Wednesday, January 18, 2017

Today's Headlines

Posted by Gary .....at 2:52 PM
Bloomberg:
  • Commerce Pick Ross Calls China ‘Most Protectionist’ Major Nation. Billionaire Wilbur Ross, nominated by Donald Trump to serve as Commerce secretary, called China the most protectionist of the world’s major economies and vowed to level the playing field with the Chinese on trade, especially in reducing overcapacity in its steel industry. “China is the most protectionist country of very large countries,” Ross said in testimony on Wednesday in Washington before the Senate Commerce Committee, which will vote on his nomination. “They have both very high tariff barriers and very high non-tariff trade barriers. So they talk much more about free trade than they actually practice.”
  • Dimon Says Euro Zone May Not Survive Without Change in Direction. Europe needs to address disagreements spurring the rise of nationalist leaders or the region’s strong economic ties will break, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said. Dimon said he hoped European Union leaders would examine what caused the U.K. to vote to leave and then make changes. That hasn’t happened, and if nationalist politicians including France’s Marine Le Pen rise to power in elections across the Continent this year, “the euro zone may not survive,” Dimon said in a Bloomberg Television interview with John Micklethwait.
  • Stoxx 600 Extends Losses, Media Sector Index Falls 2.2%. (video)
  • OPEC Chief Says ‘So Far, So Good’ on Deal to Cut Production. (video)
  • Fed Says U.S. Growth Continues Modestly as Job Market Tightens. The U.S. economy continued to expand modestly from late November through the end of 2016 as a tightening labor market helped lift wages and prices more broadly, a Federal Reserve survey showed. The central bank’s Beige Book economic report, based on information collected by regional Fed banks on or before Jan. 9, said firms and industries were optimistic about growth this year. Employment gains were characterized as slight to moderate, with most of the Fed’s 12 districts saying they expected the labor market to continue tightening.
  • U.S. Investor Optimism Highest Since Crisis as Trump Era Dawns. Moving to more of a "glass half full" view.
  • Mnuchin Tells Congress He Didn't Run a 'Foreclosure Machine' in Remarks. The U.S. economy continued to expand modestly from late November through the end of 2016 as a tightening labor market helped lift wages and prices more broadly, a Federal Reserve survey showed. The central bank’s Beige Book economic report, based on information collected by regional Fed banks on or before Jan. 9, said firms and industries were optimistic about growth this year. Employment gains were characterized as slight to moderate, with most of the Fed’s 12 districts saying they expected the labor market to continue tightening.
  • Billionaire Steyer Says There’s ‘No Limit’ on His Spending Against Trump. Tom Steyer, the billionaire environmental activist who spent at least $87 million on the 2016 election, said he can’t begin to estimate how much of his fortune he’ll put toward fighting Donald Trump’s presidency. “If you ask me can I put a limit on how much I value the health, the safety, the employment and the civil liberties of Americans, there’s no limit to what I think that’s worth,” Steyer, a Democrat, said in an interview Tuesday.
  • BIS Study Casts Doubt on ‘Ultimate Effectiveness’ of QE. Central banks might have a problem with their policies, according to their bank.
Zero Hedge:

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