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29Nov2017 Pre-Market Commentary: Markets Continuing Their Advance

Written by Gary

Bitcoin continues its meteoric rise having cleared the $10,000 valuation. Global markets are generally in positive territory. More dirt appearing on the impromptu meeting between Loretta Lynch and Bill Clinton. And just a few minutes ago, NBC's Today shows Matt Lauer has been terminated by NBC News,


Here is the current market situation from CNN Money

European markets are mixed today. The DAX is up 0.94% while the CAC 40 gains 0.68%. The FTSE 100 is off 0.54%.

What Is Moving the Markets

Here are the headlines moving the markets.

Pound up as Britain coughs up, Bitcoin rockets

LONDON (Reuters) - Signs of progress with U.S. tax cuts and Europe's Brexit negotiations brought fresh highs for world stocks on Wednesday, while bitcoin topped $10,000 in a frenzy for cryptocurrencies.

Exclusive: Daimler rebuffs Geely offer to buy stake; Geely still hopeful of a deal - sources

HONG KONG/BEIJING (Reuters) - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said.

Bitcoin tops $10,000, marks 10-fold increase in 2017

NEW YORK (Reuters) - Virtual currency bitcoin soared to an all-time high above $10,000 on Wednesday on major exchanges and digital currency indexes, including the widely followed Luxembourg-based trading platform BitStamp.

Uber's third-quarter net loss widens to $1.46 billion: source

(Reuters) - Uber Technologies Inc's [UBER.UL] quarterly losses widened, a source familiar with the matter told Reuters on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe.

Build fast, fix later: speed hurts quality at Tesla, some workers say

SAN FRANCISCO (Reuters) - After Tesla's Model S sedans and Model X SUVs roll off the company's Fremont, California assembly line, the electric vehicles usually make another stop - for repairs, nine current and former employees have told Reuters.

CEO quits as LSE tries to draw line under management row

LONDON (Reuters) - London Stock Exchange CEO Xavier Rolet is stepping down immediately and its chairman will not seek re-election, as the exchange tries to draw a line under a row with a top shareholder over management succession.

AT&T and Time Warner say proposed merger is 'pro-consumer'

WASHINGTON (Reuters) - AT&T Inc and Time Warner Inc argued on Tuesday that their proposed $85.4 billion merger was "pro-competitive" and "pro-consumer", as they sought to refute U.S. Justice Department allegations that the deal breaks antitrust law.

GM says Corvette super car will be priced at $119,995 and above

LOS ANGELES (Reuters) - General Motors Co's 755-horsepower Corvette ZR1 super car will have a starting price of $119,995, with a convertible version from $123,995, its global product development chief, Mark Reuss, said on Tuesday.

BMW looking for partners to develop electric small cars

LOS ANGELES (Reuters) - Germany's BMW AG is talking with other automakers "around the world" to try to find partners to lower the cost of electrifying its future Mini small cars, management board member Peter Schwarzenbauer told Reuters.

Detained Saudi Prince Buys His Freedom For $1 Billion

One day you were the billionaire head of the National Guard in one of the world's most brutal dictatorships. Although that carries some risk, you were probably reassured by your position as a senior prince in the ruling family, never mind your strong ties to the US military... oh and of course the many zeros in your bank account. The next day, in a turn of events akin to Shakespearian drama, you were imprisoned (kind of) with ten of your fellow princes and a bunch of ministers and former ministers in a 5 star hotel on charges of money laundering, bribery and general corruption.

Despite being a cousin of the Kingdom's uber-autocratic crown prince, Mohammed bin Salman (MBS), Prince Miteb bin Abdullah was a son of former King Abdullah and got caught up in a clan war in the ruling family. Former Riyadh governor and another of King Abdullah's sons, Turki bin Abdullah, was also arrested in the crackdown.

Miteb was accused of conducting normal business practices in Saudi Arabia, such as embezzlement, hiring "ghost" employees and awarding his own companies a $10 billion contract for walkie-talkies and bullet proof protection. However, after what must have been the worst three and a half weeks of his life in the Ritz Carlton "prison", Miteb has purchased his freedom for a cool $1 billion.

Russia Warns Washington: Confiscating Gold Reserves Would Be "Declaration Of Financial War"

In a surprising, and unexpected warning - which seemingly came out of nowhere - Russia's Finance Minister Anton Siluanov cautioned Washington yesterday that "If our gold and currency reserves can be arrested, even if such a thought exists, it would be financial terrorism."

