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14Sep2017 Market Update: Wall Street Sets New Highs, DOW Up 50 Points And Climbing, New Signs Of Firming Inflation, WTI Crude Trading In The Low 50 Handle

Written by Gary

US stock markets soared from the opening to set new historic highs (SPY -0.01%) and then backed off session highs. Large caps in the green, small caps down-0.3%.

Here is the current market situation from CNN Money

North and South American markets are mixed. The IPC is higher by 0.06%, while the Bovespa is leading the S&P 500 lower. They are down 0.29% and 0.04% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Energy stocks helps Wall St. rein in losses; consumer shares weigh

(Reuters) - The S&P and Dow clawed back earlier losses to trade little change on Thursday morning, helped by a jump in energy stocks as oil prices jumped, but the Nasdaq was kept lower by a drop in consumer discretionary shares.

FTC probes Equifax; top Democrat likens it to Enron

WASHINGTON (Reuters) - The U.S. Federal Trade Commission said on Thursday it was investigating Equifax Inc's massive data breach, a rare public confirmation, as a top Democrat suggested the credit-monitoring company's corporate leaders might need to resign.

Gasoline, rents boost U.S. consumer inflation; weekly jobless claims fall

WASHINGTON (Reuters) - U.S. consumer prices accelerated in August amid a jump in the cost of gasoline and rental accommodation, signs of firming inflation that boosted the probability of an interest rate increase from the Federal Reserve in December.

Verizon has moved on from plans to acquire cable companies: CEO

(Reuters) - Verizon Communications Inc said on Thursday that it has moved on from plans to acquire cable companies and instead will focus on building out its own fiber infrastructure.

Ex-AIG chief Greenberg can pursue Spitzer defamation lawsuit

NEW YORK (Reuters) - Maurice "Hank" Greenberg, former chief executive of American International Group Inc , may pursue large parts of his defamation lawsuit against former New York Attorney General Eliot Spitzer, a New York state appeals court ruled.

Judge Fox bid for Sky on merits not politics: James Murdoch

CAMBRIDGE, England (Reuters) - Britain should judge Rupert Murdoch's bid for broadcaster Sky on facts and not politics or risk stifling inward investment after Brexit, his son and fellow executive James Murdoch said on Thursday.

Aramco says IPO on track after report it is preparing for possible delay

(Reuters) - Saudi Aramco's planned initial public offering remains on track, the company said on Thursday, after Bloomberg reported that the oil company is preparing contingency plans for a possible delay by a few months into 2019.

Bitcoin exchange BTCChina says to stop trading, sparking further slide

BEIJING/SHANGHAI/LONDON (Reuters) - Chinese bitcoin exchange BTCChina said on Thursday that it would stop all trading from Sept. 30, setting off a further slide in the value of the cryptocurrency that left it over 30 percent away from the record highs it hit earlier in the month.

EU to make banks pay to centralize markets supervision

LONDON (Reuters) - The European Union wants to centralize market supervision and make banks pay for it, the bloc's financial services chief said, signaling how it will seek to regroup after Britain leaves.

Accused Of War Crimes, Saudis Investigate Themselves And Find No Wrongdoing

Authored by Carey Wedler via,

Amid international calls for an independent inquiry into Saudi war crimes in Yemen, the Kingdom has investigated itself and found it has done nothing wrong.

Countries including China, the Netherlands, and Canada have pushed forward with a U.N. Human Rights Council draft resolution to establish an independent investigation into Saudi war crimes against civilians in the small war-torn nation of Yemen.

This week, Human Rights Watch also accused the coalition of committing war crimes.

Though these allegations have been circulating and documented for years, little has been done to stop the Saudi attacks, and the Saudis and their U.S. and Arab allies have worked to undermine efforts to uncover wrongdoing.

"The minimal efforts made towards accountability over the past year are insufficient to respond to the gravity of the continuing and daily violations involved in this conflict," U.N. human rights chief Zeid Ra'ad al Hussein said in Geneva this week.

Russia Kicks Off "Biggest Display Of Military Power Since The Cold War"

Today, Moscow kicked off its controversial, week-long "Zapad-2017" drill, the latest iteration of a series of training maneuvers that began under the Soviet Union in the 1970s, and which has angered and put NATO and Baltic States leaders on edge. Land, sea and air units will be taking part in war games until the 21st of September across a huge area encompassing western Russia, Belarus, the Baltic Sea and the Russian exclave of Kaliningrad.

