunity to secure slightly higher rates,” said Rachel Yew, commodity and freight analyst at Singapore’s Oceanfreightexchange.

    “The number of fixtures from the Middle East recorded this week was more than double than that of last week,” Yew said in a note on Friday.

    “Any potential impact of weather delays in the Atlantic due to a series of hurricanes has been offset by low cargo demand,” she added.

    Rates are likely to continue to stay around current levels probably for another month until charterers fix cargoes ahead of the peak winter season in the northern hemisphere, brokers said.

    “The market will continue to move sideways for a while – it will be a month before there is a real increase in activity,” a European supertanker broker said on Friday.

    Some owners have started to sail at slower speeds to reduce fuel costs in a move that will lengthen sailing times while cutting the number of ships available for charter.

    “It is really a mixed bag,” said the European supertanker broker. “Some owners are sailing at 8-9 knots, some at 11, while others are still sailing empty at 13 knots,” the broker added.

    With crude prices in backwardation – meaning current prices are higher than in future months – there is no arbitrage market for oil shipments from the West to Asia.

    Caribbean exports, which had helped support VLCC rates in the last two weeks, have eased with VLCC hire rates falling to around $2.7 million from more than $3 million for a voyage to Asia in late August.

    “It’s no longer viable for ships to sail empty from Asia to pick up a Caribbean cargo,” Sharma said.

    VLCC rates on the Middle East-to-Japan route climbed to around W40.75 on Thursday from W38.75 last week.

    Rates on the West Africa-to-China route rose to W49.50 on Thursday from W46.75 last week.

    Charter rates for an 80,000-deadweight-tonne Aframax tanker from Southeast Asia to East Coast Australia were at W87.50 on Thursday, unchanged from a week ago. (Reporting by Keith Wallis; Editing by Sherry Jacob-Phillips)

    (c) Copyright Thomson Reuters 2017.

    http://gcaptain.com/slower-steaming-more-cargoes-push-vlcc-rates/
     
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    First Ultra-Large Containership Call Kicks Off ‘Big Ship Era’ for Port of New York and New Jersey

    September 8, 2017 by Mike Schuler

    [​IMG]
    The 14,414 TEU CMA CGM Theodore Roosevelt passes underneath the Bayonne Bridge, September 7, 2017. Photo: Port of New York and New Jersey

    The 14,400 TEU capacity CMA CGM Theodore Roosevelt became the largest container ship to ever call at the port of New York and New Jersey on Thursday after sailing underneath the raised Bayonne Bridge.

    The ultra-large containership arrived at the APM Terminals Elizabeth container terminal after setting the record as the first ‘big ship’ to pass under the raised Bayonne Bridge, which now gives air draft clearance to vessels of up to 18,000 TEU capacity.

    The Port Authority’s $1.6 billion Bayonne Bridge Navigational Clearance Project, completed in June, raised the bridge roadbed from 151 feet to 215 feet (65.5 meters), allowing ultra-large container ships (ULCVs) like the Theodore Roosevelt to call terminals on the Newark Bay on the New Jersey side of the port’s inner harbor.

    Prior to the project, containerships calling the port were mainly of the 5,000-8,000 TEU size class.

    ULCVs are categorized as having capacity to transport more than 14,000 twenty-foot containers (TEU), and some can carry upwards of 18,000 (a few even have 21,000 TEU capacity).

    “The ships of the future are here today and we want to recognize the Port of NY/NJ, CMA CGM and our APM Terminals Elizabeth team for bringing the future to the present,” said APM Terminals Chief Commercial Officer Henrik Lundgaard Pedersen. “We are proud to play a central role in helping our customers keep pace with the changing needs of the shipping industry and investing in the port infrastructure essential to port productivity and the supply chains of the future.”

    The CMA CGM Theodore Roosevelt was invited by the Port Authority to formally inaugurate the raised Bayonne Bridge as part of its maiden voyage to the US east coast from Asia.

    During the voyage, the ship also set the record as the largest capacity vessel to pass through the Expanded Panama Canal on August 22, followed by it setting the record as largest ship to visit the U.S. east coast when it arrived at the port of Norfolk on August 28. The Expanded Panama Canal opened to ships of up to 14,000+change TEU in June 2016.

    The CMA CGM Theodore Roosevelt is deployed on the Ocean Alliance South Atlantic Express (SAX) service, which connects Asia and U.S. East Coast ports of Norfolk, Savannah and Charleston via the Panama Canal. The SAX service includes 11 vessels ranging in size from 11,000 to 14,000 TEUs.

    “Today, more than 10 years of planning, foresight and investment by Governor Christie, the Port Authority and its team have made our port big ship ready,” said Port Authority Chairman Kevin O’Toole. “This agency clearly recognized the importance the port plays in the regional economy and invested billions to raise the Bayonne Bridge, deepen port channels, build on-dock rail infrastructure and enhance port roadways, all to ensure we remain the leading East Coast destination for international shippers.”

