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R.T.M. ~ Frontrunning ~ 3rd Ed., Vol.11 ~ March 13th - 17th

Discussion in 'Coffee Shack (Daily News/Economy)' started by searcher, Mar 12, 2017.



  1. searcher

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    REALIST NEWS - So-Called "Expert" says Bitcoin Infiltrated? Step into my office...
    jsnip4



    Published on Mar 12, 2017
    Today's Playlist: https://www.youtube.com/watch?v=p40h4...

    AMTV Video: https://www.youtube.com/watch?v=rp6Da...

    Donate to support the show: https://www.paypal.com/cgi-bin/webscr...

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    http://www.jmbullion.com/?utm_source=... (Recommended for Silver and Gold Purchases.)

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    REALIST NEWS - Trump Fires US Attorney Preet Bharara After He Refuses To Quit
    jsnip4



    Published on Mar 12, 2017
    Today's Playlist: https://www.youtube.com/watch?v=p40h4...

    Article: http://www.zerohedge.com/news/2017-03...

    Donate to support the show: https://www.paypal.com/cgi-bin/webscr...

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  6. searcher

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    Catherine Austin Fitts-Don’t Blame Trump for Ending the Bond Bull Market
    Greg Hunter



    Published on Mar 11, 2017
    One of the big headwinds for Trump is the bond market and rising interest rates. Financial advisor Catherine Austin Fitts contends, “The long term bull market in bonds is at an end, and rates are going to rise and continue to rise as they should. Savers, pension funds and insurance companies are not getting a return on their capital. To me, this is a welcome. If you are holding a big bond portfolio, they are going to be down, but interest rates are going to rise and the party is over. We have a President who understands the cost of capital and is screaming that it is no longer zero. To a certain extent, you are watching all of Washington blame Trump for the end of the debt birth model. It’s not his fault. He’s just trying to get the culture to switch to reflect something to where the future is going.”

    Fitts, who has managed hundreds of billions of dollars of assets as Assistant Secretary of Housing in the Bush Administration (41), says the stock market could blow up to a “Dow of 30,000 or crash down to 10,000.” Fitts tells all her clients to hedge for any scenario and “hold a core position in gold.”

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

    All links are on USAWatchdog.com: http://usawatchdog.com/trump-needs-a-...

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    Global Stocks Rise, S&P Futs Flat As Dollar Rebounds Ahead Of Critical Week For Markets

    [​IMG]
    by Tyler Durden
    Mar 13, 2017 6:29 AM


    European bourses advance and Asian share rose led by a surge in Hong Kong stocks which rose the most in three months as Japan hit 15 month highs. U.S. futures are little changed along while the dollar rebounded from session lows after Friday's selloff. Crude oil has continued its retreat, down 0.2% and sliding for a 6th straight day after breifly dropping below $48 in overnight trading.

    The Hang Seng China Enterprises Index jumped the most since November amid easing concern that U.S.-China political tensions will weigh on the yuan after BlackStone's Steve Schwarzman, one of Trump's top economic advisers, said Sunday on CNN that Trump will likely temper his criticisms of China, including his campaign claim that the country manipulates its currency. South Korean equities rose to the highest since May 2015 following last Friday's impeachment of president Kim, while European shares headed for a fourth straight gain. The dollar fell against most major currencies, with the euro climbing for a third day. Oil kept sliding below $50 as U.S. drillers continued to boost activity, countering OPEC’s efforts to drain a global glut. Industrial metals advanced for a second day.

    [​IMG]

    Traders are tentative out of the gate ahead of a pivotal week for global markets with the focus falling on Wednesday when there is a trifecta of catalysts between the Fed's upcoming rate hike, the debt ceiling expiration and the Dutch general elections which comes amid a growing diplomatic spat with Turkey. In addition to the Fed, we will also get announcements by the BoJ, BoE and SNB all of which are expected to keep rates on hold. It's also possible that the UK could invoke Article 50 this week so another story to watch. President Trump may also dish out his first budget outline for fiscal year 2018 on Thursday while G-20 finance ministers gather in Germany for a series of meetings so there’s plenty to keep markets busy.

    Following last week's impressive payrolls reports, global equities are trading near a record high as indications of firming growth in the U.S. and Europe coincide with China’s economy showing signs of improvement. U.S. jobs data at the end of last week cleared the way for the Fed to raise interest rates without forcing it to accelerate the pace for future tightening. The euro built on gains from Friday, when European Central Bank policy makers were said to have considered their ability to raise rates before a bond-buying program comes to an end, although the common currency has erased all losses after the European open, and was back near session lows at publication time.

    By now it is no secret that traders view a quarter-point Fed hike this week as a virtual certainty after Friday’s data showed U.S. employers added more jobs than forecast in February. They’ll be watching the central bank’s policy decision for signals on what will come next. Futures indicate the market is moving toward policy makers’ December projection of three rate increases in 2017. It would be the first year with multiple Fed hikes since 2006. Fed fund futures prices showed investors pricing in more than a 90 percent chance of an increase in U.S. overnight interest rates and the market's attention is now firmly on the scale of tightening further out.

    "Improved growth and inflation prospects are allowing developed market central banks to sketch their exits from extreme accommodation at varying speeds," David Folkerts-Landau, group chief economist at Deutsche Bank wrote in a note to clients.

    Overnight Goldman flip-flopped on its long-standing bearish position over Chinese stocks, and joined the rush on Chinese shares, becoming the latest major brokerage to upgrade the market. China’s macroeconomy stabilized in the beginning of 2017, Ning Jizhe, head of the National Bureau of Statistics, said at the sidelines of the annual legislature meeting in Beijing on Sunday.

    Sterling rose 0.4% against the dollar ahead of a vote in Britain's lower house of parliament on legislation that will give the government permission to trigger Britain's exit from the European Union. "The push and pull between solid growth momentum and political risks look set to continue in the near-term," Folkerts-Landau said.

    The world's most powerful finance ministers and central bankers convene in the German spa town of Baden-Baden on March 17-18, their first meeting since Donald Trump's U.S. election victory in November where his protectionist stance on international trade is likely to be a key issue.

    The MSCI Asia Pacific Index advanced 0.7 percent as of 8:17 a.m. in London. The Hang Seng China Enterprises Index surged 1.9 percent, the biggest jump since Nov. 22. Japan’s Topix rose 0.2 percent, after the gauge rallied 1.2 percent on Friday to the highest level since December 2015. The Kospi index jumped 1 percent, led by a 1.1 percent gain in Samsung Electronics Co. Korean shares extended gains from last week, climbing as President Park Geun-hye’s ouster removes some uncertainty from politics in the nation. The Stoxx Europe 600 added less than 0.1 percent, after similar gains in each of the previous three sessions.

    Gains in mining stocks and continued corporate deal-making activity helped European shares offset weakness in oil-related shares, with the benchmark STOXX 600 up 0.2 percent in early trades. The FTSE 100 was up slightly where along with mining blue chips a 1 percent gain for shares of HSBC supported the index. HSBC shares rose after Europe's biggest bank tapped an outsider, Mark Tucker, for its top job.

    In bond markets, euro zone government bond yields pulled back from multi-week highs, as nervous investors turned their focus to this week's Dutch parliamentary elections, the next key gauge of populism in Europe. Although the risk of a eurosceptic party coming to power in the Netherlands is small, a strong election performance could renew concerns about the popularity of the far-right in French presidential elections in April and May, said Erin Browne, head of macro investments at UBS O'Connor, a hedge fund manager within UBS Asset Management.

    "If you see a eurosceptic party gains a significantly larger share of the vote than current polls suggest that could spill over into concern about the French elections and the National Front doing better in the second round of voting than is currently being predicted," she said. "That's the risk for markets with a view to the Dutch elections."

    The yield on 10-year Treasuries fell one basis point to 2.56 percent, after falling three basis points in the previous session. The yield on 10-year Australian government bonds slid four basis points to 2.94 percent, tracking Friday’s Treasury rally.

    A sharp pullback in oil prices which fell to their lowest in three months and are on track for a fifth day of losses also kept investor confidence in check. The slump in prices has occurred as more rigs are deployed to look for oil in the United States and as crude inventories in the United States, the world's biggest oil consumer, have surged to a record.

    Market Snapshot
    • S&P 500 futures down 0.01% to 2,371.50
    • STOXX Europe 600 up 0.1% to 373.59
    • MXAP up 0.7% to 145.41
    • MXAPJ up 0.9% to 467.01
    • Nikkei up 0.2% to 19,633.75
    • Topix up 0.2% to 1,577.40
    • Hang Seng Index up 1.1% to 23,829.67
    • Shanghai Composite up 0.8% to 3,237.02
    • Sensex up 0.06% to 28,946.23
    • Australia S&P/ASX 200 down 0.3% to 5,757.35
    • Kospi up 1% to 2,117.59
    • German 10Y yield fell 2.4 bps to 0.461%
    • Euro up 0.05% to 1.0678 per US$
    • Brent Futures up 0.08% to $51.41/bbl
    • Italian 10Y yield rose 5.5 bps to 2.367%
    • Spanish 10Y yield fell 0.4 bps to 1.885%
    • Brent Futures up 0.08% to $51.41/bbl
    • Gold spot up 0.3% to $1,208.62
    • U.S. Dollar Index up 0.02% to 101.27
    Top Overnight News via BBG
    • ECB Said to Have Discussed Whether Rates Can Rise Before QE Ends
    • Oil Extends Decline as U.S. Drilling Accelerates Amid OPEC Cuts
    • Libya Crude Oil Output Said to Fall 11% on Field, Port Closings
    • Schwarzman Sees Donald Trump Dialing Back Criticisms of China
    • BlackRock May Bid for U.K. Student-Loan Portfolio: Sunday Times
    • Johnson Controls Said to Explore Sale of Scott Safety: Reuters
    • Boeing Wins 5-Year Contract to Sustain South Korea’s F-15k Fleet
    • Shuaa Capital to Buy Integrated Capital, Integrated Securities
    • AES Plans $750m Solar Power Project in Vietnam
    • EPAM Systems, Innophos Postpone Investor Days Due to Weather
    Asia equity markets trade mostly higher after the positive US close last Friday, although gains have been modest ahead of the looming FOMC. Conversely, ASX 200 (-0.3%) was weighed by a struggling energy sector after WTI crude futures extended on last week's 9.0% losses to briefly slip below USD 48/bbl, while Nikkei 225 (+0.2%) was initially subdued after poor Machine Orders data, but then recovered amid upside in JPY-crosses. Shanghai Comp. (+0.8%) and Hang Seng (+1.1%) traded higher after the PBoC resumed liquidity injections, while the KOSPI (+1.0%) continued the strength seen from last week's impeachment ruling as participants welcomed a fresh start. 10yr JGBs were uneventful with prices flat after the mildly positive sentiment in Japan was counterbalanced by the BoJ's presence in the market for JPY 520b1n of government debt. PBoC injected CNY 10bIn 7-day reverse repos, CNY 10bIn in 14-day reverse repos and CNY 10bIn in 28-day reverse repos.

    Top Asian News
    • China H-Shares Advance the Most in Three Months; ChiNext Climbs
    • Gulf Central Banks Want to Lower Visa, Mastercard Fees: Alrai
    • Posco CEO Meets GE CEO Immelt to Discuss Ways to Strengthen Ties
    • Indonesia Human Rights Agency to Review Freeport’s Record: Post
    • China Moves to Make $9 Trillion Domestic Bond Market Global
    • China Huarong’s Lai Expects Annual Profit Growth of 20%-30%
    • Rupee Climbs on Modi’s Victory in State Election: Asia NDFs
    • Singapore Bans Ex-Goldman Banker Leissner, Seeks Bar on Others
    • Yingde Off-Exchange Trade of 79.67m Shares Crosses at HK$6 Each
    • Hong Kong Regulator Said to Probe CCB International’s IPO Work
    European equities are modestly higher although with no clear direction in a quiet start to the week. Materials lead the way higher this morning while financials kicked off on the back foot, although have pared some of the early softness by mid-morning. The initial downside came in the wake of Friday's ECB source reports suggesting the central bank discussed hiking rates before the end of the QE program. Amec Foster Wheeler and John Wood Group are the two best performers in the Stoxx 600 after pre market reports of their tie up for GBP 2.23Nn. Away from equities, fixed income markets continue to rise across the board, with Bunds and Gilts both higher by almost 50 ticks this morning after some of the significant downside seen last week. Focus will continue to fall on central banks with ECB's Draghi Lautenschlaeger, Praet and Constancio all scheduled to speak today, ahead of several rate decisions later this week, including the FOMC, BoE, SNB and BoJ.

