U.S. mortgage activity falls to lowest since January – MBA

A measure of U.S. mortgage application activity fell last week to its lowest level since early January as 30-year mortgage rates rose to their highest since July 2015, data from the Mortgage Bankers Association released on Wednesday showed. The Washington-based industry group’s seasonally adjusted mortgage market index fell 9.4 percent to 417.2 in the week ended Nov. 25. This was the lowest since 398.5 in the week of Jan. 8.

U.S. should cede control of Fannie and Freddie: Mnuchin

U.S. President-elect Trump’s nominee for Treasury Secretary, Steven Mnuchin, on Wednesday waded into the long-running battle over the future control of Fannie Mae and Freddie Mac, the largest players in the U.S. home mortgage market, saying that the lenders should be returned to private control. Fannie and Freddie stood at the center of the 2008 financial crisis. Continue reading “U.S. should cede control of Fannie and Freddie: Mnuchin”

Trump assembles America’s ‘richest cabinet’

US President-elect Donald Trump took a populist tone on the campaign trail, pledging to stand for a beleaguered working class abandoned by the elite. Yet, as he selects his cabinet, observers are already pointing out that he is putting together the richest administration in US history. So far, his choices include a billionaire investor, a woman who married into a retail dynasty and a multi-millionaire banker. Democrats have been quick to the attack. Continue reading “Trump assembles America’s ‘richest cabinet’”

Russia positions 55,000 troops by its border with Ukraine

Vladimir Putin has deployed 55,000 troops on the Ukrainian border in Russia’s latest muscle-flexing exercise prompting fears of an invasion. The sudden influx of feet on the grounds adds to up to 7,500 Russian soldiers already stationed in Ukraine. Ukraine’s deputy defence minister Ihor Dolhov made the announcement in Kiev, where officials are said to be convinced Russia is attempting to topple the government. Continue reading “Russia positions 55,000 troops by its border with Ukraine”

Subprime Auto-Loan Delinquencies Surge to NY Fed’s Attention

Six million Americans are 90-plus days delinquent. The increasingly turbulent sector of subprime auto loans bubbled to the attention of the Federal Reserve Bank of New York. In its Liberty Street Economics, it worries about the “notable deterioration in the performance of subprime auto loans” – Fed speak for the momentum with which these loans are going to heck. About six million people with subprime credit scores (below 620) are now at least 90 days past due on their payments for their car or truck. Continue reading “Subprime Auto-Loan Delinquencies Surge to NY Fed’s Attention”

China’s ‘extraordinary leverage’ tops Bank of England’s growing list of concerns

China, euro zone sovereign debt and the potential fallout from Brexit top the escalating list of concerns for the Bank of England (BOE), according to a report published on Wednesday which warns that risks to global stability have spiked in the past six months. The U.K.’s central bank’s semi-annual Financial Stability Report states, “Vulnerabilities stemming from the global environment and financial markets, which were already elevated, have increased further since July.” Continue reading “China’s ‘extraordinary leverage’ tops Bank of England’s growing list of concerns”

US crude settles up 3.3% at $51.06, extending surge on OPEC output cut deal

Oil prices surged as much as 5 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly. The Organization of the Petroleum Exporting Countries agreed on Wednesday to its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted “a big hit” and dropped a demand that arch-rival Iran also slash output. Continue reading “US crude settles up 3.3% at $51.06, extending surge on OPEC output cut deal”

Italy’s referendum could spark another European banking crisis: Economist

This Sunday’s referendum in Italy could kick off another banking crisis in Europe, according to one economist. “In my view the biggest risk is actually for the banking sector, even more so than political risk, and there will be some political instability,” Megan Greene, ‎chief economist at Manulife Asset Management, told CNBC on Tuesday. Continue reading “Italy’s referendum could spark another European banking crisis: Economist”

Populism is downside risk to global growth

The election of Donald Trump as U.S. president has been a positive for stock markets and may increase economic growth, but the surge in populism in the West is a big problem, warn experts. The credit rating agency warned that there were large downside risks to the world economy as a result of the growth of populism and the possibility of the U.S. and China starting a trade or currency war. Continue reading “Populism is downside risk to global growth”

Trump market rally will end after inauguration, expert predicts

The market may be rallying on President-elect Donald Trump’s victory, but one market expert told CNBC he expects that to end after Inauguration Day. That’s because that has been the pattern when a new president from a different party takes office, said Tom McClellan, editor of the McClellan Market Report. After the election, hopefulness and euphoria usually sends stocks higher because “everybody assumes that whatever’s wrong is going to get changed or fixed by the new guy even though nobody’s doing anything yet in terms of governing,” he said in an interview with “Closing Bell” on Tuesday. Continue reading “Trump market rally will end after inauguration, expert predicts”

Trump expected to name former Goldman banker Mnuchin for Treasury: source

President-elect Donald Trump is expected to name former Goldman Sachs partner and Hollywood financier Steven Mnuchin as his nominee for Treasury secretary, a source said on Tuesday, putting a Wall Street veteran in the top U.S. economic Cabinet post. Mnuchin, who was Trump’s presidential campaign finance chairman, could be named as early as Wednesday, said a Republican source close to the decision. Continue reading “Trump expected to name former Goldman banker Mnuchin for Treasury: source”

Trump expected to pick investor Wilbur Ross as U.S. commerce secretary

U.S. President-elect Donald Trump is expected to name Wilbur Ross, a billionaire known for his investments in distressed industries, to head the Commerce Department, a Republican source familiar with the decision told Reuters on Tuesday. An announcement on Ross to lead the department, which pursues anti-dumping cases against cheap foreign imports, could come as early as Wednesday, NBC News said. Continue reading “Trump expected to pick investor Wilbur Ross as U.S. commerce secretary”

Saudi Arabia carries on drilling despite oil slump

Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014. The number of rigs operating in Saudi Arabia has climbed from 105 to 126 over the same period, according to oilfield services company Baker Hughes. The only other countries to report a significant increase in rig counts were the United Arab Emirates and Kuwait, which produce from the same petroleum basin as Saudi Arabia. Continue reading “Saudi Arabia carries on drilling despite oil slump”

Oil jumps over 10 percent as OPEC finalizes output cut deal

Oil soared more than 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world’s largest producers agreed to curb production for the first time since 2008 in a bid to support prices. The Organization of the Petroleum Exporting Countries, which accounts for a third of global oil supply, agreed to cut production from January by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd. Continue reading “Oil jumps over 10 percent as OPEC finalizes output cut deal”

Trump Picks Elaine Chao for Transportation Secretary

Mr. Trump named Elaine L. Chao on Tuesday as his choice to be the next secretary of transportation, elevating someone whose background and experience are in many respects completely at odds with the brash and disruptive tenor of his anti-Washington campaign. But her selection also signaled Mr. Trumps need to surround himself with people who can help him accomplish the most ambitious parts of his agenda, even if they come from the political establishment he has so often scorned. Continue reading “Trump Picks Elaine Chao for Transportation Secretary”

‘Don’t think that Dodd-Frank will be repealed,’ analyst says

Investors shouldn’t let their hopes run too high about President-elect Donald Trump peeling back bank regulations despite market highs, Strategas Research Partners’ Dan Clifton said Tuesday. “Financials is a good place to be, but don’t think that Dodd-Frank will be repealed,” Clifton told CNBC. Clifton said some regulations would likely be rolled back, including parts of Dodd-Frank that affect small banks, and he could see regulators taking a more hands-off approach. Continue reading “‘Don’t think that Dodd-Frank will be repealed,’ analyst says”

China commodities, stocks slide as weak yuan spurs fears of liquidity squeeze

China’s stock markets fell and commodities prices plunged on Wednesday as government efforts to steady the sliding yuan currency and curb capital outflows added to fears of a liquidity squeeze in the banking system. Analysts said moves by China’s central bank in recent days to shore up the yuan were sucking additional liquidity from the system even as banks and companies start to hoard cash as they typically do heading into the year-end. Continue reading “China commodities, stocks slide as weak yuan spurs fears of liquidity squeeze”

Canada approves new pipelines to boost exports

Canada on Tuesday approved Kinder Morgan Inc’s hotly contested plan to twin a pipeline from the Alberta oil sands to the Pacific coast, setting up a battle with environmentalists who helped elect Prime Minister Justin Trudeau. The government, under pressure from both green groups and the energy industry, said allowing Kinder Morgan to build a second pipeline next to its existing Trans Mountain line will help ensure oil exports reach Asia and reduce reliance on the U.S. Market. Continue reading “Canada approves new pipelines to boost exports”

Baker Hughes to form fracturing company with Goldman Sachs

Baker Hughes Inc said it has reached an agreement with CSL Capital Management and Goldman Sachs Group Inc’s merchant banking division to create a hydraulic fracturing company in which Baker Hughes will own a 46.7 percent stake. Under the terms of the agreement, oilfield services provider Baker Hughes will contribute its North American land cementing and hydraulic fracturing businesses, which comprises of assets in the United States and Canada. Continue reading “Baker Hughes to form fracturing company with Goldman Sachs”

