US stock market future indexes are flat this morning (SPY +0.05%) pointing to an interesting session as Saudi oil minister boasts about output deal pushing Texas Tea over 51 (+1.3%). Housing starts fall short in September and Morgan Stanley topping the EPS estimate.
Here is the current market situation from CNN Money
European markets are lower today with shares in France off the most. The CAC 40 is down 0.14% while Germany's DAX is off 0.06% and London's FTSE 100 is lower by 0.03%.
Looking at the last three columns, the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.
(Reuters) - Morgan Stanley reported a better-than-expected quarterly profit on Wednesday, boosted by a surge in bond trading that followed Britain's surprise vote to leave the European Union and bouts of anxiety about monetary policy around the world.
WASHINGTON, (Reuters) - - U.S. housing starts tumbled to a 1-1/2-year low in September amid a steep decline in the construction of multifamily homes, but a surge in the construction of single-family units pointed to sustained strength in the housing market.
SEOUL (Reuters) - The next few weeks are traditionally a tense time at Samsung Electronics Co as executives wait to see if their work over the year is rewarded with promotion at the South Korean firm's annual performance review.
BERLIN (Reuters) - The European Commission believes it is unlikely that negotiations with the United States over a free trade deal will be completed under the current U.S. administration, a Commission source told Reuters on the condition of anonymity on Wednesday.
(Reuters) - Abbott Laboratories , which is in the process of acquiring St. Jude Medical Inc , reported a nearly 3 percent rise in quarterly sales, fueled by strength in its generic drug and medical device businesses.
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
Can't really blame them, can you.
Young Americans are so dissatisfied with their choices in this presidential election that nearly one in four told an opinion poll they would rather have a giant meteor destroy the Earth than see Donald Trump or Hillary Clinton in the White House.
The tongue-in-cheek question was intended to gauge young Americans' level of unhappiness about their choices in the Nov. 8 election, said Joshua Dyck, co-director of UMass Lowell's Center for Public Opinion, which conducted the poll alongside Odyssey Millennials.
The choice alluded to the Twitter hashtag "#GiantMeteor2016," a reference to an imaginary presidential candidate used to express frustration about this year's election choices.
Some 53 percent of the 1,247 people aged 18 to 35 said they would prefer to see a meteor destroy the world than have Republican New York real estate developer Trump in the Oval Office, with some 34 percent preferri ...
The first time the ECB officially warned about the dangers of virtual currencies in general, and in particular, bitcoin - what was then a mostly unknown currency trading in the single digits (in USD terms) - was in November 2012 when in a report called "Virtual Currency Schemes" it warned that "in an extreme case, virtual currencies could have a substitution effect on central bank money if they become widely accepted. The increase in the use of virtual money might lead to a decrease in the use of "real" money, thereby also reducing the cash needed to conduct the transactions generated by nominal income. In this regard, a widespread substitution of central bank money by privately issued virtual currency could significantly reduce the size of central banks' balance sheets, and thus also their ability to influence the short-term interest rates. Central banks would need to look at their existing tools to deal with this risk (for instance, trying to impose minimum reserve requirements on virtual currency schemes)."
Ironically, since then the ECB has moved significantly down the narrative of currency substitution, and in fact, following a recent push to eliminate paper currency (now that the 500 bill is no longer produced) the central bank has been urging for a shift away from real, paper money and into electronic variants.
However, overnight in a surprising reminder how the European central bank feels about bitcoin and other virtual money, the ECB urged EU lawmakers to tighten proposed new rules on digital currencies such as bitcoin, fearing they might one day weaken its own control over money supply in the euro zone.
In other words, first the ECB went after cash; now it is going after all virtual curren ...
HSBC's respected chief precious metals analyst James Steel has written a note pointing out that the global trade slowdown will likely lead to "higher gold prices" as reported by Bloomberg.
Analysts at HSBC Group Inc. are telling clients that gold may be about to have another shining moment, as the precious metal's status as a safe haven asset could boost prices, given the prospect of a looming downward shift in globalization.
The firm's Chief Precious Metals Analyst James Steel says in a note published on Friday that "demand for gold is often stimulated by the same factors that fan protectionist and populist sentiment" and that "abrupt declines in cross border trade, investment and immigration, the dislocation of global economic policies, and a beggar-thy-neighbor approach to trade is almost tailor-made for higher gold prices."
Previously, Steel advocated owning gold as a "long term insurance policy".
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