    The Port of New York and New Jersey is the largest container port on the U.S. East Coast. So far this year the port is experiencing record cargo volume growth in the first six months of 2017, with cargo volume rising 4.4 percent compared to the former six-month record set in 2015.

    Filed Under: NewsTagged With: bayonne bridge, port of new york new jersey

    http://gcaptain.com/first-ultra-lar...ks-off-big-ship-era-port-new-york-new-jersey/
     
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    Naked Capitalism Links 09/10
    https://www.nakedcapitalism.com/2017/09/links-91017.html

    TBP - 10 Sunday Reads 09/10
    http://ritholtz.com/2017/09/sunday-reads-8-13/

    SA - Market News Live Feed 09/10
    https://seekingalpha.com/market-news

    LT - Outlook for week of September 11
    https://lunatictrader.com/2017/09/10/outlook-for-week-of-september-11/

    SA - Weighing The Week Ahead: Improved Odds For The Market-Friendly Agenda?
    https://seekingalpha.com/article/4105555-weighing-week-ahead-improved-odds-market-friendly-agenda
     
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    Gregory Mannarino – Gold Going Higher Dollar Going Lower
    Greg Hunter



    Published on Sep 9, 2017
    Analyst/trader Gregory Mannarino says, “Gold has just hit a high for the year, and that is also a trajectory that will continue. Why will this keep going? Let’s go back to the dollar. Investors don’t want anything to do with the dollar. They are dumping their dollars here. We are going to get, at some point, a massive sell-off in the bond market. Don’t listen to Gregory Mannarino on this. Listen to former Fed Head Alan Greenspan. This is what he says, and he thinks the bond market is in a bubble. . . . Greenspan also said the potential for a rapid sell-off in the bond market is very, very high,”
    Mannarino contends a rapid sell-off in bonds “will be very good for gold.” Mannarino also likes physical silver and thinks, “It’s still the most under-valued asset on the planet.”
    Join Greg Hunter as he goes One-on-One with Gregory Mannarino, founder of TradersChoice.net.

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

    Please stay connected with USAWatchdog.com : https://usawatchdog.com/join/
     
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    Global Stocks Roar Back To All-Time Highs As Irma, North Korea Fears Fade

    [​IMG]
    by Tyler Durden
    Sep 11, 2017 6:54 AM


    And we're back at all time highs.

    With traders paring back risk positions on Friday ahead of a weekend full of potential risk events, Monday has seen a global "risk-on" session in which global stocks rose back to record highs and US futures jumped, the dollar gained, Treasuries retreated, while VIX and dollar slumped as appetite for risk returned to global markets after North Korean failed to conduct an anticipated missile test failed to materialize and Hurricane Irma appears to have struck the U.S. with less force than feared. The MSCI All-Country World Index increased 0.3% to the highest on record with the largest climb in more than a week, while that "other" trade also outperformed, as the MSCI Emerging Market Index increased 0.4% to the highest in about three years. Safe havens such as the yen and Swiss franc all also fell.

    Amid the risk-on tone, the dollar registered its biggest gains in the currency markets in ten days. It added 0.5 percent against its perceived safe-haven Japanese counterpart the yen JPY and clawed back ground against the high-flying euro as an ECB policymaker flagged caution about the single currency’s recent rise.

    The good news was that the eye of Hurricane Irma took a path west of Miami and has since weakened to a Category 1 storm so that damage in Florida – whilst still severe... appears not to be quite as catastrophic as had been feared last week,” said Daiwa Capital Markets strategist Chris Scicluna. “And thankfully there was no bad weekend news out of North Korea either.”

    As Bloomberg summarizes the post-weekend action, it was marked by the unwind of risk-off related hedges after the impact of Hurricane Irma is smaller than initially feared and North Korea does not conduct any military activity over the weekend. JPY and CHF consequently underperform; Yuan continues to weaken after PBOC removed reserve requirement on FX forwards. DXY retraces overnight rally to trade flat, EMFX rallies against USD. European equity markets rally strongly from the open, insurance sector leads relief rally followed by financial services. Bund and UST curves both bear steepen, 10Y futures gap lower and stay within a tight range, similar move in spot gold. Industrial metals rally after China inflation data; Brent-WTI spread tightens after Friday’s sharp widening move

    Gold sank 0.7 percent to $1,337.62 an ounce, the biggest dip in almost four weeks, although it still remains at notably elevated levels as shown below.