Growth stalling would be biggest risk to Europe’s economy: ECB’s Draghi

Stalling recovery would be the greatest risk facing the euro zone’s economy, the head of the European Central Bank said on Monday, underscoring, before an important policy decision next week, the ECB’s focus on supporting growth. The ECB is due to decide next week on whether to extend beyond March its 1.74-trillion-euro ($1.84-trillion) bond-buying program, the centerpiece of its much-criticized stimulus policy, that some say has created bond and property price bubbles and should be wound down. Continue reading “Growth stalling would be biggest risk to Europe’s economy: ECB’s Draghi”

Monte dei Paschi faces potential legal claims for $8.5 billion: document

Ailing Italian bank Monte dei Paschi di Siena said on Monday it is facing potential legal claims for a total of more than 8 billion euros ($8.5 billion) in a series of civil lawsuits. In a prospectus for a debt swap offer due to start on Monday, the Tuscan bank said it had set aside 627 million euros to cover for such claims. Continue reading “Monte dei Paschi faces potential legal claims for $8.5 billion: document”

Warren slams Wells Fargo over arbitration position

Massachusetts Democratic Senator Elizabeth Warren on Monday criticized Wells Fargo & Co’s decision to require customers affected by its unauthorized accounts scandal to go through arbitration rather than allowing them to sue. The San Francisco-based bank last week asked a U.S. court to uphold contract clauses that mandate arbitration, something financial firms often use to protect against litigation. Continue reading “Warren slams Wells Fargo over arbitration position”

Fears mount of multiple bank failures if Renzi loses referendum

Up to eight of Italy’s troubled banks risk failing if prime minister Matteo Renzi loses a constitutional referendum next weekend and ensuing market turbulence deters investors from recapitalising them, officials and senior bankers say. Mr Renzi, who says he will quit if he loses the referendum, had championed a market solution to solve the problems of Italy’s €4tn banking system and avoid a vote-losing “resolution” of Italian banks under new EU rules. Continue reading “Fears mount of multiple bank failures if Renzi loses referendum”

Eight EU countries warned over vulnerable property market

The residential property market risks overheating in eight European Union countries, including Britain, partly from unintended effects of ultra-low interest rates, the EU’s financial risk watchdog said on Monday. The eight countries face a medium-term risk either from overvaluation or excessive household debt levels, a systemic risk to the bloc’s financial stability that requires regulatory attention, the European Systemic Risk Board said in a report. Continue reading “Eight EU countries warned over vulnerable property market”

Trumps Promises Will Be Hard to Keep, but Coal Country Has Faith

Experts say Mr. Trumps expansive campaign promise to put our miners back to work will be very difficult to keep. Yet as he prepares to move into the Oval Office, Appalachians are eyeing Washington with a feeling they have not had in years: hope. The American market for coal is shrinking, industry analysts agree. Utility companies have drastically reduced their reliance on coal, in part because of President Obamas aggressive regulations to cut emissions from power plants, but also because natural gas is cheaper. Continue reading “Trumps Promises Will Be Hard to Keep, but Coal Country Has Faith”

Italy vote may surprise markets for worse

Italy’s Sunday vote on government reform will likely be 2016’s third major victory for anti-globalization sentiment. It may also be unlike the U.K. Brexit vote or the U.S. Trump presidential victory in that it will not be a surprise but financial market reaction will be worse than expected. Prime Minister Matteo Renzi’s package of constitutional reform, which would centralize power, looks set to get the thumbs down from Italian voters December 4, an outcome he has said he would meet by resigning. Continue reading “Italy vote may surprise markets for worse”

Saudi Arabia’s oil problems run far deeper than OPEC

Saudi Arabia’s problems run far deeper than trying to cobble together a deal with fellow OPEC members to curb crude oil output in order to bolster prices. About two-thirds of Saudi Arabia’s oil exports head to Asia, and the kingdom’s struggles in the region’s two biggest importers, China and India, are symptoms of its wider issues in crude markets. Continue reading “Saudi Arabia’s oil problems run far deeper than OPEC”

OPEC experts end meeting, no agreement on detail

OPEC experts ended their meeting on Monday without agreeing on concrete details of a planned reduction in oil output by individual countries that will be presented to an OPEC ministerial gathering on Nov. 30, an OPEC source told Reuters. Credibility is in focus as OPEC meets this week in Vienna on a proposal to curb output as speculation swirls a deal may not be reached, says Azlin Ahmad of Argus Media. Continue reading “OPEC experts end meeting, no agreement on detail”

China regulator warns risks increasing for insurers’ credit assets

China’s insurance regulator said that risks are rising for insurers’ credit assets, according to a post on the official website of the regulator. The China Insurance Regulatory Commission (CIRC) has adopted a slew of measures this year to reduce risks from insurers, from reining in aggressive acquisitions to investing in long-term assets using short-term funds. Continue reading “China regulator warns risks increasing for insurers’ credit assets”

Cities Vow to Fight Trump on Immigration, Even if They Lose Millions

Here in Los Angeles, where nearly half of the citys residents are Latino, Mayor Eric Garcetti has vowed to do everything he can to fight widespread deportations of illegal immigrants. In New York, with a large and diverse Latino population, Mayor Bill de Blasio has pledged not to cooperate with immigration agents. And Mayor Rahm Emanuel of Chicago has declared that it “will always be a sanctuary city. Continue reading “Cities Vow to Fight Trump on Immigration, Even if They Lose Millions”

Trump aides say Cuban government will have to change

The Cuban government must move toward enacting greater freedoms for its people and giving Americans something in return if it wants to keep warmer U.S. relations initiated by President Barack Obama, top aides to President-elect Donald Trump said Sunday. The comments by Trump advisers Kellyanne Conway and Reince Priebus followed the death of former Cuban leader Fidel Castro. Continue reading “Trump aides say Cuban government will have to change”

Trump calls it ‘sad’ that Clinton joining recount effort

President-elect Donald Trump said Sunday it’s “sad” Hillary Clinton is joining an effort to force recounts of votes from the Nov. 8 election in up to three crucial states. Trump tweeted part of Clinton’s concession speech, when she told supporters they must accept that “Donald Trump is going to be our president,” and snippets from her debate remarks, when she assailed the Republican nominee for refusing to say in advance that he would accept the Election Day verdict. Continue reading “Trump calls it ‘sad’ that Clinton joining recount effort”

Italy Defies EU Imposed Austerity With Brussels-Baiting Budget

Italian deputies on Friday voted overwhelmingly in favour of a draft 2017 budget that the European Commission has warned will breach EU rules on the management of public finances. A vote of confidence designed to curtail debate on the first reading of the budget bill was carried by 348-144 votes, making its definitive approval by the lower house of parliament on Monday a formality. Continue reading “Italy Defies EU Imposed Austerity With Brussels-Baiting Budget”

China will stick to ‘going out’ strategy amid outflow concerns

China said it will stick to its opening up policy and “going out” strategy on investment even while a slide in the yuan to 8-1/2-year lows revives worries about capital fleeing the country. The Wall Street Journal reported on Friday that China plans to tighten controls on companies looking to invest abroad in an effort to slow surging outflows. Continue reading “China will stick to ‘going out’ strategy amid outflow concerns”

Credit Suisse banker probed for alleged fiduciary duty violations

Geneva prosecutors have opened legal proceedings against a suspended Credit Suisse banker accused of violating his fiduciary duties in a case brought by wealthy Turkish families who say they lost 300 million Swiss francs ($296 million), SonntagsZeitung reported. Two independent Turkish asset managers who oversaw money for wealthy clients that was deposited in Credit Suisse accounts are suspected of illegally covering up losses linked to the Turkish lira’s collapse in 2013, the newspaper reported. Continue reading “Credit Suisse banker probed for alleged fiduciary duty violations”

U.S. is a net exporter of natural gas for first time in nearly 60 years

The U.S. has become a net exporter of natural gas, further evidence of the how the domestic oil and gas boom is reshaping the global energy business. The U.S. has exported an average of 7.4 billion cubic feet a day of gas in November, more than the 7 billion cubic feet a day it has imported, according to S&P Global Platts, an energy trade publisher and data provider. Exports also topped imports for a few days in September, Platts reported. Continue reading “U.S. is a net exporter of natural gas for first time in nearly 60 years”

U.S. shoppers spend less over holiday weekend amid discounting

Early holiday promotions and a belief that deals will always be available took a toll on consumer spending over the Thanksgiving weekend as shoppers spent an average of 3.5 percent less than a year ago, the National Retail Federation said on Sunday. The NRF said its survey of 4,330 consumers, conducted on Friday and Saturday by research firm Prosper Insights & Analytics, showed that shoppers spent $289.19 over the four-day weekend through Sunday compared to $299.60 over the same period a year earlier. Continue reading “U.S. shoppers spend less over holiday weekend amid discounting”

Indian cash crunch hits gold demand during peak wedding season

The scenario is being played out across India, the world’s second biggest consumer of gold, where it is customary to gift jewellery in marriages. The resulting drop in incomes and tepid buying in the wedding season means gold imports, which spiked in the immediate aftermath of the banknote announcement amid panic buying, are likely to drop sharply in the coming months, said traders in India and in the supply hubs of Dubai and Hong Kong. Continue reading “Indian cash crunch hits gold demand during peak wedding season”

