05Dec2018 Market Commentary: Wall Street Closed, Today Is A National Day Of Mourning In Honor Of Bush, The Country’s 41st President, DOW Futures Up Triple Digits +0.3%

Here is the current market situation from CNN Money

BT to strip China’s Huawei from core networks, limit 5G access

Britain’s BT Group said on Wednesday it was removing Huawei Technologies’ equipment from the core of its existing 3G and 4G mobile operations and would not use the Chinese company in central parts of the next network.

Waymo unveils self-driving taxi service in Arizona for paying customers

Alphabet’s Waymo on Wednesday launched a significant development in its costly, decade-long quest for autonomous transportation: self-driving taxis that actually generate fares.

Glencore, Trafigura, Vitol bribed Petrobras staff-Brazil prosecutors

Brazil prosecutors alleged on Wednesday that trading giants Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA in return for business.

How Waymo compares to U.S. rivals in the race for robotaxis

Waymo, Alphabet’s self-driving unit, launched on Wednesday the first commercial automated ride-hailing service of its size among the main U.S. companies vying to dominate the still nascent market.

Thyssenkrupp’s top shareholder appoints ex-Volkswagen chief Pischetsrieder

Thyssenkrupp’s top shareholder, The Alfried Krupp von Bohlen and Halbach Foundation, has appointed former car executive Bernd Pischetsrieder as a member of its board of trustees, it said on Wednesday.

World stocks sideswiped by Wall Street, U.S. yield curve double whammy

Global stocks tumbled to one-week lows on Wednesday, as declines by long-dated U.S. bond yields and a renewal of trade concerns stoked fears of a downturn in the United States, the world’s largest economy.

Takeda investors back $59 billion Shire deal, but wary of debt load

Takeda Pharmaceutical shareholders approved on Wednesday its $59 billion takeover of London-listed Shire , creating a global powerhouse with a stronger drugs pipeline but one that is saddled with massive debt.

Thomas Cook shares climb 45 percent but bonds hit record low

Thomas Cook’s shares climbed 45 percent on hopes that it would not need to issue new equity, although its bond prices extended their losses to record lows on Wednesday, amid deepening worries about the UK travel group’s debt.

OPEC works on deal to cut output, still needs Russia on board

Saudi Arabia sought to persuade Russia on Wednesday to cut oil production substantially with OPEC next year in an attempt to arrest a decline in the price of crude and prevent another global glut.

Italian Economy Minister Said Close To Resigning Over Rift With PM

As Italy’s ruling populists hint that they would be open to lowering their budget deficit target (on the condition that they have enough left over to fulfill their campaign promises for generous tax cuts and social welfare programs), investors in Italian bonds are happier than they have been in months. Yields on Italian bonds declined to their lowest level in five months, having erased the entirety of their budget conflict-inspired rise, on reports that the EU might be willing to shelve its “Excessive Debt Proceedings” if the Italians agree to a meaningful reduction.

But amid the sudden shift in the relationship between the EU and the leaders of the bloc’s third largest economy, one Italian newspaper appeared determined to spoil the fun. La Corriere della Sera published a story on Wednesday claiming that Economy Minister Giovanni Tria – who is still viewed by investors as the adult in the room, despite having set aside his concerns about fiscal prudence by comparing a budget-deficit reduction to “suicide” – might be looking to leave the government before the new year, according to Bloomberg.

US Futures, Global Stocks Pare Losses After China, “Tariff Man” See Deal

While U.S. cash markets will be closed to mark the death of President George H. W. Bush, S&P futures were open and rebounded modestly from yesterday’s furious selloff, rising 0.5% after yesterday’s 3.2% drop, as “Tariff Man” Trump said he sees a China trade deal coming “either now or into the future”…

… while European and Asian stocks trimmed losses after China pledged to start delivering on trade agreements reached with America, provide a modest risk backstop.

China’s announcement, a …

Trump Mocks Macron: Glad “Yellow Vest” Protesters Agree With Me

President Trump indulged in some amicable schadenfreude as Paris, the capital city of his one-time “friend” Emmanuel Macron, is rocked by violent and sometimes deadly protests over proposed gas tax increases.

With the memory of Macron’s subtle diss last month during a speech to world leaders at the Arc de Triomphe still clearly fresh in his mind, Trump gloated on twitter that he was “glad that my friend @EmmanuelMacron and the protestors in Paris have agreed with the conclusion I reached two years ago. The Paris Agreement is fatally flawed because it raises the price of energy for responsible countries while whitewashing some of the worst polluters.” Trump famously withdrew the US from the Paris Accord last year over terms that he said benefited China’s economy at the expense of the US.

In a follow-up tweet, Trump said US taxpayers “shouldn’t pay to clean up other countries’ pollution.”

“…in the world. I want clean air and clean water and have been making great strides in imp …

No Jail Time For Flynn; Mueller Says Former Trump Official Provided “Substantial” Assistance

Special counsel Robert Mueller has recommended no jail time for former National Security Adviser Michael Flynn, writing in a late Tuesday sentencing memorandum that Flynn provided “substantial” assistance to his investigation after taking part in 19 interviews related to Mueller’s probe of the 2016 US election and any links between the Trump campaign and Russia, as well as Russian meddling.

While there is no indication that Flynn threw Trump under the bus, Mueller’s memorandum certainly suggests that the former Trump administration official provided the special counsel with information that they were pleased with.

Or, in the alternative, the FBI altered their “302” interview records with Flynn to set him up, and this is how the Department of Justice has chosen to carefully disentangle themselves from the situation.

October 2018 Leading Index Review: Generally A Slowing Rate of Growth

Written by Steven Hansen

This post is a review of the Philadelphia Fed’s Leading Index and all major leading indicators – and their trends are generally slowing.

The Ratings Game: RH takes business cues from LVMH, Apple and Berkshire Hathaway

RH, which reported earnings that beat expectations, says it takes inspiration from three notable names: LVMH, Apple and Berkshire Hathaway.

How much of your 401(k) retirement plan is affected by market volatility?

The Dow Jones Industrial Average has been on a roller coaster.

Burger King trolls McDonald’s with penny Whoppers to promote new app

Burger King has launched a promotion for its new app that also takes a dig at its biggest competitor, McDonald’s.