US stock indexes rose moderately (SPY +0.7%) in a broad-based rally, spurred by a blowout private employment data (ADP) that reinforced the strength of the economy. The Dow rose triple digits (165 points), Nasdaq hits all-time high after the strong ADP report.
Here is the current market situation from CNN Money
North and South American markets are mixed. The S&P 500 is higher by 0.69%, while the Bovespa is leading the IPC lower. They are down 0.18% and 0.05% respectively.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Following a major market correction, the conditions for safe re-entry are when:
a) Daily $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors
Looking at the last three columns (below), 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.
SAN FRANCISCO (Reuters) - Taser International Inc , maker of the eponymous device used by police to stun and incapacitate a person temporarily, is changing its name to Axon as it pushes further into the software business.
CHICAGO (Reuters) - U.S. seeds and agrochemicals company Monsanto Co , which is in the process of being bought by Germany's Bayer AG for $66 billion, reported a better-than-expected quarterly profit on Wednesday, helped by strong demand for its soybean and corn seeds.
BRUSSELS (Reuters) - ChemChina [CNNCC.UL] won conditional EU antitrust approval on Wednesday for its $43 billion bid for Swiss pesticides and seeds group Syngenta , a deal that could help China boost its domestic agricultural output.
FRANKFURT (Reuters) - Volkswagen Group's Audi and Porsche brands will join forces on vehicle development, the two upmarket brands said on Wednesday, to help the world's largest carmaker save money in the wake of its costly emissions test cheating scandal.
(Reuters) - Wells Fargo & Co has restructured its credit card processing business after an internal probe found some employees had falsely reported customer sales numbers, the Wall Street Journal reported on Wednesday.
TOKYO (Reuters) - Toshiba Corp sacked Westinghouse Electric Co's chairman two days before the U.S. nuclear engineering subsidiary filed for bankruptcy protection last week, as the Japanese firm tries to draw a line under the travails of a business that has cost it billions of dollars.
BERN (Reuters) - Swiss Attorney General Michael Lauber said on Wednesday that his money laundering investigation into Malaysian fund 1MDB was making progress despite Malaysian authorities' refusal to cooperate.
With Trump set for his most important meeting with a foreign leader tomorrow,, when he will meet China's president Xi Jinping at Mar-A-Lago, Goldman's Alec Philips lays out the agenda for what to expect and key deliverables from tomorrow's meeting.
* * *
Markets are focused on the meeting this Thursday and Friday between US President Trump and Chinese President Xi, which stands as a key event in a vital global bilateral relationship--between the two countries that represent the world's two largest economies and two largest militaries. The meeting will mark the start of a new US-China dialogue but, in our view, the probability of significant breakthroughs seems low in light of the still-evolving nature of the Trump Administration's policy toward China and the limited amount of interaction to date. Indeed, comments from senior officials at a White House press briefing held yesterday described it as an "introductory meeting" and an opportunity to "set a framework for discussions on trade and investment", and indicated that "President Trump really views this meeting as a first step".
President Trump has signaled a desire to fundamentally shift aspects of the relationship, particularly regarding economic and trade-related issues. Chinese policy has become increasingly assertive, both economically and geopolitically, but in light of upcoming leadership changes ahead of this autumn's 19th Party Congress, President Xi is apt to be keen to preserve aspects of the status quo and avoid disruptive changes.
This meeting is also notable for its timing, as it comes much earlier than comparable US-China meetings in new administrations, which have tended to occur in the fall of the inaugural year; in the last three US administrations, the initial meetings occurred in November 1993, October 2001, and November 2009, for example. Unlike some of these prior meetings, at this early stage the Trump Administra ...
The debate over productivity rages on. Some believe productivity is understated. Others believe it is overstated.
Janet Yellen believes a lack of strong productivity gains may be responsible for tepid wage gains.
Financial Times writer Edward Luce is confused, as are many others. Luce discusses The Mystery of Weak US Productivity.
Osborne on Productivity
In 2105, then UK chancellor George Osborne made boosting UK Productivity a Priority.
"Let me be clear: improving the productivity of our country is the route to raising standards of living for everyone in this country," he said. "Our future prosperity depends on it."
Greenspan on Productivity
In an Interview with Gold Investor Alan Greenspan blamed the aging of baby boomers.
We have been through a protracted period of stagnant productivity growth, particularly in the developed world, driven largely by the aging of the 'baby boom' generation. Social benefits (entitlements in the US) are crowding out gross domestic savings, the primary source for fund ...
In what the biggest shake-up at the White House since Mike Flynn resigned in February, moments ago Bloomberg reported that President Trump has reorganized his National Security Council on Wednesday, removing his chief strategist, Stephen Bannon as well as downgrading the role of his Homeland Security Adviser, Tom Bossert, while elevating national intelligence director, Dan Coats, and the chairman of the Joint Chiefs of Staff, Marine Corps General Joseph Dunford, who will again be "regular attendees" of the NSC's principals committee.
According to Reuters, Bannon's removal from the NSC was seen as a boost to national security adviser H.R. McMaster, who officials said has struggled to work together with Bannon.
McMASTER has made it clear inside WH that he wants NSC to be non-political, especially as he crafts NSC strategy for admin...
— Robert Costa (@costareports) April 5, 2017
Wednesday's change means Mr. Bannon is no longer part of the NSC. He is still permitted to attend such meetings but won't automatically be invited to each one.
The WSJ adds that "the decision to boot Bannon was made by Trump's new national security adviser, Lt. Gen. H.R. McMaster" while another senior administration official said Mr. Trump "signed off on all the ch ...
Mexico's oil and gas regulator said last week that the country's proved hydrocarbon reserves will drop by 10.6 percent in 2017. This forecast, coupled with the lower oil production that state company Petroleos Mexicanos (Pemex) reported for yet another year in 2016, is painting a rather bleak picture of Mexico's reserves.
Without resumption in investments and more drilling, and if no significant finds occur, Mexico will be running out of reserves within 9 years, according to an official from the National Hydrocarbons Commission.
However, the energy reform that ended Pemex's monopoly and allowed foreign companies to invest in Mexico's oil exploration and production is expected to start yielding results by the end of this decade. The deepwater bidding round last December attracted major international oil companies, and Mexico awarded blocks to consortia including Chevron, Exxon, Statoil, BP, Total, and China Offshore Oil Corporation.
In addition, the analysts are now largely calling the end of the downturn and expect deepwater investment to pick up in coming years.
Mexico's National Hydrocarbons Commission said last week th ...
The ISM non-manufacturing (aka ISM Services) index continues its growth cycle,but growth slowed 2.4 to 55.2 (above 50 signals expansion). Important internals were mixed. Markit PMI Services Index declined also but is close to no growth..
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