US stock market futures pointed to a flat open near all-time highs this morning (SPY -0.1%), as investors looked ahead to President Trump's speech to Congress tonight. The dollar is little changed and crude prices have crept lower into the mid 53 handle.
Here is the current market situation from CNN Money
European markets are mixed. The FTSE 100 is higher by 0.07%, while France's CAC 40 is off 0.05%. Shares in Germany are unchanged with the DAX at 11,821.77.
(Reuters) - Target Corp forecast a surprise drop in full-year sales at established stores on Tuesday and reported a steeper-than-expected fall in holiday-quarter sales due to "unexpected softness" at its stores.
WASHINGTON (Reuters) - Major U.S. corporations are going to war in Washington over a Republican 'border adjustment' tax proposal meant to boost exports over imports, with lawmakers in Congress coming under pressure from some of the nation's biggest employers.
WASHINGTON (Reuters) - President Donald Trump said he believes the extra $54 billion dollars he has proposed spending on the U.S. military will be offset by a stronger economy as well as cuts in other areas.
WASHINGTON (Reuters) - Reform of Wall Street rules and consumer protects imposed after the 2008 financial crisis is likely this year, and much of the law could be undone through a number of ways, the Republican chairman of a key House of Representatives committee said.
SEOUL (Reuters) - South Korean prosecutors charged Samsung Group [SARG.UL] chief Jay Y. Lee with bribery and embezzlement on Tuesday as the top conglomerate announced the dismantling of its corporate strategy office, the latest developments in a graft scandal that has rocked the country.
LONDON (Reuters) - Intercontinental Exchange (ICE) is looking into setting up a London-based metals trading system, industry sources familiar with the matter said, more than four years after its ailed attempt to buy the London Metal Exchange
NEW YORK (Reuters) - Wells Fargo & Co's wealth management business said on Tuesday it would launch its new robo-adviser Intuitive Investor later this year in a bid to develop a new revenue stream from existing Millennial customers who may be looking to open their first investment account in a crowded online market.
For a majority of China watchers, while Beijing's goalseeked GDP reports are largely dismissed as politburo propaganda, most of the attention falls on the PBOC and banking sector's credit creation, and particularly, how this translates into broad money supply, or M2, growth: after all, in a nation which has roughly $35 trillion in bank assets, the biggest variable is how much cash is being injected into the system, and what happens with said cash.
Which is why a Reuters report overnight that China plans to target broad money supply growth of around 12 percent in 2017, down from 13 percent in 2016, has been promptly noted as the latest signal to contain debt risks while keeping growth on track. The M2 growth target was endorsed by leaders at the closed-door Central Economic Work Conference in December, according to sources with knowledge of the meeting outcome.
As a reminder, yesterday even the NY Fed released a note in which central bank researchers warned about the unsustainability of Chinese debt. Under the PBOC's new "prudent and neutral" policy, the central bank has adopted a modest tightening bias in a bid to cool torrid credit expansion, though it is treading cautiously to avoid hurting the economy.
"It's not necessary to maintain last year's high money supply growth," said a source who advises the government. "A money supply rise of 11 percent should be enough for supporting growth, but we probably need to have some extra space, considering risks in the process of deleveraging."
In 2016 China's money supply target was 13%, roughly double the country's GDP , though it ultimately grew just 11.3% due to the effects of the central bank's intervention to support the yuan currency, which effectively drained yuan liquidity from the economy. Last year's M2 target reflected Beijing's focus on meeting its economic growth targets, but top leaders have pledged this year to shift the emphasis to addressing fina ...
In an interview with Fox & Friends that aired early Tuesday morning, President Trump blamed former President Obama for protests against him and other Republicans, as well as "possibly" some of the leaks from the White House: "I think President Obama's behind it, because his people are certainly behind it."
Trump was asked if he believed Obama was responsible for the town hall protests against Republicans this month: "It turns out his organization seems to do a lot of these organizing to some of the protests that these Republicans are seeing around the country against you. Do you believe President Obama is behind it and if he is, is that a violation of the so-called unsaid presidents' code?" Trump was asked.
"No, I think he is behind it, because his people are certainly behind it. I also think it is politics, that's the way it is," Trump replied.
Trump on protests: "I think that President Obama is behind it" pic.twitter.com/vvxNyV22NU
— Bradd Jaffy (@BraddJaffy) February 28, 2017
Trump discussed the leaks that have disrupted his first month in office: "You never know what's exactly happening behind the scenes. You know, you're probably right or possibly right, but you never know. No, I think that President Obama is behind it because his people are certainly behind it. And some of the leaks possibly come from that group, which are really serious because they are very bad in terms of national security. But I also understand that is politics. In terms of him being behind things, that's politics. And it will probably continue."
Trump did not offer any evidence for his claim in the clip released by Fo ...
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