    [​IMG]

    The Stoxx Europe 600 Index jumped the most in more than a week, rising for the fourth day, as all the region’s major stock gauges advanced and almost every sector gained. Earlier, equities across Asia traded in the green. Oil advanced as Gulf Coast refining capacity continued to recover after getting hit by Harvey. Stoxx 600 up 0.95% to 379.08, with insurers leading gains after three straight weeks of declines, amid relief that any impact from storm damages in the U.S. may be less than anticipated.

    In Asia, the MSCI Asia-Pacific Index jumped 0.6 percent to hit the highest since December 2007. The Topix index advanced 1.2 percent at the close in Tokyo, its steepest advance since early June. Japan’s Nikkei rose 1.4 percent after Pyongyang held a massive celebration to congratulate the nuclear scientists and technicians who steered the country’s sixth and largest nuclear test a week earlier. South Korea’s Kospi index rose 0.7 percent as did the S&P/ASX 200 Index in Sydney. Hong Kong’s Hang Seng Index rose 1 percent, while gauges in China fluctuated. The Japanese yen sank 0.6 percent to 108.44 per dollar, the biggest dip in almost four weeks.

    “It’s too early to say the (North Korean) risks are gone, but one thing for sure is that market players now think the situation won’t get worse as it did some weeks ago,” said Lee Kyung-min, a stock analyst at Daishin Securities in Seoul. Lee said many foreign investors and domestic institutions were purchasing South Korean tech and chemicals shares as quarterly earning season neared.

    Continuing Friday's action, the onshore yuan headed for its biggest decline in 8 months, with sentiment taking a hit after China’s central bank removed trading curbs on foreign-exchange forwards.

    “The removal potentially makes it easier for traders to purchase the USD, easing the pressure for yuan appreciation,” said analysts at ANZ in a note. “The change likely signals some discomfort about the stronger yuan and its impact on Chinese exports.”

    As a result, the CNY weakened 0.55% to 6.5246 per dollar, set for the biggest drop since January on a closing basis. The PBOC strengthenedthe daily reference rate for 11th day, longest run since 2005; sets it 0.05% stronger at 6.4997 per dollar, however, this was weaker than the 6.4834 average forecasts from a survey of 16 traders and analysts. In offshore markets, the CNH dropped 0.51% to 6.5290 per dollar in Hong Kong. Perhaps in an attempt to limit losses, the central bank once again intervened by boosting margin costs, and the overnight CNH Hibor rose 78 basis points, the most since June 1, to 2.29433%. One- month CNH borrowing cost climbs 50 basis points to 3.60633%.

    [​IMG]

    Also in China, August inflation readings were above market on Saturday and confirmed the rise in pricing pressure seen in the PMI data earlier in the week. The CPI rose +0.4% mom, lifting annual growth to +1.8% yoy (vs. +1.6% expected), which is the fastest pace since January. This partly reflects a smaller deflationary contribution from the food sector (prices now down just -0.2% yoy). However, non-food inflation picked up three-tenths to +2.3% yoy. Elsewhere, a +0.9% mom rise in August PPI saw through-year inflation measured at the producer level rise to +6.3% yoy (vs. +5.7% expected).

    There were also reports Beijing was planning to shut down local crypto-currency exchanges, dealing a blow to bitcoin’s recent stellar rally. Bitcoin was quoted at $4,300 BTC=BTSP on the BitStamp platform, off a recent record high of nearly $5,000.

    In commodity markets, gold softened 0.7 percent to $1,337.81 an ounce, away from a one-year peak of $1,357.54. Oil prices regained a little ground after the Saudi oil minister discussed the possible extension of a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts. The news of the talks on Sunday helped offset the downward pressure on oil prices amid worries that energy demand would be hit hard by Hurricane Irma.

    In rates, the yield on 10-year Treasuries gained three basis points to 2.09 percent. Germany’s 10-year yield climbed one basis point to 0.33 percent. Britain’s 10-year yield increased three basis points to 1.018 percent.

