Saturday, December 17, 2016

Today's Headlines

  • Dow Stops Short of 20,000 in Worst Week for Banks Since Election. (video) What began as a record-setting streak for U.S. stocks fizzled as the week progressed, with the Dow Jones Industrial Average approaching and ultimately falling short of 20,000, as the biggest driver of the post-election rally declined. Financial firms decreased for the first time since Donald Trump’s presidential victory, ending a five-week advance in which the group propelled benchmark indexes to records. The S&P 500 Index lost 0.1 percent to end at 2,258.07, while the Dow average climbed within 0.45 percent of 20,000 before ending at 19,843.41, a gain of 0.4 percent for the five days.
  • China Must Curb Speculation Amid Bubble, Top Official Says. China must do more to deflate a property bubble that expanded this year by "strictly" controlling speculation while also stepping up the fight to rein in excessive corporate borrowing, a top economic official said a day after leaders announced plans for next year. "We need to give a higher priority to preventing and controlling financial risks," Yang Weimin, deputy director of the Office of the Central Leading Group on Finance and Economic Affairs, said Saturday at a forum in Beijing. "We need to defuse a flurry of risks, contain asset bubbles, and improve oversight to ensure there won’t be a systemic financial risk."
  • China Bonds in Worst Week in Two Years as Fed Adds to Stresses. China’s sovereign bonds posted the biggest weekly decline in two years, reeling from the fallout of hawkish Federal Reserve comments, yuan depreciation pressures and waning liquidity. The 10-year sovereign yield surged 25 basis points this week, the most since December 2014, to 3.35 percent on Friday. The one-year yield jumped 50 basis points, while the five-year rose 27 basis points. The yuan, which fell to an eight-year low, is heading for the biggest weekly decline in a month. The debt market selloff caught investors by surprise, with Bocom International Holdings Co. flagging the risk of further declines and Commonwealth Bank of Australia saying it’s hard to see a reversal of fortunes even in the mid-term. While the Fed’s indications of quicker tightening fueled fears of faster fund outflows and ignited a record one-day yield jump Thursday, Chinese bonds have been under pressure in recent weeks from a government-driven effort to reduce leverage.
  • Disney’s(DIS) ‘Rogue One’ Reaps $71.1 Million in Two Days:
  • Icy Weather Snarls Holiday Travel for Thousands of U.S. Fliers.

Wall Street Journal:
  • Had bullish commentary on (BAC), (GOOGL), (CFG), (NVDA), (AMD),(TGT), (HUM), (VZ), (ORCL).
  • Had bearish commentary on (DIN).
Zero Hedge:

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