    Top European News
    • Bayer CEO Sees EU6b Sales From 6 Pipeline Drugs: Welt am Sonntag
    • HSBC Shares Gain After Bank Names AIA’s Tucker as Chairman
    • Bovis Shares Jump After Amid Takeover Talks With Galliford Try
    • Wood Group Acquires Amec in 2.2 Billion-Pound All-Share Deal
    • Europe ‘Political Circus’ Has SNB Bracing for Stronger Franc
    • U.K. House Prices Rise Fastest in a Year as London Rebounds
    • Bund Futures Erasing Loss After ECB Report as Smets Pushes Back
    • Le Pen Says Falling Currency Would Help More Than It Hurts
    • Aryzta Sweeps Management Out Early After First-Half Loss
    • Scotland Braced for ‘Important’ Speech as Brexit Process Looms
    In currencies, the Bloomberg Dollar Spot Index fell 0.1 percent, after dropping 0.6
    percent on Friday. The yen rose 0.2 percent to 114.63 per dollar. The euro was unchanged 0.1 percent to $1.0685, extending its 0.9 percent surge on Friday. The British pound climbed 0.4 percent to $1.2221. The South Korean won jumped 1.1 percent. The Australian dollar advanced 0.5 percent, following Friday’s 0.5 percent gain. Monday morning action in the FX markets are largely a function of some repositioning ahead of the multitude of event risk this week. The FOMC meeting takes centre stage, as the Fed is expected to hike rates by 25bps, but the market is looking past this now and considering the impact on the future rate path from the accompanying statement. The USD has been reined in a little since, losing ground across the board, but less so against the JPY. The EUR has also been pulled back a touch, with the 1.0700+ push in EUR/USD running into offers to pull the lead rate back into the mid 1.0600's. The retracement has followed through in the crosses also, and perhaps more notably so against GBP, where exposure remains significantly skewed to the downside as we head closer to triggering Article 50. The amendments to the Brexit bill voted on by the House of Lords continue to cause headwinds for PM May and her government, who remain adamant that A50 will be triggered by the end of the month. Even so, EUR/GBP has found some resistance ahead of 0.8800, while Cable buyers from the mid 1.2100's stood resolute through last week's USD advance.

    In commodities, WTI crude dropped 0.2 percent to $48.39 a barrel. Crude has lost almost 10 percent over the past six days, breaking below the $50 a barrel level it had held above since OPEC and 11 other nations started trimming supply on Jan. 1. Gold climbed 0.5 percent to $1,210.18, adding to Friday’s 0.3 percent gain. Some say that the pull-back in Oil prices was to be anticipated, but with OPEC signalling near full compliance with the output agreement, the lack of upside may have inspired some profit taking given some of the heavy long positioning among the Hedge Fund community. Concerns over shale production has reared its head also, along with timing issues having a marginal impact in current inventory. WTI dipped below USD48.00 today, but remains heavy alongside Brent, which dipped below USD51.00. Fresh upside pressure for Copper as the striker union at Escondida rejects BHP Billiton. Peru's top copper mine Cerro Verde is also ground to a halt on strikes initiated on Friday so the combination of the above has seen prices recover through USD2.60. Gold has recovered through USD1200 on broad based USD trimming, with Silver reclaiming USD17.00.

    It’s a fairly quiet start to the week data wise, with little of interest in Europe this morning and just the labour market conditions index in the US this afternoon.

    US Event Calendar
    • 10am: Labor Market Conditions Index Change, est. 2.5
    DB's Jim Reid concludes the overnight wrap

    Maybe someone forgetting the keys to the padlock at the Fed Reserve building in DC might be the only thing stopping the Fed from hiking rates this Wednesday evening in what is a busy week ahead of data, BoJ/BoE meetings and the Dutch elections which comes amid a growing diplomatic spat with Turkey. It's also possible that the UK could invoke Article 50 this week so another story to watch. President Trump may also dish out his first budget outline for fiscal year 2018 on Thursday so there’s plenty to keep markets busy.

    Over the weekend it’s actually been relatively quiet for newsflow aside from a few smaller stories that are doing the rounds. In Japan there’s been some focus on a Bloomberg article suggesting that the BoJ’s bond-purchase plan for March is putting the Bank on track to miss the annual target (by about 18% if sustained) which in turn is throwing up questions about whether or not the BoJ is starting a ‘stealth tapering’. Meanwhile, in India PM Narendra Modi’s BJP has registered a sweeping victory in the state elections in Uttar Pradesh – the largest and most populous state of India. The victory should cement Modi’s stature within the BJP and may also be seen as a vote of support of Modi’s demonetisation exercise and his anti-corruption credentials which in turn should give a boost to pushing through domestic reforms. Finally there is one interesting piece of news to report in Europe and that comes from Iceland where, almost 9 years on from being imposed in 2008 following the collapse of its banks, the government has announced that all capital controls on its citizens, businesses and pension funds will be lifted from this Tuesday.

    In terms of markets for the most part it’s been a fairly positive start to the week in Asia. The Nikkei (+0.23%), Hang Seng (+0.92%) and Shanghai Comp (+0.42%) are all higher while South Korea’s Kospi (+1.15%) and the Won (+0.92%) are both stronger post the news that Park Geun-hye has officially left the presidential palace after judges backed the impeachment. This morning’s gains are also coming despite WTI Oil trading down another -0.85% to around $48/bbl. That’s after Oil tumbled over 9% last week for the biggest decline since November. That appears to be weighing more on the ASX (-0.41%) while US equity index futures are also slightly in the red.

    Before we look at the week ahead, a quick recap now of how markets ended on Friday. Unsurprisingly the big focus was the release of the February employment report in the US which, for those who missed it, saw nonfarm payrolls come in at a slightly stronger than expected 235k gain (vs. 200k expected) with 9k of cumulative upward revisions to prior months. We’d argue though that given the strong ADP reading earlier in the week, the print was probably in and around where the whisper number was sitting. Private payrolls also came in a little better than expected (227k vs. 215k expected) while the unemployment rate dipped one-tenth to 4.7% and the U-6 rate dipped two tenths to 9.2% and equalling the cyclical low made in December. The participation rate ticked up from 62.9% to 63.0% However if there was one soft element of the report it was the slight miss on wages growth with average hourly earnings reported as rising +0.2% mom versus expectations for +0.3%. Still, at +2.8% yoy the annual rate was up two-tenths from the prior month and only a shade below the recent +2.9% high of December.

    Taken together the data all but confirmed a more than likely Fed hike this week barring any unexpected surprises. Treasuries actually ended up a little firmer on Friday with 2y and 10y yields down 1.9bps and 3.1bps respectively – the latter bringing to an end 9 consecutive days of higher yields. That said we still saw 2y yields end the week 4.8bps higher and 10y yields 9.7bps higher. Meanwhile the Greenback also eased back a little on Friday with the Dollar index -0.59% while US equities nudged a little higher. The S&P 500 was +0.33% but still suffered the first negative week (-0.44%) since January.

    In Europe equity markets were for the most part higher again, albeit very modestly, with the Stoxx 600 finishing +0.09%. The more interesting price action however came in bonds where selling pressure was evident once again. Indeed 10y Bund yields finished another 5.8bps higher on Friday and so putting them 12.9bps higher over the course of the week while yields in France and the periphery were also 3bps to 5bps higher on Friday. That largely seemed to reflect some of the ECB reports which emerged suggesting that the Bank could look to lift rates while still in the process of tapering QE, or before the QE programme ends. A Bloomberg report on Friday quoting ‘people familiar with the matter’ said that Governing Council members were said to have considered the matter at last week’s meeting although as we know Draghi did confirm last week that the forward guidance remains such that the ECB expects rates to remain at present or lower levels for an extended period of time and also past the horizon of net asset purchases. These sorts of articles always throw up the usual credibility questions but generally speaking there is no smoke without fire so worth keeping an eye on.

    In terms of the remaining data in Europe, the latest trade numbers in Germany showed a narrowing of the surplus in January led by a bigger than expected rise in imports (+3.0% mom vs. +0.5% expected) which overshadowed a +2.7% mom rise in exports. In France industrial production was soft in January (-0.3% mom vs. +0.5% expected) while the same could also be said for the UK (-0.4% mom vs. +0.5% expected). The other data in the US was the February monthly budget statement which revealed a budget deficit about the same size as 12 months earlier.

    With regards to the week ahead, it’s a fairly quiet start to proceedings this week with little of interest in Europe this morning and just the labour market conditions index in the US this afternoon. Tuesday kicks off in China where we’ll get the February retail sales, fixed asset investment and industrial production data. In Europe we’ll get the final February CPI revisions in Germany as well as the March ZEW survey and January IP for the Euro area. Over in the US tomorrow we’ve got February PPI and the NFIB small business optimism reading. Wednesday starts in Japan where the final January IP revisions are due. Over in Europe we’ll get the final CPI revisions for France in February along with the January/February employment numbers in the UK. Wednesday is a huge day in the US with February CPI, March empire manufacturing, February retail sales, January business inventories and the March NAHB housing market index all coming before the FOMC meeting outcome in the evening. Thursday’s early focus will then be on the BoJ policy meeting outcome before the BoE outcome is then due around lunchtime. Data on Thursday includes Euro area CPI and US housing starts, building permits, initial jobless claims, JOLTS job openings and Philly Fed manufacturing index. We end the week on Friday with Euro area trade data, US IP and the University of Michigan consumer sentiment index for March.

    Away from the data the only notable central bank speak this week comes from Draghi this afternoon when he delivers the opening remarks at a conference. The draft Brexit law also returns to the House of Commons today following the House of Lords amendments so that is worth watching. President Trump is also due to meet German Chancellor Merkel at the White House on Tuesday. The other notable event is of course the Dutch election this Wednesday. China’s NPC also concludes on Wednesday while the US debt ceiling limit expires on Wednesday and is due to be reinstated on Thursday. The G20 finance ministers meeting also kicks off on Friday. So plenty to keep us busy.

    http://www.zerohedge.com/news/2017-...t-dollar-rebounds-ahead-critical-week-markets
     
  8. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Frontrunning: March 13

    [​IMG]
    by Tyler Durden
    Mar 13, 2017 7:47 AM

    • Oil touches three-month lows, as U.S. supply swells (Reuters)
    • Oil Steadies Below $49 as U.S. Drilling Threatens Longer Glut (BBG)
    • Traders Brace as Crucial Events Loom for Markets (WSJ)
    • Preet Bharara’s Probes Likely to Continue After His Exit (WSJ)
    • Dollar steadies after three-day fall (Reuters)
    • GOP Health Plan Would Hit Rural Areas Hard (WSJ)
    • GOP healthcare bill hangs in the balance (The Hill)
    • At the Fed, spring comes early with return to new 'normal' (Reuters)
    • Your Pension Check May Soon Be Coming From an Insurance Company (WSJ)
    • ECB’s Smets Says Bank Hasn’t Taken First Step Toward Removing Stimulus (WSJ)
    • Market Drift Suggests Some Investors May Be Trading on U.K. Economic Data Ahead of Release (WSJ)
    • Trump’s Trade ‘Hammer’ Aims to Pound China, Mexico and the WTO (BBG)
    • Credit Reports to Exclude Some Negative Data, Boosting Scores (WSJ)
    • HSBC Shares Gain After Bank Names AIA’s Tucker as Chairman (BBG)
    • China may roll back electric car quotas as industry pushes back (Reuters)
    • Anti-immigration hardliner joins Finns party's leadership race (Reuters)
    • This Banker Emerged From the Collapse a Billionaire Hero (BBG)
    • Japan to send largest warship to South China Sea (Reuters)
    • Russia, Turkey, Iran to press ahead with Syria talks: Kazakhstan (Reuters)
    • What to Expect in U.K. Markets When May Pulls Brexit Trigger (BBG)
    • Las Vegas sports gambler to face trial on insider trading charges (Reuters)
    • Turkey Dispute Is Boosting Wilders (BBG)
    • Valeant Receives Lender Consent For Refinancing And Amendment Of Credit Agreement (PR)

    Overnight Media Digest

    WSJ

    - Facing lackluster sales in the world's fifth-largest consumer market, Wal-Mart Stores Inc is making a contrarian bet in Brazil, investing heavily to revamp its U.S.-style big-box stores even as shoppers increasingly flock to smaller, cheaper options. http://on.wsj.com/2ne32Vl

    - Less than three years after Etihad Airways saved Alitalia SpA from bankruptcy, the Italian airline is once again on the brink. After spending 400 million euros ($427.84 million) to buy effective control of Alitalia in 2014, the Abu Dhabi-based carrier launched a much-ballyhooed effort to improve the Italian airline's service, expand its international routes and make the domestic business leaner. http://on.wsj.com/2nec98z

    - Tesla Inc's Elon Musk has set his sights on Australia, betting his company's battery technology can help solve the country's energy problems and save it from a repeat of the blackouts that struck households and businesses in the south for several days last year. http://on.wsj.com/2nedYCD

    - HSBC Holdings PLC named AIA Group Ltd. Chief Executive Mark Tucker as its next chairman, the first time the bank has hired an outsider for the role in its 152-year history. http://on.wsj.com/2necfNt

    - "Kong: Skull Island" made a muscular $61 million debut at the North American box office over the weekend, but the monster movie will nonetheless need to sustain momentum to reach profitability. "Kong," released by Time Warner Inc's Warner Bros, grossed an estimated $81.6 million overseas. http://on.wsj.com/2nejrta


    FT

    Mobile operator Vodafone Group Plc will create 2,100 new customer service jobs across Britain in the next two years as part of an investment drive to improve operations in its home market.

    UK rents fell 0.6 percent in February, the first decline in six years, driven by a sharp drop in the cost of new tenancies in London and south-east England.

    Chief executive of Yildiz-owned Pladis, Cem Karakas, said McVitie's and Godiva were at the heart of the global expansion plan by its Turkish owners to boost biscuit sales by 50 percent in two years.

    HSBC Holdings Plc tapped insurance veteran and AIA Group Ltd boss Mark Tucker as chairman to replace Douglas Flint. Among the first tasks for Tucker will be to identify a successor to HSBC Chief Executive Stuart Gulliver, who informed the HSBC board he will quit his post in 2018.


