US markets opened lower (SPY -0.4%), the dollar has fallen to a one-month low, Gold prices have rallied to a seven-week high and crude prices were firmer, but gains were held in check as global oversupply remained in focus.
Here is the current market situation from CNN Money
European markets are mixed. The FTSE 100 is higher by 0.07%, while the DAX is leading the CAC 40 lower. They are down 0.65% and 0.13% respectively.
(Reuters) - U.S. stocks opened lower on Thursday after President-elect Donald Trump gave little clarity on his promises of boosting economic growth that had powered a record-breaking rally on Wall Street for two months.
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits rose less than expected last week and the underlying trend remained consistent with a tightening labor market that is starting to spur faster wage growth.
LONDON (Reuters) - U.S. President-elect Donald Trump's plans to slash taxes could threaten the country's triple-A credit rating over the medium term, the head of EMEA sovereign ratings at the Fitch agency said on Thursday.
(Reuters) - Delta Air Lines Inc on Thursday reported a 37 percent decline in fourth-quarter net profit and forecast passenger unit revenue, a closely watched metric, to be flat to up 2 percent in early 2017.
FRANKFURT/LONDON (Reuters) - Volkswagen investors demanded reforms and questioned executive bonuses after the carmaker admitted to criminal offences in rigging U.S. emissions tests and U.S. prosecutors indicted six current and former managers over the scandal.
CHICAGO (Reuters) - U.S. President-elect Donald Trump has left the agriculture secretary as the last department head to be named to his Cabinet, while a meeting with the chief executives of two agribusiness giants gave a hint at a roster of farm issues the incoming president will face.
ABU DHABI (Reuters) - Saudi Arabia has cut oil output to its lowest in almost two years, its energy minister said on Thursday, as the world's largest oil exporter leads OPEC's drive to eradicate a global glut and prop up prices.
One day after totally shutting down CNN's Jim Acosta at his first press conference as President-elect, Trump continues to hammer CNN saying they're "in a total meltdown with their FAKE NEWS because their ratings are tanking since election and their credibility will soon be gone!"
.@CNN is in a total meltdown with their FAKE NEWS because their ratings are tanking since election and their credibility will soon be gone!
— Donald J. Trump (@realDonaldTrump) January 12, 2017
* * *
For those who missed it, here are the epic exchanges from yesterday.
In an epic (mutual) trolling between president-elect Trump on one hand and BuzzFeed and CNN, on the other, the two media organizations which issued yesterday's unsubstantiated report about Russia having compromising information on the president-elect, Trump first addressed the question of why he referred to Nazi Germany, saying it is "disgraceful" that intelligence communities would allow the release of any information. "That's something Nazi Germany would have done and did do," he says.
He then unleashed on Buzzfeed which alone published the 35-page memo behind the Russian allegations, saying "Buzzfeed which is a failing pile of garbage... will suffer the consequences"
And then, in an even more stunning episode, Trump slammed CNN reporter Jim Acosta, who he also called out during the presser over their report on a two-page synopsis they claim was presented to Trump.
With Trump looking to call on other reporters, Jim Acosta yelled out, "Since you are attacking us, can you give us a question?"
"Not you," Trump said. "Your organization is terrible!"
With two days of grueling confirmation hearings in the books, it's time for Retired Marine General James "Mad Dog" Mattis, Trump's pick for Secretary of Defense, to field some questions. In his prepared remarks, Mattis is expected to emphasize the importance of international alliances and bringing "business reforms to the Department of Defense by instilling budget discipline." Per The Hill:
"We must embrace our international alliances and security partnerships. History is clear: nations with strong allies thrive and those without them wither," he is expected to say.
The statement is somewhat of a departure from the rhetoric President-elect Donald Trump used on the campaign trail, where he called into question the value of alliances such as NATO.
Mattis will also list strengthening alliances as one of his priorities, along with strengthening military readiness and reforming the Pentagon. "If you confirm me, my watchwords will be solvency and security in providing for the protection of our people and the survival of our freedoms," he will say.
"My priorities as secretary of Defense will be to strengthen military readiness, strengthen our alliances in league with our diplomatic partners, and bring business reforms to the Department of Defense by instilling budget discipline and holding our leaders accountable."
Mattis retired from the military in 2013, and entered the business world as a board member of General Dynamics and Silicon Valley start-up Theranos. He resigned from Theranos earlier this month and will step down from General Dynamics if confirmed. Only t ...
The market expectations for weekly initial unemployment claims (from Bloomberg / Econoday) were 245 K to 256 K (consensus 255,000), and the Department of Labor reported 247,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 258,250 (reported last week as 256,750) to 256,500. The rolling averages generally have been equal to or under 300,000 since August 2014.
Econintersect wants your comments,
data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com