Saturday, November 05, 2016

Today's Headlines

  • U.S. Stocks Post Longest Slide Since 1980, Bonds Rise Amid Angst. U.S. stocks posted their longest slide since 1980, while Treasuries rallied after data showing progress in the American labor market did little to soothe anxiety over the presidential election. Oil slumped. The S&P 500 Index dropped for a ninth straight day, a gauge of equity volatility had the longest stretch of gains on record and Treasuries climbed the most since September ahead of next week’s vote. All the jitters sent the dollar down after a brief advance that followed data showing U.S. jobs rose at a steady pace in October, supporting a Federal Reserve hike next month. Oil sank as hopes faded that OPEC will be able to implement a deal to cut output.
  • European Gauge of Bond-Market Stress Approaches Highest in 2016. A measure of euro-area bond-market stress is flashing red. The yield difference between German and Italian 10-year bonds approached the widest in 2016 this week as investors sought the region’s safest assets. As two of the euro-zone’s most-liquid sovereign-debt markets, speculating on the so-called yield spread may be the best channel for investors to express their view with the U.S. presidential election next week and Italy’s constitutional referendum looming in December.
  • Thousands of Protesters Demand That SKorea's President Quit. Tens of thousands of South Koreans poured into the streets of downtown Seoul on Saturday, using words including "treason" and "criminal" to demand that President Park Geun-hye step down amid an explosive political scandal.
  • Human Shields, Barricades Slow Iraqi Advance Into Mosul. Islamic State fighters launched counterattacks Saturday against Iraqi special forces in eastern Mosul, emerging from populated areas deeper in the city to target the troops with mortars and suicide car bombs in clashes that raged late into the night. Artillery shelling thundered across the city as snipers traded fire from rooftops and civilians emerged from the front lines waving white flags. There were fresh indications that other residents were being held back by the militants to be used as human shields.
  • Oil Tycoons Lose Seven Months of Gains as OPEC Hopes Fade: Chart.
  • Had bullish commentary on REITs, (MJN) and (ALSN).
Zero Hedge:
Business Insider:
Le Soir:
  • Junker Says Wallonia Exposed Serious EU Governance Problem. European difficulties with governance and democracy were exposed in recent problem in getting EU-Canada trade deal past Belgium's Wallonia region, EC President Jean-Claude Juncker said in an interview. "We have a real problem of governance in Europe," he said. "You cannot say to the Walloons or others, 'Shut up'," Juncker said. During a phone call with UK Prime Minister on Friday, Theresa May said her government "is continuing to think and act the same way and that the notitification for the decision to start exit negotiations will indeed take place before the end of March," Junker said.

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