    NYT

    - Mark Tucker, chief executive of the Asian life insurer AIA Group, is set to replace Douglas Flint as chairman of HSBC in October, the bank said on Sunday. http://nyti.ms/2mh2rOI

    - Iceland's finance ministry said on Sunday that in the coming week it would lift the remaining capital controls that have been in place since the financial crisis in 2008, easing restrictions on households and businesses. http://nyti.ms/2lRQUJr

    - China's commerce minister castigated what he called "blind and irrational investment." At a news briefing during the annual meeting of China's congress, the minister, Zhong Shan, said officials planned to intensify supervision of what he called a small number of companies. http://nyti.ms/2mYG8kq


    Canada

    THE GLOBE AND MAIL

    ** Canada's federal agencies in charge of statistics and taxes both say they have fixed vulnerabilities in their computer systems that forced them to shut down some online services over the weekend. https://tgam.ca/2mikvah

    ** The military's top police officer says his service will review all sexual assault cases that were dismissed as unfounded going back to 2010, making the Canadian Forces Military Police Group one of more than 50 forces to commit to similar audits in response to a Globe and Mail investigation. https://tgam.ca/2mivOzc

    ** Justin Trudeau has often said that open party nominations would allow local members to choose who can become a Liberal candidate, but a recent race shows that the Prime Minister has the final word over who gets on the ballot in some of these hotly contested campaigns. https://tgam.ca/2mir0df

    NATIONAL POST

    ** Emerging as a bonafide Canadian oil powerhouse, Canadian Natural Resources Ltd's blockbuster C$12.7 billion ($9.45 billion) deal with Royal Dutch Shell has propelled the company into the exclusive club of listed global companies that pump out more than a million barrels of oil every day. http://bit.ly/2mizpxd

    ** Canadian pipelines will fill up earlier than expected and, according to a new report, lead to a surge in oil-by-rail shipments as early as this year. http://bit.ly/2mitGYu


    Britain

    The Times

    * DeepMind, a machine-learning operation bought by Google in 2014, has held talks with UK's National Grid about embedding its software in the electricity network, the Sunday Times can reveal. http://bit.ly/2njTYex

    * Senior government sources say that when British Prime Minister Theresa May triggers article 50, she will point out that Britain is entitled to the return of funds worth 9 billion pounds held by the European Investment Bank. http://bit.ly/2ndNJfl

    The Guardian

    * British homebuilder Bovis Homes Group is in talks with rival construction firm Galliford Try over a merger that would create one of Britain's biggest housebuilders. http://bit.ly/2ntNlW6

    * The troubled two billion pounds privatisation of the Green Investment Bank has already cost at least one million pounds of taxpayer money in consultancy fees, official documents have revealed. http://bit.ly/2mgiz1X

    The Telegraph

    * The Daily Telegraph can reveal that Baferton Ltd, a Cyprus-registered vehicle funded by Hakan Uzan, has paid around 50 million pounds to acquire Hampshire manufacturer Vertu from its Chinese owners Godin Holdings. http://bit.ly/2mgiBqO

    * Scottish First Minister Nicola Sturgeon can name the date on which she intends to hold a second Scottish independence referendum as early as this week. http://bit.ly/2mBcfFL

    Sky News

    * Sky News has learnt that Privet Capital and Hilco, which has transformed the fortunes of HMV, the entertainment retailer, tabled takeover bids for Vivid in the last few days. http://bit.ly/2mBmvxL

    * British Foreign Minister Boris Johnson has warned that Russia is capable of undermining the democratic process and is up to "all sorts of dirty tricks". His comments come as spy chiefs warn British political party leaders about the threat of Russian hacking at the next general election. http://bit.ly/2mYhsZn

    The Independent

    * Theresa May's plans to rely on World Trade Organisation tariffs in the case of a hard Brexit will cause a "major economic shock" and is worse than any other option, according to an unpublished Treasury document leaked to the Independent. http://ind.pn/2mNtsfO

    http://www.zerohedge.com/news/2017-03-13/frontrunning-march-13
     
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    A Critical Week For Markets Begins: Preview Of The Main Events

    [​IMG]
    by Tyler Durden
    Mar 13, 2017 8:30 AM


    A pivotal, catalyst-filled week for global markets is now underway as investors brace for the second US interest rate hike in 2 quarter, a Dutch election, the expiration of the US debt ceiling deal, the imminent invoking of Article 50 by Theresa May, the first G20 finance ministers' meeting of the Trump era and perhaps the disclosure of Trump's proposed budget.

    While the key events on the US economic docket will be retails sales and Wednesday's CPI report, it is the slew of geopolitical and central bank-linked events and announcements which will have a profound impact on capital markets.

    The most important, if mostly priced in, event is this FOMC announcement on Wednesday where the February employment report all but confirmed the Fed's view that the US labor market is at or very close to full employment, giving them a bright green light to raise rates at the March meeting and continue its message of further normalization. Traders view a quarter-point Fed hike this week as a virtual certainty and will be watching the central bank’s policy decision for signals on what will come next. Futures indicate the market is moving toward policy makers’ December projection of three rate increases in 2017. It would be the first year with multiple Fed hikes since 2006.

    Another key event is the Dutch general election on March whose results should be known on Thursday morning. Focus will be on the performance of the anti-EU, anti-immigration party PVV, and party leader Geert Wilders' pledge to hold a referendum on EU membership. But current polls do not suggest that he is in a position to achieve an absolute majority, or form a governing coalition and take the country out of the EU. The current government will continue in office until a new coalition is
    formed (that can take weeks, or months). Geert Wilders' Freedom Party, which may be emerge as the biggest party from the elections, is unlikely
    to join the new government. Whether the perceived populist trend is
    shaken is the potential surprise.

    Also on Wednesday the US debt ceiling limit expires on Wednesday and is due to be reinstated on Thursday absent some last minute breakdown in communication.

    Additionally, UK Prime Minister May is expected to invoke Article 50 of the Treaty of Lisbon as soon as Tuesday. This begins the long goodbye from the EU. There is no surprise in the event, though perhaps the EU reaction (apparently they have prepared a reaction) has the potential to surprise.

    Elsewhere, President Trump may also reveal his first budget outline for fiscal year 2018 on Thursday.

    Speaking of Trump, the world's finance ministers and central bankers convene in the German spa town of Baden-Baden on March 17-18, their first meeting since Donald Trump's U.S. election victory in November where his protectionist stance on international trade is likely to be a key issue.

    Then there are the other central banks:
    • The BoJ is expected to maintain the status quo for monetary policy, leaving its long rate and short rate targets unchanged at 0.0% and -0.1%, respectively.
    • The SNB is also expected to take no action. FX intervention will remain the central bank's main policy tool to alleviate some of the pressure on the CHF on Euro area election calendar risks.
    • The BOE is likewise expected to keep rates on hold.
    In other data:
    • In the US, beyond the FOMC we have inflation numbers, housing data, industrial production and consumer confidence amongst others.
    • In the Eurozone, focus is on German ZEW and ECB speakers.
    • In the UK, beyond the BoE meeting, we mainly await labor data.
    • In Japan, we get BoJ decision, PPI, machine orders and tertiary index.
    • In Australia, we have labor data. While New Zealand releases GDP and current account.
    • In Scandies, beyond Norway’s C.B. meeting, Sweden releases labor and inflation numbers.
    • In Switzerland, The SNB holds monetary policy meeting on Thursday
    • In China, focus is on retail sales, fixed asset investments and industrial production
    A summary of the economic events in the US is shown below:

    [​IMG]

    And a breakdown of all global catalysts in the next few days:

    [​IMG]

    DB's Jim Reid takes us through the week's key events day by day:

    It’s a fairly quiet start to proceedings this week with little of interest in Europe this morning and just the labour market conditions index in the US this afternoon.

    Tuesday kicks off in China where we’ll get the February retail sales, fixed asset investment and industrial production data. In Europe we’ll get the final February CPI revisions in Germany as well as the March ZEW survey and January IP for the Euro area. Over in the US tomorrow we’ve got February PPI and the NFIB small business optimism reading.

    Wednesday starts in Japan where the final January IP revisions are due. Over in Europe we’ll get the final CPI revisions for France in February along with the January/ February employment numbers in the UK. Wednesday is a huge day in the US with February CPI, March empire manufacturing, February retail sales, January business inventories and the March NAHB housing market index all coming before the FOMC meeting outcome in the evening.

    Thursday’s early focus will then be on the BoJ policy meeting outcome before the BoE outcome is then due around lunchtime. Data on Thursday includes Euro area CPI and US housing starts, building permits, initial jobless claims, JOLTS job openings and Philly Fed manufacturing index.

    We end the week on Friday with Euro area trade data, US IP and the University of Michigan consumer sentiment index for March.

    Away from the data the only notable central bank speak this week comes from Draghi this afternoon when he delivers the opening remarks at a conference. The draft Brexit law also returns to the House of Commons today following the House of Lords amendments so that is worth watching. President Trump is also due to meet German Chancellor Merkel at the White House on Tuesday. The other notable event is of course the Dutch election this Wednesday. China’s NPC also concludes on Wednesday while the US debt ceiling limit expires on Wednesday and is due to be reinstated on Thursday. The G20 finance ministers meeting also kicks off on Friday. So plenty to keep us busy.

    * * *

    Finally, here is Goldman with a breakdown of key US events and consensus estimates:

    The key economic releases this week are the CPI and retail sales reports on Wednesday. The March FOMC statement will be released on Wednesday at 2PM.

    Monday, March 13
    • There are no major economic data releases.
    Tuesday, March 14
    • 06:00 AM NFIB small business optimism index, February (consensus 105.6, last 105.9)
    • 08:30 AM PPI final demand, February (GS +0.1%, consensus +0.1%, last +0.6%); PPI ex-food and energy, February (GS +0.2%, consensus +0.2%, last +0.4%); PPI ex-food, energy, and trade, February (GS +0.2%, consensus +0.2%, last +0.2%): We forecast that headline PPI rose 0.1% in February, reflecting an increase in producer food prices but a retracement in energy prices. We estimate PPI ex-food, energy and trade services rose by 0.2%. Producer prices were stronger than expected in January, as headline PPI increased 0.6% (mom), supported by higher energy prices. Core inflation was also firm, as PPI ex-food, energy and trade services rose 0.2%.
    Wednesday, March 15
    • 08:30 AM CPI (mom), February (GS flat, consensus flat, last +0.6%); Core CPI (mom), February (GS +0.15%, consensus +0.2%, last +0.3%) CPI (yoy), February (GS +2.7%, consensus +2.7%, last +2.5%); Core CPI (yoy), February (GS +2.2%, consensus +2.2%, last +2.3%); We expect a below-trend increase in core CPI in February, reflecting a decline in the communications category driven by the release of Verizon unlimited data plans, weakness in used car pricing, and increased discounting at mall-based retailers associated with delayed tax refunds. Our estimate of 0.15% (mom) for core CPI would result in the year-over-year rate decelerating 10bp to 2.2%. Owners’ equivalent rent inflation slowed further last month to +0.24%, a pace roughly consistent with industry sources that have shown deceleration in rent growth throughout 2H16. We look for a stable or modestly higher inflation reading in that category. On the positive side, we expect inflation to reaccelerate in the education and new cars categories, and we also expect a small boost from the partial-month impact of the January 22nd postage price hike (+2¢ for first class mail). Import prices have also firmed in recent months, with a 0.3% increase in import prices excluding fuels in February. Imported consumer goods prices also rose 0.2% for a second month; We expect a decline in seasonally adjusted consumer energy prices to weigh on headline CPI, where we estimate a flat month-to-month reading and a year-over-year acceleration of 20bp to 2.7% (due to base effects).
    • 08:30 AM Retail sales, February (GS -0.2%, consensus +0.1%, last +0.4%); Retail sales ex-auto, February (GS -0.2%, consensus +0.1%, last +0.8%); Retail sales ex-auto & gas, February (GS -0.2%, consensus +0.2%, last 0.7%); Core retail sales, February (GS -0.2%, consensus +0.2%, last +0.4%): We expect a 0.2% drop in February retail sales reflecting significant consumer cash flow disruptions caused by delayed tax refunds, which we estimate affected as many as 25-30 million households. Tax refund distributions converged back to normal seasonal levels by the first week of March, a few weeks after the legal deadline constraining the IRS had passed. However, the sharp pickup in distributions did not begin until after Presidents' Day weekend (Feb 18-20), suggesting that significant cash flow constraints affected millions of households for over half of the month. Additionally, the tax refund shortfall (relative to 2016) still totaled $15bn during the final weekend of February. Broadly disappointing same store sales reports from mall-based retailers provide additional evidence of the severity of the impact, in our view. On the positive side, non-store sales seem likely to pick up after a rare decline last month, though the same logic regarding consumer cash flow constraints suggests any rebound should be fairly muted. Factoring in these considerations, we estimate the key retail control gauge declined 0.2% (mom) following +0.4% in January. We also forecast a 0.2% decline in headline retail sales, as well as in the ex-auto and the ex-auto ex-gas components.
    • 08:30 AM Empire manufacturing survey, March (consensus +15.0, last +18.7)
    • 10:00 AM Business inventories, January (consensus +0.3%, last +0.4%); Consensus expects business inventories to increase 0.3% in January, following an increase of 0.4% in the December report.
    • 10:00 AM NAHB housing market index, March (consensus 65, last 65); Consensus expects the NAHB homebuilders’ index to remain at 65, following a 2pt decline last month. While the softening was fairly broad-based, the index remains not far from cycle highs.
    • 2:00 PM FOMC statement, March 14-15 meeting: As discussed in our FOMC Preview, we expect the FOMC to raise the target range for the funds rate by 25 basis points at the March meeting. In the post-meeting statement, we think the committee is likely to indicate that risks to the outlook are “balanced” (compared to “roughly balanced” previously). In the Summary of Economic Projections (SEP), we look for: (1) slightly higher median estimates for 2018-19 GDP growth; (2) unchanged unemployment projections but a slight upgrade to the 2017 core inflation projection; and (3) unchanged median dots for the funds rate, though risks are tilted to the upside.
    • 04:00 PM Total Net TIC Flows, January (last -$42.8bn)
    Thursday, March 16
    • 08:30 AM Housing starts, February (GS +2.5%, consensus +1.1%, last -2.6%); Building permits, February (consensus -2.6%, last +5.3%): February weather featured unseasonably warm temperatures and below-average snowfall. Additionally, a sharp 58k rise in construction jobs is suggestive of an early start to the spring building season. Accordingly, we expect a 2.5% rise in housing starts, reversing the 2.6% pullback in January. We also believe favorable single-family fundamentals should help mitigate the negative impact of higher interest rates.
    • 08:30 AM Initial jobless claims, week ended March 11 (GS 240k, consensus 240k, last 243k); Continuing jobless claims, week ended March 4 (consensus 2,053k, last 2,058k): We expect initial jobless claims to edge down 3k to 240k, after rebounding sharply last week due to the reversal of temporary factors – specifically, the timing of New York school holidays and automotive plant shutdowns. Accounting for temporary factors, the trend pace of initial jobless claims continues to drift lower, and we also note the year-to-date improvement in several energy-producing states, where claims remained low again last week.
    • 08:30 AM Philadelphia Fed manufacturing index, March (GS +30.0, consensus +28.0, last +43.3): We expect the Philadelphia Fed manufacturing index to retrace lower to +30.0 in March, after unexpectedly jumping to a 33-year high of +43.3. The index is likely to remain at levels suggestive of moderate expansion in manufacturing activity.
    • 10:00 AM JOLTS job openings, January (consensus 5,562, last 5,501)
    Friday, March 17
    • 09:15 AM Industrial production, February (GS +0.3%, consensus +0.2%, last -0.3%); Manufacturing production, February (GS +0.4%, consensus +0.4%, last +0.2%); Capacity utilization, February (GS +75.6%, consensus +75.5%, last +75.3%): We expect industrial production to increase 0.3% in February, likely reflecting a pickup in motor vehicle production and manufacturing production. Manufacturing production is likely to increase 0.4%, following a 0.2% rise in January. In the January report, industrial production fell 0.3%, mostly reflecting a weather-related drop in utilities.
    • 10:00 AM University of Michigan consumer sentiment, March preliminary (GS 97.5, consensus 97.0, last 96.3); We expect the University of Michigan consumer sentiment index to rebound in March after pulling back 2.2pt last month from a cycle high of 98.5. Our forecast of a 1.2pt rise to 97.5 reflects further improvement in consumer surveys in late February and early March. The Conference Board’s consumer confidence index also rebounded in February to a new 15-year high.
    Source: GS, BofA, DB

