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01Dec2017 Market Update: "We Have The Votes," Senate Majority Leader Mitch McConnell Said, Crude Slips, US Dollar Climbs

Written by Gary

The US equities main benchmarks may be heading for new historic highs as Senate Republicans announce they have the votes for tax plan. (SPY -0.4%)

Here is the current market situation from CNN Money

North and South American markets are mixed today. The IPC is up 0.28% while the Bovespa gains 0.27%. The S&P 500 is off 0.44%.

Traders Corner - Health of the Market

What Is Moving the Markets

Here are the headlines moving the markets.

ABC report on Flynn rocks Wall Street

(Reuters) - U.S. stocks sank on Friday after ABC News reported former national security adviser Michael Flynn was prepared to tell investigators that Donald Trump directed him to make contact with Russians during last year's presidential elections.

Bitcoin rebounds to $10,500 after U.S. regulator approves futures

LONDON (Reuters) - Bitcoin rebounded on Friday to hit the day's highs above $10,500, recovering from an earlier dip below $9,500, after the U.S. derivatives regulator said it would allow CME Group and CBOE Global Markets to list bitcoin futures.

Sale of the century? $300-billion Saudi state sell-off moves slowly

DUBAI/RIYADH (Reuters) - Saudi Arabia's $300-billion privatization program was billed as the sale of the century when Crown Prince Mohammed bin Salman unveiled his plan to great fanfare. Nineteen months later, it is moving at a snail's pace, bankers, investors and analysts familiar with the process say.

Exclusive: Tezos founders push for legal bailout from Swiss foundation

NEW YORK/ZURICH (Reuters) - The couple behind the embattled Tezos cryptocurrency tech project wants the Swiss-based Tezos Foundation to cover their costs for lawsuits accusing them of fraud related to an online fundraiser it ran, people familiar with the matter told Reuters.

Exclusive: VW in talks to buy stake in Russia's GAZ - sources

MOSCOW (Reuters) - German carmaker Volkswagen is in talks to buy a stake in GAZ , a Russian manufacturer of light commercial vehicles (LCV), five sources familiar with the talks told Reuters.

In a push upmarket, Wells Fargo gives top brokers raises in 2018

NEW YORK (Reuters) - Wells Fargo & Co is giving its top brokers and advisory teams as much as a $40,000 raise next year in a broad strategy to go after wealthier clients, company executives said Friday.

Icahn wants to probe SandRidge books, records

(Reuters) - Activist investor Carl Icahn has asked to inspect certain books and records of SandRidge Energy Inc, according to a regulatory filing on Friday, a day after he called the company's bid for Bonanza Creek Energy Inc "value-destroying".

Macy's hires more workers after Black Friday rush

(Reuters) - Macy's Inc said on Friday it had a strong start to the holiday shopping season and would hire an additional 7,000 temporary workers for its stores to deal with heavy customer numbers in the run up to Christmas.

Capital One must face overdraft fee lawsuit: U.S. appeals court

NEW YORK (Reuters) - A federal appeals court on Friday revived a proposed class-action lawsuit accusing Capital One Financial Corp of imposing illegal overdraft fees on customers.

Is This The Reason For EONIA's "Mystery" Surge?

'Mystery' solved... maybe.

Bloomberg is reporting that excess liquidity within Greek banks - who leant it to their credit-risky peers at notably high rates - are responsible for the sudden, scary spike in EONIA over the last two days, according to two bankers with knowledge of the matter.

Salaries that were deposited by Greek civil servants and higher receipts from repurchase agreements provided National Bank of Greece with more liquidity, the person said, asking not to be named because the matter is not public.

National Bank of Greece SA had excess liquidity of around 450 million euros ($536 million) this week, which it loaned to its peers in the country, the people said.

Other Greek banks found the rate offered by National Bank of Greece appealing, thus drawing on the cash, the people said.

While the flood of funds and the increase in interbank lending in Greece is good news, the rates at which borrowers from the country can access funds are still higher than for the rest of the continent, thus pushing up the weighted average of the overnight rates in Europe, one of the people said.

Today ...

James Comey Gloats About Flynn Guilty Plea On Twitter

Former FBI Director James Comey just couldn't help himself.

Shortly after his longtime friend and former colleague Robert Mueller procured a guilty plea from former National Security Adviser Michael Flynn, who will reportedly testify against President Trump and members of his family, Comey tweeted a Bible passage in what seemed like gloating: "But justice roll down like waters and righteousness like an ever-flowing stream".

"But justice roll down like waters and righteousness like an ever-flowing stream" Amos 5:24

— James Comey (@Comey) December 1, 2017

Two days earlier, Comey published another cryptic tweet that seems to suggest he might've had advance knowledge of the Flynn plea - something that would've been improper given his status as a witness in the Mueller probe.

