Saturday, September 16, 2017

Today's Headlines

  • U.S. Stocks Reach Another Milestone as S&P 500 Vaults Past 2,500. The S&P 500 Index powered past 2,500 for the first time, notching its third round-number milestone of the year as the bull market in U.S. equities rages on. The benchmark gained 0.2 percent to 2,500.23 Friday, capping its biggest weekly advance since January, as technology shares rebounded and banks climbed with Treasury yields. Up 12 percent since January, the S&P 500 is on course for its best annual gain in four years.
  • U.K. Arrests Man in Train Attack as Threat Level Stays Critical. Police have arrested an 18-year-old man on the U.K. southeast coast in connection with the detonation of an improvised bomb on a London tube train that injured at least 29 people. The man was arrested in the port area of Dover, a major ferry hub for travel to France, on Saturday and is being held under a section of the U.K. Terrorism Act, the Metropolitan Police said in a statement. He is being held at a local police station then will be transferred to south London “in due course.”
  • North Korea Says Missile Test Was Aimed at ‘Confirming Action Procedures of Actual War’. North Korea said it will complete its nuclear program in the face of heightened United Nations sanctions after the isolated nation on Friday fired a second intermediate-range ballistic missile that flew over Japan. Leader Kim Jong Un claimed his nuclear program is nearly complete despite a series of sanctions by the UN Security Council and his final goal is to build “the equilibrium of real force” with the U.S. and prevent military action against Pyongyang, the Korean Central News Agency said Saturday. Kim personally guided the launch of the latest Hwasong-12 missile, it said.
  • ECB Bond Reinvestments Could Be Shock Absorber as QE Decelerates. As the European Central Bank prepares to slow its bond-buying program, policy makers are considering softening the blow by highlighting a related measure -- the reinvestment of maturing debt. An average of 15 billion euros ($18 billion) a month of assets held under quantitative easing will mature next year, according to euro-area central bank officials who said the figure was presented at the last Governing Council meeting. While the plan to reinvest that cash has long been a part of policy, the ECB is concerned that investors are under-appreciating its impact, three people said. A spokesman for the central bank declined to comment.
Wall Street Journal:
  • Frustration With Republicans Drove Donald Trump to Deal With Democrats. Shift raises prospect of future collaborations; Nancy Pelosi says White House and GOP ‘don’t have the votes’. Months of mounting frustration with the lack of progress in the Republican-led Congress drove President Donald Trump to cut legislative deals with top Democrats, according to White House officials, raising the prospect of future collaborations on subjects from immigration to a tax overhaul to spending bills.
  • Had bullish commentary on (RHT), (CAT), (ETFC), (ALGN), (AMG), (CFR) and (ADI).
  • Had bearish commentary on (FDX).
Zero Hedge:
De Tijd:
  • ECB's Praet Says 'Substantial Stimulus' Is Still Needed. "Underlying inflation remains too low. We have to be patient and persevere with our policy. A substantial stimulus is still necessary," ECB Executive Board member Peter Praet says in an interview.

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