US markets closed higher with the Dow ending above 18,000 for the first time since April as declines in the dollar lifted some commodity-related shares and boosted the outlook for multinationals. Importantly, the volume on the early rallies and late declines suggest that smaller investors are bidding up this market and institutions are selling it, which is not a healthy way for stocks to go higher.
WASHINGTON (Reuters) - The U.S. economy was probably not as weak as has been reported in the first quarter, with data on Wednesday showing stronger consumer spending and investment in intellectual products than previously estimated.
(Reuters) - Morgan Stanley has agreed to pay a $1 million fine to settle U.S. Securities and Exchange Commission civil charges that security lapses at the Wall Street bank enabled a former financial adviser to tap into its computers and take client data home, the regulator said on Wednesday.
BERLIN (Reuters) - A promised showdown between the chief executives of German luxury car maker Daimler and ride-sharing firm Uber, Silicon Valley's most valuable private company, turned into more of a wary courtship when the two met publicly on Wednesday.
(Reuters) - Oppenheimer & Co agreed to pay nearly $3 million in fines and restitution to settle U.S. regulatory charges that it improperly sold risky exchange-traded funds to risk-averse elderly customers and other retail investors.
JEDDAH, Saudi Arabia (Reuters) - Saudi Arabia's sweeping plans to overhaul its economy in coming years are matched by proposals for social transformation that extend to ways of tackling domestic violence, increasing city park space and reducing road deaths.
We think the Brexit vote is really a referendum on the European Union which we think has garnered all the positives from such a union, and now with rising debt to GDP ratios in the peripheral European countries they need the ability to monetize the debt through a currency devaluation like China.
It is such a waste of resources to be buying corporate debt by the ECB which tells you in and of itself that European Bonds are a sell right here. It is not like these European countries are going to stop issuing massive debt to finance out of control government spending programs that are unsustainable over the next 10 years.
The ECB has tried to sweep this rising debt issue under the table with their "Do anything it takes" bazooka rhetoric but traders and investors have done a bunch of the work for the ECB, and once the reality sets in that the ECB is just too small to be a backstop once the worm turns in European Bond Markets, anybody holding these assets on their books is going out of business full stop. Buy your CDS and Derivatives now on anybody holding this crap on their books because massive haircuts alone will not solve this upcoming stampede out of European Bonds.
The participants in the June Livingston Survey predict lower output growth for the second half of 2016 than they did in the December survey. The forecasters, who are surveyed by the Federal Reserve Bank of Philadelphia twice a year, project that the economy's output (real GDP) will rise at an annual rate of 1.4 percent during the first half of 2016, weaker than the prediction of 2.5 percent in the December 2015 survey.
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