India rupee ban: Opposition parties begin ‘day of rage’

Indian opposition parties say thousands will participate in nationwide protests against the government’s ban on two major currency notes. Earlier this month, the 500 and 1,000 rupee notes were banned overnight, causing chaos as people lined up at banks to exchange their old currency. Prime Minister Narendra Modi has defended the decision saying it was an anti-corruption measure. Continue reading “India rupee ban: Opposition parties begin ‘day of rage’”

Trump claims millions voted illegally in presidential polls

President-elect Donald Trump has asserted he won the popular vote on 8 November “if you deduct the millions of people who voted illegally”. The Republican, who won the all-important electoral college count, offered no evidence to back his claim. It comes after the camp of Democratic rival Hillary Clinton said it would support a vote recount in Wisconsin initiated by a Green Party candidate. Continue reading “Trump claims millions voted illegally in presidential polls”

Sanders to Trump: use defense contracts as leverage for Carrier jobs

U.S. Senator Bernie Sanders turned up the pressure on President-elect Donald Trump on Saturday about his pledge to try to stop an Indiana air conditioner manufacturer from moving 1,400 jobs to Mexico. Sanders on Saturday warned “it is not good enough to save some of these jobs” and said Trump should use as leverage United Technologies’ defense contracts, Export-Import Bank financing, and tax breaks. Continue reading “Sanders to Trump: use defense contracts as leverage for Carrier jobs”

Donald Trump blasts Jill Stein ‘scam’ Wisconsin recount, issues call to accept results

President-elect Donald Trump denounced the effort to recount Wisconsin’s votes as a “scam” engineered by Green Party candidate Jill Stein, calling on voters to “accept this result and then look to the future.” On Saturday, the campaign of Democratic contender Hillary Clinton said it would back Stein’s efforts to take a fresh look at voting results in Wisconsin, a crucial swing state that narrowly backed Trump over Clinton. Continue reading “Donald Trump blasts Jill Stein ‘scam’ Wisconsin recount, issues call to accept results”

Potential Conflicts Around the Globe for Trump, the Businessman President

On Thanksgiving Day, a Philippine developer named Jose E. B. Antonio hosted a company anniversary bash at one of Manilas poshest hotels. He had much to be thankful for. In October, he had quietly been named a special envoy to the United States by the Philippine president, Rodrigo Duterte. Mr. Antonio was nearly finished building a $150 million tower in Manilas financial district a 57-story symbol of affluence and capitalism, which bluntly promotes itself with the slogan Live Above the Rest. Continue reading “Potential Conflicts Around the Globe for Trump, the Businessman President”

Finger Pointed at Russians in Coup Plot in Montenegro

After multiple but unproven accusations that President Vladimir V. Putin of Russia is working hard to destabilize Americas friends in Europe, a pro-Russian mercenary detained in Montenegro is slowly spilling his guts and providing the first insiders account of what the authorities in this tiny Balkan nation say were Russian efforts to sow mayhem. Continue reading “Finger Pointed at Russians in Coup Plot in Montenegro”

Cuba’s Fidel Castro, who defied US for 50 years, dies at 90

Former President Fidel Castro, who led a rebel army to improbable victory in Cuba, embraced Soviet-style communism and defied the power of 10 U.S. presidents during his half century rule, has died at age 90. With a shaking voice, President Raul Castro said on state television that his older brother died at 10:29 p.m. Friday. Continue reading “Cuba’s Fidel Castro, who defied US for 50 years, dies at 90”

Iraq, torn by war and strife, is slowly drawing the notice of investors

Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq, October 14, 2016. One of the most unstable countries in the world also happens to have the distinction of being one of the fastest growing economies in the world. Believe it or not, Iraq — riven as it is by terrorist insurgency and civil strife — is expected to grow by a sizzling 7.2 percent this year, according to World Bank data. Continue reading “Iraq, torn by war and strife, is slowly drawing the notice of investors”

Thanksgiving, Black Friday store sales fall, online rises

Sales and traffic at U.S. brick-and-mortar stores on Thanksgiving Day and Black Friday declined from last year, as stores offered discounts well beyond the weekend and more customers shopped online. Internet sales rose in the double digits on both days, surpassing $3 billion for the first time on Black Friday, according to data released on Saturday. Data from analytics firm RetailNext showed net sales at brick-and-mortar stores fell 5.0 percent over the two days, while the number of transactions fell 7.9 percent. Continue reading “Thanksgiving, Black Friday store sales fall, online rises”

Mexico factory exports slump by most in nearly 4 years

Mexican factory exports fell by the most in nearly four years in October, data from the national statistics agency showed on Friday. Adjusted for seasonal swings, factory exports fell by 5.9 percent in October from September, the biggest drop since January 2013. Mexico exports mostly factory-made goods and uneven demand in top trading partner, the United States, has weighed on Latin America’s No. 2 economy. Continue reading “Mexico factory exports slump by most in nearly 4 years”

Preview of U.S. trade in October signals surge in deficit

An early look at U.S. trade in October showed a big increase in the trade deficit: The advance look at trade in goods rose 9.6% to $62.0 billion, the government said Friday. A broader look at overall trade will be released in early December, and trade in goods, not services, accounts for most of that figure. Trade patterns of services like medical advice are more consistent month to month. October’s jump was bigger than economists had expected. The Econoday consensus was for a deficit of $59.7 billion.

Saudi Arabia tells OPEC it won’t attend non-OPEC talks on Monday

Top OPEC oil exporter Saudi Arabia has told the producer group it will not attend scheduled talks in Vienna on Monday with non-OPEC oil producers, OPEC sources said on Friday. The meeting was planned to discuss the contribution that producers outside the Organization of the Petroleum Exporting countries (OPEC) will make to a supply-limiting agreement. OPEC oil ministers meet on Wednesday to finalize the deal.

China to tighten control on domestic firms’ foreign investment

China plans to tighten controls on Chinese companies looking to invest abroad, in an effort to slow a surge of capital fleeing offshore, the Wall Street Journal reported on Friday, citing documents it reviewed and sources familiar with the matter. The State Council, China’s cabinet, will soon announce a series of measures that would subject many overseas deals to stricter regulatory oversight, the Journal reported. Continue reading “China to tighten control on domestic firms’ foreign investment”

Wall Street ends at record highs

Key stock indexes on Wall Street swept to record intraday and closing highs on Black Friday thanks to gains in consumer staple and technology shares, while European stocks climbed and a stabilization in U.S. Treasury yields promoted investors to sell the dollar. The Dow, S&P 500 and Nasdaq indexes, as well as the small cap Russell 2000 , hit record closing and intraday highs in thin trading, with the U.S. stock market closing at 1:00 p.m. ET (1700 GMT). Continue reading “Wall Street ends at record highs”

Russia positive on global oil deal, continues consultations with OPEC: minister

Russia is continuing consultations with OPEC aimed at stabilizing oil markets and is positive about a global deal, Energy Minister Alexander Novak said on Saturday. In a statement, his ministry quoted Novak as saying OPEC had to reach consensus within the group before other producers could join such an agreement. Earlier, Russian news agencies cited a diplomatic source as saying that no Russian delegation would attend a meeting in Vienna on Monday with OPEC experts, after Saudi Arabia pulled out of the event. The ministry’s statement did not say if Russia would go or not.

More company climate votes ahead, as Trump may loosen energy rules

Activist shareholders plan a record number of resolutions focused on climate change at U.S. company annual meetings in 2017, even as President-elect Donald Trump looks set to loosen environmental regulations. Based on filings so far, U.S. companies are on track to face roughly 200 resolutions on climate matters at their shareholder meetings next year, according to Rob Berridge, who follows the subject for Ceres, a sustainability advocacy group. Continue reading “More company climate votes ahead, as Trump may loosen energy rules”

Trump turns to Washington lawyer to navigate legal, ethics issues

President-elect Donald Trump on Friday chose Washington insider Donald McGahn to be his White House counsel, giving him the job of untangling potential conflicts of interest that the New York businessman’s presidency may present. McGahn, a former chairman of the Federal Election Commission, had been the chief counsel of the Trump campaign and was one of the few members of the Republican establishment to embrace the outsider candidate. Continue reading “Trump turns to Washington lawyer to navigate legal, ethics issues”

Wells Fargo employees sue over funds in retirement plans

Wells Fargo & Co faces a new U.S. lawsuit claiming that it funneled more than $3 billion of employee retirement savings into expensive, underperforming proprietary mutual funds to enrich itself. The proposed class-action lawsuit, filed on Tuesday in federal court in Minnesota, accused the third-largest U.S. bank of “self-dealing and imprudent investing” by steering 401(k)contributions to its Wells Fargo Dow Jones Target Date funds. Continue reading “Wells Fargo employees sue over funds in retirement plans”

