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29Dec2017 Pre-Market Commentary: Wall Street Is Set To Open Moderately Higher On Final Trading Day Of 2017, WTI Crude Prices Hit $60.32 Bbl, Highest Since Mid-2015, Gold Index Trending Higher

Written by Gary

U.S. stocks were poised to open on a bright note the on final trading day of 2017 (SPY +0.3%), wrapping up a year in which major Wall Street indexes recorded their best performance since 2013. (Markets close at 2 pm EST)


Here is the current market situation from CNN Money

Shares in France are lower today as the CAC 40 falls 0.07%. The British and German stock markets are closed at this time.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street set to open higher on final trading day of 2017

(Reuters) - U.S. stocks were poised to open on a bright note on the final trading day of 2017, wrapping up a year in which major Wall Street indexes recorded their best performance since 2013.

The year in U.S. markets in five graphs

NEW YORK (Reuters) - U.S. stocks are poised to close out 2017 with a stellar performance, with the Dow Jones Industrial Average , S&P 500 and Nasdaq Composite all poised for gains of roughly 20 percent or more.

Goldman expects $5 billion hit to quarterly earnings due to new tax law

(Reuters) - Goldman Sachs Group Inc said on Friday it expects fourth-quarter earnings to decrease by about $5 billion due to the new U.S. tax law signed by President Donald Trump last week.

Trump targets Amazon in call for postal service to hike prices

WASHINGTON (Reuters) - U.S. President Donald Trump on Friday targeted online retailer Amazon in a call for the country's postal service to raise prices of shipments in order to recoup costs.

Airbus sprints from behind in bid to upset Boeing order lead

PARIS (Reuters) - Airbus is pulling out the stops to try and take the lead in its annual order contest with Boeing, lining up a spree of billion dollar deals to close a traumatic year dominated by management upheaval and corruption investigations.

SoftBank succeeds in tender offer for Uber shares

(Reuters) - A consortium led by SoftBank Group Corp will buy a large number of shares of Uber Technologies Inc in a deal that values the ride-services firm at $48 billion, Uber said on Thursday, in a victory for new Chief Executive Dara Khosrowshahi.

U.S. oil prices hit highest since mid-2015 on surprise output drop

SINGAPORE (Reuters) - U.S. oil prices hit their highest since mid-2015 on the final trading day of the year as an unexpected fall in American output and a fall in commercial crude inventories stoked buying.

Hong Kong eyes blockbuster China tech IPO queue, led by Xiaomi

HONG KONG (Reuters) - Hong Kong bankers are eyeing a slew of blockbuster IPOs from Chinese technology firms with a total market capitalization of some $500 billion over the next two years, in a sharp contrast to 2017 - the city's worst year for raising equity in a decade.

Apple apologizes after outcry over slowed iPhones

(Reuters) - Facing lawsuits and consumer outrage after it said it slowed older iPhones with flagging batteries, Apple Inc is slashing prices for battery replacements and will change its software to show users whether their phone battery is good.

China Beige Book Warns Economic Slowdown Has Begun

When it comes to the global economy, few things matter as much as China, the trajectory of its economy and especially the pace and impulse of its credit creation, which is ironic because virtually all data coming out of China is fabricated and manipulated, and thoroughly untrustworthy, either on purpose or "by accident."

The latest example of the former was highlighted over the weekend, when we discussed that a nationwide Chinese audit found some local governments inflated revenue levels and raised debt illegally, once again making a mockery of China's credibility on the global stage. As Bloomberg reported ten cities, counties or districts in the Yunnan, Hunan and Jilin provinces, as well as the southwestern city of Chongqing, inflated fiscal revenues by 1.55 billion yuan, the National Audit Office said in a statement on its website dated Dec. 8.

An even more blatant example of the former was highlighted in October ahead of China's Communist Party Congress, when the local securities watchdog literally "advised" some loss-making companies to avoid publishing quarterly results ahead of the Congress as authorities sought to ensure stock-market stability during the critical gathering of China's political elite. As a result, at least 17 Shenzhen-listed companies announced delays to their earnings reports from Oct. 20 to Oct. 24, up from three during the same period last year.

However, now that the Party Congress is long over, China's recent economic data offer a ...

Lacy Hunt On The Unintended Consequences Of Federal Reserve Policies

Authored by Mike Shedlock via www.themaven.net/mishtalk,

The Financial Repression Authority interviewed Lacy Hunt, Chief Economist at Hoisington Management on Fed policies.