    http://www.zerohedge.com/news/2017-03-13/critical-week-markets-begins-preview-main-events
     
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    Gold and Silver Market Morning: Mar 13 2017 - Gold consolidating against a weaker dollar!
    By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch
    At the close in Shanghai today, the gold price was trading at 273.0 Yuan, which directly translates into $1,229.71. But allowing for the difference of gold being traded this equates to a price of $1,225.71. This more than $21.31 higher than the New York close and $16.51 higher than London.
     
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    REALIST NEWS - If China And The World Bank Are Right, We're Headed For A Depression
    jsnip4



    Published on Mar 13, 2017
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    REALIST NEWS - Bitcoin Surges Back Above $1200
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    Published on Mar 13, 2017
    Today's Playlist: https://www.youtube.com/watch?v=lpxwu...

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    So this is winter!: 50 million people brace for up to TWO FEET of snow as monster nor'easter prepares to bury the Northeast and bring blizzard conditions
    • Winter Storm Stella is headed to the East Coast as officials warn storm could bring blizzard conditions
    • Northeast states including New Jersey, Pennsylvania and New England all under winter storm watch
    • Blowing snow and strong winds could lead to whiteout conditions with visibility as poor as a quarter mile
    • Authorities warning millions to prepare for widespread power outages, road closures and flight disruptions
    • Forecasters predict Winter Storm Stella to bring the season's biggest snowstorm with up to 24 inches
    • Thousands of flights have been cancelled at JFK, Newark Liberty, La Guardia and Logan International airports


    Read more: http://www.dailymail.co.uk/news/article-4308894/Millions-brace-TWO-FEET-snow-Northeast.html#ixzz4bDFy7Wsp
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    Global Stocks Drop Ahead Of Fed Rate Decision; Dollar Rises As Sterling Tumbles

    [​IMG]
    by Tyler Durden
    Mar 14, 2017 6:47 AM


    European stocks declined for first session in five ahead of Wednesday's Dutch elections, debt ceiling expiration and the conclusion of the Fed's 2-day meeting where it is expected to raise rates by 25 bps. Tightening concerns emerged, also dragging down Asian shares and S&P futures, while the dollar continued its rise for a second day. Crude oil has ended its six-day drop. The pound tumbled 0.8% to the lowest since mid-January in a delayed reaction after Theresa May won permission to trigger the country’s departure from the EU. On today's US calendar, we get the Producer Price Index although most NYC-based traders are likely taking a snow day off or trading from home.

    A quick reminder of the key events this week:
    • The Fed’s 26 bps increase is expected on Wednesday.
    • The Bank of England, Swiss National Bank, Bank of Japan and Bank Indonesia are expected to keep monetary policies unchanged on Thursday.
    • The Dutch go to the polls on March 15.
    • G-20 finance ministers will gather in Germany for a series of meetings.
    • Trump is expected to unveil his budget
    In a relatively quiet session, the standout move was the plunge sterling which dropped on Tuesday after Britain's parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union. Curiously, on Monday, sterling had jumped 0.4 percent after Scotland's First Minister Nicola Sturgeon demanded a new independent referendum in late 2018 or early 2019, once the terms of the UK's exit from the EU are clearer with the delayed selloff coming largely on priced-in news.

    Europe's Stoxx 600 Index was headed for its first decline in five days with every industry except healthcare in the red in early trading. India's NSE Nifty 50 Index surged to a record and the rupee climbed to an 11-month high after Prime Minister Narendra Modi’s victory in state elections. The yield on 10-year Treasuries remained near the highest level of the year and oil fluctuated after declining for six straight days.

    The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, while Japan's Nikkei closed down 0.1 percent. Shares of Toshiba closed up 0.5 percent after plunging as much as 8.8 percent, their biggest one-day loss in almost a month. The company said it would "aggressively consider" a sale of most of Westinghouse and announced it had received approval from regulators to extend for a second time the Tuesday deadline for its official third-quarter earnings. Its statement earlier in the session that it had requested the extension to expand a probe into problems at its U.S. nuclear unit Westinghouse sent the shares tumbling, Reuters reported.

    Chinese shares reversed early gains after data showed retail sales dropped more than expected in the first two months of the year, posting their first single-digit Y/Y increase since 2003.



    [​IMG]

    Other China data on Tuesday was more upbeat and positive for the global economy, with investment and industrial output expanding more than expected, but investors feared those signs of strength may not be sustainable. China has cut this year's economic growth target to about 6.5% to give policymakers more room to push through painful reforms to contain financial risks. The economy grew 6.7 percent in 2016, the slowest pace in 26 years. On Monday, Goldman Sachs upgraded Chinese stocks to "overweight" on better growth prospects and a bullish view on the country's banking sector, a move interpreted by many as a top-tick indicator.

    Overnight, Wall Street was mixed, with the Dow Jones Industrial Average down 0.1 percent, while Nasdaq rose 0.24 percent and the S&.SPX was little changed.

    According to Bloomberg, putting a damper on risk sentiment today are expectations the Federal Reserve "will raise borrowing costs at a faster pace than was expected at the start of this year have surged as data globally pointed to firming growth and accelerating inflation." The question for most traders now is how fast the Fed will move, and they hope to get the answer tomorrow in the comments accompanying Wednesday’s expected quarter-point increase for clues. “The market is waiting,” said Peter Schaffrik, global macro strategist at RBC Europe Ltd. “Moves today have been fairly muted. The Fed is clearly on everyone’s mind. The rate hike is a foregone conclusion, so it’s the press conference that’s really relevant.”

    "On one hand, the market ponders a surprise hold, in which massive unwinding of positions could take place with the hike already priced in," Jingyi Pan, market strategist at IG in Singapore, wrote in an note. "On the other hand, concerns have also been paid to an acceleration in the Fed’s path to normalization, where the likelihood of four Fed hikes has been raised, up from the current projection of three," she said. "The immediate reaction is likely to be seen in the dollar and upsides towards December’s high on the dollar index may be eyed."

    Perhaps in anticipation of a tighter Fed, the dollar index rose another 0.2% at 101.49, extending Monday's gains following a bout of profit taking at the end of last week. The dollar gained 0.1% to 114.92 yen JPY, but remains below the seven-week high touched on Friday on expectations of a Fed move at the end of a two-day meeting on Wednesday.

    Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election. U.S. Treasury Secretary Steven Mnuchin will be "pushing hard" to advance U.S. interests in his debut G20 meeting, including reaffirming commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday.

    In commodities, oil prices dipped after touching a 3-1/2-month low in the previous session as concerns about rising U.S. production offset optimism about supply cuts by the Organization of Petroleum Exporting Countries. Both WTI and Brent staged a modest rebound, halting 6 days of losses, although just shy of 3 month lows.

    Market Snapshot
    • S&P 500 futures down 0.2% to 2,368.50
    • STOXX Europe 600 down 0.2% to 373.77
    • MXAP down 0.09% to 145.38
    • MXAPJ up 0.3% to 468.66
    • Nikkei down 0.1% to 19,609.50
    • Topix down 0.2% to 1,574.90
    • Hang Seng Index down 0.01% to 23,827.95
    • Shanghai Composite up 0.07% to 3,239.33
    • Sensex up 1.9% to 29,484.90
    • Australia S&P/ASX 200 up 0.03% to 5,759.14
    • Kospi up 0.8% to 2,133.78
    • German 10Y yield rose 0.9 bps to 0.48%
    • Euro down 0.08% to 1.0644 per US$
    • Brent Futures up 0.2% to $51.47/bbl
    • Italian 10Y yield fell 0.3 bps to 2.364%
    • Spanish 10Y yield rose 2.3 bps to 1.929%
    • Brent Futures up 0.2% to $51.47/bbl
    • Gold spot down 0.09% to $1,203.19
    • U.S. Dollar Index up 0.3% to 101.56
    Top Overnight News
    • Monsanto Loses Bid to Seal Documents Related to Ex-EPA Official
    • Trump’s Border Wall Likely a Boon for Martin Marietta, Says CEO
    • Synopsys to Replace Harman International in S&P 500 Index
    • Spain’s Popular Said to Tap UBS to Explore Sale of U.S. Bank
    • China’s Economy Holds Momentum as Output, Investment Accelerate
    • Oil Holds Losses as U.S. Crude Stockpiles Seen Rising 10th Week
    • BMW Being Probed by U.S. Over Car Leases to Military Members
    • Trump, Xi Said to Discuss Mar-a-Lago Summit Amid Korea Tensions
    • Pfizer Launches Zavicefta Antibiotic in U.K., Germany
    • GE Wins Contract to Supply Its Largest Gas Turbine in China
    • Physicians Realty Trust Stock Offering Priced at $18.20 Apiece
    Asia equity markets traded mixed after a mixed close on Wall Street as a non-committal tone persisted ahead of key risk events. ASX 200 (Unch.) closed relatively flat with outperformance seen in commodity related sectors after copper and iron ore prices rose by around 1% and 2% respectively, while Nikkei 225 (-0.1%) was subdued by a firmer currency with USD/JPY failing to reclaim 115.00. Shanghai Comp. (+0.1%) and Hang Seng (-0.1%) were choppy after the PBoC slightly increased its liquidity injections and as participants digested mixed data in which Chinese Industrial Production beat expectations to print a 6-month high, although Retail Sales disappointed and showed the weakest start since 2002. The Nifty (+1.6%) outperformed to hit a fresh all-time high as India returned from a long weekend and reacted to state election results in which the ruling BJP party won a landslide victory in the country's largest state of Uttar Pradesh, which highlighted political stability and confidence in PM Modi's government. 10yr JGBs were mildly higher amid a subdued tone in riskier Japanese assets and after a mixed 20yr auction where the b/c slightly declined, but prices rose from the prior month.

    Top Asian News
    • China Bond Default Woes Deepen as Steel Producer Misses Payment
    • Mitsubishi Heavy Shares Jump as Damages Due to Edison Capped
    • PBOC Saps Funds for 14th Straight Day as Hoarding Period Looms
    • Modi’s Victory Sends Indian Stocks to Record, Rupee Advances
    • Morgan Stanley Sees China Bonds in Key Indexes in Three Years
    • Rupee Snaps Rally on RBI Speculation, Others Quiet: Asian NDFs
    UK House of Lords passed the Brexit bill without the EU citizen rights or final vote amendments after House of Commons rejected amendments, with reports stating that Parliament also granted UK PM May permission to start Brexit. Furthermore, it is now expected that the UK will trigger Article 50 in the last week of March rather than this week, with UK Brexit Minister Davis stating Article 50 will be triggered by the end of this month as planned. The BoE accepts resignation of Charlotte Hogg in the wake of the central banker failing to disclose her brother's position at Barclays.