    Market Snapshot
    • S&P 500 futures up 0.5% to 2,475.25
    • STOXX Europe 600 up 0.9% to 379.08
    • MSCI Asia up 0.5% to 162.41
    • MSCI Asia ex Japan up 0.5% to 536.22
    • Nikkei up 1.4% to 19,545.77
    • Topix up 1.2% to 1,612.26
    • Hang Seng Index up 1% to 27,955.13
    • Shanghai Composite up 0.3% to 3,376.42
    • Sensex up 0.8% to 31,924.11
    • Australia S&P/ASX 200 up 0.7% to 5,713.15
    • Kospi up 0.7% to 2,359.08
    • German 10Y yield rose 2.2 bps to 0.334%
    • Euro down 0.1% to $1.2022
    • Brent Futures down 0.5% to $53.52/bbl
    • Italian 10Y yield rose 3.4 bps to 1.668%
    • Spanish 10Y yield fell 0.2 bps to 1.542%
    • Gold spot down 0.7% to $1,336.69
    • U.S. Dollar Index up 0.1% to 91.46
    Bulletin Headline summary from RanSquawk:
    • Risk-on theme as North Korea refrains from missile tests, insurers outperform on lower damage estimates from hurricane
    • ECB’s Coeure and Mersch speak; both mention subdued inflation pressures
    • Looking ahead, highlights include UN vote on North Korean sanctions, UK vote on Brexit Bill, US 3y note auction
    Top Overnight News
    • Irma Weakens After Pummeling Miami, Reducing Damage Forecast
      • Irma Cuts Power to 4.5 Million, Shuts Ports and Imperils Crops
      • Delta Eyes Limited Florida Service, Atlanta Hub Cancellations
      • Europe’s Reinsurers Jump as Florida Avoids Worst From Irma
    • ECB’s Coeure: monetary policy never acts in isolation on the exchange rate and in periods of recovery the positive confidence and stimulus effects of monetary policy are likely to offset, at least in part, the disinflationary effects of a stronger currency coming from expectations of tighter policy
    • El Mundo: German govt wants Weidmann to be next ECB President; current Spanish Economy Minister De Guindos well placed to be new Vice President
    • Austria: EUR 100y bond mandated for syndication, dependent on investor feedback
    • NHC: Irma continuing to weaken; hurricane warning changed to tropical storm warning
    • China Aug. CPI y/y: 1.8% vs 1.6% est; PPI 6.3% vs 5.7% est.
    • North Korean Sanctions: U.S-drafted resolution for UN Security Council drops proposed oil embargo which was opposed by China and Russia, according to people familiar: Reuters
    • Trump Debt Limit Deal Undermines Trust Among GOP on Tax Overhaul
    • Teva Picks Lundbeck’s Schultz to Revive Israeli Drugmaker
    • North Korea Warns U.S. of ‘Greatest Pain’ if Sanctions Pass
    • Boeing to Design, Build Medium Earth Orbit Satellites for SES
    • Pilgrim’s Pride Is Said to Near Deal for U.K. Producer Moy Park
    • Blackstone Is Said to Bid for Americold, New York Post Says
    Asia bourses began the week on the front-foot amid a relief rally after North Korea refrained from firing a missile over the weekend and instead launched a tirade of threats towards the US. Although there were widespread expectations for a possible missile test to commemorate its Founding Day, North Korea abstained from any action which underpinned both ASX 200 (+0.8%) and Nikkei 225 (+1.4%), with exporters in the latter further underpinned by JPY weakness. Chinese markets ignored the PBoC's continued skip of open market operations, as Hang Seng (+1.0%) and Shanghai Comp. (+0.1%) conformed to the positive risk sentiment which was also supported higher than expected China CPI and PPI data that suggested stronger economic activity. 10yr JGBs were lower with demand weighed amid the positive risk tone across the region and a lack of Rinban announcement by the BoJ. PBoC set CNY mid-point at 6.4997 (Prev. 6.5032); 11th consecutive firmer fix which is the longest streak since 2005. PBoC will no longer require financial institutions to set aside funds when purchasing USD on behalf of clients through forwards. China inflation data printed over the weekend, coming stronger on the back of higher food and commodity prices:
    • Chinese CPI (Aug) M/M 0.4% vs. Exp. 0.3% (Prev. 0.1%).
    • Chinese CPI (Aug) Y/Y 1.8% vs. Exp. 1.6% (Prev. 1.4%)
    • Chinese PPI (Aug) Y/Y 6.3% vs. Exp. 5.7% (Prev. 5.5%)
    Top Asian News
    • Hedge Fund Bridgewater Is Said to Consider China Onshore Fund
    • China Latest Bond Default Is a Cautionary Tale for Investors
    • IndusInd Is Said to Discuss $2.2 Billion Bharat Financial Deal
    • China Thinks the U.S. Holds Key to Solve North Korea Crisis
    • Blackstone to Buy Stake in India’s Distressed Assets Firm: Mint
    • China May Unveil Car Emissions Rules This Week, Association Says
    • Bank Indonesia Sees Rupiah at 13,420/USD by Year-End: Kontan
    • China’s Three-Year Focus on Preventing Yuan Slump Is Over: HSBC
    In European markets, risk on tone has also dictated early trade, as geopolitical concerns were slowed, with North Korea refraining from conducting any missile tests over the weekend. European bourses trade in the green across the board – financials lead the all green charge, buoyed by insurance names, as concerns of Hurricane Irma’s damage have softened, with the estimate damage reduced by USD 49bln, from USD 200bln to USD 151bln, according to Enki Research. A gap lower was observed in the Eurex open, with both the Bund and now Gilts trading around session lows. Limited volatility has been witnessed however, with subdued trade evident, as many are likely to await a slew of CPI data this week, joined by the latest BoE interest rate decision on Thursday. Outperformance has been seen in the longer term BTP, helped by slight relief at the Tesoro’s opting to tap the 10/36 instead of the new 3/48. 30y BTPs are 5bps tighter to Bunds, and near 2bps tighter to Bonos, as they lead the eurozone market. Elsewhere, a rare Monday US note auction is due later, with USD 24bln 3y notes set to be auctioned on a week that sees 3s, 10s and 30s.