Wilbur Ross, Risk-Taker, Is Eyed for Commerce Post

Wilbur L. Ross, the billionaire investor expected to be nominated as the next commerce secretary, has made his fortune through the tricky business of buying deeply troubled companies. With wealth estimated at $2.9 billion, Mr. Ross, who turns 79 on Monday, would join a cabinet that is already expected to include one of the superwealthy in Betsy DeVos, the nominee for secretary of education, and that may soon have others. Continue reading “Wilbur Ross, Risk-Taker, Is Eyed for Commerce Post”

Trump to accept inauguration funds from corporations and big donors

President-elect Donald J. Trump will allow corporations and wealthy individuals to make large donations to fund the activities surrounding his inauguration, complicating his promise to eliminate special interests from influencing his government. Mr. Trump plans to ban money from registered lobbyists, whom he has purged from his transition team and barred from working for his administration. Continue reading “Trump to accept inauguration funds from corporations and big donors”

ECB warns that risks of global market corrections have ‘intensified’

European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, March 10, 2016. The increasing political uncertainty across advanced economies is risking the stability of the euro zone, the region’s central bank warned in a new biannual report on Thursday. Continue reading “ECB warns that risks of global market corrections have ‘intensified’”

Confidence on ECB action pushes government bond yields lower

Euro zone government bond yields fell across the board on Thursday on growing confidence that the European Central Bank will act to support the market in a difficult political environment. Broad-based buying saw high-grade euro zone government bond yields fall 3 to 4 basis points, while Italy’s 10-year yield came off its recent highs. Continue reading “Confidence on ECB action pushes government bond yields lower”

Gold fall further below $1,200 mark

Gold traded lower Thursday, adding to the prior day’s drop that left them at their lowest settlement since early February. The metal has been pressured by a stronger dollar, with the buck rising on expectations that the Federal Reserve will raise interest rates next month. Wednesday’s Fed meeting minutes and upbeat U.S. economic data only added to those expectations, as the minutes said a rate hike could come “relatively soon.” “Gold has simply just followed the USD,” said Chris Weston, an analyst at IG, in a note.

Trump’s team to raise millions for Jan. 20 events

The scramble to shape his administration underway, President-elect Donald Trump’s team has simultaneously begun turning its attention to raising tens of millions of dollars for festivities related to his Washington inauguration. Trump, who vowed during the campaign to “drain the swamp” of special interests corrupting Washington, has set $1 million donation limits for corporations and no limits for individual donors, according to an official on the Presidential Inaugural Committee with direct knowledge of tentative fundraising plans. Continue reading “Trump’s team to raise millions for Jan. 20 events”

Brazil loan defaults remain at record in October; lending shrinks

Loans in arrears for 90 days or more in Brazil remained at a record high for a third straight month in October, a sign that steps by commercial banks to refinance looming debt maturities are preventing the country’s worst credit crunch in two decades from worsening further. The so-called default ratio, a benchmark for delinquencies, came in at the equivalent of 5.9 percent of outstanding non-earmarked loans, unaltered from September, the central bank said on Thursday. Stable defaults came as lending fell 0.5 percent in October, to 3.095 trillion reais ($909 billion), the report showed.

Indian shares fall; rupee drops to near record low

Indian shares dropped on Thursday, heading for their first decline in three sessions, as a fall in the rupee to a near record low dented sentiment at a time when investors are already worried about how demonetisation will affect economic growth. The rupee fell to as low as 68.8375 per dollar, almost surpassing its record low of 68.85 hit in August 2013, as the greenback remained strong over the prospect of higher U.S. interest rates. Continue reading “Indian shares fall; rupee drops to near record low”

Trump Cites Progress in Keeping Carrier Air Conditioning Plant in Indiana

Following up on a campaign promise that appealed directly to his Rust Belt base, President-elect Donald J. Trump said Thursday that he had reached out to the Carrier air conditioner company in Indiana to ask it not to move more than 2,000 factory jobs from Indiana to Mexico. In a post on Twitter Thursday morning, Mr. Trump said: I am working hard, even on Thanksgiving, trying to get Carrier A.C. Company to stay in the U.S. (Indiana). Continue reading “Trump Cites Progress in Keeping Carrier Air Conditioning Plant in Indiana”

Nigel Farage warns of ‘seismic shock’ if Brexit not delivered

“Another big seismic shock” could hit British politics at the next election, Nigel Farage has warned Theresa May if Brexit is not delivered by 2020. The interim UKIP leader said he suspected the Conservative Government “is not fit for the legacy of Brexit”. He made the remarks at a reception in London’s Ritz Hotel to celebrate his contribution to the Brexit victory. Continue reading “Nigel Farage warns of ‘seismic shock’ if Brexit not delivered”

ECB sees rising risks to euro zone financial stability, watching for Italian vote fallout

The European Central Bank sees rising risks to euro zone financial stability and is watching for any fallout from Italy’s constitutional referendum next month, ECB Vice President Vitor Constancio said on Thursday. In an unusually downbeat Financial Stability Review, the ECB as a whole also warned that political shifts on both sides of the Atlantic, including a potentially protectionist U.S. administration under Donald Trump, may trigger a surge in government borrowing costs and raise concerns about indebted countries. Continue reading “ECB sees rising risks to euro zone financial stability, watching for Italian vote fallout”

Weak trade put brakes on German growth in third quarter

The German economy halved its growth rate to 0.2 percent in the third quarter despite rising private consumption and higher state spending as weak foreign trade slowed overall activity in Europe’s biggest economy. Confirming a preliminary reading for growth, the Federal Statistics Office said on Thursday that net foreign trade subtracted 0.3 percentage points from GDP growth as exports fell by 0.4 percent on the quarter and imports rose by 0.2 percent. Continue reading “Weak trade put brakes on German growth in third quarter”

Oil falls $2 a barrel on OPEC cut uncertainty ahead of meeting

U.S. crude fell nearly 4 percent dragged down by uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal, after Saudi Arabia said it will not attend talks on Monday with non-OPEC producers to discuss supply cuts. Top OPEC oil exporter Saudi Arabia has told the producer group it will not attend talks on Monday with non-OPEC producers to discuss limiting supply, OPEC sources said, as it wants to focus on having consensus within the organization first. Continue reading “Oil falls $2 a barrel on OPEC cut uncertainty ahead of meeting”

Japan October consumer prices continue slide, yen falls may help BOJ

Japan’s core consumer prices marked their eighth straight month of annual declines in October, illustrating the sheer scale of the central bank’s struggle to beat deflation and stagnant growth with diminishing policy options. The data will keep policymakers under pressure to do more to stimulate the economy, with fiscal spending likely the more preferred option as three years of aggressive easing by the Bank of Japan failed to accelerate inflation to its 2 percent target. Continue reading “Japan October consumer prices continue slide, yen falls may help BOJ”

Wells Fargo asks U.S. court to dismiss account scandal lawsuit

Wells Fargo & Co has asked a U.S. court to order dozens of customers who are suing the bank over the opening of unauthorized accounts to resolve their disputes in private arbitrations instead of court, according to legal documents. The motion, filed in the U.S. District Court in Utah on Wednesday, is in response to the first class action lawsuit filed against Wells since it agreed to pay $185 million in penalties and $5 million to customers for opening up to 2 million deposit and credit-card accounts in their names without their permission. Continue reading “Wells Fargo asks U.S. court to dismiss account scandal lawsuit”

Wilbur Ross, Billionaire Investor, Is Said to Be Trumps Commerce Pick

President-elect Donald J. Trump is expected to select as commerce secretary Wilbur Ross, a billionaire investor who became known as the king of bankruptcy for buying, restructuring and selling off steel makers and other fading industrial companies, officials on the transition team said on Thursday. After choosing national security hard-liners for some of his earliest appointments, Mr. Trump is now turning to a group of ultrawealthy conservatives to help steer administration policy. Continue reading “Wilbur Ross, Billionaire Investor, Is Said to Be Trumps Commerce Pick”

Airstrike hits Mosul bridge, disrupting IS supply lines

An airstrike by the U.S.-led coalition on Wednesday “disabled” a fourth bridge across the Tigris River in Mosul, leaving only one intact crossing in the northern Iraqi city and further disrupting the Islamic State group’s supply lines. The IS-run Aamaq news agency and an Iraqi military commander in Mosul reported the pre-dawn airstrike, the second to target a bridge this week. Two other bridges were destroyed by airstrikes last month. Continue reading “Airstrike hits Mosul bridge, disrupting IS supply lines”

Superlong JGBs lifted by strong 40-year sale results

Japanese government bonds mostly rose, following upbeat results from a 40-year sale that brought superlong bond yields off their session highs, as well as speculation that Japan’s finance ministry might trim its issuance of longer maturities. The benchmark 10-year JGB yield was flat at 0.030 percent, after earlier rising to 0.045 percent, its highest since February. Continue reading “Superlong JGBs lifted by strong 40-year sale results”

32 bodies found in clandestine graves in southern Mexico

Investigators searching clandestine graves have found 32 bodies and nine human heads in the southern Mexico state of Guerrero, where authorities say they are battling a wave of drug gang violence. The grisly discoveries came in the municipality of Zitlala, where a drug gang had set up a rural camp where it held kidnap victims and disposed of its victims’ bodies. When a joint military-police patrol happened on the camp earlier this week, it found a kidnapped man and what appeared to be clandestine burial pits. Continue reading “32 bodies found in clandestine graves in southern Mexico”

