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07Nov2017 Market Update: Wall Street Extends Afternoon Losses As Financial Stocks Weigh, Bullish November Start Is Less Than Spectacular

Written by Gary

US equities markets added to losses in early afternoon trading today (SPY -0.2%), after the major U.S. stock benchmarks have concurrently registered consecutive record closes.

Here is the current market situation from CNN Money

North and South American markets are mixed to lower. Shares in Brazil are off as the Bovespa drops 2.14%. The S&P 500 is down 0.11% while the IPC in Mexico is unchanged.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street extends losses as financial stocks weigh

(Reuters) - Wall Street added to losses in early afternoon trading on Tuesday, with the S&P and the Dow weighed down by financial stocks and the Nasdaq slipping on weak forecast from travel services company, Priceline.

Ackman's Pershing Square loses bitter ADP proxy battle

ROSELAND, N.J. (Reuters) - Activist hedge fund manager William Ackman lost his bid on Tuesday to win seats on the board of Automatic Data Processing Inc after a hostile, months-long proxy contest that was crucial to him retaining support from some of his own investors.

EU's Vestager says seeking details on Apple's recent tax set-up

LISBON (Reuters) - EU regulators have asked iPhone maker Apple for details of its recent tax structure following last year's order to pay back taxes of up to 13 billion euros ($15 billion) to Ireland, Europe's anti-trust chief said on Tuesday.

China plans easing foreign holding, partner choice for securities ventures - sources

HONG KONG (Reuters) - China plans to allow global banks to take a stake of up to 51 percent in their onshore securities ventures for the first time and tie up with local non-financial firms, people familiar with the matter said.

Sky investor Odey opposes Fox bid as Disney talks fuel uncertainty

LONDON (Reuters) - Investor Crispin Odey said he opposed Twenty-First Century Fox's $15 billion bid for Sky after a report of separate talks between Rupert Murdoch and Walt Disney Co added more uncertainty to a takeover facing regulatory hurdles.

One-year since Trump's win, U.S. funds enjoy strong growth

LONDON (Reuters) - Assets managed by U.S.-based funds have grown substantially, led by equity funds, since Donald Trump won the U.S. presidential elections a year ago.

Bridgewater paid off employee after relationship with top executive: WSJ

(Reuters) - Bridgewater Associates paid a settlement to a woman who was pushed out after having a consensual relationship with top executive Greg Jensen, The Wall Street Journal reported on Tuesday.

Priceline shares tumble as profit forecast misses Street view

(Reuters) - Shares of Priceline Group Inc fell 10 percent in early trading on Tuesday after the U.S. online travel service provider forecast fourth-quarter profit sharply below Street expectations, as it spends heavily to expand advertising its to 18 more countries.

Waymo launching ride-hailing service in Phoenix with no human behind wheel

SAN FRANCISCO (Reuters) - Alphabet Inc's Waymo self-driving unit is launching a ride-hailing service for the general public with no human driver behind the steering wheel and has been testing such fully self-driving cars on public roads in Arizona, Chief Executive John Krafcik said on Tuesday.

Saudi Purge Goes Nuclear: Over 1,200 Bank Accounts Frozen

One day after we reported that Saudi Arabia has started to freeze the accounts of the dozens of arrested royals, ministers and businessmen, in the process allowing Mohammed bin Salman to further cement control over the Kingdom, the Kingdom has taken its "money laundering" crackdown to the next level and on Tuesday, Saudi banks have frozen more than 1,200 accounts belonging to individuals and companies in the kingdom as part of the government's anti-corruption purge, bankers and lawyers told Reuters, adding that "the number is continuing to rise."

Since the "countercoup" on Sunday, the Saudi central bank has been expanding the list of accounts it is requiring lenders to freeze on an almost hourly basis, a regional banker told Reuters, and while he did not name the companies affected , he said they included listed and unlisted firms across many sectors.

The banker also said that if the freezes stayed in place for long, they could start to hurt day-to-day business activities such as paying staff and creditors or making other transactions. A second banker said, however, that most of the frozen accounts belonged to individuals rather than companies, and that banks were being allowed by the regulator to continue to fund existing commitments.

In an e-mailed statement, the Saudi Arabian Monetary Authority, or SAMA, said suspension of bank accounts of "persons of interest" is in response to Attorney General's request pending the legal cases against them, according to Governor Ahmed Abdulkarim Alkholifey says in emailed statement. SAMA clarified that individual accounts, rather than corporate businesses, have been put in suspension until final court rulings, and explained that - for now - corporate businesses remain unaffected, which means that are no restri ...

Crude Oil facing 800 pound resistance test

Crude Oil has been strong of late. Did you realize that Crude Oil has gained more in the past month than the S&P 500 has this year, see chart below.

"He Loves Things Splendid And Magnificent": Beloved Trump Set For Hero's Welcome By Chinese Super Fans

Despite his constant threats to label China a currency manipulator last summer and endless complaints about the U.S. trade deficit with the manufacturing giant, President Trump is apparently a legend in China. As Reuters notes this morning, Trump is expected to receive a hero's welcome tomorrow when he arrives in Beijing from adoring Chinese fans who admire that "he loves things splendid and magnificent" and that he "loves to show off."

On platforms such as the Twitter-like Sina Weibo, Trump's Chinese supporters, who admire his business success and a free-wheeling style unconstrained by political correctness, are far more prominent than detractors.

While no comprehensive survey has been done to assess the size and intensity of Trump's popularity in China, several pundits suggest he has broad and vocal support.

"Chinese people are impressed that he is extremely rich, he loves things splendid and magnificent, and he loves to show off. Not every billionaire is like that."


But the Chinese apparently love Trump for more than just his open willingness to flaunt his wealth, they, like many Americans who threw their support behind the unconventional candidate last year, also have an affinity for his lack of political correctness which they consider "elitist and unrealistic."

Trump's popularity in China largel ...

Stocks Sink Back Into Red After Saudi Purge

Bonds and Bullion continue to lead after this weekend's 'pre-emptive coup' in Saudi Arabia but stocks have given up their gains and the dollar is sinking once again...

Small Caps are under the most pressure for now - perhaps as hope for tax reform fade...

As HY credit signals perhaps more pain to come for small caps...

Tax Reform Creates Big Winners and Just Winners Among Banks

The banking industry will be among the biggest winners from a lower corporate tax rate, but some lenders stand to benefit much more than others.

Credit Trades Du Jour: Exotic, 'Nonlinear' and Private

The hunt for yield is taking Wall Street and investors into exotic territory—and that means an appetite for credit assets that are private, not easily tradable and often complex.

Cognac Shortage Won't Keep Rémy on Top Shelf Forever

The world's supply of cognac is running low. Paying a high price for the stock of specialist distiller Rémy Cointreau may leave a sour taste.

September 2017 Headline JOLTS Job Openings Again Little Changed

Written by Steven Hansen

The BLS Job Openings and Labor Turnover Survey (JOLTS) can be used as a predictor of future jobs growth, and the predictive elements show that the year-over-year growth rate of unadjusted private non-farm job openings insignificantly declined. The headline view shows little change.

5 reasons why 'The Lion King' still reigns supreme on Broadway after 20 years

733 productions have opened and closed on Broadway since 'The Lion King' first hit the New York stage

Companies are more worried about Amazon than Trump

When the 'Amazon effect' squares off against the 'Trump trade,' there's a clear winner.

The Technical Indicator: Charting a slow-motion November breakout, S&P 500 approaches the 2,600 mark

The major U.S. stock benchmarks have concurrently registered consecutive record closes, punctuating a bullish, if less than spectacular, November start, writes Michael Ashbaugh.

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