    Top European News
    • Italy Production Unexpectedly Rises In Sign of Faster Recovery
    • London to Remain Center of Europe Private Equity, Huth Tells HB
    • May Senses Victory on Brexit Bill That Faces Tougher Times
    • Goldman Sachs to Expand Retail Banking Business to U.K., FT Says
    • Astra Doubles Down on Cancer Research Despite Key Trial Setback
    • Brookfield May Be Sole Bidder for Arqiva Auction: Sunday Times
    • Nordea’s ECB Move Unlikely to Boost Dividends on Capital Relief
    • Lundbeck CEO Shock Resignation a Large Negative: Credit Suisse
    In commodities, comments from ECB’s Coeure were initially ignored by the market, however, as his speech was digested, some jumped on his comments stating that the policy-relevant horizon - The "Medium Term" concept in our monetary policy strategy - is likely to be longer given the persistence of subdued inflationary pressures. The marginal dovish swing, did see a brief break through 1.20, however, normal theme has resumed in EUR/USD, breaking back inside Friday’s trading range. The JPY is weaker amid the risk-on sentiment following the lack of any missile test from North Korea with USD/JPY holding firm
    above 108.50.

    Early volatility was witnessed in the NOK, as Norway’s CPI and Core Inflation figures missed across the board. EUR/NOK shot
    through September’s high, as buyers continue to control the pair following the strong support seen around the 9.22 area. Today’s
    election in Norway could also gain some attention with polls to close to call, although results are not expected until the early hours
    of Tuesday morning.

    In currencies, WTI and Brent crude futures do trade off highs in recent trade, despite comments over the weekend from Saudi’s Falih, stating that discussions have begun with Venezuela and Kazakhstan on the possibility of extensions on the global oil supply cut beyond 2018.

    Precious metals have suffered throughout Asian and early European trade, a result of the increased risk tone and the lack of North
    Korean action over the weekend.

    US Event Calendar
    • Nothing major scheduled
    DB's Jim Reid concludes the overnight wrap

    It’s been a busy couple of weeks since markets fully emerged from the summer lull but this week should see a renewed focus on the data as we’ve got a busy week ahead for global CPI reports which should test the inflation pulse once again. The highlight will likely be this Thursday when we receive the US CPI report for August but in the meantime we’ve got CPI due in Norway and Denmark this morning, Sweden and the UK tomorrow, Germany (final) and Spain on Wednesday along with the final readings for France and Italy on Thursday. PPI in the US on Wednesday is also worth a watch given that the healthcare component is used as an estimator for the same component in the core PCE deflator. Over the weekend we’ve already received a slightly stronger than expected CPI and PPI print in China. More on that shortly.

    Of those above, the US CPI report takes on a little bit more focus this week not only for the slightly dampened Fed outlook right now but also because core CPI has disappointed by missing consensus expectations for the last five months. Our US economists and the market have the headline and core readings pegged at +0.3% mom and +0.2% mom respectively. It’s worth noting though that should the core reading finally print in-line, the YoY rate is still likely to slip one-tenth to +1.6% which would put it at the lowest since January 2014. Indeed, our US economists are of the view that the core reading may not bottom out until Q1 2018 before then tracking back towards the Fed’s 2% target.

    In markets, it feels like another disappointing report will likely see 10y Treasury yields test below 2% having closed at 2.051% on Friday. After touching at a high of 2.395% back on July 7th yields have fallen 34bps in just over two months and DB’s Dominic Konstam now thinks that the next level is a move lower to 1.8%. Dominic mentioned in his weekly on the weekend that there are three broad themes driving markets currently including geopolitical/politics, the Fed overkill-low inflation equilibrium nexus and an emerging concern for a still small but rising US recession probability associated with liquidity and balance sheet reduction. The ‘R’ word hasn’t been frequently used of late but Dominic notes that standard recession probability monitors of <10% are understating the odds over the next 12 months. He thinks the number should be closer to 20% given that C&I loan growth is slowing in a fashion typically seen during a recession and core inflation ex-shelter is exceptionally low. One to ponder.

    Before we get to all that data, with regards to the weekend news, sadly all the focus is on the shocking impact from Hurricane Irma which struck Florida on Sunday morning. It was categorised as a Category 4 storm as it struck the State having already left a trail of destruction through the Caribbean. Following the largest mass evacuation in US history, the extent of the damage will likely not be known for days and the concern now is about the storm surge which has followed, with early reports suggesting the 3 million people are without power and the lowlying Florida Keys area being devastated. There is some suggestion though that the worst-case scenario has not played out after the Storm shifted west and the worst of it avoided the highly populous city of Miami.