This is the greatest suckers’ rally of all time: David Stockman

The Trump rally raged on this week with all major U.S. indexes hitting record highs, but despite the historic run, David Stockman is doubling down on his call for investors to sell everything. “This 5 percent eruption is meaningless. It’s some robo machine trying to tag new highs,” Stockman said Tuesday on CNBC’s “Fast Money,” in a dismissal of the S&P 500 rally. “I see a recession coming down the pike in 2017. Continue reading “This is the greatest suckers’ rally of all time: David Stockman”

Germany’s two-year bond yield hits record low on scarcity fears

Germany’s two-year government bond yield hit a fresh record low on Wednesday on expectations that the European Central Bank will extend its asset purchase programme beyond March 2017 and exacerbate a scarcity of tradable debt in the market. The two-year German government bond fell as low as minus 0.74 percent at 0715 GMT, having dipped below minus 0.70 percent for the first time in months on Tuesday. Continue reading “Germany’s two-year bond yield hits record low on scarcity fears”

Gold drops to lowest finish since early February

Gold prices sank Wednesday to their lowest settlement since early February, as the dollar jumped after largely upbeat economic data. Gold ended the regular trading session down $21.90, or 1.8%, at $1,189.30 an ounce, which marked the lowest close since early February, according to FactSet data. Financial markets generally expect the central bank to raise rates during its next policy meeting in mid-December. Continue reading “Gold drops to lowest finish since early February”

Trump taps Gov. Nikki Haley for ambassador to UN

President-elect Donald Trump has chosen South Carolina Gov. Nikki Haley as U.S. ambassador to the United Nations, the first woman tapped for a top-level administration post during his White House transition so far. Haley, an outspoken Trump critic throughout much of the presidential race, would become his first female and first nonwhite Cabinet-level official if confirmed by the Senate. Continue reading “Trump taps Gov. Nikki Haley for ambassador to UN”

Offshore yuan hits new record low in volatile trade

China’s offshore yuan hit a record low above 6.94 per dollar on Wednesday as traders in Europe and North America grappled with a strengthening dollar and signs of accelerating capital outflows from the Asian state in the wake of Trump’s U.S. election win. The offshore yuan fell almost half a percent to 6.9441 per dollar as U.S. currency dealers arrived at their desks, with the currency on track for its heaviest monthly falls in 15 months. Continue reading “Offshore yuan hits new record low in volatile trade”

Russian tankers defy EU ban to smuggle jet fuel to Syria – sources

Russian tankers have smuggled jet fuel to Syria through EU waters, bolstering military supplies to a war-torn country where Moscow is carrying out air strikes in support of the government, according to sources with knowledge of the matter. The Russian defence and transport ministries did not initially respond to requests for comment. Continue reading “Russian tankers defy EU ban to smuggle jet fuel to Syria – sources”

New plans for bank reforms in Europe could hit Wall Street lenders

The European Commission has unveiled a new set of proposals aimed at banks operating in the European Union (EU) that could potentially add further pressure on balance sheets that are already facing a challenging environment of low interest rates. The key aspect of the proposed reforms – released Wednesday morning – is the implementation of a caveat that is designed to deal with the “too-big-to-fail” problem at an international level. Continue reading “New plans for bank reforms in Europe could hit Wall Street lenders”

Turkey and E.U. Near Breaking Point in Membership Talks

The European Parliament is likely to vote on Thursday to suspend negotiations to bring Turkey into the European Union, infuriating Ankara and possibly hastening the end of a long and troubled process. While the vote is advisory rather than binding, the government of President Recep Tayyip Erdogan is smarting from European criticism of its crackdown on opponents and on the news media after a failed coup attempt in July. Continue reading “Turkey and E.U. Near Breaking Point in Membership Talks”

Trump Announcement on NO Clinton Investigation ‘Deeply Disturbing,’

On Tuesday’s edition of “The Kelly File” on the Fox News Channel, Breitbart editor at large Peter Schweizer, author of “Clinton Cash,” criticized President Elect Donald Trump’s statement that he doesn’t want to prosecute Hillary Clinton. Schweizer said, “I think it’s deeply disturbing. Look, he shouldn’t be talking about this at all. It’s not his job. I was on your program earlier this year, Megyn, talking about how inappropriate it would be for President Obama to intervene in an investigation. Continue reading “Trump Announcement on NO Clinton Investigation ‘Deeply Disturbing,’”

U.S. drillers add most oil rigs in a month since July -Baker Hughes

U.S. oil drillers added rigs this week, boosting the number of increments in November to the most in a month since July, as shale producers boost spending to capture forecast higher crude prices in coming months. Drillers added three oil rigs in the week to Nov. 23, bringing the total count up to 474, the most since January, but still below the 555 rigs seen a year ago, energy services firm. In November alone, drillers added 33, the most in a month since July. Continue reading “U.S. drillers add most oil rigs in a month since July -Baker Hughes”

U.S. new home sales unexpectedly fall in October

New U.S. single-family home sales unexpectedly fell in October, but this is likely a temporary setback for the new housing market against the backdrop of a strong labor market. The Commerce Department said on Wednesday new home sales declined 1.9 percent to a seasonally adjusted annual rate of 563,000 units last month. September’s sales pace was revised down to 574,000 units from the previously reported 593,000 units. Continue reading “U.S. new home sales unexpectedly fall in October”

‘Chapter 22’ looms over some U.S. oil and gas bankruptcy survivors

More than 200 energy companies have filed for creditor protection since the beginning of 2015, according to Haynes and Boone LLP. Of those with initial debt loads of at least $450 million, nearly 20 have exited bankruptcy.Some whittled their debt loads down to a fraction of their projected earnings, according to a Reuters analysis of financial disclosures. Those left with large debt compared to their estimated future earnings may be at risk for a Chapter 22 scenario. Continue reading “‘Chapter 22’ looms over some U.S. oil and gas bankruptcy survivors”

Trump won with lowest minority vote in decades, fueling divisions

Donald Trump won the U.S. presidency with less support from black and Hispanic voters than any president in at least 40 years, a Reuters review of polling data shows, highlighting deep national divisions that have fueled incidents of racial and political confrontation. Trump was elected with 8 percent of the black vote, 28 percent of the Hispanic vote and 27 percent of the Asian-American vote, according to the Reuters/Ipsos Election Day poll. Continue reading “Trump won with lowest minority vote in decades, fueling divisions”

Trump overseas business interests subject to new scrutiny

Meetings between President-elect Donald Trump and the Japanese prime minister as well as a subsequent meeting with business partners from India are raising questions about how difficult it may be to untangle Trump’s worldwide properties once he is sworn in. A CNN review of Trump’s most recent financial disclosures show the President-elect has about 150 companies that have had dealings in at least 25 countries outside of the US, including Turkey, China, Saudi Arabia, and Azerbaijan. Continue reading “Trump overseas business interests subject to new scrutiny”

Germany’s Merkel ‘not happy’ Pacific trade pact in danger

German Chancellor Angela Merkel said Wednesday she’s not happy about the possible demise of the Trans-Pacific Partnership trade agreement, which President-elect Donald Trump wants to pull the U.S. out of. She argued that alternative pacts will be a poor substitute. Merkel didn’t mention Trump directly in a speech to the German Parliament in which she called for nations to take a multilateral approach to solving global problems, but made plain her unease at his approach to major trade pacts. Continue reading “Germany’s Merkel ‘not happy’ Pacific trade pact in danger”

Let’s rebuild our infrastructure, not provide tax breaks to big corporations

Our infrastructure is collapsing, and the American people know it. Every day, they drive on roads with unforgiving potholes and over bridges that are in disrepair. They wait in traffic jams and ride in overcrowded subways. They see airports bursting at the seams. They see the need for a modern rail system. They worry that a local levee or dam could fail in a storm. Continue reading “Let’s rebuild our infrastructure, not provide tax breaks to big corporations”

Oil patch recession wipes out more than $4 billion in wages

As the price of crude shows little sign of a resurgence to its levels from two years ago, some parts of America’s oil country are taking a much bigger hit than others. When global oil prices crashed in late 2014, U.S. oil fields braced for lost jobs and wages. So far, the oil bust has taken a $4 billion-dollar bite out of oil patch workers’ paychecks, according to the latest data available from the Bureau of Labor Statistics, with no recovery in sight. Continue reading “Oil patch recession wipes out more than $4 billion in wages”

US says Russian deployment of missiles ‘destabilizing’ to Europe

Russia’s deployment of its S-400 air missile defense system and ballistic Iskander missile in the Russian enclave of Kaliningrad “is destabilizing to European security,” the U.S. State Department said on Monday in response to reports citing the head of the defense committee in Russia’s upper house of parliament. “Russia has made threats to move its Iskander missiles to Kaliningrad for the past decade in response to a variety of developments in Europe, none of which demand such a military response,”. Continue reading “US says Russian deployment of missiles ‘destabilizing’ to Europe”