The interview below first appeared on the FRA website along with a video.

The emphasis in italics is mine.

FRA: Hi, welcome to FRA's Roundtable Insight. Today, we have Dr. Lacy Hunt. He's an internationally recognized economist and the Executive V.P. and Chief Economist of Hoisington Investment Management Company, a firm that manages over $4.5 billion USD and specializing in the management of fixed income accounts for large institutional clients. He also served in the past as Senior Economist for the Federal Reserve Bank of Dallas, where he was a member of the Federal Reserve System Committee on Financial Analysis. Welcome. Dr. Hunt.

Dr. Lacy Hunt: Nice to be with you, Richard.

FRA: Great. I thought we'd have a discussion on a variety of topics relating to the economy and the financial markets. You recently mentioned that you thought this was the worst economic expansion recovery in U.S. history since 1790. Wow. Can you elaborate?

Dr. Lacy Hunt: If you calculate the average growth rate in the expansions since 1790, this is a long-running expansion, b ...

Vanity Fair Editors Relentlessly Attacked Over "Don't-Run-Again-Hillary" Satirical Video

It appears the McResistance is on the warpath once again, and this time they're going after Vanity Fair, which to the surprise of many published a satirical video about Hillary Clinton's future prospects in the days just before Christmas with the caption, "Maybe it's time for Hillary Clinton to take up a new hobby in 2018" as part of a broader series on New Year's resolutions.

"Take up a new hobby in the new year," suggested Vanity Fair writer Maya Kosoff. "Volunteer work, knitting, improv comedy - literally anything that will keep you from running again."

Editor John Kelly, meanwhile, suggested that Clinton "finally put away your James Comey voodoo doll." And added further with cheerful snark, "We all know you think James Comey cost you the election and he might have, but so did a handful of other things. It's a year later and time to move on."

Maybe it's time for Hillary Clinton to take up a new hobby in 2018 pic.twitter.com/sbE78rA5At

— VANITY FAIR (@VanityFair) December 23, 2017

Editors from the magazine's politics and business section, Hive, published the one-minute video entitled "Six New Year's Resolutions for Hillary Clinton" featuring themselves holding Champagne flutes while giving New Year's advice, which includes telling the former secretary of state and failed presidential candidate to give up and retire in 2018.

Though the ...

Hannity Promises To Expose CNN & NBC News In "EpicFail"

"Tick tock."

In a mysterious tweet yesterday evening to his 3.19 million followers, Fox News' Sean Hannity offered a preview of what is to come from his show next week, warning that he "will expose" CNN and NBC News for what he calls a "#EpicFail."

He followed up last night's tweet...

One week from tonight i will expose @CNN and @NBCNews news for #EpicFail. Happy New Year to all irredeemable deplorables. 2018, cling to God Faith Bibles religion.

— Sean Hannity (@seanhannity) December 27, 2017

With another tonight, highlighting the "fake news" being spewed forth from various media entities...

So @CNN fake news, HRC's campaign PAID for the RUSSIAN lies in the dossier. That sounds like COLLUSION!! Lies paid for, to RIG an election. https://t.co/b9G6k41LMT

— Sean Hannity (@seanhannity) December 27, 2017

We will just have to be patient to di ...

The Winners and Losers of the Heard's Stock-Picking Event

Heard on the Street's columnists ran an experiment to see if they could beat the market by picking, or panning, 23 stocks, indexes or currencies. They tracked their performance over several months, and the results were humbling.

Why A Stronger Dollar Could Spoil the Emerging-Market Party

When it comes to emerging markets, the dollar giveth, and the dollar taketh away. In 2017, it has been generous: a softer dollar has buoyed equities and bonds and juiced returns for foreign investors. But nobody should take that for granted.

Apple's Nearly Trillion-Dollar iPhone

The iPhone maker's stock price has soared, but is unlikely to repeat the performance.

In One Chart: This 1 chart shows the U.S. stock market is the most expensive in the world

It was basically impossible for stock-market investors to lose money in 2017. In 2018, it might be difficult not to.

In One Chart: Trouble ahead? What 4 recession indicators say about the economy

After a stellar 2017 on Wall Street, many investors have resigned themselves to the idea that future returns might look a lot less exciting than what's been seen in recent years.

Here's what all 30 companies that make up the Dow industrials think about the tax cuts

The large multinational companies in the Dow Jones Industrial Average applaud the tax cuts, but only one of the 30 companies has announced any specific actions it would take as a result.

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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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