    That seems to be helping support a more positive tone in markets this morning. As we type, US equity futures are up +0.49% while across Asia the Nikkei is up +1.38%, Kospi is +0.75%, ASX 200 is +0.79% and Hang Seng is +0.95%. The usual safe havens have weakened on the other hand with the Swiss Franc and Yen down half a percent, Treasury yields up +4bps and Gold -0.64%. Meanwhile after fears were for another possible missile test, it seems that the lack of one by North Korea over the weekend is also helping to support sentiment although there has been some focus on a release by the state-run Korean Central News Agency warning the US of retaliation for tougher UN sanctions. Elsewhere in Asia this morning, the Chinese Yuan was down as much as -0.50% after the PBoC announced that it was removing a reserve requirement on banks trading USD forwards for clients. The details revealed cutting the deposit from 20% to 0%. The move follows a strong recent run for the Yuan, suggesting perhaps that the PBoC was getting a bit uncomfortable at the pace of recent appreciation.

    Moving on. In terms of markets on Friday, equity markets finished slightly mixed with the S&P (-0.15%), Stoxx 600 (+0.15%) and FTSE (-0.26%). Core bond yields increased modestly in the US and Europe, with 10y US (+1.0bp), Bunds (+0.6bp) and Gilts (+2.2bp). Peripherals underperformed post the rally on Thursday, with Italian yields up +4.3bps and Portugal (+4.8bp) and Spain (+3.8bp) also weaker. In commodities, WTI Oil fell -3.28%, partly reflecting potential drags from Hurricane Irma, while futures on orange juice rose +5.23%. Base metals such as Zinc and Copper fell -2.27% and -2.63% respectively. Elsewhere, the US Dollar index dipped -0.34%.

    Away from markets, the final Fed speakers before the blackout period were a bit more hawkish than compatriots from earlier in the week. The NY Fed’s William Dudley spoke again on Friday to repeat his message of higher interest rates over time, but added that it was possible that Hurricane Harvey and Irma could impact the timing of the next move. Elsewhere, the Kansas City’s Esther George (who will vote next year), said “we will need to move interest rates to more normal levels”, and “it is time to continue to move that interest rate higher. It is not an attempt to tighten or slow down the economy”. That said, she also reiterated that “the Committee has committed to a very gradual approach (on rates)” and that “I think that is appropriate”.

    Closer to home, Reuters reported on Friday that ECB officials discussed options which could include cutting asset purchases to “€40bn or €20bn a month”. The fact that there was some chatter about a possible reduction to as low as €20bn was seen as a bit hawkish. As a reminder, our economists expect an announcement at the October meeting, extending until mid-2018 at the slower rate of €40bn per month.

    Before looking at the week ahead, datawise in the US on Friday the final reading for wholesale inventories was slightly above expectations at +0.6% mom (vs. +0.4% expected). Elsewhere, consumer credit for July rose $18.5bln (vs. $15bln expected), which nudges through-year growth up a tenth to +5.9% yoy. Over in Asia, China’s August inflation readings were above market on Saturday and confirmed the rise in pricing pressure seen in the PMI data earlier in the week. The CPI rose +0.4% mom, lifting annual growth to +1.8% yoy (vs. +1.6% expected), which is the fastest pace since January. This partly reflects a smaller deflationary contribution from the food sector (prices now down just -0.2% yoy). However, non-food inflation picked up three-tenths to +2.3% yoy. Elsewhere, a +0.9% mom rise in August PPI saw through-year inflation measured at the producer level rise to +6.3% yoy (vs. +5.7% expected).

    Across Europe, there were the July industrial production prints for UK, France and Spain. In the UK, the IP was in line at +0.2% mom. However, July manufacturing production was above market at +0.5% mom (vs. +0.3% expected), lifting annual growth to +1.9% yoy (vs. +1.7% expected), which is the strongest reading in four months. Over in France, IP was broadly in line at +0.5% mom and +3.7% yoy, but manufacturing production was lower than expected at +0.3% mom (vs. +0.6% expected) and +3.9% yoy (vs. 4.2% expected). Spain’s IP fell a disappointing -0.3% mom but is still +1.9% yoy. Elsewhere, the UK’s July trade deficit of £2.9bn was little changed from the previous month and slightly smaller than the market had expected (vs. £3.25bn expected).

    http://www.zerohedge.com/news/2017-...ck-all-time-highs-irma-north-korea-fears-fade
     
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    Frontrunning: September 11