Negative rates for retail clients would trigger bank run -UBS’s Kalt

Swiss banks would face mass withdrawals by depositors if they were to introduce negative interest rates for retail clients, UBS’s chief economist for Switzerland said on Tuesday. Since January 2015, the Swiss National Bank (SNB) has imposed a 0.75 percent charge on deposits with the central bank above a certain threshold, part of the SNB’s policy to weaken demand for Switzerland’s currency. Continue reading “Negative rates for retail clients would trigger bank run -UBS’s Kalt”

Trump’s NAFTA revamp would require concessions

President-elect Donald Trump’s plan to renegotiate the North American Free Trade Agreement (NAFTA) to make it “a lot better” for U.S. workers would not be a one-way street for his administration, as Canada and Mexico prepare their own list of demands that could require difficult U.S. Concessions. The 22-year-old NAFTA and other trade deals became lightning rods for voter anger in the U.S. industrial heartland states that swept Trump to power this month. Continue reading “Trump’s NAFTA revamp would require concessions”

Trump wages war on ‘dishonest’ media ‘but will now meet NY Times’

Donald Trump is meeting New York Times executives, his spokeswoman says, hours after cancelling the face-to-face, complaining of “nasty” coverage. The US president-elect had earlier accused the newspaper on Twitter of changing the terms of the meeting. The apparent U-turn came a day after he berated media chiefs at Trump Tower for their “unfair” election coverage. Continue reading “Trump wages war on ‘dishonest’ media ‘but will now meet NY Times’”

Major indexes hit records as post-election rally goes on

All three major U.S. stock indexes set record closing highs on Monday, extending their post-election rally as energy and other commodity-related shares gained and Facebook led a jump in technology. Small caps added to recent gains as well, pushing the Russell 2000 index to a record high close. The session marked the first time all four indexes hit closing records on the same day since Dec. 31, 1999. Continue reading “Major indexes hit records as post-election rally goes on”

Japan PM says TPP meaningless without US as Trump nixes pact

Japan’s prime minister said Monday the Trans-Pacific Partnership trade deal would be “meaningless” without U.S. participation, as Donald Trump announced he planned to quit the pact. Shinzo Abe’s comment came shortly before the U.S. president-elect released a short video about his plans for his administration, including an intention to have the United States drop out of the TPP pact. Continue reading “Japan PM says TPP meaningless without US as Trump nixes pact”

Investors Make Bullish Bet on Trump, and an Era of Tax Cuts and Spending

Two weeks after Donald J. Trump swept to victory, investors from around the world are betting that his promises of tax cuts, fewer regulations and a spendthrift federal government can recharge the American economy. This burst of exuberance sent the major markets to record highs on Monday, as investors continued to pull out of government bond funds whose yields are miserly. Continue reading “Investors Make Bullish Bet on Trump, and an Era of Tax Cuts and Spending”

Trump could run afoul of this obscure constitutional clause

An obscure clause in the Constitution could pose problems for President-elect Donald Trump. The “emoluments clause,” which effectively bars federal officials from doing business with or taking gifts from foreign governments without congressional approval, has come to the forefront due to Trump’s sprawling business interests around the globe. Continue reading “Trump could run afoul of this obscure constitutional clause”

Euro zone nations turn to hedge funds to meet borrowing needs

Euro zone governments are increasingly relying on hedge funds to help them meet their borrowing needs, which risks leaving them vulnerable to a debt market sell-off driven by a class of investors dubbed “fast money” for their speculative approach. Hedge funds tend to look for quick returns on investments, which could increase the volatility of government bond markets as they face several tests of sentiment in coming months. Continue reading “Euro zone nations turn to hedge funds to meet borrowing needs”

ECB’s Draghi says consequences of Trump’s win hard to assess

The European Central Bank’s President Mario Draghi said on Monday that one should look beyond a “muted” market reaction to Donald Trump’s U.S. election win, which will have long-term consequences that are difficult to predict. “I don’t think we should stop at that (muted market reaction),” Draghi told the European Parliament. Likening Trump’s victory to Britain’s vote to leave the European Union, Draghi added: “Clearly, these changes have a long term impact which is very difficult to assess.”

Sneakers show limits of trade policy in reviving jobs for Trump

American companies from appliance makers to auto parts suppliers have lined up to offer a quiet caution to President-elect Donald Trump as he considers pulling the United States from trade deals: most lost manufacturing jobs aren’t coming back, but higher costs for consumers could. Companies like Nike have invested too much in those lower-wage economies to consider moving factories, even if tariffs rise and push up costs for American consumers, analysts say. Continue reading “Sneakers show limits of trade policy in reviving jobs for Trump”

Trump says will quit Pacific trade deal on day one of presidency

U.S. President-elect Donald Trump released a video on Monday laying out actions he will take on his first day in office on Jan. 20, including withdrawing the United States from a Trans-Pacific Partnership trade deal. Trump also said he would issue a rule cutting government regulations, direct the Labor Department to investigate abuses of visa programs, and cancel some restrictions on energy production, including shale oil and gas and coal.

Schumer: We Are Not Going to Help Trump ‘Build His Wall’

On Sunday’s broadcast of NBC’s “Meet The Press,” newly elected Senate Minority Leader Chuck Schumer (D-NY) said the Senate Democrats are not going to help President-elect Donald Trump “build his wall. Trump voiced very progressive and populist opinions: changing our trade laws dramatically, a large infrastructure bill, cleaning up the swamp in Washington. Continue reading “Schumer: We Are Not Going to Help Trump ‘Build His Wall’”

Trump’s new FCC advisers are more bad news for net neutrality

President-elect Donald Trump named two advisers to his Federal Communications Commission landing team yesterday, and the picks could spell more bad news for net neutrality. Two anti-regulation scholars now on team As previously reported, Jeffrey Eisenach, a well-known anti-regulation scholar at the the American Enterprise Institute, has been tapped to help the transition. Continue reading “Trump’s new FCC advisers are more bad news for net neutrality”

Tyson Foods sales drop 12.8 pct; CEO to step down

Tyson Foods Inc reported a 12.8 percent drop in quarterly revenue, hurt by lower sales of beef and chicken, and said Chief Executive Donnie Smith would step down at the end of the year. Tyson’s shares were down 7.7 percent in premarket trading on Monday. The company said its president, Tom Hayes, will succeed Smith as chief executive. Continue reading “Tyson Foods sales drop 12.8 pct; CEO to step down”

AIG eyes ‘direct investments’ in mortgages: FT.com

Insurer American International Group, or AIG, is looking to move into residential property loans with plans to make what company representatives called direct investments in mortgages, the Financial Times reported Sunday. The newspaper’s website reported that AIG’s Chief Investment Officer Doug Dachille has told investors that increasing AIG’s allocation to residential mortgages was one of his “key initiatives.” AIG currently has less than $4 billion invested in residential mortgages, according to the FT, which represents less than 1 percent of its $515 billion balance sheet. Nick Bit: Here we go again!

Credit Suisse moves toward Swiss bank spin-off

Credit Suisse has moved more than 1 million customers into a new Swiss bank which goes live on Sunday, a step toward what could be Switzerland’s biggest stock market listing in more than a decade. The creation of the new subsidiary that caters for Swiss retail, corporate, private and investment banking clients, is part of a broader shake-up of Credit Suisse under Chief Executive Tidjane Thiam to focus more on wealth management and less on volatile investment banking. Continue reading “Credit Suisse moves toward Swiss bank spin-off”

Rep Ellison: Trump Won’t ‘Drain The Swamp,’

‘Going To Be More Swamp Creatures Than Ever Before’ Sunday on CBS’s “Face The Nation,” Rep. Keith Ellison (D-MN), a candidate for the Democratic National Committee chair, said President-elect Donald Trump was “not draining the swamp.” Instead he claimed that he was “filling it up more and there’s going to be more swamp creatures than ever before.” Ellison said, “Well Donald Trump is already proven where he’s going with the thing. Continue reading “Rep Ellison: Trump Won’t ‘Drain The Swamp,’”

Oil prices climb on expectation of OPEC-led output cut

Oil prices rose as producer cartel OPEC moved closer to an output cut to rein oversupply that has kept prices low for over two years. Traders said that markets were being supported by advancing plans by the Organization of the Petroleum Exporting Countries (OPEC) to cut production in a bid to prop up the market following over two years of low prices as a result of output exceeding demand. Continue reading “Oil prices climb on expectation of OPEC-led output cut”

Japan October exports fall more than expected as strong yen drags

Japan’s exports fell in October for a 13th consecutive month and by more than expected as the strength of the yen and sluggish foreign demand weighed on trade, although current yen weakness could change the outlook. Ministry of Finance (MOF) data showed that exports fell 10.3 percent in the year to October, pulled down by a strong rise in the value of the yen and lower export volumes, much weaker than the expected 8.6 percent drop and September’s 6.9 percent decline. Continue reading “Japan October exports fall more than expected as strong yen drags”

Saudi makes $10.7 billion of delayed payments to private sector: executive quoted

Saudi Arabia’s government has made payments of 40 billion riyals ($10.7 billion) that it owed to private sector companies, the kingdom’s Arab News newspaper quoted a senior construction industry executive as saying. With its oil revenues slashed by low crude prices, the government of the world’s largest oil exporter has cut spending sharply this year and reduced or suspended payments owed to construction firms, medical establishments and even some of the foreign consultants who helped to design its economic reforms. Continue reading “Saudi makes $10.7 billion of delayed payments to private sector: executive quoted”

Trump to be held to his word on Fed independence: Bullard

The U.S. Federal Reserve will hold U.S. President-elect Donald Trump to his word on preserving the central bank’s independence, policymaker James Bullard told a German newspaper on Sunday. “The transition team of the President-elect has said that it wants to protect the independence of the Fed,” Bullard told Germany’s Handelsblatt business daily. Continue reading “Trump to be held to his word on Fed independence: Bullard”

Mike Pompeo Accepts CIA Director Position

Kansas Rep. Mike Pompeo (R.) has accepted President-elect Donald Trump’s offer to become the director of the CIA, two people close to the transition team told the Washington Post. Pompeo, from Wichita, Kansas, was first elected to Congress in 2010 and is a member of the House Intelligence and Benghazi Committees. The Washington Post reported on Friday morning that Pompeo accepted the position.

