Saturday, December 10, 2016

Today's Headlines

  • Broadening Trump Rally Christens a New S&P 500 Champion Each Day. One of the many remarkable things about the Donald Trump bull market is the breadth of the industries it is benefiting. Consider the week just ended, in which leadership in the S&P 500 Index changed all five days, a real-time rotation that helped send the measure and the Dow Jones Industrial Average to records. Industries as disparate as phone, financial and health-care companies took turns as the best performing group in the broader gauge, with nary a down day in the lot. So powerful is the advance that a measure of price momentum, the relative strength index that measures the speed of gains over the last 14 days, on the Dow average just notched its highest reading since the Internet bubble. The S&P 500 capped a sixth day of gains, its longest rally since June 2014.
  • Non-OPEC Said to Join OPEC in First Global Cut in 15 Years. Russia and several other non-OPEC nations pledged to curb oil production next year at a meeting in Vienna, joining forces with the Organization of Petroleum Exporting Countries to end a global glut that’s crashed oil prices and shaken energy-rich economies. The pact -- the first between the two sides in 15 years -- involves a reduction of about 600,000 barrels a day from non-OPEC countries, delegates familiar with the situation said, asking not to be identified before an official announcement later on Saturday.
  • Saudis Signal Deeper Cuts After Deal With Non-OPEC Countries. Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year. Taken together, the Organization of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers to wrest back control of the global oil market, depressed by persistent oversupply and record inventories. "This is shock and awe by Saudi Arabia," said Amrita Sen, chief oil analyst at Energy Aspects Ltd. in London. "It shows the commitment of Riyadh to rebalance the market and should end concerns about OPEC delivering the deal."
  • Exxon CEO Tillerson Said to Be Trump’s Secretary of State Pick. Exxon Mobil Corp. Chief Executive Officer Rex Tillerson is Donald Trump’s choice as secretary of state, NBC reported on Saturday, a move that would hand top diplomatic powers to a man whose ties to Russian President Vladimir Putin go back almost two decades. The report, already triggering pushback from some lawmakers, couldn’t be immediately confirmed. NBC said its sources, people close to the president-elect’s transition, cautioned that nothing is final until the president-elect makes an announcement. Trump has said he’ll disclose his decision next week.
  • GOP Unity With Trump Faces Test Over Spending Early Next Year. Congress just navigated through the threat of a U.S. government shutdown, but Republicans may have set themselves up for an even bigger showdown next year at the start of Donald Trump’s presidency. The Senate on Friday cleared 63 to 36 a stopgap spending measure to fund the government through April 28, averting a shutdown but putting off a long list of decisions on bills to finance the rest of the fiscal year through October.
  • The Robots Aren't Coming for Your Job. They're Already Here.
Wall Street Journal:
Fox News:
  • ISIS militants re-enter Syria's historic Palmyra. (video) ISIS militants re-entered the historic city of Palmyra in central Syria on Saturday for the first time since they were expelled by Syrian and Russian forces nine months ago. The activist-run Palmyra Coordination network said the militants had nearly encircled the city and entered its northern and northwestern neighborhoods. The group, which maintains contacts inside the city, said ISIS fighters were approaching the city's UNESCO heritage site as well.
  • At least 20 wounded in twin bomb attack near Istanbul stadium. Two explosions struck Saturday night outside a soccer stadium in central Istanbul Saturday, wounding at least 20 police officers, Turkish officials said. In photographs on social media, smoke was seen rising from behind the newly built Vodafone Arena Stadium, known as Besiktas Stadium, after the local team and neighborhood.
Zero Hedge:

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