Thursday, December 8, 2016

STOCKS HIT ALL-TIME HIGHS AGAIN: Here's what you need to know (FIT)

STOCKS HIT ALL-TIME HIGHS AGAIN: Here's what you need to know (FIT)

Business Insider
 Dec. 7, 2016, 04:21 PM
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US stocks on Wednesday closed at an all-time high - the 12th record since Donald Trump was elected president in November. The Dow Jones Transport Average hit its first intraday high in two years. 
First, the scoreboard:
  • Dow: 19,549.62, +297.84, (1.55%)
  • S&P 500: 2,241.35, +29.12, (1.32%)
  • Nasdaq: 5,393.76, +60.76, (1.14%)
  1. Donald Trump's tweets continue to move markets. The iShares Nasdaq Biotech Index exchange-traded fund fell after the president-elect said in a Time magazine interview that "I’m going to bring down drug prices. I don’t like what’s happened with drug prices."
  2. The Bank of Canada held its key interest rate at 0.50%, as expected. "There have been ongoing gains in employment, but a significant amount of economic slack remains in Canada, in contrast to the United States," the bank said in a policy statement. 
  3.  The embattled wearable-device maker Fitbit said it had bought smartwatch maker Pebble's software and intellectual property as it tries to increase its market share. The financial terms of the deal were not disclosed, although Bloomberg had earlier reported that it was valued at less than $40 million.
  4. A Deutsche Bank rates trader has been suspended after asking a trading counterparty to join a WhatsApp group, according to a source familiar with the matter. The incident happened two weeks ago, and the bank's internal investigation is yet to close, the source told Business Insider.
  5. There were 5.534 million job openings in the US in October, the monthly Job Openings and Labor Turnover Survey (JOLTS report) released Wednesday showed.  The quits rate, favored by Fed Chair Janet Yellen as a sign of worker confidence, was unchanged at 2.1%. 
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The euro is diving after the ECB extended its QE programme

The euro is diving after the ECB extended its QE programme

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The euro is diving on Thursday, after the European Central Bank announced a six-month extension to its quantitative easing programme.
At its latest monetary policy meeting, the bank's governing council said that from April 2017 — the month after its quantitative easing programme was scheduled to end — it will buy up to €60 billion of assets per month, €20 billion less than its current programme.
As a result of the move, the euro has slipped almost 0.9%, having very briefly spiked higher as the decisions were announced at 12.45 p.m. GMT (7.45 a.m. ET). The currency dropped significantly as ECB President Mario Draghi started.
Here's how that looks around 1.50 p.m. GMT:
Screen Shot 2016 12 08 at 13.51.21Markets Insider
The euro's movements in recent weeks have been unpredictable. The single currency slumped more than 1% after former Italian Prime Minister Matteo Renzi announced his resignation following his crushing defeat in the country's constitutional reform referendum.
That was expected, but the rapid recovery of the currency, which actually closed higher the day after the vote, was not.
Societe Generale said in November that it expects the euro to hit parity against the dollar for the first time in almost 15 years at the start of 2017 as political uncertainty in the single currency area begins to crystallise.
Parity between the euro and the dollar will be driven by two big catalysts: European politics, and a strengthening dollar following the expected rate hike by the US Federal Reserve in December.

NOW WATCH: Here's how much it costs to produce money in the U.S.

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French regulator: Banks are already preparing to open up in Paris post-Brexit

