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25Sep2017 Market Update: Wall Street Moderately Lower, WTI Crude And The US Dollar Still Trending Higher, The Fed Is On Track To Gradually Raise Interest Rates

Written by Gary

US large caps briefly climbed to the green side and then fell sharply in late morning trading (SPY -0.5%) after NOKO accused the USA of declaring war and a selloff in technology stocks accelerated.


Here is the current market situation from CNN Money

What Is Moving the Markets

Here are the headlines moving the markets.

Nets welcomes $5.3 billion takeover bid by Hellman & Friedman

COPENHAGEN (Reuters) - Payments firm Nets on Monday welcomed a 33.1 billion Danish crown ($5.3 billion) bid from U.S. firm Hellman & Friedman, marking what could be one of the largest European private equity takeovers in recent years.

Wall St. falls on North Korea comments, tech selloff

(Reuters) - U.S. stocks fell sharply in late morning trading on Monday after North Korea accused the United States of declaring war and a selloff in technology stocks accelerated.

Dudley sees Fed rate hikes; inflation weakness 'fading'

SYRACUSE, N.Y. (Reuters) - The Federal Reserve is on track to gradually raise interest rates given the recent inflation weakness is fading and the U.S. economy's fundamentals are sound, an influential Fed policymaker said on Monday, reinforcing the central bank's confident tone.

ABB buys GE business for $2.6 billion in bet it can boost margins

ZURICH (Reuters) - Power grids maker ABB is buying General Electric's Industrial Solutions business for $2.6 billion in a bet it can improve the division's lackluster margins over the next five years, the Swiss engineering company said on Monday.

Exclusive: Toshiba tells banks chip deal delayed as Apple yet to approve

TOKYO (Reuters) - Toshiba Corp told its main banks on Monday it has not signed the $18 billion sale of its semiconductor business because Apple Inc , a member of the buyer group, has not agreed on key terms, two people involved in the deal said.

Apologizing to London, Uber CEO offers change to keep license

LONDON (Reuters) - Uber's [UBER.UL] new boss Dara Khosrowshahi apologized to Londoners for the taxi app's mistakes and pledged to make changes as the Silicon Valley firm tries to overturn a decision to strip it of its license in one of its major markets.

Target raises minimum hourly wage to $11, pledges $15 by end of 2020

CHICAGO (Reuters) - Target Corp said on Monday it would increase its minimum hourly wage this year by a dollar to $11, vowing to raise this by the end of 2020 to $15 an hour -- the so-called "living wage" labor advocates across the United States are campaigning for.

AIG to restructure into three new units, marking CEO's first big move

(Reuters) - American International Group Inc said on Monday it will reorganize into three new business units and will no longer have separate commercial and consumer units, marking the first significant move by new Chief Executive Brian Duperreault.

Allergan boosts shares with $2 billion buyback

(Reuters) - U.S. drugmaker Allergan Plc on Monday authorized a $2 billion buyback of its common stock, sending its shares up after a week of disappointing news on its drug development pipeline.

Doesn't Mexico Have Building Codes?

Authored by Ryan McMaken via The Mises Institute,

During the 1987 Whittier Narrows earthquake in Los Angeles, my mother was working in downtown Los Angeles in one of the buildings then known as the Arco Towers.

The building was of early 1970s vintage, but thanks to expensive technology introduced to help high-rises withstand earthquakes, the Arco Towers merely swayed from side to side, rather than collapse in response to the quake. That earthquake was a medium-sized earthquake (to use casual terminology), but the building is designed to withstand far larger tremors. Eight people died in the wake of the quake.

Two years earlier, the 1985 Mexico City earthquake struck with devastating results. While the earthquake was considerably stronger, the casualty totals were far beyond what we would expect were a similar quake to hit Los Angeles. While the number is still in dispute today, more than 30,000 people may have died in the quake, thanks largely to collapsed buildings.

Fortunately, the death toll in Tuesday's Mexico-City quake looks to be much, much smaller than was the case in 1985. So far, casualty counts number in the low hundreds.

The Wall Street Journal today attributes this to improvements in building codes:

Mexico City's building codes improved dramatically in the years following the city's 1985 earthquake, a magnitude 8.1 temblor that killed more than 6,000 and toppled nearly 2,300 buildings, including hospitals, scho ...

Brent Crude Spikes To Highest Since July 2015

North Korean war-talk has extended early gains for Brent Crude (driven by anxiety over the post-Kurd-referendum fallout), pushing prices to their highest since July 2015.