"The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is." - Winston Churchill

— James Comey (@Comey) November 30, 2017

Moments after news broke about Flynn "flipping" on Trump, Flynn released a statement saying he acknowledged his actions were wrong.


"Statement Of The Offense": Here Is Mueller's Full Case Against Flynn

As the public scrambles to uncover more information on just what Flynn knows, or doesn't know, and how exactly he is cooperating with Mueller, moments ago the Special Counsel has released the following "statement of the offense", i.e., i.e., Robert Mueller full case against Flynn, which he will hope to use and impeach Trump. It all boils down to two phone calls between a senior member of the Trump administration and the Russian ambassador to the US at the time.

Here is the key section:

On or about December 28, 2016, then-President Barack Obama signed Executive Order 13757, which was to take effect the following day. The executive order announced sanctions against Russia in response to that government's actions intended to interfere with the 2016 presidential election. On or about December 28, 2016, the Russian Ambassador contacted FLYNN. On or about December 29, 2016, FLYNN called a senior official of the Presidential Transition Team ("PTT official"), who was with other senior members of the Presidential Transition Team at the Mar-a-Lago resort in Palm Beach, Florida, to discuss what, if anything, to communicate to the Russian Ambassador about the U.S. Sanctions.

On that call, FLYNN and the PTT official discussed the U.S. Sanctions, including the potential impact of those sanctions on the incoming administration's foreign policy goals. The PTT official and FLYNN also discussed that the members of the Presidential Transition Team at Mar-a-Lago did not want Russia to escalate the situation. Immediately after his phone call with the PTT official, FLYNN called the Russian Ambassador and requested that Russia not escalate the situation and only respond to the U.S. Sanctions in a reciprocal manner. Shortly after his phone cal ...

Mike Flynn Issues Offical Statement, Trump's Lawyer Responds

Moments after the stunning news that Mike Flynn "flipped" on Trump as part of his guilty plea, and was preparedd to testify against Trump, the former National Security Advisor released the following statement:

Statement by Lt. General Michael T/ Flynn (Ret.)

After over 33 years of military service to our country, including nearly five years in combat away from my family, and then my decision to continue to serve the United States, it has been extraordinarily painful to endure these many months of false accusations of "treason' and other outrageous acts. Such false accusations are contrary to everything I have ever done and stood for. But I recognize that the actions I acknowledged in court today were wrong, and, through my faith in God, I am working to set things right. My guilty plea and agreement to cooperate with the Special Counsel's Office reflect a decision I made in the best interests of my family and of our country. I accept full responsibility for my actions.

At the same time, Trump attorney Ty Cobb countered saying that nothing about Michael Flynn's guilty plea "implicates anyone other than Mr. Flynn." The full text below:

Statement from Ty Cobb:

"Today, Michael Flynn, a former National Security Advisor at the White House for 25 days during the Trump Administration, and a former Obama administration official, entered a guilty plea to a single count of making a false statement to the FBI.

"The false statements involved mirror the false statements to White House officials which resulted in his resignation in February of this year. Nothing about the guilty plea or the charge implicates anyone other than Mr. Flynn. The conclusio ...

Chinese Battery Champion Has Fully Charged IPO

China has the world's largest market for electric cars and wants its companies to dominate globally when it comes to the batteries that power these vehicles. That makes the initial public offering of a turbocharged player at the center of that effort well worth watching.

Credit Suisse Decides the Best Target Is One You Can Hit

Tidjane Thiam has learned to be a little more cautious since he took the reins at Credit Suisse. The Swiss bank's CEO set fresh profit and payout goals its investor day, but the strong share-price reaction is a slight surprise.

Kroger Investors Cleaning Up in Aisle Five

Supermarket chain Kroger, slammed by Amazon's entry into the grocery business and other competitive fears, is bouncing back and still looks like a bargain.

October 2017 Headline Construction Spending Growth Improves

Written by Steven Hansen

The headlines say construction spending was up and above expectations. Our view is that this does not consider inflation, and the trend lines clearly show a slowing sector.

The Moneyologist: My stepmother won't speak to me or keep me updated on my elderly father's health

This woman wants her husband's children to stay while she takes a vacation.

The Moneyologist: I kept $20,000 from my mom's estate — now my siblings are threatening to sue

This woman faces a lawsuit by her siblings to reclaim stolen money.

Thanks to Matt Lauer, your office Christmas party will be booze-free this year

Whether you call it 'The Weinstein effect' or 'The Lauer Effect,' your office party is ruined this year

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