    Top European News
    • Amundi Starts Rights Offering; Credit Agricole Stake to Drop
    • Prudential Full-Year Operating Profit Rises 7% on Asia Business
    • RWE Sees Profit Rising This Year on Trading, Innogy Units
    • Aker Solutions Surges on Report of Halliburton Deal Talks
    • May Eyes Late-March Brexit Trigger as Parliament Clears Way
    • Scottish Referendum May Re-Open Pressure Points for Markets
    • No Trichet Flashback for Poland as CPI Jolts Eastern Europe
    • Fraport, Vinci Interested in Belgrade Airport: Blic
    • Popular Seeks to Sell Private Banking Unit: Independiente
    In currencies, he Bloomberg Dollar Spot Index gained 0.2 percent at 9:55 a.m. in London, up for a second day. The British pound led losses, weakening by as much as 0.9 percent before trading 0.8 percent lower. The euro slipped 0.1 percent to $1.0639, following a 0.2 percent drop Monday. Cable was the overnight standout, taking another sharp hit, as the 2 Houses of Parliament finally agree on the Brexit Bill, giving the green light to trigger Article 50. Some will point to a knee jerk response from the market, but with the House of Lords having effectively undermined the government with its amendment proposals, PM May's negotiating powers may/will have been impaired. Cable has tested 1.2100, but has so far held, while EUR/GBP has retested the resistance ahead of 0.8800, but this also holding for now.

    In commodities, oil traded near a three-month low as U.S. crude stockpiles were seen rising for a 10th week, but West Texas Intermediate managed to add 0.4 percent to $48.61 a barrel. Aluminum led a decline in industrial metals, falling 0.5 percent to $1,871.50 a metric ton as China, the largest producer, increased output to a record. Gold was little changed at $1,203.72 an ounce as investors prepared to assess the tone of the Fed’s commentary. In the run up to the FOMC meeting, the commodities market is trading a tight range, with some of the losses seen in Oil and Copper specifically having tailed off over the last 24- 36 hours or so. Oil prices are set to stay pressured however, as the market is focusing on the next OPEC meeting in Jun, and looking to further agreements on production given the impact on inventory so far. Concerns over Shale production have also heightened, keeping WTI below the USD50.00 mark. Copper is back above USD2.60, but all down to the disruptions (strikes) in key mines in Chile and Peru. Base metals all looking heavy, with Lead underperforming. Gold continues to hover above USD1200.00, and is looking a little more resilient given the fresh drop-off in Treasuries ahead of Wednesday's key policy meeting.

    Looking at the day ahead, in the US the February PPI report is due to be released as well as the latest NFIB small business optimism print, which missed expectations. Away from the data Dutch party leaders are due to hold a final debate this evening ahead of tomorrow’s election. Meanwhile a meeting which had been scheduled between President Trump and Chancellor Merkel today has now been postponed to Friday given the concerns over the storm.

    US Event Calendar:
    • 6am: NFIB Small Business Optimism 105.3, est. 105.6, prior 105.9
    • 8:30am: PPI Final Demand MoM, est. 0.1%, prior 0.6%
      • PPI Ex Food and Energy MoM, est. 0.2%, prior 0.4%
      • PPI Ex Food, Energy, Trade MoM, est. 0.2%, prior 0.2%
      • PPI Final Demand YoY, est. 1.9%, prior 1.6%
      • PPI Ex Food and Energy YoY, est. 1.5%, prior 1.2%
      • PPI Ex Food, Energy, Trade YoY, prior 1.6%
    DB's Jim Reid concludes the overnight wrap

    The calm before the storm is the probably the best way to describe how markets have kicked off this week. Ahead of much bigger events starting tomorrow and continuing into the end of the week – namely the Fed, BoJ, BoE, Dutch election, US data, G-20 meeting and Trump budget – it was a fairly quiet start to the week for the most part yesterday. The most significant news concerned the UK where Brexit headlines dominated. Late last night we got the news that Parliament has passed the legislation which allows PM May’s government to go ahead with triggering Article 50. That came after the House of Commons overturned the House of Lords amendments which had included guaranteed rights for EU citizens in the UK and also the amendment concerning giving Parliament a ‘meaningful vote’ on May’s negotiation terms with the EU. May is now expected to address the House of Commons today however it’s still unclear when exactly she will look to start the formal process of leaving the EU although the FT did cite government figures as saying that the last week of March is most likely.

    Indeed it was highlighted separately that the formal process would unlikely start before the EU celebrations to mark the 60th anniversary of the EU’s founding treaty on March 25th in Rome, as well this week’s Dutch election and the Scottish National Party conference this weekend. With British Parliament on recess on March 31st that makes the days from March 27th-30th most likely. Meanwhile that news last night also comes after Scotland’s First Minister Nicola Sturgeon announced her plan to call another Scottish independence vote by spring 2019. It’s expected that Sturgeon will ask Scottish parliament to vote to authorize such next week. That wasn’t all with Sinn Fein leader Michelle O’Neil also quoted as saying that a referendum in Northern Ireland “has to happen as soon as possible”. So well worth keeping an eye on things over the coming days.

    Sterling initially rallied yesterday on the Scottish independence vote headlines, touching an intraday high of $1.225 in the afternoon (about +0.69% on the day) before easing back in the evening session. It’s down a bit more this morning and back to $1.220 although still up about +0.30% versus Friday’s close. The FTSE 100 also edged up +0.33% and 10y Gilt yields were +1.6bps higher at 1.244% although the news that Parliament had passed legislation did come after markets closed.

    Away from that equity markets weren’t hugely exciting elsewhere. The S&P 500 (+0.04%) seemingly started the process of battening down the hatches early for storm Stella with volumes well below the usual average. The Stoxx 600 did close up +0.38% helped by a decent session for the miners with commodities largely stabilizing or having a solid session (Gold -0.03%, Copper +1.12%, Iron Ore +1.78%, WTI Oil -0.19%). Bonds were a bit more exciting though. 10y Treasury yields reached a new two and a half year high at 2.626% (+5.1bps) with corporate issuance again enjoying another bumper day which weighed on Treasuries. In contrast 10y Bund yields were actually -1.2bps lower at 0.467% after the ECB’s Smets was quoted in the WSJ as saying that the ECB’s latest policy statement “does not in itself signal a change in the monetary policy stance”.

    This morning in Asia the focus has by and large turned over to another batch of data out of China with the release of the latest activity indicators. In summary the data suggests that China has, on the whole, started the year on a firm footing. Indeed industrial production was revealed as rising +6.3% yoy (vs. +6.2% expected) in the first two months of the year from +6.0% in December while fixed asset investment climbed materially to +8.9% yoy (vs. +8.% expected) from +8.1% in the same period. Retail sales data was less upbeat however with sales softening from +10.4% to +9.5% yoy (vs. +10.6% expected) with the impact of tax changes on small engine cars seemingly having a big impact. Market wise there hasn’t been much of a reaction with bourses in China pretty much unchanged as we go to print along with the Hang Seng. Elsewhere the Nikkei (-0.13%) has edged a bit lower while the Kospi (+0.65%) is higher for a second successive day.

    While we’re on China it’s worth highlighting a potential date for your diary. Over April 6th-7th President Trump is planning to host China President Xi Jinping in Florida with the escalating tension around North Korea expected to be high on the agenda. We should get confirmation of the meeting this week.

    Staying on the subject, yesterday was a quiet day for data but we did get the latest ECB CSPP holdings data. As of March 10th the ECB reported total holdings of €70.43bn which implies net purchases settled last week of €2.09bn. That works out to be an average daily run rate of €417m and another strong, above average week of purchases compared to the €367m average daily run rate since the program started.

    Before we wrap up, a quick mention that yesterday our House View team published their latest report called ‘Policy landscape remains in focus’. They note that potential shifts to the policy landscape remain in focus for markets, where uncertainty still reigns on most fronts. Polls for the French Presidential Election have tightened. A Le Pen victory remains unlikely but cannot be ruled out. Politics will continue to be at the fore elsewhere in Europe, with the Dutch election, the UK triggering Art. 50, turmoil in Italy and ongoing negotiations with Greece. Prospects for the key pillars of Trump's economic agenda also remain uncertain. Markets have better clarity on other fronts: a chorus of more hawkish Fed rhetoric jolted expectations for a March hike. Counterbalancing this uncertainty is a broad-based uptick in global growth momentum, which has supported market sentiment. In the US, surveys point to robust growth, and consumer and business sentiment are showing signs of animal spirits, though hard data have been somewhat weaker. Europe has been an upside surprise, with supportive data tilting the balance of risks in a more positive direction. The growth story is also cautiously more positive in China and EM more broadly.

    Looking at the day ahead, this morning in Europe the main focus should be on Germany where we will get the final revisions to the February CPI report, along with the March ZEW survey which is expected to showing a slight improvement in sentiment. Industrial production data for the Euro area is also due to be released. Over in the US this afternoon the February PPI report is due to be released as well as the latest NFIB small business optimism print. Away from the data Dutch party leaders are due to hold a final debate this evening ahead of tomorrow’s election. Meanwhile a meeting which had been scheduled between President Trump and Chancellor Merkel today has now been postponed to Friday given the concerns over the storm.

    http://www.zerohedge.com/news/2017-03-14/
     
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    Frontrunning: March 14

    [​IMG]
    by Tyler Durden
    Mar 14, 2017 7:50 AM

    • U.S. East Coast Braces for Late-Winter Blizzard (WSJ)
    • U.S. Blizzard Grounds Flights, Raises Power as Trump Tweets (BBG)
    • Debt Ceiling Fight May Be Too Tempting for Trump to Pass Up (BBG)
    • Russia appears to deploy forces in Egypt, eyes on Libya role (Reuters)
    • EU headscarf ban ruling sparks faith group backlash (Reuters)
    • Pound Tumbles in Delayed Reaction as May Gets Brexit Go-Ahead (BBG)
    • The Most Important Player in the AIG CEO Resignation: Carl Icahn (WSJ)
    • Waning Sales Force Layoffs By Gun Maker in New York (WSJ)
    • German police raid flats, shut mosque visited by Berlin truck attacker (Reuters)
    • Musk's bold offer of Tesla batteries won't solve Australia's power problems (Reuters)
    • Proof Wall Street Is Still a Boys’ Club (BBG)
    • Why Robert Shiller Is Worried About the Trump Rally (BBG)
    • Macquarie Loosens Trading-Research Link With a la Carte Service (BBG)
    • Somali pirates hijack first commercial ship since 2012 (Reuters)
    • Tillerson used email alias at Exxon to talk climate: New York attorney general (Reuters)
    • South Korean prosecutors to summon ousted president Park (Reuters)
    • The Monumentally Expensive Quest to Pull Off an Alaskan Oil Miracle (BBG)
    • Fall in Volkswagen brand profit shows long road to recovery (Reuters)
    • German investor morale improves less than expected in March (Reuters)
    Overnight Media Digest

    WSJ

    - Intel Corp agreed to buy Israeli car-camera pioneer Mobileye NV for $15.3 billion, one of the chip maker's biggest acquisitions ever and the latest bet on Silicon Valley's vision of cars as turbocharged computers on wheels. http://on.wsj.com/2nhZq4L

    - Oil-field services company John Wood Group Plc said it would acquire rival Amec Foster Wheeler Plc in a 2.23 billion pounds ($2.72 billion) all-share deal, the latest sign of consolidation in an industry that has been upended by weak oil prices. http://on.wsj.com/2nhZIsz

    - Facebook Inc said that data about its users cannot be used for surveillance, cracking down on a method police departments allegedly used to track protesters and activists. http://on.wsj.com/2nhWB3y

    - Two software startups, Okta Inc and Yext Inc, are trying to pick up where Snap Inc left off, becoming the first tech companies to file for an initial public offering since the parent of Snapchat's blockbuster IPO earlier this month. http://on.wsj.com/2ni2Swd

    - Yahoo Inc detailed a golden parachute of $23 million for Chief Executive Marissa Mayer as part of her planned departure from what's left of the company after it sells its core assets to Verizon Communications Inc. http://on.wsj.com/2ni1BWe

    - The New York attorney general accused Exxon Mobil Corp of withholding documents from his office as it investigates whether the energy company misrepresented its understanding of climate change to investors and the public. http://on.wsj.com/2ni79jc

    - Top executives at United Parcel Service Inc took home higher compensation in 2016 even as the parcel carrier missed many of its performance targets. http://on.wsj.com/2nhRgcK

    - A SpaceX rocket scheduled to boost a commercial satellite into orbit from Florida before dawn on Tuesday carries five times as much liability coverage for prelaunch operations as launches in previous years. The higher limit, mandated by federal officials, reflects heightened U.S. concerns about the potential extent of damage to nearby government property in the event of an accident before blastoff. http://on.wsj.com/2nhWZ20


    FT

    British Prime Minister Theresa May is on track to start Brexit negotiations in the last week of March after parliament passed legislation on Monday that gives her the power to do so and the Lords balked at picking a fight over their own efforts to soften it.

    Scotland's First Minister Nicola Sturgeon on Monday demanded a new independence referendum in late 2018 or early 2019, handing Theresa May the challenge of keeping the UK united just as she grapples with the country's plans to leave the European Union.

    UK hiring is expected to slow down in the second quarter of this year according to Manpower's quarterly survey of about 2,000 employers that found corporate Britain in a slightly less bullish mood in the second quarter compared with the first.

    A parliamentary committee preparing a report about Charlotte Hogg's suitability for the post of the Bank of England's new deputy governor is waiting to see whether Hogg will tough it out or abandon her candidature, according to those involved in the discussions.

    British oilfield services company John Wood Group Plc agreed to buy its struggling rival Amec Foster Wheeler Plc in a 2.2 billion pounds ($2.68 billion) all-share deal that highlights the pressure on the UK North Sea oil industry from weak crude prices.