To the highest since July 2015...

As Bloomberg reports, Kurdish oil supplies may be in jeopardy as Turkey, Iran and the Iraqi central government in Baghdad sought to isolate the semi-autonomous Kurds as balloting began on Monday. Meanwhile, OPEC and its partners implemented more than 100 percent of their agreed cuts last month, OPEC Secretary-General Mohammad Barkindo said Friday in Vienna, providing more fuel to the oil rally.

"It's pretty clear the Kurds are going to vote for independence and we will have yet another geopolitical hot spot in the Middle East that threatens a significant amount of oil supply," John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone.

At the same time, "the cooperation and the strong effort by OPEC is registering with the market."

Brent crude oil futures curve has moved into backwardation in recent weeks, indicator of supply tightness...

Angry NFL Fans Lash Out, Burn Jerseys Over Protests: "You Can Take Your NFL And Shove It"

With all of the grandstanding and emotional reactions from the NFL over the weekend, the sport's smartest executives seemingly proved that they have no idea they're fighting a battle that simply can't be won.

While it is clear as day to anyone who can disassociate themselves from the emotional response to being verbally attacked by a tweetstorm (as truly 'terrifying' as such a thing can be), the NFL doesn't seem to understand that while almost every American can agree that football is a great sport, roughly 50% of them will vehemently disagree with whatever political stance any given player or league exec decides to publicly announce. And, since the NFL's future depends on selling overpriced ad spots to massive corporations looking for a consistent number of eyeballs, alienating any group of viewers, for whatever reason, is just bad for business.

But don't take our word for it...here's just a couple of examples for what the fans had to say over the weekend.

"It's a disgrace. It's disgusting. They're getting paid to do a job...to play ball and do whatever the fans want them to do."

"They're paying these guys to do a job. They're not supposed to be involved in politics."

Watch the latest video at video.foxnews.com

Meanwhile, this Ravens fan simply burned his jersey to the tune of the national anthem...

...while this

North Korea Says "Trump Declared War", Threatens To Shoot Down US Bombers

Having raged at President Trump's "suicide mission" on Friday, North Korea's foreign minister Ri Yong Ho called for an impromptu press conference this morning following President Trump's extended travel ban, in which the diplomat said that Trump's comments that the DPRK's leadership would not be around much longer "amount to a declaration of war" and added that North Korea has "every right to take countermeasures against the United States, including to shoot down American jets outside the DPRK's airspace" as part of its right to self-defense under the United Nations charter.

He did not hold back:

Part 1 of #NorthKorea Foreign Minister speaking to press pic.twitter.com/cWi4LvZ5lF

— Minyoung Park (@minyoungpark) September 25, 2017

And again:

Part 2 of #NorthKorea Foreign Minister speaking to press pic.twitter.com/7GxR4u0jTv

— Minyoung Park (@minyoungpark) September 25, 2017

North Korea's foreign minister says Trump's latest statement was "a declaration of war" against his country:

...

Still Time to Ride the Payments Deal Wave

Sometimes the public just doesn't appreciate a good thing. That anyway is the view of Danish payments company, Nets, which is recommending a $5.3 billion private-equity buyout offer barely a year after it listed.

Unilever's Most Expensive Deal in Years Is a Risk Worth Taking

Unilever's purchase of Carver Korea is the company's biggest acquisition in seven years and among its most expensive, but the Seoul-based skin-care company give the Anglo-Dutch giant the kind of exposure it needs.

Ignore the Fed's Yield Sign at Your Peril

The Federal Reserve is telling investors it will flatten the yield curve. They should listen.

August 2017 CFNAI Super Index Moving Average Declines

Written by Steven Hansen

The economy's rate of growth marginally declined based on the Chicago Fed National Activity Index (CFNAI) 3 month moving (3MA) average - and economic growth is now insignificantly below the historical trend rate of growth.

London Markets: FTSE 100 under pressure as banks fall, pound rises against the euro

U.K. stocks pulled back Monday, struggling as sterling climbed against the euro in the wake of Germany's general election that could result in a prolonged talks for Chancellor Angela Merkel to form a coalition.

Jeff Reeves's Strength in Numbers: 7 reasons to stay bullish on the stock market amid all those worrisome headlines

Prominent investors are among today's worriers. But Jeff Reeves argues there are good reasons why the stock market is doing so well.

Robert Powell: What retirees should do in wake of Equifax data breach

Extra steps seniors should take

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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