French regulator: Banks are already preparing to open up in Paris post-Brexit

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La Défense, Paris.La Défense, Paris. pisaphotography / Shutterstock
France's chief financial regulator said some international banks are already in the process of opening up new subsidiaries in Paris in the wake of Brexit.
Big financial firms are carrying out the due diligence needed to shift some operations from London to the French capital, Benoit de Juvigny, secretary general of the AMF, France's markets regulator, told the BBC.
It's not just banks. De Juvigny added that "many other companies" have started to consider Paris as a base of European operations as London braces for the impact of Brexit.
De Juvigny said his department would expand to cope with the added demand.
Financial officials in London are concerned that leaving the European Union will leave banks headquartered in the UK without tariff-free access to the single market of 27 continental states.
The so-called financial passport has allowed London's financial centre to act as a hub for global firms looking to do business in the EU and the current Conservative government does not look likely to fight for it during Brexit negotiations.
The Daily Telegraph reported on Monday night that Chancellor Philip Hammond and Brexit Secretary David Davis told a group of 10 City bosses that they wouldn't be given any special treatment during the Brexit process.
Anthony Browne, the chief of the British Bankers Association, told a conference attended by Business Insider last week: "All the banks that have any operations across Europe are doing contingency planning," in case Britain's financial passporting rights are lost.
In September, the chief of Germany's Bundesbank, Jens Weidmann, warned that the UK won't get a special deal from the EU on the passports and will need to allow free movement of citizens from EU nations if it wants to maintain the right.

NOW WATCH: Here's everything we know about former Goldman Sachs banker Steve Mnuchin - Trump's pick for Treasury Secretary

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Michael Jordan just won a landmark case over Chinese copycats

Michael Jordan just won a landmark case over Chinese copycats

Reuters
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NBA basketball great Michael Jordan pauses during a ceremony where he was inducted into the North Carolina Sport Hall of Fame, during halftime of the NBA basketball game between the Toronto Raptors and Charlotte Bobcats, in Charlotte, North Carolina December 14, 2010. REUTERS/Chris KeaneNBA basketball great Jordan speaks during a ceremony in CharlotteThomson Reuters
SHANGHAI (Reuters) - China's highest court has ruled in favor of former basketball star Michael Jordan in a long-running trademark case relating to a local sportswear firm using the Chinese version of his name, overturning earlier rulings against the athlete.
The former Chicago Bulls player sued Qiaodan Sports in 2012, saying the company located in southern Fujian province had built its business around his Chinese name and famous jersey number "23" without his permission.
In 2015 a court ruled in favor of Qiaodan Sports over the trademark dispute, a ruling which was then upheld by the Beijing Municipal High People's Court. After that ruling Jordan's legal team said they would take the case to China's top court.
The Chinese characters for Jordan's name read as "Qiaodan" in basketball-mad China, which also has a homegrown superstar in former Houston Rockets player Yao Ming.
On Thursday, China's Supreme People's Court overturned earlier rulings in favor of Qiaodan Sports using the characters for Jordan's Chinese name, although upheld a ruling allowing the firm to use the Romanized version "Qiaodan".
"I am happy that the Supreme People's Court has recognized the right to protect my name through its ruling in the trademark cases," Jordan said in a statement sent to Reuters.
"Chinese consumers deserve to know that Qiaodan Sports and its products have no connection to me."
Jordan, who has a net worth of $1.24 billion according to Forbes, is the majority owner of the Charlotte Hornets basketball team and has a lucrative endorsement contract with Nike Inc, which makes Air Jordan shoes.
A separate naming rights case is still to be heard.
Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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REPORT: Barclays, HSBC, and UBS were allegedly involved in rigging the silver market

REPORT: Barclays, HSBC, and UBS were allegedly involved in rigging the silver market

