US stock market at decision point (SPY -0.6%) as gold waterfalls to new low since (1269) June, 2016 and solidly breaking through major support (1300). Crude Prices holding in the low 49 handle and the US dollar still testing its resistance. Indicators fractionally bearish.
Here is the current market situation from CNN Money
North and South American markets are mixed. The Bovespa is higher by 1.22%, while the S&P 500 is leading the IPC lower. They are down 0.55% and 0.32% respectively.
(Reuters) - Alphabet Inc's Google on Tuesday announced a new "Pixel" smartphone at an event on Tuesday, the company's latest effort to sell consumers on a Google-branded device and to challenge Apple Inc's iPhone at the high end of the $400 billion global market.
(Reuters) - Delta Air Lines Inc reported a smaller-than-expected drop in consolidated passenger unit revenue for September and maintained its operating margin forecast for the quarter despite suffering a system outage in August.
CHARLESTON, W.V. (Reuters) - Richmond Federal Reserve President Jeffrey Lacker said he would have voted in favor of an interest rate hike at the Fed's September policy meeting had he been able to vote, reflecting the growing pressure on Fed Chair Janet Yellen to raise rates.
(Reuters) - Global equities are forecast to rise modestly in 2017, held back by concerns about the pace of U.S. Federal Reserve interest rate hikes and the waning effect of widespread monetary stimulus that has helped drive shares to lofty heights, Reuters polls show.
CHICAGO (Reuters) - U.S. holiday sales will increase by 3.6 percent in 2016, more sharply than last year, as a stronger job market and robust household spending have improved consumer sentiment, according to an outlook from the leading retail industry group.
NEW YORK (Reuters) - OPEC producers have their sights set on a sustained oil price of $50-$60 per barrel, a modest ambition for the first cut in supply by the oil exporting group in eight years, says one of the industry's top forecasters.
DETROIT (Reuters) - U.S. vehicle safety regulators have opened an investigation into complaints of brake problems in an estimated 282,000 recent model year Ford F-150 pickup trucks, the National Highway Traffic Safety Administration said on its website on Tuesday.
Just days after admitting that some 500 millions of its email accounts were hacked (allegedly Russians, of course), the Yahoo confessional continues as Reuters reports, somewhat stunningly that, Yahoo secretly built software to search all of its customers' incoming emails for US intel officials. Yahoo's reaction to this: we are "a law abiding company."
Following claims of state-sponsored attacks of its customers' email accounts, Reuters reports, Yahoo also hacked its own customers' accounts...
Yahoo Inc last year secretly built a custom software program to search all of its customers' incoming emails for specific information provided by U.S. intelligence officials, according to people familiar with the matter.
The company complied with a classified U.S. government directive, scanning hundreds of millions of Yahoo Mail accounts at the behest of the National Security Agency or FBI, said two former employees and a third person apprised of the events.
Some surveillance experts said this represents the first case to surface of a U.S. Internet company agreeing to a spy agency's demand by searching all arriving messages, as opposed to examining stored messages or scanning a small number of accounts in real time.
With the market shaken by the earlier report, or rather "trial balloon" by Bloomberg that the ECB was contemplating tapering, we said in our previous article that it was only a matter of time before someone at the ECB - having observed the impact on the market - would come out and deny it.
This happened moments ago when Michael Steen, formerly of the FT, and currently head of media relations at the ECB, said that the "ECB has not discussed these topics, as Draghi said at last press conference and during testimony at the European Parliament."
Governing Council has not discussed these topics, as Draghi said at last press conference and during testimony at the European Parliament https://t.co/7HPfF5Ynof
— Michael teen (@michaelsteen) October 4, 2016
It's already in the Bloomberg story, but thought worth repeating here. Last press conference https://t.co/TMRzqu94Z1 pic.twitter.com/5u2JWNeAX6
— Michael Steen (@michaelsteen) October 4, 2016
And here's a quote from the last European Parliament hearing on 26 September (alas no online transcript) pic.twitter.com/vsCPcWAmvV
Early in 2016, when oil prices were plunging and when US banks were careful to push up their loan loss reserves to exposed E&P loans, we noted something surprising: Canadian banks had barely taken any loss reserves to their exposure in the oil and gas sector.
As and RBC report calculated at the time, if they used the same average reserve level as that applied by US banks, Canadian banks' current loss allowance excluding RBC would surge from $170MM to over $2.5 billion, resulting in a substantial hit to earnings, and potentially impairing the banks' ability to service dividends and future cash distributions.
For months this discrepancy persisted even as oil remained well below last year's levels, leaving Canadian bank watchers stumped as to just how Canadian banks planned to pull this particular "Exxon" without suffering balance sheet impariment, until this morning when we may have gotten the answer how the local Canadian money centers "planned" to resolve this odd accounting gimmick.
Today Bank of Montreal, perhaps the biggest violator of the loan loss reserve recongition, fell the most in two months after restating it restated its regulatory capital ratios for the first three quarters of the year. As
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