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Morning Call For Friday, Dec. 1
OVERNIGHT MARKETS AND NEWS Dec E-mini S&Ps (ESZ17 -0.42%) this morning are down -0.45% after the U.S. Senate suspended voting on the tax bill until today after a compromise to win a majority collapsed. Also, the U.S. faces a partial government shutdown next Friday if Congress can’t agree on a spending bill by then. European stocks are down -0.86% at a 2-week low led by a slump in technology stocks. Asian stocks settled mixed: Japan +0.41%, Hong Kong -0.35%, China +0.01%, Taiwan +0.38%, Australia +0.33%, Singapore +0.47%, South Korea -0.14%, India -0.95%. The Shanghai Composite closed little changed after a gauge of Chinese manufactu... -
Finance 0
Amazon Price Target Raised To $1,525 From $1,430 At Wells Fargo
Wells Fargo analyst Ken Sena raised his price target for Amazon.com (AMZN) to $1,525 to reflect increased outer-year estimates for Web Services as well as a higher sum-of-the-parts valuation. The stock closed yesterday up $15.48 to $1,176.75. The analyst highlights the “very successful” five-day Amazon Wed Services conference in Las Vegas, “record-breaking” early holiday sales data, and another healthcare industry development with CNBC reporting the company is in talks with generic manufacturers Mylan (MYL) and Novartis (NVS). Sena sees an increasing likelihood that Amazon “ultimately becomes a disruptor” i... -
Finance 0
Pfizer/Merck KGaA Drug Fails In Study, Teva CEO Announces Changes
While reports about tech giant Amazon meeting generic drugmakers made the rounds, companies like Pfizer (PFE – Free Report) and Teva Pharmaceutical Industries Ltd.’s (TEVA – Free Report) were in the news with the former reporting late-stage data and the latter announcing leadership and organizational changes. Recap of the Week’s Most Important Stories Is Amazon in Talks with Generic Drugmakers? According to a CNBC report, tech giant Amazon is in preliminary discussions with generic drugmakers including Mylan (MYL – Free Report) and Novartis’s generic arm, Sandoz, about entering the pharmacy market. With not mu... -
Finance 0
How Will Gold End 2017?
The 2017 is almost gone. The last eleven months were not perhaps a spectacular time for gold, but it managed to rise more than 12 percent year-to-date, as one can see in the chart below. Chart 1: Gold prices year-to-date (London P.M. Fix). November was rather dull for the gold market – the price of the yellow metal increased more than 1 percent, but it remained within the recent tight range. Actually, gold prices have been stuck in one of the narrowest trading ranges for years. How will the golden vehicle finish the final lap of the year? Will it finally jump above $1,300 or will it bottom, just as 2015 and 2016? To answer this question, ... -
Finance 0
Weak Finish To The Week; Realty & Metal Stocks Fall The Most
Indian share markets witnessed intense selling pressure in the afternoon session and finished deep in red as economic data failed to boost market sentiments amid weak European markets. At the closing bell, the BSE Sensex closed lower by 316 points and the NSE Nifty finished lower by 105 points. The S&P BSE Mid Cap finished down by 1% while S&P BSE Small Cap finished down by 1.2%. Losses were largely seen in metal sector, realty sector and energy sector. Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.41% and the Shanghai Composite rose 0.01%. The Hang Seng lost 0.35%. ... -
Finance 0
Crude Oil: All Fracked Up
Oil prices are responding positively to an extension of the current OPEC/Non-OPEC production deal, especially because Nigeria and Libya agreed to cut production, but a monthly report by the Energy Information Administration (EIA) on U.S. production rising over 3% to 9.48 million barrels a day seemed to put a bit of a wet blanket on the market’s enthusiasm. Not to mention a million barrels of hedged shale oil output. Yet, a new study by MIT suggests that the EIA may be vastly overstating the potential for U.S. shale oil and if that is true, the potential for a major oil price spike in the coming years is a real danger. The report from MI... -
Finance 0
USD/JPY And AUD/USD Forecast – Friday, Dec. 1
USD/JPY The US dollar rallied significantly during the trading session on Thursday, breaking above the vital 112 level. By doing so, it looks as if we are ready to continue rallying, and if there is a tax deal coming out of the U.S. Congress, it’s likely that we will go looking towards the 114.50 level above, and perhaps even the 115 handle. If we can clear the 115 level, the market should go much higher, perhaps offering a buy-and-hold scenario. With this being the case, I like the idea of buying pullbacks, especially considering that interest rates look likely to go higher in the United States while the think Japan remains alter easy. If ... -
Finance 0
E The Velocity Of Money Has Been Declining In The U.S., But Don’t Worry About It
“Basically, the decline in the velocity of money is due to math rather than economic dysfunction, and it’s not necessarily a signal of economic trouble.” (The Independent Market Observer, Feb 9, 2017) The velocity of money, which is the ratio of GDP to the stock of money, is often regarded as an important indicator of the performance of the economy. In terms of rates of change, the velocity of money is a function of how fast the economy is growing relative to the growth in the money supply. In other words, the velocity of money measures the rate at which money in circulation is used to purchase goods and services. In the U.S. the ve... -
Finance 0
USDCHF: Backs Off Higher Prices, Weakens
USDCHF pair backed off higher prices on Thursday leaving risk to the downside. On the downside, support lies at the 0.9800 level. A turn below here will open the door for more weakness towards the 0.9750 level and then the 0.9700 level. On the upside, resistance resides at the 0.9850 level where a break will clear the way for more strength to occur towards the 0.9900 level. Further out, resistance comes in at the 0.9950 level. Above here if seen will turn attention to 1.0000. All in all, USDCHF faces further upside pressure.... -
Finance 0
Weekend Reading: Keeping You Awake At Night
In her last testimony before Congress as head of the Federal Reserve, Janet Yellen made a curious statement: “I would simply say that I am very worried about the sustainability of the U.S. debt trajectory. Our current debt-to-GDP ratio of about 75 percent is not frightening but it’s also not low. It’s the type of thing that should keep people awake at night.” I find this statement interesting given that both Michael Lebowitz and I have been arguing the point that tax cuts and reforms “pay for themselves” through stronger rates of economic growth, employment or wages. As Mike stated this past week: “The historical evidenc...
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