Dollar Rebounds On Better Than Expected Data

Trading 03 jan 2018 Commentaire »

The dollar is up against all of its major rivals Wednesday afternoon, bouncing back from yesterday's weak performance. The currency received a boost from the release of a pair of better than expected economic reports this morning.

Reflecting strong expansions in new orders and production, the Institute for Supply Management released a report on Wednesday showing growth in U.S. manufacturing activity unexpectedly accelerated in the month of December.

The ISM said its purchasing managers index rose to 59.7 in December from 58.2 in November, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to edge down to 58.1.

Primarily reflecting a jump in spending on private construction, the Commerce Department released a report on Wednesday showing a bigger than expected increase in U.S. construction spending in the month of November.

The Commerce Department said construction spending climbed by 0.8 percent to an annual rate of $1.257 trillion in November from a revised $1.247 trillion in October. Economists had expected spending to rise by 0.5 percent.

Stubbornly weak inflation could slow the pace of interest rate hikes in 2018, the minutes of the most recent Federal Reserve meeting revealed today.

At that meeting, the Fed voted to increase its benchmark interest rate a quarter point to 1.25 percent to 1.5 percent.

"The information reviewed for the December 12-13 meeting indicated that labor market conditions continued to strengthen through November and suggested that real gross domestic product (GDP) was rising at a solid pace in the second half of 2017," the minutes said.

The dollar has risen to around $1.2020 against the Euro Wednesday afternoon, from an early low of $1.2063.

Germany's unemployment decreased notably and the rate hit a record low in December as companies raised employment amid improving economic conditions.

The number of people out of work declined 29,000 in December from November, when it fell 20,000. The decrease was more than double the expected drop of 13,000.

The unemployment rate remained unchanged at a record low 5.5 percent in December.

Germany's unemployment rate decreased slightly in November, figures from Destatis showed Wednesday. The jobless rate fell slightly to an adjusted 3.6 percent in November from 3.7 percent in October.

The buck has rebounded to around $1.3520 against the pound sterling Wednesday afternoon, from a low of $1.3611 this morning.

UK construction activity grew at a slower pace in December, survey results from IHS Markit showed Wednesday. The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell more-than-expected to 52.2 in December from 53.1 in November. The expected score was 53.0.

The buck slipped to an early low of Y112.187 against the Japanese Yen Wednesday, but has since bounced back to around $1.112.450.


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Tesla Owners Wanted Rain Detecting Cars, So Elon Musk Made Smart Wipers

Trading 03 jan 2018 Commentaire »
 Elon Musk took to Twitter in late December to thank Tesla owners and ask them what features they thought would help improve the all-electric cars. Musk then took the time to go through the requests that came in from owners and reply. Some of the changes they asked for were possible or on the way already, and Wednesday he shared a video of one of the new features in action. 

Bitcoin Adoption Rate In Iran Surges Despite Censorship And Protests

Trading 03 jan 2018 Commentaire »
Massive protests erupted across Iran last Thursday, spurred by a stagnant economy and the rising cost of basic necessities. On Wednesday, almost a week later, the BBC reported 21 people were killed in subsequent protests.

Award Show Calendar: Complete 2018 Schedule, When And Where To Watch

Trading 03 jan 2018 Commentaire »
With a new year comes a new award season. The time to hand out accolades to the best and the brightest in the entertainment industry kicks off in 2018 with the Golden Globes on Sunday and continues well into the year.  Here’s the list of times, dates and channels for all of the most popular award shows happening this calendar year. January

‘Wizards’ Creator Reveals How Selena Gomez Reacted Watching The Show’s Premiere

Trading 03 jan 2018 Commentaire »
“Wizards of Waverly Place” wasn’t the first time Selena Gomez had been on Disney Channel, as she was on episodes of “The Suite Life of Zack and Cody” and “Hannah Montana” prior, but, for her, there was nothing quite like seeing herself on TV in her very own Disney Channel show, according to the creator of the series, Todd J. Greenwald.

Serfing USA: New ‘Bracero’ Bill Could Cut Agriculture Workers’ Rights And Wages

Trading 03 jan 2018 Commentaire »
This story is being co-published with Capital & Main.

Fire Breaks Out At Hillary Clinton’s Home In Chappaqua

Trading 03 jan 2018 Commentaire »
This is a developing story. Please check back for updates.  A fire broke out Wednesday at the home of Hillary Clinton in Chappaqua, New York, according to The Journal News. Firefighters were responding to the scene, according to the report. 

Treasuries Move Back To The Upside After Yesterday's Pullback

Trading 03 jan 2018 Commentaire »

Following the notable pullback seen in the previous session, stocks moved back to the upside during trading on Wednesday.

Bond prices moved higher early in the session and remained mostly positive throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped by 1.8 basis points to 2.447 percent.

The higher close by treasuries came after the Federal Reserve released the minutes of its latest monetary policy meeting.

The minutes of the December meeting showed most participants reiterated their support for continuing a gradual approach to raising interest rates.

Almost all participants agreed with the decision to raise rates by 25 basis points at the meeting, although a couple wanted to leave rates unchanged until the actual rate of inflation had moved further toward the Fed's 2 percent longer-run objective.

While low inflation is seen as transitory, some Fed members were concerned "that inflation might stay below the objective for longer than they currently expected."

Meanwhile, the Fed said it raised its economic projections due to the massive tax reform bill passed by Republicans and signed by President Donald Trump.

"Overall, Fed officials re-affirmed at this meeting that they anticipate raising interest rates three times in 2018, matching the tightening in 2017," said Paul Ashworth, Chief U.S. Economist at Capital Economics.

He added, "But we still anticipate that a slightly faster than expected rebound in core inflation will mean we eventually see four rate hikes in 2018."

On the U.S. economic front, a report released by the Institute for Supply Management showed growth in manufacturing activity unexpectedly accelerated in the month of December.

The ISM said its purchasing managers index rose to 59.7 in December from 58.2 in November, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to edge down to 58.1.

"This indicates growth in manufacturing for the 16th consecutive month, led by strong expansion in new orders and production," said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.

A separate report from the Commerce Department showed a bigger than expected increase in construction spending in the month of November.

The Commerce Department said construction spending climbed by 0.8 percent to an annual rate of $1.257 trillion in November from a revised $1.247 trillion in October. Economists had expected spending to rise by 0.5 percent.

Trading on Thursday may be impacted by reaction to reports on private sector employment and weekly jobless claims, although activity may be subdued ahead of the release of the Labor Department's more closely watched monthly jobs report on Friday.


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Spotify Going Public? IPO Reportedly Filed Secretly Last Month

Trading 03 jan 2018 Commentaire »
Spotify secretly filed IPO documents with the Securities and Exchange Commission, according an Axios report released Wednesday. The music streaming platform reportedly filed the documents late last month. Spotify is hoping to list in this year’s first quarter, the report said.  

Saquon Barkley News: Penn State RB Signs With Roc Nation Sports

Trading 03 jan 2018 Commentaire »
Penn State running back Saquon Barkley has signed with rapper Jay Z’s Roc Nation Sports company for representation and contract negotiations, ESPN reported Wednesday. The news comes just three days after Barkley declared his intentions to enter the 2018 NFL draft. Barkley took to Instagram Wednesday and announced that Roc Nation Sport's Kim Miale would be his agent.