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20Dec2017 Pre-Market Commentary: Wall Street To Open Moderately Higher, Senate Approves Tax Overhaul, Sends It Back To House, New Historic Highs Not Likely Today

Written by Gary

The US equities main benchmarks pointed to strong gains for Wall Street on the opening bell (SPY +0.3%) after the Senate approved the tax reform bill on a 51-48 vote in the early hours this morning.


Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.03%, while the DAX is leading the CAC 40 lower. They are down 0.37% and 0.27% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Uber dealt blow after EU court classifies it as transport service

LUXEMBOURG (Reuters) - Uber [UBER.UL] should be classified as a transport service and regulated like other taxi operators, the European Union's top court said in a landmark ruling on Wednesday that could impact other online businesses in Europe.

Futures rise as tax overhaul bill nears passage

(Reuters) - U.S. stock futures pointed to strong gains for Wall Street on Wednesday after the Senate approved a sweeping $1.5-trillion tax bill, taking President Donald Trump closer to his first legislative victory.

Amazon's allure may be tough to top this holiday: poll

CHICAGO/NEW YORK (Reuters) - More U.S. online shoppers plan to give Amazon.com Inc the bulk of their holiday business this year than in previous years, according to a Reuters/Ipsos opinion poll, despite costly efforts by traditional retailers to attract customers to their websites.

Streaming music market picks up tempo ahead of Spotify IPO

LONDON (Reuters) - Subscription music leader Spotify is set to capitalize next year on the rude health of the industry with a stock market flotation, even as competitors race to find fresh ways to outflank it by catering to often fickle consumer tastes.

Exclusive: KPMG partners face court contempt over China audit

BEIJING (Reuters) - Several current and former KPMG partners are facing contempt proceedings in a Hong Kong court, as liquidators for a failed U.S.-listed Chinese company step up their action against the auditor over its refusal to produce Chinese working papers.

Exclusive: Russian oil firm Tatneft ran Crimea fuel station, despite sanctions risk

MOSCOW (Reuters) - One of Russia's biggest oil companies, Tatneft, has been doing business in Crimea despite the risk of being placed on a U.S. sanctions blacklist, according to company documents and a source close to Tatneft.

Wells Fargo wants to finance metal trade in test of new rule

WASHINGTON (Reuters) - Wells Fargo & Co has asked its main regulator if it may buy platinum and lease it to a client in a test of a new rule meant to limit banks' exposure to volatile commodity markets, people familiar with the matter told Reuters.

BoE to allow EU banks to operate in UK as normal after Brexit: BBC

LONDON (Reuters) - The Bank of England will allow European banks to continue operating without creating expensive subsidiaries after Brexit, the BBC reported, the opening gambit in a tussle with the EU over London's position as a top global financial hub.

France fines J&J 25 million euros over painkiller patch

PARIS (Reuters) - France's competition authority fined U.S. healthcare group Johnson & Johnson 25 million euros ($29.62 million) on Wednesday after it found the company had deliberately slowed market access to generic copies of its painkiller Durogesic.

Micron Calms Fears of Memory Chip Downturn

If nothing else, Micron's latest earnings report should allow nervous chip investors to enjoy their holiday in peace.

The One Tax Change That Really Bites Businesses

The tax rules on deductibility of interest payments will change longstanding rules for corporate finance and hurt profits in some businesses.

A Massive Margin Loan That Went Really Wrong for Banks

Steinhoff International's share collapse shows the dangers for banks in the fast-growing stock-based lending business.

Trucking Growth Improves In November 2017

Written by Steven Hansen

Headline data for truck shipments show improved growth in November.

Republican bill to reduce tax credits for rare disease drugs

While the act has promoted rare disease drug development, many of the products benefiting from it have been blockbusters — including the world's top-selling drug.

Republican tax bill makes big winners of Amgen, Gilead and other drugmakers

Of all U.S. companies, drugmakers have some of the most cash held outside the country.

Why 2018 is a make-or-break year for pharma

Many profitable products are aging, and some companies don't have many new candidates to replace them.

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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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