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30Dec2016 Pre-Market Commentary: Wall Street Opened Higher On Last Trading Day Of The Year, Gold Rose To Three-week High, Crude Prices Higher, US Dollar Showing Weakness

Written by Gary

Wall Street opened on today (SPY +0.2%), putting U.S. stocks on track to end 2016 on a positive note for the last trading day of the year. Equities were not the only asset class set to close the books today with strong gains as crude oil, rubber and metals bounced back from several years of losses on the back of output cuts and expectations of firmer demand.


Here is the current market situation from CNN Money

Shares in France are higher today as the CAC 40 gains 0.33%. The British and German stock markets are closed at this time.

What Is Moving the Markets

Here are the headlines moving the markets.

Oil, equities, emerging markets end year of shocks on triumphant note

LONDON (Reuters) - Oil prices edged down on Friday but headed for their biggest annual percentage rise since 2009, with world stocks also up nearly 6 percent over the year despite concerns over China's slowing growth and weakening currency.

Silicon Valley's obscure unicorns could boost 2017 IPO market

(Reuters) - Social media firm Snap Inc may be the highest profile tech IPO planned for 2017, with the potential to raise billions.

Foxconn joint venture to build $8.8 billion LCD plant in China

BEIJING (Reuters) - A joint venture between Hon Hai Precision Industry Co , known as Foxconn, and Sharp Corp plans to build a 61 billion yuan ($8.8 billion) factory in China to produce liquid-crystal displays (LCDs).

China's Midea receives U.S. green light for Kuka takeover

FRANKFURT (Reuters) - China's Midea said it will complete its takeover of German robotics maker Kuka in the first half of January after the United States authorities gave the deal a green light.

China policymakers pledge stability for 'complex' year ahead

BEIJING (Reuters) - China's economy is on a steady growth path as 2016 ends, supported by a housing boom and billions in government investment, but the mood of policymakers is more cautious than celebratory as they face "complexity" in the new year.

Oil, metals post stellar 2016 gains on output cuts, demand hopes

SINGAPORE (Reuters) - Crude oil, rubber and metals are set to end 2016 with strong gains, bouncing back from several years of losses on output cuts and expectations of firmer demand.

Continental CEO says jobs will be lost in shift to electric cars

FRANKFURT (Reuters) - The shift to electric vehicles will cost jobs at German automotive supplier Continental, its chief executive told a newspaper, but he said many of those jobs would be offset by new positions related to electro-mobility.

Pork giant Smithfield skips middlemen in grain supply chain

CHICAGO (Reuters) - Smithfield Food Inc [SFII.UL], the world's biggest pork producer, is buying grain elevators and purchasing grain directly from farmers, a move that hits grain handlers already reeling from multiyear lows in corn and soybean prices.

Asian flash surge takes euro to $1.07

LONDON (Reuters) - A short-lived surge in the euro dominated this year's last day of trade in major foreign exchange markets on Friday, with dealers citing a handful of orders as driving the dollar to its lowest since Dec. 8.

Fake News, Mass Hysteria, And Induced Insanity

Submitted by Charles Hugh-Smith via OfTwoMinds blog,

The "fake news" is that we've never been healthier, healthcare costs are under control and our economy has fully "recovered."

We've heard a lot about "fake news" from those whose master narratives are threatened by alternative sources and analyses. We've heard less about the master narratives being threatened: the fomenting of mass hysteria, which turns the populace into an easily manipulated and managed herd, and induced insanity, a longer-term marketing-based narrative that causes the populace to ignore the self-destructive consequences of accepting the fad/ ideology/ mindset being pushed as "good" and "normal."

In terms of "fake news," it's hard to beat the mainstream media and its handlers' attempts to whip up mass hysteria via unsubstantiated claims that Russian hackers working for Putin deprived Hillary of the presidency. The campaign to spark mass hysteria was launched with great precision, unleashing the overwhelming forces of endless repetition (the marketer's favorite tool) and appeals to national security authorities: The C.I.A., F.B.I, and all the other security agencies purportedly concur that Russia "hacked" (whatever that means) the U.S. election.

The intent of the campaign was painfully obvious: by wheeling out the big guns of authority without any actual evidence, the campaign's designers hoped the public would automatically assume the bizarre, outlandish claim must be "true," even though no evidence was submitted to substantiate this fact-free claim, and respond as planned, i.e. willingly join a mass hysteria herd in favor of discrediting the U.S.election results.

Did ...

Frontrunning: December 30



Russia Set to Expel 35 U.S. Diplomats in Tit-for-Tat (BBG)

Trump's Plan to Partner With Russia Faces Bigger Hurdle (WSJ)

Trump could reverse effects of Obama order on Russia (Reuters)

Gold Lures Investors Worried About Trade Wars and Trump Tweets (BBG)

Syria truce backed by Russia, Turkey, holds but clashes reported (Reuters)

U.K.'s May Criticizes Kerry's Speech on Israeli Settlements (BBG)

Winter storm socks U.S. New England region (Reuters)

Twitter Seeks a Little Help From Its Users Twitter (WSJ)

Trump's Border Wall, Deportation Plans Face Pushback From GOP (BBG)

Malaysian Leader Promised Openness, Now Stifles Dissent (WSJ)

Italy antitrust chief urges EU to help beat fake news (

The Best and Worst U.S. Calls of 2016

From central banks to accounting scandals, from mergers to shadow financing, Heard on the Street columnists aim to provide useful advice for readers. Here's where we got it right—and wrong.

The Best and Worst Europe Calls of 2016

From central banks to accounting scandals, from mergers to shadow financing, Heard on the Street columnists aim to provide useful advice for readers. Here's where we got it right—and wrong.

The Best and Worst Asia Calls of 2016

From central banks to accounting scandals, from mergers to shadow financing, Heard on the Street columnists aim to provide useful advice for readers. Here's where we got it right—and wrong.

Here's why Tesla is Baird's top stock-market pick for 2017

Analyst Ben Kallo is confident the company's energy business and Model 3 electric sedan will surpass expectations.

NewsWatch: This is why stocks look set to fall as 2017 arrives

It's the last trading day of 2016, and the wild year is going out with a few more fireworks. "Trump trades" are fizzling, and our call of the day gives one key reason why stocks will retreat as the new year kicks off.

Key Words: Harry Reid ponders his party's presidential prospects for 2020: 'an old folks' home'

Elizabeth Warren? Bernie Sanders? Joe Biden? A third Hillary Clinton run for the presidency? Harry Reid, himself a voluntary Senate retiree at 77, pondered prospects for the Democratic Party nomination in 2020 at the behest of New York magazine, which specifically had asked whether he could see himself backing Biden:

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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