The comment appears to have been prompted by consideration of escalating US/EU sanctions which could ultimately impact Russia's offshore held gold and reserves. If sanctions include the freezing of foreign accounts of the central bank, it would be equal to declaring financial war on Russia, Siluanov said, although he added that he considers such a scenario unlikely (for now).

After making the point that Russia's budget is prepared for the possibility of tougher US/EU sanctions, RT reports that Siluanov warned if the west include the seizure of Russia's foreign exchange reserves, it would be regarded as a "declaration of a financial war."

According to Siluanov, the budget takes into account the risk of income shortfalls. The budget is based on oil prices at $40 per barrel, which is almost a third lower than the current price.

The budget "has a margin of safety in case of restrictions and sanctions." It also includes losses incurred by a probable ban on investment in Russian government bonds for foreign funds. The US Treasury is currently considering such penalties.

"The Cover-Up Begins To End": Judicial Watch Hints At Explosive New Clinton-Lynch Tarmac Docs

Back on June 29, 2016, Obama's Attorney General, Loretta Lynch, tried to convince us that the following 'impromptu' meeting between herself and Bill Clinton at the Phoenix airport, a private meeting which lasted 30 minutes on Lynch's private plane, was mostly a "social meeting" in which Bill talked about his grandchildren and golf game. It was not, under any circumstances, related to the statement that former FBI Director James Comey made just 6 days later clearing Hillary Clinton of any alleged crimes related to his agency's investigation.

Not surprisingly, following the above media clip several concerned watchdog groups filed FOIA requests seeking any and all DOJ and/or FBI documents related to what was either (i) a really poorly timed meeting, in the best case, or (ii) a clear attempt by a former President of the United States to apply leverage over the current Attorney General to obstruct justice and get his wife elected President, in the worst case.

After originally being told by the FBI there were no documents to produce in response to their July 2016 FOIA request, Judicial Watch's Tom Fitton was subsequently told in October 2017 that the FBI had simply overlooked 30 pages worth of relevant docs...30 pages which Fitton now says will mark the "beginning of the end" of the DOJ's "cover-up" when they're released this Thursday.

Oxford University To Issue £250 Million Ultra Long 100-Year Bond

Individual Oxford colleges - there are thirty-eight altogether - have issued bonds in the past, but this will be a first for the ancient University as a whole. Timed to perfection for its upcoming bond issue, Moody's today assigned a "AAA" credit rating, with a stable outlook, to the 900-year old institution.

According to Moody's, "The Aaa issuer rating assigned to Oxford reflects its extraordinary market position as one of the world's elite universities, ensuring consistent student demand and wide-ranging support from the government, donors, and research funding bodies."


Oxford has seen consistently strong demand from students, both domestic and international, which we expect to continue. Total student numbers have grown steadily over the last five years driven by increases in postgraduate students, reaching 22,602 in 2016. Despite the very strong demand, unlike many of its Russell Group peers, Oxford's strategy is not reliant on growth in student numbers and the University intends to maintain its undergraduate numbers at current levels.

Batteries Are Taking Over the World

The battery industry is mustering for exponential growth as car makers electrify their fleets. But for investors the path to profitability is far from clear, and technological breakthroughs could upset the competitive order.

Amazon's Early Christmas Bonus

Projections for retail and cloud businesses are growing as Amazon's already-rich valuation gets another boost.

Trump Is Ignoring a Healthy Opportunity in China

What's the highest-margin, protected growth industry in China? Hint: It isn't energy, finance or beef.

America: What Did Mencius Mean?

Written by Frank Li

After listening to Winston Churchill, Ronald Reagan, Abraham Lincoln, Thomas Jefferson, George Washington, Confucius, Aristotle, Sun Tzu, and Plato, let's listen to Mencius, shall we?

The Perfect Storm Of The Coming Market Crisis

Written by Lance Roberts, Clarity Financial

It is always refreshing to step away from the keyboard for a few days and hit the "reset button," which is exactly what I did last week. My wife and I took a quick trip to Mexico to get a little sun on our face while we wiggled our toes in the sand.

Gifts That Pay Off: How to give gifts that truly pay off for friends and family

Gift givers and recipients frequently disagree on what constitutes a 'good' gift.

Gifts That Pay Off: These holiday gifts will help your friends and family earn a promotion

From networking to professional gear, these presents could get you where you want to go.

Gifts That Pay Off: Help your children save for college and pay off student debt

These gifts can provide value for a lifetime.

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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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