    British homebuilder Redrow Plc said on Monday it will continue its pursuit of rival Bovis Homes Plc, despite discussions having been "terminated" while its target is in separate talks with another suitor, Galliford Try Plc


    Canada

    THE GLOBE AND MAIL

    ** Tim Hortons franchisees are banding together to push back against the cost-cutting campaign run by its parent company, Restaurant Brands International Inc, saying that it is causing product shortages, declining quality and even safety concerns that are harming the brand. https://tgam.ca/2mmMEgp

    ** After issuing an apology earlier this month saying that it "did not live up to" its relationship with members, Air Miles is making changes to its loyalty program in an effort to hold on to customers. https://tgam.ca/2mmDXTy

    ** The British Columbia Liberal government has opened the door to limits on political donations for the first time, promising to establish an independent panel to shape reform of what has been described as the "wild west" of campaign finance in Canada. https://tgam.ca/2mmFRDz

    ** British Columbia's highest court has ruled drug dealers pushing fentanyl should receive sentences of up to 36 months - three times longer than other street-level dealers – to recognize the "scourge" of the deadly synthetic opioid. https://tgam.ca/2mmUB5k

    NATIONAL POST

    ** Canadians don't trust U.S. President Donald Trump to treat Canada gently in upcoming North American Free Trade Agreement re-negotiations, according to a new poll from the Angus Reid Institute. http://bit.ly/2mn2He1

    ** Western Canadian natural gas producers could get a $25 billion boost in revenue with a pipeline shipping deal struck with TransCanada Corp on Monday, analysts said. http://bit.ly/2mmYfvR

    ** Canadian financial technology provider DH Corp has entered into an agreement to be acquired by Texas-based Vista Equity Partners for roughly C$2.7 billion ($2.01 billion), the companies announced Monday. http://bit.ly/2mn0aAD


    Britain

    The Times

    * Nicola Sturgeon shocked her political opponents and Westminster in equal measure when the Scottish First Minister said on Monday that she intends to hold a second referendum on Scottish independence. Sturgeon added she would hold a fresh poll within the next two years to prevent Scotland from being taken out of the European Union "against its will". http://bit.ly/2mDcOz5

    * Thousands of employees are facing an uncertain future as a result of oil services company Wood Group's all-share takeover of rival Amec Foster Wheeler. The deal values Amec Foster Wheeler at about 2.3 billion pounds ($2.7 billion). http://bit.ly/2n1BYs6

    The Guardian

    * The Southern franchise has been hit by a series of strikes in recent months, but Monday's industrial action also involved the Merseyrail and Northern networks. The RMT union is protesting against plans to introduce new trains with doors that can be operated by the driver, and change the role of guard to on-board supervisors. http://bit.ly/2nhhNXE

    The Telegraph

    * British Prime Minister Theresa May has ruled out Nicola Sturgeon's plans for a new Scottish independence referendum before Brexit, but postponed triggering Article 50 after the First Minister's demands caught her by surprise. http://bit.ly/2nw1YIq

    * Hutchison China MediTech's chief executive said 2017 would be a "very important year" for the pharmaceuticals company, paving the way for it to launch the first China-made oncology drug onto the market. http://bit.ly/2mG4bUo

    Sky News

    * Two-thirds of Britons oppose a second Scottish independence referendum, a Sky Data poll reveals. The UK public would strongly oppose such a move, with 65 percent saying there should not be a second independence referendum, while 30 percent say there should. http://bit.ly/2mlgL8H

    * British energy supplier SSE has followed a majority of its rivals in announcing inflation-busting hikes to its standard tariffs. The company said it was raising its standard electricity tariff by 14.9 percent from April 28 but would not hike gas prices. http://bit.ly/2lUP3U4

    The Independent

    * The British Chambers of Commerce has upgraded its GDP growth forecast for this year from 1.1 percent to 1.4 percent, though this rate of growth would still be considerably lower than what is expected by the Bank of England and the Office for Budget Responsibility. http://ind.pn/2nne3Ay

    * The EU has said an independent Scotland would have to join a queue of nations seeking membership of the bloc, after Nicola Sturgeon announced plans for a second independence referendum. http://ind.pn/2n0P9JH

    http://www.zerohedge.com/news/2017-03-14/frontrunning-march-14
     
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    DB - Opening Bell: 3.14.17
    http://dealbreaker.com/2017/03/opening-bell-3-14-17/

    Naked Capitalism Links 03/14
    http://www.nakedcapitalism.com/2017/03/links-31417.html

    TRB - Hot Links: Violator 03/14
    http://thereformedbroker.com/2017/03/14/hot-links-violator/

    SA - Market News Live Feed 03/14
    http://seekingalpha.com/market-news

    CWS - Morning News: March 14, 2017
    http://www.crossingwallstreet.com/archives/2017/03/morning-news-march-14-2017.html

    RR - Big Shorts, Black Holes and Better Jails 03/14
    https://www.bloomberg.com/view/articles/2017-03-14/big-shorts-black-holes-and-better-jails

    SA - Wall Street Breakfast: Prepare For A Post-Brexit World 03/14
    http://seekingalpha.com/article/4054812-wall-street-breakfast-prepare-post-brexit-world

    MtM - Brexit Takes Fresh Toll on Sterling, While Dollar Firms more Broadly 03/14
    http://www.marctomarket.com/#!/2017/03/brexit-takes-fresh-toll-on-sterling.html
     
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    REALIST NEWS - "Le Pen Regains Leading Positions" (I knew it)
    jsnip4



    Published on Mar 14, 2017
    Today's Playlist: https://www.youtube.com/watch?v=yYOpB...

    Article: http://www.zerohedge.com/news/2017-03...
    https://sputniknews.com/politics/2017...

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    http://www.jmbullion.com/?utm_source=... (Recommended for Silver and Gold Purchases.)

    http://www.realistnews.net
     
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    Rogue Mornings with "V" & CJ - Obamacare Lite, Korea Conflict, & CIA Exposed (03/14/2017)
    ROGUE MONEY



    Streamed live 1 hour ago
    "V" & CJ breakdown the CBO score of Obamacare lite, discuss the art of the deal with North and South Korea and the need to end warrantless spying.

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

    Please subscribe for the latest shows daily!

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    Shipping & Energy 03/14:

    Peak Oil Review: March 13 2017
    http://www.resilience.org/stories/2017-03-13/peak-oil-review-march-13-2017/

    Rotary and Workover Rig Counts
    http://www.wtrg.com/rotaryrigs.html

    U.S. Gas Climbs to 1-Month High as Blizzard Bears Down on East
    https://www.bloomberg.com/news/arti...r-1-month-high-as-blizzard-bears-down-on-east

    New Oil Price War Looms As The OPEC Deal Falls Short
    http://oilprice.com/Energy/Oil-Prices/New-Oil-Price-War-Looms-As-The-OPEC-Deal-Falls-Short.html

    Saudi Arabia Won’t Let Oil Head Back To $20s Again
    https://www.forbes.com/sites/panosm...-let-oil-head-back-to-20s-again/#50d78bb87578

    Billionaire Fredriksen buys rig, ends Hyundai dispute
    http://af.reuters.com/article/energyOilNews/idAFL5N1GQ0Q8

    China wields new power in shipping
    http://www.atimes.com/article/china-wields-new-power-shipping/

    Maersk Tanker to Be Fitted with Flettner Rotor Sails
    http://gcaptain.com/maersk-tanker-fitted-flettner-rotor-sails/

    Bunkering Tanker Hijacked Off Somalia: Officials
    http://shipandbunker.com/news/world/798780-bunkering-tanker-hijacked-off-somalia-officials

    Europe-Asia capacity crunch a sign of shifting trade patterns, says Maersk
    http://theloadstar.co.uk/europe-asia-capacity-crunch-sign-shifting-trade-patterns-says-maersk/

    Dry bulk shipping: the 2017 Power List
    https://www.lloydslist.com/ll/sector/dry-cargo/article550610.ece

    Dry Bulk FFA: Rates keep Rising
    http://www.hellenicshippingnews.com/dry-bulk-ffa-rates-keep-rising/

    Baltic Dry Index climbs to 1112, up 13 points
    http://www.hellenicshippingnews.com/baltic-dry-index-climbs-to-1112-up-13-points/

    Live International Companies’ Shipping Stocks
    http://www.hellenicshippingnews.com/live-international-shipping-stocks/
     
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    Gold Seeker Closing Report: Gold and Silver End Lower Before Fed Day
    By: Chris Mullen, Gold-Seeker.com
    Gold fell $4 to $1200.60 in Asia before it bounced back to $1207.60 in late morning New York trade, but it then drifted back lower into the close and ended with a loss of 0.49%. Silver slipped to as low as $16.866 and ended with a loss of 0.53%
     
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    S&P Futures, Global Stocks Rise Ahead Of The Fed; Oil Rebounds

    [​IMG]
    by Tyler Durden
    Mar 15, 2017 6:45 AM


    It is fitting that just a few hours until the Fed's second rate hike in two quarters, and one day after Goldman downgraded global stocks to Neutral for the next 3 months, not to mention with the results of the anticipated Dutch election due shortly, that global stocks as well as S&P futures are higher, while crude oil has finally managed to stage a rebound as the Dollar DXY index is fractionally in the red.

    In addition to the Fed, a barrage of monetary policy decisions at the BOE, the BOJ, the SNB and Bank of Indonesia within the next 36 hours were further reasons for investors' cautious stance.

    East Coast traders return to their desks following a rather disapponting nor'easter, where they will be prompted bombarded by data over the next 2 days. Here is a quick summary of main events over the next 36 hours courtesy of Bloomberg:
    • The Fed’s decision will be announced at 2 p.m. in Washington, followed by Chair Janet Yellen’s news conference a half hour later. Investors are focused on any hints of a change in the number of increases the central bank foresees this year.
    • Wednesday’s vote in the Netherlands will deliver a reading on the state of populism in Europe as races in France and Germany heat up.
    • The Bank of Japan is set to keep its rates and yield-curve policy unchanged in its policy decision on Thursday. The Bank of England, Swiss National Bank and Bank Indonesia are also expected to stand pat with policy decisions.
    • U.S. Secretary of State Rex Tillerson travels to Japan, South Korea and China in his first visit to the region since taking office.
    • U.S. President Donald Trump’s first budget outline for fiscal 2018 is expected on Thursday. He’s said he’ll seek a $54 billion boost in defense spending, paid for by an equal amount of cuts to non-defense agencies.
    Asian stocks have consolidated much of their recent gains on Wednesday before an FOMC meeting that braved yesterday's non-blizzard and which is expected to signal not only another 25 bps interest rate increase but also how many more hikes traders can expect during the remainder of the year. Though recent data, particularly out of China, has fueled a rally in Asian equities since the start of the year, Reuters notes that investors are expecting more headwinds for emerging markets due to an increasingly hawkish Fed. "The positive sentiment towards emerging markets is not sustainable as the interest rate differential advantage in Asia's favor is likely to reduce in the coming months," said Frances Cheung, head of rates strategy for Asia ex-Japan at Societe Generale in Hong Kong.

    Having posted its second-biggest daily gain this year in the previous session, MSCI's index of Asia-Pacific shares ex-Japan was up 0.2% near the day's highs in cautious trading. Asian had a good start to the week thanks to positive news out of China and India. Strong data out of China this week sparked a fresh rally in Hong Kong stocks while Indian shares climbed to a record high on Tuesday as investors regarded Prime Minister Narendra Modi's landslide victory in the northern state of Uttar Pradesh as an endorsement for his economic reforms. While recent economic Chinese data has been supportive, Premier Li warned at a press conference that China's economy faces domestic and external risks this year, but added the country has many policy tools to cope with them.

    "China's economy had pretty good performance in January and February. March data will be crucial as investors are anxious for any hint on whether the recovery is sustainable," said Linus Yip, strategist at First Shanghai Securities Ltd.

    Bucking the trend, Japan's Nikkei was down 0.2% while stocks in mainland China and Korea were fractionally lower, by 0.08 and 0.04 percent respectively. Hong Kong shares pared declines as Chinese Premier Li Keqiang played down the risk of a trade conflict. Speaking at a press conference after the close of the annual National People’s Congress, Li said it’s important for both China and the U.S. to keep talking to build trust. Furthermore, a worrying drop in global oil prices has cast doubt on how much Asian policymakers are likely to raise interest rates this year to maintain their premium over U.S. rates, with risks of another global tantrum rising.

    The S&P is set to open higher, with E-minis trading 0.2% in the green in early Tuesday trading.

    The big commodity story of the past week continues to be oil, and crude prices remain a dominant story in markets, with oil’s rebound helping underpin European stocks as investors wait for Wednesday’s expected U.S. interest rate increase. As Bloomberg notes, WTI trades above $48.50/bbl as Tuesday's API drop in U.S. crude stockpiles counters Saudi boost in production reported by OPEC. IEA says market is still working to clear surge in output from end of last year. “The OPEC data sent us lower on the idea that there’s higher supply there, but we’ve flipped and now the APIs are suggesting inventories in the U.S. are ticking lower,” says Jasper Lawler, senior market analyst at London Capital Group. “The market is massively oversold and that’s been enough to trigger a bounceback.”

    [​IMG]

    The swings in oil added some drama to financial markets that have entered a two-day period brimming with central bank decisions, European political drama and a raft of economic data. With the Federal Reserve seen as all but certain to raise rates, investors have been weighing how precarious energy prices will feed into the central bank’s path for future moves.

    In currencies, the U.S. dollar was broadly unchanged against major rivals ahead of the FOMC meeting, and most attention will be focused on what Fed Chair Janet Yellen says about the future path of interest rates. The dollar index was flat at 101.69, staying in a well worn recent range. The British pound led gains in the Group-of-10 currencies, rising by as much as 0.9 percent before trading 0.4 percent higher. The euro rose by 0.2 percent to $1.0623, following its 0.5 percent drop a day earlier.