China state media warn Trump against renouncing free trade deals

Chinese state media warned U.S. President-elect Donald Trump on Saturday against flip-flopping on trade deals in Asia, as Asia-Pacific leaders gathered for a summit amid fears that growing protectionism will stunt global economic growth. During the raucous election campaign, Trump fuelled concerns among many of the United States’ trading partners by pledging to renegotiate trade accords such as the North American Free Trade Agreement (NAFTA) and impose tariffs on imports from countries such as China. Continue reading “China state media warn Trump against renouncing free trade deals”

Senior U.S. officials recommend removal of NSA director: sources

The heads of the Pentagon and the U.S. intelligence community have recommended to President Barack Obama that the director of the National Security Agency, Admiral Michael Rogers, be removed from his position, sources familiar with the matter said on Saturday. The recommendation by Defense Secretary Ash Carter and Director of National Intelligence James Clapper, first reported by The Washington Post, was delivered to the White House last month. Continue reading “Senior U.S. officials recommend removal of NSA director: sources”

Asian export nations wary dollar boost gives Trump pretext to beat them

Asian currency policymakers are worried that the strengthening of the dollar on expectations of U.S. President-elect Donald Trump’s fiscal policies could be used by his administration as a stick to beat them with on trade protectionist grounds. China, Japan, South Korea and Taiwan are already on the U.S. Treasury’s monitoring list, along with Germany and Switzerland, having met some of the conditions to be labeled a currency manipulator, and are wary of the criteria being changed to make it easier. Continue reading “Asian export nations wary dollar boost gives Trump pretext to beat them”

Italy’s Banks Are in a Slow-Motion Crisis. And Europe May Pay

Victor Massiah has grown weary of talk that the Italian banking system is so threadbare and stuffed with terrible loans that it threatens Europe with another financial crisis. The mansion that serves as local headquarters for the bank he runs, UBI Banca, one of Italy’s largest lenders, does not feel like a place on the verge of running out of money. An inlaid marble fireplace sits in a conference room beneath wooden beams worthy of a castle. Continue reading “Italy’s Banks Are in a Slow-Motion Crisis. And Europe May Pay”

Clinton Foundation seen at a crossroads after Hillary Clinton’s dashed White House dreams

Could the Clinton Foundation’s prodigious fundraising ability suffer a similar fate as Hillary Clinton’s dashed political ambitions? During her bid for the White House, the nonprofit bearing the names of Clinton, the former president and their daughter came under withering scrutiny for its fundraising and management practices. The foundation, which operates a range of philanthropic projects around the world and pulled in more than $200 million in revenue in 2014, has raised around $2 billion since its founding—but that money has come with a cost. Continue reading “Clinton Foundation seen at a crossroads after Hillary Clinton’s dashed White House dreams”

Iraq’s oil contracts make joining OPEC output cut more painful

Iraq would have to compensate international oil companies for limits placed on their production, according to industry sources and documents seen by Reuters, further reducing the prospect it will join any OPEC deal to curb the group’s output. The compensation – stipulated in contracts – would compound the financial hit of losing much-needed revenue from crude sales, if the cash-strapped country were to yield to OPEC entreaties to curtail national production. Continue reading “Iraq’s oil contracts make joining OPEC output cut more painful”

Norway’s DNO signs Iran oil field deal

Norwegian oil and gas company DNO is to study the development of an oil field in Iran, becoming the second western company after France’s Total to sign an energy deal in the country since the lifting of sanctions. DNO said it had signed a memorandum of understanding with the National Iranian Oil Company (NIOC) to conduct a study on the development of the Changuleh oil field in western Iran. Continue reading “Norway’s DNO signs Iran oil field deal”

U.S. President-elect Donald Trump picked three conservative loyalists to lead his national security and law enforcement teams on Friday, underscoring his campaign promise to take a hard line confronting Islamist militancy and curbing illegal immigration. Trump picked U.S. Senator Jeff Sessions for attorney general, rewarding a staunch supporter whose tough and sometimes inflammatory statements on immigration have reflected his own. The choice was applauded by the top Republican in the Senate but drew sharp criticism from civil rights activists. Retired Army Lieutenant General Mike Flynn, who has championed Trump’s promises to take a more aggressive approach to terrorism, was chosen as his national security adviser. Trump named Representative Mike Pompeo, a vocal critic of the Obama administration’s security policy, as director of the Central Intelligence Agency. The picks could heighten concerns abroad that the Trump administration might carry out campaign promises of banning Muslims from entering the United States or imposing more severe restrictions on migrants from countries or regions with high levels of militant Islamist activity, such as Iraq and Syria.

Eleven Arab nations warned outgoing UN Secretary-General Ban Ki-moon that “expansionist” and “sponsor of terrorism” Iran has only intensified its policy of “aggression in the region and the continuation of support for terrorist groups” since the nuclear deal. Continue reading “U.S. President-elect Donald Trump picked three conservative loyalists to lead his national security and law enforcement teams on Friday, underscoring his campaign promise to take a hard line confronting Islamist militancy and curbing illegal immigration. Trump picked U.S. Senator Jeff Sessions for attorney general, rewarding a staunch supporter whose tough and sometimes inflammatory statements on immigration have reflected his own. The choice was applauded by the top Republican in the Senate but drew sharp criticism from civil rights activists. Retired Army Lieutenant General Mike Flynn, who has championed Trump’s promises to take a more aggressive approach to terrorism, was chosen as his national security adviser. Trump named Representative Mike Pompeo, a vocal critic of the Obama administration’s security policy, as director of the Central Intelligence Agency. The picks could heighten concerns abroad that the Trump administration might carry out campaign promises of banning Muslims from entering the United States or imposing more severe restrictions on migrants from countries or regions with high levels of militant Islamist activity, such as Iraq and Syria.”

Trump picks conservative loyalists for top security, law enforcement jobs

U.S. President-elect Donald Trump picked three conservative loyalists to lead his national security and law enforcement teams on Friday, underscoring his campaign promise to take a hard line confronting Islamist militancy and curbing illegal immigration. Trump picked U.S. Senator Jeff Sessions for attorney general, rewarding a staunch supporter whose tough and sometimes inflammatory statements on immigration have reflected his own. Continue reading “Trump picks conservative loyalists for top security, law enforcement jobs”

Sixty Conservative MPs back call to leave single market

Writing in the Telegraph, Suella Fernandes MP said only in leaving would the UK “truly be a beacon of international free trade”. Michael Gove, Iain Duncan Smith and Theresa Villier are among her backers. The government said it would not give a “running commentary” before talks but would aim for the “best possible deal”. It comes as other senior Tories are urging the PM to drop an appeal against a ruling that MPs must vote on Brexit before the process can begin. Continue reading “Sixty Conservative MPs back call to leave single market”

DuPont to end pension contribution for active employees

DuPont will no longer contribute to active employees’ pension plans, a move that will affect the retirement of 13,000 workers, including 2,800 in Delaware. The Wilmington-area company announced Thursday that workers will stop accruing benefits sometime in November 2018 or the creation date of the first independent company spawned through the proposed $130 billion merger with Dow. Continue reading “DuPont to end pension contribution for active employees”

ECB’s Praet warns of external risks to euro zone economy

The euro zone’s economic recovery faces “material” external risks, the European Central Bank’s chief economist said on Friday, reiterating the ECB’s pledge to keep financing conditions easy. “Although the euro area recovery is showing signs of resilience, material downside risks remain, mainly stemming from the external environment and significant uncertainties following the outcome of the UK referendum (to leave the EU),” Peter Praet told an audience in New York. “Therefore, we will ensure that monetary policy continues to play its role in facilitating the cyclical recovery.”