After a long break following the collapse of communism, Zapad, or "west" in Russian, was revived in 1999 and then was expanded after Vladimir Putin became president at the end of that year. Previous versions were held in 2009 and 2013. Moscow says fewer than 13,000 troops are participating - the threshold for inviting international observers - but NATO members believe as many as 100,000 troops will be involved in the drills. That would make this year's drill the biggest display of Russian military power since the end of the Cold War a quarter-century ago.

Foreign observers from NATO were never allowed to watch Soviet-era Zapad exercises, and diplomats based in Moscow were barred from visiting regions where the exercises were taking place. That was supposed to change with the signing of the Vienna Document, adopted in 1990 by the Vienna-based Organization for Security and Cooperation in Europe and updated in 2011, but Russia has always found ways to circumvent the agreement.

In the drill, Russia and Belarus will deploy their troops, designated as "the Northern o ...

Pound Surges To One Year High After Carney Says He Is "Among Majority" Expecting Tighter Policy

Having surged earlier in the day following an unexpectedly hawkish BOE statement, moments ago GBPUSD jumped to fresh session highs after BOE Governor Mark Carney said the pound's decline is boosting prices, and added that he's among the majority of MPC with view that policy may need to be tightened in coming months. Some other comments:





The jawboning, which in typical central banker fashion was not accompanied by any action, sent cable to session highs just shy of 1.3400...

... and the highest since last September.

Adding to the urgency, is a note from Goldman in which the bank has revised its call, and instead of seeking a first rate hike in Q4 2018, Goldman now expects it to take place in November. The full note:

European Views: BoE — on hold, but greater urgency in its tightening bias. We change our call to a November hike

The BoE's MPC voted 7-2 to leave Bank Rate unchanged (at 0.25%) at its September policy meeting. Mr McCafferty and Mr Saunders continued to vote for an immediate rate increase.

All MPC members agreed that "monetary policy could need to be tightened by a somewhat greater extent over ...

Is a Tsunami of Inflation Just Around the Corner?

The $USD continues to collapse. As we write this, it has taken out critical support and is well on its way to unwinding ALL of the gains from its 2014 bull market.

As the $USD collapses, it's going to unleash a TSUNAMI of inflation into the financial system. Already the Fed's sticky price inflation (the BAD kind) has risen above its target 2%. Indeed, as of its latest reading, sticky price inflation is clocking in over 3%.

This is going to be like rocket fuel for inflation trades. Smart investors will use this trend to make literal fortunes.

If you're not taking steps to actively profit from this, it's time to get a move on.

We just published a Special Investment Report concerning a secret back-door play on Gold that gives you access to 25 million ounces of Gold that the market is currently valuing at just $273 per ounce.

The report is titled The Gold Mountain: How to Buy Gold at $273 Per Ounce

We are giving away just 100 copies for FREE to the public.

As I write this, there are 19 left.

To pick up yours, swing by:

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

Banks Have the Low Mortgage Rate Blues, Again

The third quarter was already looking pretty tepid for banks, and falling mortgage rates have made the outlook more glum for some.

Toshiba Is Running Out of Options for Its Chip Business

Toshiba's sale of its memory-chip business is turning into a saga, and it doesn't have time for that: A deal with Western Digital may be the best choice left.

Attention Investors: The Stretch of Very Weak Inflation Is Over

Investors have been enjoying what might best be called the Bizarro Goldilocks economy. The latest inflation report serves as a warning the fairy tale may be drawing to its close.

August 2017 CPI: Year-over-Year Inflation Rate Now 1.9%

Written by Steven Hansen

According to the BLS, the Consumer Price Index (CPI-U) year-over-year inflation rate was 1.9 % - growing from than last month's 1.7 %. The year-over-year core inflation (excludes energy and food) rate was again unchanged 1.7 %, and is below the target set by the Federal Reserve.

Europe Markets: European stocks close slightly higher

European stocks on Thursday end a choppy session with small losses after the Bank of England hints rates could rise in coming months, and disappointing data from China raises questions about the strength of the world's No. 2 economy.

What you don't know about Martin Shkreli — his investing tips and strategies

The 'pharma bro' might be mired in controversy, but he has valuable investing insights, writes Michael Brush.

Tesla's electric semi truck is a 'beast,' Elon Musk says

Elon Musk tweets Tesla's semi truck unveiling set for October.

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