    "Of course, everyone is waiting for the Fed, so we're expecting range-bound trading until we get some clear signals about expectations for the rest of the year," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo. Markets are also awaiting a meeting of the Group of 20 finance ministers and central bankers in the German town of Baden-Baden starting on Friday, their first meeting since Donald Trump won the U.S. presidential election.

    Bulletin headline summary from RanSquawk
    • European equities trade modestly higher ahead of upcoming key risk events with energy and material names the notable outperformers
    • Early FX trade has focused on GBP once again, with the early European hit on GBP yesterday reversed today, seeing 1.2200 reclaimed in Cable
    • Looking ahead, highlights include FOMC rate decision, US CPI and Retail Sales, UK employment data and comments from ECB's Praet
    Market Snapshot
    • S&P 500 futures up 0.2% to 2,367.25
    • STOXX Europe 600 up 0.2% to 374.21
    • MXAP up 0.06% to 145.77
    • MXAPJ up 0.2% to 470.09
    • Nikkei down 0.2% to 19,577.38
    • Topix down 0.2% to 1,571.31
    • Hang Seng Index down 0.2% to 23,792.85
    • Shanghai Composite up 0.08% to 3,241.76
    • Sensex down 0.01% to 29,440.36
    • Australia S&P/ASX 200 up 0.3% to 5,774.00
    • Kospi down 0.04% to 2,133.00
    • German 10Y yield unchanged at 0.445%
    • Euro up 0.2% to 1.0629 per US$
    • Brent Futures up 1.4% to $51.64/bbl
    • Italian 10Y yield fell 2.3 bps to 2.341%
    • Spanish 10Y yield rose 0.8 bps to 1.879%
    • Brent Futures up 1.4% to $51.64/bbl
    • Gold spot up 0.3% to $1,203.16
    • U.S. Dollar Index down 0.2% to 101.51
    Top Overnight News
    • President Donald Trump made more than $152.7 million and paid $38.4 million in federal taxes in 2005, according to two pages of his federal income tax return for that year that were broadcast by MSNBC and posted online
    • Dutch voters are heading to the polls in a general election that will provide the first gauge of the spread of populism into the core of Europe
    • Oil Market Still Digesting Pre-Deal OPEC Output Surge, IEA Says
    • EON Posts Record Loss as German Power-Plant Writedowns Mount
    • Zara Owner’s Margin Shrinks to Lowest Level in Eight Years
    • Walgreens Said Poised to Sell More Assets to Win Rite Aid Nod
    • China Lodging 4Q Adj. Profit Per ADS Misses Est.
    • Cellcom Won’t Pay 4Q Dividend as Competition Affects Results
    • General Electric to Build 200 MW Power Plant in Ghana: Graphic
    • Deutsche Securities Warned by Japan Over Bond Trading Collusion
    • Osaka Gas Says LNG From Freeport Project to Be Price Competitive
    • MoneyGram Says to Carefully Review & Consider Euronet Proposal
    • Manulife Receives China Investment Company WFOE License
    • Chevron Says Oil Well in Bay Marchand Field Shut After Spill
    • Ant Financial Still ‘Highly Committed’ to Merger With MoneyGram
    • Amazon Poses Opportunity, Not Threat in Australia: Kogan.com CEO
    In Asia, markets traded mostly lower as global sentiment remained dampened by pre-FOMC caution. This weighed on Nikkei 225 (-0.2%) from the open, while ASX 200 (+0.3%) recovered amid resilience in commodity stocks, aside from the gold miners which suffered after the precious metal briefly dropped below USD 1200/oz. Shanghai Comp. (+0.1%) and Hang Seng (-0.1%) conformed to the lacklustre tone, although losses have been stemmed after the PBoC slightly upped its liquidity injections to a total CNY 60bIn. 10yr JGBs are only marginally higher despite a subdued risk tone and the BoJ's presence in the market for a total of JPY 1tIn, with demand weak ahead of tomorrow's BoJ announcement in which consensus is for the central bank to hold off on any policy tweaks.

    Chinese Premier Li concluded the NPC in which he stated that the GDP target of around 6.5% is not low and is not easy to reach. Premier Li also ruled out systemic risks in finance system which he described as generally safe and added that China has many policy tools to cope with risks. PBoC injected CNY 10bIn in 7-day reverse repos, CNY 10bIn in 14-day reverse repos and CNY 40bIn in 28-day reverse repos. PBoC set CNY mid-point at 6.9115 (Prey. 6.9118).

    Top Asian News
    • Singapore 2017 GDP Forecasts Boosted in MAS Survey of Economists
    • China to Let Investors Buy Onshore Debt via Hong Kong This Year
    • INR Rally Continues Even as RBI Seen Intervening: Asian NDFs
    • BOJ Bond Purchases Draw Higher Demand Before Fed, BOJ Decisions
    • Chinese Shares Decline in Hong Kong as Oil Tumbles, Fed Ponders
    • RBI Seen Intervening as Modi’s Win Sparks Rupee Rally: Roundup
    • For Pound Traders, Brexit Giveth and Taketh Away: Markets Live
    • Japan Ex-Econ Minister Amari Says Still Too Soon for BOJ Taper
    • Premier Li Says China Supports Integrated Europe and Strong Euro
    European equities trade modestly higher with energy and material names the notable outperformers with the former lifted by last nights unexpected drawdown in API inventories. Utilities are underperforming, dragged lower by Eon, despite the Co. opening higher in the wake of their earnings as investors continue to remain concerned over the record losses at the Co. That said, markets are ultimately in wait-and-see mode as investors await the upcoming FOMC policy announcement and Dutch election. In fixed income markets, Bunds reside modestly in the green but with trade likely to remain subdued ahead of the aforementioned FOMC. More specifically, Gilts have continued to underperform their German peers with the latest jobs report out of the UK doing very little to sway prices whilst peripheral markets remain relatively subdued.

    Top European News
    • Och-Ziff Executives Said to Leave After $13 Billion Withdrawn
    • Oil Rebounds on U.S. Stockpile Drop Report as Saudis Lift Output
    • Croat Govt Meets With Agrokor’s Russian Creditors, N1 TV Says
    • Zodiac Tumbles; Profit Warning Undermines Deal Valuation: Kepler
    • French Bank Shares Could Lose 25% on Le Pen Victory, Citi Says
    • Twitter Accounts Globally Posting Swastikas, Pro-Erdogan Content
    In currencies, the Bloomberg Dollar Spot Index slipped by 0.2 percent. The British pound pared gains after wage growth slowed. A YouGov poll for The Times showed that 57 percent of Scottish voters want to remain inside the U.K. compared to 43 percent who seek independence. It traded 0.4 percent higher after jumping as much as 0.9 percent earlier. The euro rose by 0.3 percent to $1.0629, following its 0.5 percent drop a day earlier. Early FX trade has focused on GBP once again, with the early European hit on GBP yesterday reversed today, seeing 1.2200 reclaimed in Cable, while EUR/GBP was pushed under 0.8700, but tentatively so as yet. The UK employment report this morning highlighted wage growth slowing, but we saw the rate ease off to 4.7% and a higher than expected claimant count fall. Price action has since moderated. For the EUR, Dutch election risk has been relatively muted but should hamper the upside across the board. EUR/GBP we have already mentioned, but EUR/USD is naturally struggling south of 1.0650, with the upcoming FOMC rate announcement also keeping the USD supported despite a tailing off of UST yield in the mid curve. USD/JPY is looking heavy in this respect, but support from 114.50-20 propping up here for now.

    In commodities, WTI gained 1.7 percent to $48.54 as of 10:03 a.m. in London. U.S. inventories fell by 531,000 barrels last week, the industry-funded American Petroleum Institute was said to report.

    Gold climbed 0.3 percent to $1,202.24 an ounce after falling 0.4 percent Tuesday. Iron ore jumped 3.4 percent, adding to a 4.3 percent advance in the previous session. The notable moves in commodities in Oil once again, but this time in favour of the black stuff, which sees WTI back through USD48.00 and holding these levels in the wake of the surprise drawdown reported in the API late yesterday. Brent is pushing session highs ahead of USD52.00, but not too much price action anticipated here, or indeed across the board as Fed policy dominates (later) today. Copper rises a little higher amid the ongoing impasse at the Escondida mine, though operations in some areas 'not connected' to wage talks may resume. Base metals higher across the board in fact, with Zinc leading.

    Looking at today's calendar, the big releases start at 8:30am and include the February CPI report where the market consensus is for 0.0% mom and +0.2% mom for the headline and core respectively. At the same time we will also get the latest retail sales data for February where the consensus is for a +0.1% mom headline print and +0.2% mom ex auto and gas print. Due out at the same time will be the March empire manufacturing print where a modest decline is expected. Later we will then get the NAHB housing market index print for March and January business inventories. All of this comes before the FOMC meeting this evening followed by Yellen’s press conference shortly after. The other focus today will of course be the Dutch election.

    US Event Calendar
    • 7am: MBA Mortgage Applications, prior 3.3%
    • 8:30am: Empire Manufacturing, est. 15, prior 18.7
    • 8:30am: US CPI MoM, est. 0.0%, prior 0.6%; CPI Ex Food and Energy MoM, est. 0.2%, prior 0.3%
      • 8:30am: US CPI YoY, est. 2.7%, prior 2.5%; CPI Ex Food and Energy YoY, est. 2.2%, prior 2.3%
      • 8:30am: Real Avg Weekly Earnings YoY, prior -0.63%; Real Avg Hourly Earning YoY, prior 0.0%
    • 8:30am: Retail Sales Advance MoM, est. 0.1%, prior 0.4%; Ex Auto MoM, est. 0.1%, prior 0.8%; Ex Auto and Gas, est. 0.2%, prior 0.7%; Retail Sales Control Group, est. 0.2%, prior 0.4%
    • 10am: NAHB Housing Market Index, est. 65, prior 65
    • 10am: Business Inventories, est. 0.3%, prior 0.4%
    • 2pm: FOMC Rate Decision
    • 4pm: Total Net TIC Flows, prior $42.8b deficit; Net Long-term TIC Flows, prior $12.9b deficit
    * * *

    DB's Jim Reid concludes the overnight wrap

    As the east coast gets back to normal today we're set for a busy day of US data (CPI the highlight) with a likely Fed hike and Dutch election thrown in for good measure. To start with today we'll preview the FOMC and Dutch election.

    With a Fed rate hike virtually nailed on today thanks to some skilful Fed speak over the past two weeks, the main focus for the market will be the dots. DB's Joe LaVorgna expects the median 2017 "dot" to remain at 1.375%, because it would take four of the six policymakers currently at the median to raise their forecasts, which he thinks is a lot given the uncertainties over Trump's fiscal policy. However he does expect about one or two policymakers to increase their year-end 2017 fed funds projection, and this could impact next year's median forecast. Only two participants currently at the 2018 median of 2.125% need to raise their forecasts for the 2018 median to rise to 2.375%. In addition, only one of the two Fed officials currently at the 2019 median of 2.875% would need to raise their forecast for the median to increase to 3.0% or possibly 3.125%. So Joe believes there is roughly a one in three chance that the 2017 median dot goes up 25 bps to 1.625%, but the 2018 and 2019 median dots will likely increase. Joe is overall of the opinion that a 'dovish hike' is going to be tough with the dots edging up and a Committee that is getting more confident in its outlook which Chair Yellen will want to emphasize. So all eyes on 6pm GMT.

    Today also brings the Dutch elections which DB's Jochen Moebert fully previewed in this week's Focus Europe (pages 15-18 of https://goo.gl/QBifW6). Exit polls will be available soon after polls close at 21:00. The latest polls suggest established parties have slightly gained ground at the expense of the right-wing PVV and other Euro sceptic parties. Although the PVV have lost the lead in the polls they are still expected to come second in a tight race. However their current opinion polling is around half the 30% our economists think is necessary for the other parties to be unable to ignore them in forming the coalition. So a Euro friendly coalition is likely but the PVVs success (or lack of it) relative to their recent polling might give us clues as to how pollsters are doing in capturing non-establishment movements after poor performance with Brexit and President Trump. A big outperformance might renew fears of a Le Pen victory in France or at least increase the probabilities. Obviously the opposite is also true. So for us that's the subplot to this election. If we take the latest poll from each of the 5 main pollsters (I&O, Ispos, TNS and Peil published yesterday and Monday), the average is just under 15% for the PVV (range: from 10.7% to 16.0%) and just under 18% for the VVD (from 16.0% to 19.3%). There are 3 other parties in the low teens (the best of these are CDA who are only slightly behind PVV). So for PVV and populism not finishing first will be a disappointment relative to a few weeks ago but now with support supposedly waning maybe hanging onto second and only 2-3% behind the VVD will be par.

    Ahead of today’s main events markets have been fairly reluctant to really get going so far this week. That said Oil has been doing its best to keep everyone on their toes. The main news yesterday was the monthly OPEC report which revealed that Saudi Arabia’s production had increased in February to the tune of about 263k barrels a day to more than 10 million barrels again which reverses around a third of the cuts the kingdom had made in January in the wake of the OPEC agreement. In conjunction with OPEC also raising their forecast for non-OPEC supply growth in 2017, WTI tumbled to an intraday low yesterday of $47.09/bbl (about -2.70% on the day) which is the lowest price since the end of November. However the report prompted a rare public response from Saudi Arabia with the energy minister issuing a statement saying that the kingdom “assures the market that it is committed and determined to stabilising the global oil market by working closely with all other participating OPEC and non-OPEC producers”. WTI has actually ended up doing a complete u-turn since and is back to $48.56/bbl this morning which is pretty much where it closed on Monday with some suggestion that the API data showing a drop in US crude inventories last week also helped provide some support.