Trump taps Sessions, Flynn, Pompeo for top positions

President-elect Donald Trump is announcing his choices for three key administration jobs Friday, naming Alabama Sen. Jeff Sessions for attorney general, Kansas Rep. Mike Pompeo to head the CIA and former military intelligence chief Michael Flynn as his national security adviser. All three have been fierce critics of President Barack Obama’s handling of terrorism and national security, and their selection likely signals a sharp shift in U.S. policy. Continue reading “Trump taps Sessions, Flynn, Pompeo for top positions”

Trump aide: No plan to pursue charges against Clinton

President-elect Donald Trump’s administration will not pursue further investigations of Hillary Clinton related to her private email server or the Clinton Foundation, Trump’s former campaign manager Kellyanne Conway said Tuesday, a significant break from a major campaign promise. “I think when the President-elect, who’s also the head of your party, tells you before he’s even inaugurated that he doesn’t wish to pursue these charges, it sends a very strong message, tone, and content” to fellow Republicans, Conway said in an interview on MSNBC’s “Morning Joe.” Continue reading “Trump aide: No plan to pursue charges against Clinton”

Jeff Sessions, as Attorney General, Could Overhaul Department He Skewered

Jefferson Beauregard Sessions III, as the courtly senator from Alabama used to be known, was a stalwart Justice Department prosecutor for almost 15 years, a job he called the adventure of a lifetime. Today, Mr. Sessions has a growing list of gripes about how the Obama administration has run his old department, from its breathtaking stance on immigration to its shameful refusal to defend a federal ban on gay marriage. Continue reading “Jeff Sessions, as Attorney General, Could Overhaul Department He Skewered”

Mexican Cartels Coaching Illegal Immigrants to Request Asylum, Say Agents

The new orders by the Obama Administration to release Haitians caught at the border will only exacerbate the current situation since Mexican cartels are now coaching illegal aliens on how to game the U.S. immigration system, Border Patrol agents said. As Breitbart Texas reported, the current administration is moving to release hundreds of Haitians being held in detention centers in Arizona and California. Continue reading “Mexican Cartels Coaching Illegal Immigrants to Request Asylum, Say Agents”

Trump’s top advisor lays out his vision for shaking up America

Donald Trump’s controversial top advisor Steve Bannon said the Trump administration would build an entirely new political movement, one greater than the “Reagan revolution,” according to a report from The Hollywood Reporter. Bannon, the former president of Breitbart News, in an exclusive interview with THR laid out his vision of an American focused entirely on jobs, even comparing it to President Andrew Jackson’s populism. Continue reading “Trump’s top advisor lays out his vision for shaking up America”

The euro is on its longest losing streak ever

The euro on Friday was headed for a 10th straight loss against the U.S. dollar, and investors are taking notice as the shared currency extends its longest losing streak since its inception. The path for the euro doesn’t look much rosier in the short term, with an Italian referendum and the prospect for further monetary stimulus from the European Central Bank among its potential hurdles. Continue reading “The euro is on its longest losing streak ever”

Scots push case for special Brexit deal in Brussels

The Scottish government is pushing for Britain and the European Union to give Scotland special terms in any Brexit deal to keep it closer than England to EU markets, its lead negotiator said in Brussels on Monday. Telling an audience that included EU officials and diplomats that only the “softest” break with the EU would suit Scotland, Edinburgh’s Brexit minister Mike Russell said that if that were not possible, then Scotland should vote again on independence. Continue reading “Scots push case for special Brexit deal in Brussels”

Trump’s plans for trade and foreign policy could end up hurting the U.S.

President-elect Donald Trump continues to work on building a cabinet, Fitch Ratings is sounding a warning about the uncertainty created by campaign rhetoric, which is weighing on the sovereign debt of Canada, Mexico and China. Trump’s protectionist rhetoric and talk of a more unilateral foreign policy are particularly significant, the ratings agency said, given U.S. status as the world’s biggest economy and a key diplomatic and military power. Continue reading “Trump’s plans for trade and foreign policy could end up hurting the U.S.”

Trump’s tough talk on China risks impacting agriculture and food trade

President-elect Donald Trump’s tough talk about China’s trade policies during the campaign has rankled the communist nation and now raises the possibility of a backlash to the U.S. agricultural industry. Candidate Trump called China a “currency manipulator” and threatened to put into place 45 percent tariffs on Chinese imports. He also threatened trade with Mexico, including getting rid of the North American Free Trade Agreement, or NAFTA deal, which would have serious implications for agriculture and other industries. Continue reading “Trump’s tough talk on China risks impacting agriculture and food trade”

U.S. drillers this week add most oil rigs in 16 mths -Baker Hughes

U.S. oil companies added 19 drilling rigs this week, the biggest hike since July 2015, as shale producers cautiously redeploy cash amid OPEC’s plans to curb production and after Donald Trump’s presidential election victory. Drillers added 19 oil rigs in the week to Nov. 18, bringingthe total count up to 471, the most since January, but still slightly below the 564 rigs seen a year ago. Since U.S. crude prices recovered from 13-year lows to around $50 a barrel, drillers have added a total of 155 oil rigs in 22 of the last 25 weeks. Continue reading “U.S. drillers this week add most oil rigs in 16 mths -Baker Hughes”

Deutsche Bank looking to cut back U.S. mortgage securitization: sources

Deutsche Bank is looking to cut its loan securitization business further starting with repackaged U.S. mortgages, two people familiar with the matter said, as the lender braces for a large fine in the United States for alleged mis-selling of such debt. As well as rolling back the repackaging and resale of U.S. mortgages, European car loan securitization and other areas may also be cut, the people said, adding that management were still debating the scale of the reductions. Continue reading “Deutsche Bank looking to cut back U.S. mortgage securitization: sources”

Trump to deal with surging migration to US, scant resources

President-elect Donald Trump will face an immigration system that is maxed out when he takes office in January as a high number of Central Americans and Haitians continue to come to the U.S. through the Mexican border. Resources to process the immigrants, detain them and to try their immigration cases in court are extremely strained. Now, federal officials say they are releasing Haitian immigrants who have been entering the country in large numbers, backtracking on a pledge to jail them before they are deported. Continue reading “Trump to deal with surging migration to US, scant resources”

Fed’s Kaplan expects weakness in China’s currency as growth slows

Dallas Federal Reserve Bank President Robert Kaplan on Friday repeated his view that China’s economic growth will likely decline and said he expects future bouts of weakness in China’s currency as a result. President-elect Donald Trump promised during his campaign that he would have China labeled a currency manipulator for artificially keeping its currency weak. Continue reading “Fed’s Kaplan expects weakness in China’s currency as growth slows”

Dollar index posts biggest two-week gain in 20 months

The dollar rose to its highest level since April 2003 against a basket of currencies on Friday, marking its biggest two-week increase since March 2015 as traders piled bets on a massive dose of fiscal stimulus under a Trump U.S. Presidency. The greenback has climbed 7.3 percent against the yen in two weeks, its steepest such gain since January 1988 and its second-strongest performance in the era of floating exchange rates. Continue reading “Dollar index posts biggest two-week gain in 20 months”

‘First line of defense’: Democratic states vow to fight Trump in court

Democratic attorneys general in at least five U.S. states have vowed to fight President-elect Donald Trump in the courts if he rolls back Obama-era regulations or adopts policies they view as infringing upon civil liberties. With Republicans controlling the White House and both chambers of Congress, the Democratic Party looks set to rely more heavily on top law officials in states they run to help keep a check on Trump’s exercise of power. Continue reading “‘First line of defense’: Democratic states vow to fight Trump in court”

U.S. regulator says may seek pay from former Wells Fargo executives

A leading U.S. bank regulator on Friday revoked Wells Fargo & Co’s right to be exempted from some executive compensation rules and the lender must seek permission before appointing new leadership. The move by the Office of the Comptroller of the Currency revokes some of the terms of Wells Fargo’s September settlement with regulators. Specifically, the settlement had exempted Wells Fargo from controls on “golden parachute” payments to executives.

Wells Fargo New Account Openings Dive By 44 Percent

The embattled San Francisco-based bank announced Thursday that new account openings had fallen by 44 percent in October year-over-year and new credit card applications had plummeted by 50 percent. Foot traffic to branches is also down, with “branch banker interactions” down 22 percent from a year ago, and teller transactions down 10 percent. Continue reading “Wells Fargo New Account Openings Dive By 44 Percent”

Trump election: Baltic warning over Russian move on Nato

Lithuania has warned that Russian President Vladimir Putin may test Nato in the weeks before Donald Trump becomes US president. Foreign Minister Linas Linkevicius said he was “very afraid” for the Baltics, as well as the Syrian city of Aleppo. Nowhere is the troubled transition of Donald Trump being watched more carefully than in the Baltic states. Lithuania believes its dark view of Russian intentions is justified by its geography and its history. Continue reading “Trump election: Baltic warning over Russian move on Nato”

Trump election: Michael Flynn, the new national security adviser

Michael Flynn’s appointment as US national security adviser is a remarkable change in fortunes for a man all but written off two years ago when he was removed from his post as a Pentagon intelligence chief. The retired US Army three-star lieutenant-general was one of Donald Trump’s closest advisers and most ardent supporters during the campaign. Gen Flynn believes the US is losing a global war against Islamist extremism that may last for generations. Continue reading “Trump election: Michael Flynn, the new national security adviser”