    [​IMG]
    by Tyler Durden
    Sep 11, 2017 8:05 AM

    • U.S. Index Futures Rise as Irma Weakens, Korea Tensions Ease (BBG)
    • Irma Weakens as It Heads Past Tampa, Cutting Damage Forecast (BBG)
    • As Hurricane Irma heads toward Florida, U.S. military launches amphibious relief efforts in the Caribbean (WaPo)
    • Oil weakens on fears Irma could dent U.S. demand (Reuters)
    • ‘People are roaming like zombies.’ Virgin Islands stagger after storm passes (WaPo)
    • Republicans could lose U.S. House in 2018 over immigration fight: Bannon (Reuters)
    • Inside the Government Program That Pays to Rebuild Neighborhoods After a Storm (WSJ)
    • Equifax Customer Complaints Keep Piling Up (WSJ)
    • Hyundai Motor, Kia to temporarily shut down U.S. plants due to Irma (Reuters)
    • Trump Debt Limit Deal Undermines GOP Trust on Tax Overhaul (BBG)
    • China Pulls Back on Measures Aimed at Bolstering Currency (WSJ)
    • U.S. Waters Down North Korea Sanctions Draft Before Vote (BBG)
    • Brazil police raid billionaire's home amid scandal (Reuters)
    • Goldman Sees Spent Harvey Hurting Oil Use More Than Raging Irma (BBG)
    • The New Corporate Recruitment Pool: Workers in Dead-End Jobs (WSJ)
    • General Atlantic hires ex-AXA boss Henri de Castries (Reuters)
    • China court releases video of Taiwanese activist confessing to subversion (Reuters)
    • Haley’s UN Brinkmanship Comes With Advice by Long-Time Pollster (BBG)
    • China's big money trumps U.S. influence in Cambodia (Reuters)
    • Your Next Phone Will Probably Cost You $1,000 (BBG)
    • London Retains Its Crown as World’s Top Financial Center (BBG)
    • The Smell of Diesel Will Linger in Frankfurt This Week (BBG)

    Overnight Media Digest

    WSJ

    - T-Mobile US Inc says it will launch a nationwide internet-of-things network using new narrowband radio standards by mid-2018. on.wsj.com/2wTXVvq

    - Hurricane Irma knocked out power to about 3.5 million customers in Florida as of Sunday evening. on.wsj.com/2wTYrtK

    - Chinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual currencies, which took off inside the mainland four years ago. on.wsj.com/2wUpQLU

    - Satellite-services provider SES SA on Monday intends to announce a deal for a new fleet of smaller, less-expensive, easily reprogrammable Boeing Co satellites on.wsj.com/2wUCoTG

    - President Donald Trump will host Malaysia's premier this week, in a visit that shows how hard his administration is working to court Asian allies to pressure North Korea over its nuclear-weapons program on.wsj.com/2wSR5Gx

    - Pope Francis wrapped up a five-day trip to Colombia Sunday by declaring that the postwar period the country is entering must include an end to what he called modern forms of slavery on.wsj.com/2wTE6V5

    FT

    Rami Levy, chief executive of Israel’s largest supermarket chain Rami Levy Hashikma Marketing, along with a local politician, a businessman and a reporter were detained on Sunday for questioning over alleged fraud and breach of trust involving the owners of a shopping mall and the local municipality.

    Goldman Sachs Group Inc is looking to expand its retail banking business to the UK by aiming to launch an online deposit business next year. Stephen Scherr, the head of strategy, said the bank could look to add a consumer-lending arm in the UK over time, taking on the likes of Zopa, RateSetter and Funding Circle.

    Royal Dutch Shell Plc’s Nigerian business has signed a $300 million deal with local Shoreline Energy to develop, market and distribute natural gas around Lagos.

    Commodity trader Noble Group Ltd has shortlisted Vitol and Mercuria to buy the company’s $1 billion oil business, as it scrambles to pay down debt to avoid bankruptcy. The shortlisted bidders have been asked to submit their formal offers before the end of the month.

    NYT

    - When Apple Inc unveils its new top-of-the-line iPhone on Tuesday, it will also enter new territory on price: The latest phone will start at about $1,000, compared with the $769 minimum for its current top phone, the iPhone 7 Plus. nyti.ms/2gVZgKP

    - Volkswagen AG, the German auto giant, is preparing for a swift expansion in its output of electric cars next year — and the biggest jump in production will be in China. General Motors Co is making China the hub of its electric car research and development. Renault-Nissan, the French and Japanese carmaker, and Ford Motor Co have hustled to set up joint electric-car ventures in China. nyti.ms/2ePdQTR

    - In the wake of the disclosure on Thursday by Equifax Inc that hackers had compromised its collection of private information, potentially affecting 143 million Americans, The New York Times asked readers to tell their own tales of being hacked. Some previous victims of data breaches have also taken to Twitter. nyti.ms/2gVA2zW