    The turnaround for Oil did however come too late in the day for risk assets. With the energy sector alone down -1.10% the S&P 500 closed -0.34%, albeit on volumes some 20% below the usual average reflecting the impact of the storm. It’s worth noting that the index hasn’t closed down more than 1% in 105 sessions now which is the longest streak since 1995. In Europe a similar drag from energy stocks saw the Stoxx 600 finish -0.31%. Commodity-sensitive and EM currencies also suffered with the Russian Ruble (-0.59%) and Norwegian Krone (-0.54%) standing out. Sterling also fell -0.54% albeit for a different reason following that confirmation from Parliament which cleared PM May for the triggering of Article 50. A Bloomberg report yesterday suggested that the EU is considering forcing May to wait until June before discussing negotiating the formal Brexit terms. That throws up a few issues not least limiting the amount of time May will have to complete negotiations. Our FX colleagues reiterated yesterday in their FX daily that Sterling has room to fall much further given that; (i) financial fair value metrics point much lower, (ii) longer-run valuation metrics are not stretched, (iii) inflows are drying up, (iv) growth expectations are not pricing hard Brexit and (v) political risks have yet to materialize. Their H2’17 target is 1.14 in GBP/USD. A link to the report is attached here https://goo.gl/wbStod.

    Meanwhile credit markets continue to feel a bit sluggish. The CDX IG and iTraxx Main indices were 1bp and 1.5bps wider yesterday while US HY spreads were 10bps wider in cash terms. In fact US HY spreads have now widened for 8 sessions in a row and in that time are 42bps wider and at the widest level now (at 408bps) since February 8th. US HY energy spreads were also 13bps wider yesterday and at 475bps are now at the widest level since December 8th. Those moves in credit also came despite a backdrop of stronger rates with 10y Treasuries and Bunds finishing -2.6bps and -2.5bps lower respectively.

    This morning in Asia it’s been a similarly subdued session. While the Nikkei (-0.25%), Hang Seng (-0.05%) and Kospi (-0.13%) are modestly in the red, the ASX (+0.09%) along with bourses in China (Shanghai Comp +0.08%) are a touch firmer. The latter coming while China premier Li Keqiang is making final remarks at China’s NPC. Li told his audience that he doesn’t want to see a trade war with the US, emphasised that China will maintain basic stability in the renminbi and is not looking at depreciating the currency in order to boost exports.

    Moving on. With regards to the data yesterday, in the US the main highlight was the February PPI report. Headline PPI was reported as rising a bit more than expected during the month (+0.3% mom vs. +0.1% expected) lifting the annual rate to +2.2% yoy while the same could also be said for the ex food, energy and trade print (+0.3% mom vs. +0.2% expected). Meanwhile the NFIB small business optimism reading came in at 105.3 for February which was down a tad from the 105.9 in January. Closer to home there were no surprises in the final revisions to the February CPI report in Germany with headline inflation confirmed at +0.7% mom and +2.2% yoy. The ZEW survey was also released and showed a rise in the current situations index this month to 77.3 from 76.4, albeit a slight miss versus expectations for 78.0.

    Before we wrap up, yesterday our European equity strategists published a report looking at what’s being priced for global growth. While some investors expect an acceleration in US GDP growth over the coming quarters to lead to further upside for equities, Tom Pearce on DB’s European equity strategy team argues that much of the good news is already in the price. European equities, which are up by 9% over the past six months, have continued to track global PMIs, which have just seen the largest rise in nearly five years. Even if US GDP growth were to hit 4%, this would be consistent with only marginal further upside for global PMIs and, hence, European equities. What is more, our strategist thinks the most likely scenario is a slight fade in global PMIs over the coming months. This would point to a pull-back of around 5% for European equities. A link to the report can be found here. https://goo.gl/oT6fCf.

    Looking at today’s calendar, this morning in Europe the early data due out is from France where any final revisions to the February CPI report will be made. Thereafter we will get the January and February employment data in the UK before Q4 employment data for the Euro area is released. Over in the US this afternoon the calendar is packed. The big releases are due out shortly after lunch and include the aforementioned February CPI report where the market consensus is for 0.0% mom and +0.2% mom for the headline and core respectively. Our US economists are forecasting +0.1% and +0.2%. At the same time we will also get the latest retail sales data for February where the consensus is for a +0.1% mom headline print and +0.2% mom ex auto and gas print. Due out at the same time will be the March empire manufacturing print where a modest decline is expected. Later in the afternoon we will then get the NAHB housing market index print for March and January business inventories. All of this comes before the aforementioned FOMC meeting this evening followed by Yellen’s press conference shortly after. The other focus today will of course be the Dutch election. It’s worth also keeping an eye on Brexit Secretary David Davis

    http://www.zerohedge.com/news/2017-03-15/sp-futures-global-stocks-rise-ahead-fed-oil-rebounds
     
  32. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Frontrunning: March 15

    [​IMG]
    by Tyler Durden
    Mar 15, 2017 7:54 AM

    • What to watch at the Fed meeting (FT)
    • Dutch vote in test of anti-elite sentiment in Europe (Reuters)
    • Where Are the Battlegrounds in the Dutch Election? (BBG)
    • Erdogan says Dutch have ‘rotten character’ as row escalates (FT)
    • How the Fed Convinced Markets It’ll Raise Rates This Week (BBG)
    • GOP Senators Say Health Bill Won’t Pass Unless Changed (WSJ)
    • Merkel, Trump Face Host of Troubling Differences (WSJ)
    • Oil Gains as IEA Says Time Needed to Drain Glut (BBG)
    • Trump to nominate Chris Giancarlo to head CFTC (FT)
    • Saudi deputy crown prince, Trump meeting a 'turning point': Saudi adviser (Reuters)
    • How to Lose $4 Billion: Bill Ackman's Long Ride Down on Valeant (BBG)
    • Conservative news site sole media outlet on Tillerson Asia trip (Reuters)
    • Tillerson's email alias was prompted by business needs, Exxon says (Reuters)
    • Auto Industry Aims to Roll With Trump’s Nafta Changes (WSJ)
    • House Republicans Take Their Own Path on Trump’s Border Wall (BBG)
    • Trump Shift Puts Landmark Korean Trade Pact at Risk (WSJ)
    • It's a Good Time to Find a Job in These Countries, But Don't Expect a Big Raise (BBG)
    • Citi: Le Pen Win Would Wipe Out 25% From French Bank Shares (BBG)
    • Steve Cohen Said to Eye Computers to Model Top Traders' Thinking (BBG)
    • UK Jobless Rate Matches Lowest Since 1975 (BBG)
    • After six years, Assad now secure but his country carved up as war thunders on (Reuters)
    • Zara Owner's Margin Shrinks to Eight-Year Low on Currencies (BBG)
    • G-20 Checks In for Detox as Germany Seeks Backing for Free Trade (BBG)
    • Heavy fighting as Iraqi forces set sights on Mosul's Grand Mosque (Reuters)


    Overnight Media Digest

    WSJ

    - Neiman Marcus Group Ltd is in talks to sell itself to the parent of Saks Fifth Avenue, according to people familiar with the matter, as the two upscale chains struggle with a shift away from traditional stores, even among the wealthiest shoppers. http://on.wsj.com/2mqvnTy

    - Volkswagen AG Chief Executive Matthias Müller on Tuesday fueled speculation about a potential alliance with Fiat Chrysler Automobiles NV when he said he was open to talks with his counterpart at the Italian-American auto maker. http://on.wsj.com/2mqF9Ft

    - Fox News said in a statement that it released Megyn Kelly from the network on March 9, almost four months before her contract expires on July 1, so she can start working at NBC News. She announced in January that she will be anchoring a daily morning show at NBC along with a Sunday evening program. http://on.wsj.com/2mqAqDC

    - Hostess Brands Inc said sales and profit rose as it brought Twinkies and other treats to more stores in the fourth quarter, the first since its resurrection as a public company. http://on.wsj.com/2mqwAu5

    - U.S. officials are planning to unveil charges related to the theft of personal data that affected hundreds of millions of Yahoo Inc users and disrupted the company's sale to Verizon Communications Inc , according to people familiar with the matter. http://on.wsj.com/2mqC9J3

    - A judge in South Dakota has cleared the way to trial of a lawsuit claiming ABC News "pink slime" coverage caused $1.9 billion worth of damage to the business of Beef Products Inc., which makes the meat product tagged with the term. http://on.wsj.com/2mqCiMA


    FT

    The Bank of England's new deputy governor, Charlotte Hogg, has resigned for failing to declare a potential conflict of interest about her brother's role at Barclays Plc which prompted an unprecedented rebuke from Parliament.

    Unilever Plc is conducting a sweeping review of the Anglo-Dutch company that could result in a return of cash to shareholders, medium-sized acquisitions and more aggressive cost cuts.

    Support for Scottish independence is at its highest ever but anti-EU sentiment has also reached a record high, according to a survey by ScotCen's Scottish Social Attitudes.

    Incoming GlaxoSmithKline Plc Chief Executive Emma Walmsley will receive lower pay than long-serving predecessor Andrew Witty, reflecting her lack of experience in the role.


    NYT

    - The reputation of Roundup, whose active ingredient is the world's most widely used weed killer, took a hit on Tuesday when a federal court unsealed documents raising questions about its safety and the research practices of its manufacturer, the chemical giant Monsanto. http://nyti.ms/2nDaohj

    - President Trump rounded out his financial regulatory team on Tuesday, announcing plans to select J. Christopher Giancarlo to run the Commodity Futures Trading Commission. http://nyti.ms/2n8l9f9

    - Another Goldman Sachs executive is being hired for a senior government role in Washington — this time at the Treasury Department. James Donovan, a longtime Goldman banking and investment management executive, has been named to be the deputy to the Treasury secretary, Steven Mnuchin. http://nyti.ms/2mYfFTM

    - Neiman Marcus, the struggling high-end retailer, is in talks to sell itself to the Hudson's Bay Company, the Canadian retail giant, according to a person briefed on the discussions. A deal would put Neiman Marcus under the same umbrella as Saks Fifth Avenue and Lord & Taylor. http://nyti.ms/2mHHKMS


    Canada

    THE GLOBE AND MAIL

    ** Mortgage lender Home Capital Group says several of its current and former executives have been served with enforcement notices from the Ontario Securities Commission over the company's disclosure of its investigation into fraudulent mortgage documents. https://tgam.ca/2nmsdFo

    ** Workers at a Lear Corp automotive seat-making plant in Whitby, Ontario, are battling to save their jobs amid demands by the company that hourly labour costs be reduced by 40 percent. https://tgam.ca/2nmynp8

    ** President Donald Trump's nominee for United States Trade Representative, Robert Lighthizer, is vowing to end the long-running softwood-lumber dispute with Canada – whether by cutting a deal or fighting it out in trade court – and take Ottawa to task for not cracking down on counterfeit goods destined for the United States. https://tgam.ca/2nmyUqZ

    NATIONAL POST

    ** Minutes after Dallas-based luxury retailer Neiman Marcus told the world Tuesday that it was "undertaking a process to explore and evaluate potential strategic alternatives," it was reported that Toronto-based Hudson's Bay Co is in talks to buy the struggling chain. http://bit.ly/2nmKKBh

    ** After inking a deal to send 1.5 billion cubic feet per day more Western Canadian natural gas to Toronto, domestic companies are now considering sending another 500 million cubic feet per day to Chicago as Canadian liquefied natural gas projects are stalled. http://bit.ly/2nmL0QK

    ** Inter Pipeline (Corridor) Inc's credit rating is currently under review, following a major oilsands deal last week that will alter the company's shipping commitments on a major pipeline artery in northern Alberta. http://bit.ly/2nmO7Iq


    Britain

    The Times

    * The Bank of England has been plunged into crisis by the resignation of its deputy governor, Charlotte Hogg, following withering criticism from members of parliament over a perceived conflict of interest concerning her brother. http://bit.ly/2n7MOgj

    * Transport Secretary Chris Grayling suggested that first-class carriages could be scrapped on busy commuter trains under radical plans to ease overcrowding on the rail network. http://bit.ly/2nqrmQX

    The Guardian

    * GlaxoSmithKline's new chief executive, Emma Walmsley, will be paid 25 percent less than her predecessor, Andrew Witty. Walmsley will be paid about 8.8 million pounds a year compared to Witty's 11.6 million pounds a year. http://bit.ly/2lYqO7P

    * David Abraham is to stand down as chief executive of Channel 4 after seven years. Abraham is understood to already have preparations in place to launch his own venture next year. http://bit.ly/2mXWrxn

    The Telegraph

    * Christine Lagarde has signalled that the International Monetary Fund will upgrade its UK growth forecasts next month, as she said the global economy was gathering momentum. http://bit.ly/2mH9wZM

    * Macquarie has sold off its final stake in Thames Water, bringing an end to the Australian investment bank's 11 years of investment. http://bit.ly/2nlAvgU

    Sky News

    * Two dozen Conservative members of parliament are understood to be under police investigation over claims they overspent on their local campaigns during the 2015 general election in which spending limits are tight. http://bit.ly/2mq8Iqx

    * Cosmetics and perfume company Coty has announced plans to close a UK factory affecting 400 jobs, months after it took over the plant from former owner Procter & Gamble. http://bit.ly/2mXNN20

    The Independent

    * Scottish First Minister Nicola Sturgeon has issued a direct challenge to Theresa May, pointing out that she was voted in on a clear manifesto commitment to Scottish independence but that the prime minister "is not yet elected by anyone". http://ind.pn/2njcebh

    http://www.zerohedge.com/news/2017-03-15/frontrunning-march-15
     
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