US stock markets closed for the final time this year down (SPY -0.5%). Crude prices move higher, settling at 53.84 and the US dollar index at 102.42. The DOW wins with a 14% year-end gain, but closes down 57 points today led down by Apple and other big tech stocks.
(Reuters) - Apple Inc will trim production of iPhones by about 10 percent in the January-March quarter of 2017, the Nikkei financial daily reported on Thursday, citing calculations based on data from suppliers.
(Reuters) - Oil prices settled slightly lower on Friday, the year's last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years.
(Reuters) - U.S. fishing and hunting equipment retailer Cabela's Inc , which is being bought by privately held rival Bass Pro Shops, said the Federal Trade Commission had sought more information from the companies about the deal.
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).
Lame-cuck President Obama has decided to stuff his legacy into a Brazen Bull in a china shop and light a blazing fire underneath it. Just a week after fucking over Israel, the Obama administration and the FBI cobbled together an embarrassingly empty handed, heavily disclaimered, B-game hacking report. It's been utterly shredded by experts. Also, John Pod ...
When we first warned 8 days ago that in the last week of trading a "Red Flag For Markets Has Emerged: Pension Funds To Sell "Near Record Amount Of Stocks In The Next Few Days", and may have to "rebalance", i.e. sell as much as $58 billion of equity to debt ahead of year end, many scoffed wondering who would be stupid enough to leave such a material capital reallocation for the last possible moment in a market that is already dangerously thin as is, and in which such a size order would be sure to move markets lower, and not just one day.
Today we got the answer, and yes - pension funds indeed left the reallocation until the last possible moment, because three days after the biggest drop in the S&P in over two months, the equity selling persisted as the reallocation trade continued, leading to the S&P closing off the year with a whimper, not a bang, as Treasurys rose, reaching session highs minutes before the 1pm ET futures close when month-end index rebalancing took effect.
10Y yields were lower by 2bp-3bp after the 2pm cash market close, with the 10Y below closing levels since Dec. 8. Confirming it was indeed a substantial rebalancing trade, volumes surged into the futures close, which included a 5Y block trade with ~$435k/DV01 according to Bloomberg while ~80k 10Y contracts traded over a 3- minute period.
The long-end led the late rally, briefly flattening 5s30s back to little changed at 112.5bps. Month-end flows started to pick up around noon amid reports of domestic real money demand; +0.07yr duration extensi ...
Back in September we wrote about what we thought for sure would be the wackiest new state law passed in 2016. The law came from the state of California (of course) and demanded a 40% reduction in methane gas from cow flatulence by 2030. Here's what we had to say about the bill:
In yet another attack on California businesses, yesterday Governor Jerry Brown signed into law a bill (SB 1383) that requires the state to cut methane emissions from dairy cows and other animals by 40% by 2030. The bill is yet another massive blow to the agricultural industry in the state of California that has already suffered from the Governor's passage of a $15 minimum wage and a recent bill that makes California literally the only state in the entire country to provide overtime pay to seasonal agricultural workers after working 40 hours per week or 8 hours per day (see "California Just Passed A $1.7 Billion Tax On The Whole Country That No One Noticed").
According to a statement from Western United Dairymen CEO, Anja Raudabaugh, California's Air Resources Board wants to regulate animal methane emissions even though it admits there is no known method for achieving the the type of reduction sought by SB 1383.
"The California Air Resources Board wants to regulate cow emissions, even though its Short-Lived ...
"President-elect Trump, thank you for your warm friendship and your clear-cut support of Israel," gushed Bibi Netanyahu, after he berated John Kerry in a fashion that would once have resulted in a rupture of diplomatic relations.
Netanyahu accused Kerry of "colluding" in and "orchestrating" an anti-Israel, stab-in-the-back resolution in the Security Council, then lying about it. He offered to provide evidence of Kerry's complicity and mendacity to President Trump.
Bibi then called in the U.S. ambassador and read him the riot act for 40 minutes. Israel's ambassador to the U.S. Ron Dermer charged that not only did the U.S. not "stand up to and oppose the gang-up" at the U.N., "the United States was actually behind that gang-up."
When Ben Rhodes of the National Security Council called the charges false, Dermer dismissed President Obama's man as a "master of fiction."
Query: Why is Dermer not on a plane back to Tel Aviv?
Some of us can recall how Eisenhower ordered David Ben-Gurion to get his army out of Sinai in 1957, or face sanctions.
Ben-Gurion did as told. Had he and his ambassador castigated Secretary of State John Foster Dulles, as the Israelis dissed John Kerry, Ike would have called the U.S. ambassador home.
Indeed, Ike's threat of sanctions against Prime Minister Anthony Eden's government, which had also invaded Egypt, brought Eden down.
But then Dwight Eisenhower was not Barack Obama, and the America of 1956 was a more self-respecting nation.
Still, this week of rancorous exchanges between two nations that endlessly express ...
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