    - Construction cranes are a ubiquitous sight in Miami, symbols of a growing city towering hundreds of feet above its streets. They are built to withstand high winds, but maybe not to withstand Hurricane Irma. Since Irma made landfall in the Florida Keys early on Sunday, bringing hurricane-force winds to much of South Florida, parts of two cranes collapsed. nyti.ms/2wRXqol

    Canada

    THE GLOBE AND MAIL

    ** Audible Inc will now sell audiobooks on a bilingual website in Canadian dollars for the first time. Audible says it sold more than one million audiobooks in Canada last year, to customers shopping through its U.S. site (as well as its France-based site for French speakers). (tgam.ca/2gX4TvY)

    ** The British Columbia Office of the Superintendent has issued new draft rules barring real estate agents from representing both seller and buyer in a transaction, though the service will still be allowed in remote locations underserved by licensed agents. (tgam.ca/2vOOGeZ)

    ** Lei Jin, deputy editor of Vancouver-based Global Chinese Press, has filed a complaint with the British Columbia Human Rights Tribunal against the paper after losing his job due to an attempt to publish an obituary of China's Nobel Peace Prize laureate Liu Xiaobo. (tgam.ca/2vPcmQ9)

    NATIONAL POST

    ** The Bank of Canada is striking while the economy remains hot — with a rate increase this month coming closely behind a surprising July increase, which had been the first upward move in seven years and one that many analysts had expected to be a little farther down the calendar. (bit.ly/2gXUQXr)

    ** Canadian farmers, busy pulling in the fall's harvest, fear Finance Minister Bill Morneau's proposed tax changes will make them uncompetitive relative to large land aggregators and could exacerbate a demographic crisis in farming communities. (bit.ly/2gX87jb)



    Britain

    The Times

    BP Plc is to call time on chairman Carl-Henric Svanberg's chequered seven-year reign by hiring headhunters to find a replacement. The oil giant is believed to be close to triggering a search process, although a formal decision has not yet been taken by the board. (bit.ly/2vO0m1z)

    Emerisque Brands, a private equity firm founded by Ajay Khaitan, has entered exclusive talks to buy the fashion retailers Oasis, Warehouse and Coast from the Icelandic bank Kaupthing. (bit.ly/2vOqNE5)

    The Guardian

    The Middle East arm of Bell Pottinger is in talks to separate from the scandal-hit PR agency, as its parent prepares to go into administration as soon as Monday. (bit.ly/2vOcQGq)

    Windfarms around Britain's coast will beat the planned nuclear power station Hinkley Point on price when the winning bidders for a 290-million-a-year pound pot of government subsidies are announced on Monday, experts predict. (bit.ly/2vOxkPj)

    The Telegraph

    Alphabet's Google Inc will launch a fightback against Brussels this week when the company lodges an appeal against its record monopoly abuse fine. The internet giant is expected to file the response to the European Commission's 2.4 billion euros ($2.88 billion) penalty on Monday, the deadline for submitting an appeal. (bit.ly/2vOxKFn)

    BAE Systems Plc has revealed plans for an unmanned tank which could raise questions about Britain's policy on "robot warriors". The arms company envisions an autonomous combat vehicle supported by "fleets of smaller autonomous air and ground vehicles" which create a defensive perimeter around the tank. (bit.ly/2vOyom3)

    Sky News

    The crisis-hit support services group Carillion Plc will face a fresh blow on Monday with the departure of its finance chief after just nine months in the job. (bit.ly/2gVLLP3)

    A sponsor of the Movistar professional cycling team is seeking to emulate the recent takeover of Rapha, the upmarket bikewear brand, by exploring a potentially lucrative sale. Endura, which is part-owned by a private equity firm, is considering appointing advisers after receiving a flurry of approaches to buy the business. (bit.ly/2vObwn2)

    http://www.zerohedge.com/news/2017-09-11/frontrunning-september-11
     
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    Asian Metals Market Update: September-11-2017
    By: Chintan Karnani, Insignia Consultants
    The correction in gold and silver is a part and parcel of a long term bull rally. A short term bearish trend will be there if gold and silver continue to fall after the Bank of England meeting on Thursday this week. The UN meeting on North Korea will be fake. The USA will get what it wants from the UN. Other than Russia there is no other power which can challenge NATO and the UN. Russian stance will be the key to the North Korean crisis just like Syria. Physical demand for gold and silver will zoom in Asia on any two percent fall (if any).
     
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    TVR [#394] PRE-MARKET PULSESCAN: IRMA HYPE HURRICANE MONGERING CRYPTO CRUSH
    ALGO CAPITALIST



    Published on Sep 11, 2017
    Please remember to RATE, SHARE, FAVORITE, COMMENT AND SUBSCRIBE.
     
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