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Silver granulesAn employee packs granules of 99.99 percent pure silver at the Krastsvetmet non-ferrous metals plant, one of the world's largest producers in the precious metals industry, in the Siberian city of Krasnoyarsk, Russia October 24, 2016. Reuters/Ilya Naymushin
Major banks including HSBC, UBS, and Barclays were allegedly involved in the rigging of the silver markets, according to a legal filing in New York on Wednesday, Bloomberg reports.
Legal documents presented in the filing allegedly provide "smoking gun" evidence that banks worked together to manipulate the silver markets, and relate to a federal lawsuit filed in 2014 by those that bought or sold futures contracts.
"Plaintiffs are now able to plead with direct, ‘smoking gun’ evidence,’ including secret electronic chats involving silver traders and submitters across a number of financial institutions, a multi-year, well-coordinated and wide-ranging conspiracy to rig the prices," the filing says.
The alleged evidence provided by the unnamed plaintiffs comes from a series of documents handed over by Deutsche Bank in an earlier suit over their alleged involvement in rigging the silver market. In October, Deutsche Bank settled a suit related to its alleged involvement in silver price manipulating agreeing to pay $38 million.
According to Bloomberg, the plaintiffs allege that the documents "show traders and submitters coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices."
A judge already dismissed a similar suit against UBS earlier this year, but the plaintiffs were allowed to file a further suit, after claiming the bank "could directly influence the prices of silver financial instruments based on the sheer volume of silver it traded," Bloomberg's David Glovin and Edvard Pettersson report.
The claimants want to file a new complaint which involves Barclays, BNP Paribas, Standard Chartered, and Bank of America, as well as UBS, HSBC, Deutsche Bank, and Scotiabank — who were all named in the prior legal actions.
UBS, HSBC, and Scotiabank declined to comment, while Barclays, BNP Paribas, Standard Chartered, and Deutsche Bank did not immediately respond to requests for comment.
The filing comes just a few days after Deutsche Bank agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the bank of conspiring to manipulate gold prices at their expense.
That preliminary settlement was filed last Friday with the U.S. District Court in Manhattan, and requires a judge's approval. Deutsche Bank denied wrongdoing.

NOW WATCH: Bernie Madoff explains in rare interview from prison how he rationalized his crimes

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China just gave the clearest signal yet that its economy is bouncing back

China just gave the clearest signal yet that its economy is bouncing back

DAVID SCUTT 
   
Photo: Getty Images.
If there was any doubt the Chinese economy is humming again, it’s surely been dispelled today.
Chinese trade data has beaten across the board in October, a good sign for not only its economy but global demand as a whole.
According to China’s General Administration of Customs, the value of both imports and exports increased from a year earlier in US dollar terms, the first time that’s been seen since October 2014.
Exports increased by 0.1%, an improvement in the 7.3% decline seen in the 12 months to October and stronger than the 5.0% contraction expected.
It was the first time since March this year that the value of exports increased in year-on-year terms.
In yuan-denominated terms, and reflective of the strength in the US dollar over the past year, the value of exports grew by a stronger 5.9%.
The news was even better on the other side of the ledger with the value of imports increasing by 6.7% from a year earlier, the fastest expansion reported since September 2014.
In yuan-denominated terms, that figure swelled to 13% over the same period.
In volume terms, copper, crude oil, iron ore and coal imports all surged, partially in response to the Golden Week holiday in early October.
Copper imports jumped to 380,000 tonnes, up from 290,000 tonnes in October, while crude oil imports surged to 32.35 million tonnes from 28.79 million tonnes reported previously.
Iron ore and coal imports increased to 91.98 and 26.97 million tonnes respectively, up from 80.8 and 21.58 million tonnes a month earlier.
With the value of imports slightly outpacing the increase seen in exports, the nation’s trade surplus narrowed to $US44.61 billion, down from $US49.06 billion in October.
Markets had been expecting the surplus to narrow to $US46.3 billion.
The rebound in both exports reflects improved demand, not only for raw materials but also for Chinese-made goods abroad.
It also reflects the recovery in commodity prices seen in 2016, helping to stir inflationary pressures after years of disinflation and, in some instances, outright deflation.
Indeed, according to data released by the NBS last month, producer price inflation (PPI) grew by 1.2% year-on-year in October, the fastest 12-month increase seen since December 2011.
Reflective of improved demand, Chinese manufacturing PMI — a gauge on activity levels in the sector from one month to the next — jumped to 51.7 in November, the equal highest reading since April 2012.
It all points to an economy that is strengthening heading into 2017.
“The improvement reflects a strengthening in global demand, with recent business surveys suggesting that developed economies are on track to end the year on a strong note,” said Julian Evans-Pritchard, China economist at Capital Economics.
However, whether that momentum can be maintained will likely be determined by the actions taken by US president-elect Donald Trump once he takes office.
During his presidential run, Trump said he would label China as a currency manipulator, promising to slap a tariff of 45% on Chinese exports entering the US.
Should Trump follow through with this threat, it’s highly unlikely that the recent improvement will last.
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