Anyone into laopok Mercs? - Page 4 - Conti Talk

[New Shit] Morning Levels

I get this every morning from an IB (JPM), lmk if you guys want this shit or not. I don't format, I just copy pasta (no time). Only thing I do is bold a the section with #. I can't fit everything into 1 post so look below in comments for rest.

Kek

If someone wants the job of formatting & posting I can set up a new email account and you send the raw shit.
Edit: not gonna do this every day but Monday and Friday so you get a "feel" for the week ahead and Friday so you go get a "feel" for wtf happened.

Morning Levels

• US futures are up 3 points
• Asia: Japan Nikkei +0.66%, Japan TOPIX +0.52%, China +0.17%, Hong Kong -0.18%, KOSPI +0.27%, Taiwan -0.36%, Australia -0.10%
• EuroStoxx 50 +0.55%, FTSE +0.19%, DAX +0.42%, CAC +0.48%, Italy +0.14%, Spain +0.29%
• USD (DXY) down 0.15%, EUR up 0.42%, GBP up 0.21%, JPY up 0.07%, CNY Onshore down 0.16%, CNH Offshore down 0.23%, AUD unch
• VIX down 1.56% to 12.59
• Gold up 0.63% to $1,135.68
• Silver up 1.39% to $16.18
• Copper down 0.79% to $258.00
• WTI Crude down 0.45% to $50.67
• Brent Crude down 0.20% to $53.91
• Natural Gas down 2.10% to $3.36
• Corn up 0.14% to $3.57/bu
• Wheat down 0.43% to $4.08/bu
• Treasuries 2yr yields are down ~1.7bps at 1.257%, 10yr yields are down ~3.3bps at 2.564% and 30yr yields are down ~4.5bps at 3.117%
• Japan 10yr yields 0.068%, down ~1.2bps on the day
• France 10yr yields 0.733%, down ~3.4bps on the day
• Italy 10yr yields 1.812%, down ~0.9bps on the day
• Spain 10yr yields 1.394%, down ~2.0bps on the day
• Germany 10yr yields 0.312%, down ~4.6bps on the day

Trading Update

• Market update – Eurozone equities and US futures were both flattish for most of the early morning but staged a rally around 5:30amET (there wasn’t any headline that crossed the wire at that time). There isn’t too much incremental news to talk about Fri morning as markets globally begin to quietly shut down for 2016 (there are only two major macro events left – Yellen’s speech Mon 12/19 at 1:30pmET and the BOJ decision Tues morning 12/20). The big risk for US equities remains elevated political expectations – this isn’t a subject many want to talk about at the moment but the growing opposition to the GOP border adjustment proposal could threaten to undermine the entire corporate tax reform effort (this has been showing up in the press lately, including in the FT Wed morning and on Reuters Friday morning). It won’t be until later in Jan (at the earliest) when various committees in Congress will start drafting legislation but investors are starting to pay a bit more attention to this risk. Other than the outlook for US taxes, there weren’t many big headlines in the last 12-18 hours (from the perspective of domestic equities). • Calendar - for Friday investors will be watching the US housing starts/building permits for Nov (at 8:30amET), comments from Fed’s Lacker (12:30pmET), and a bunch of analyst meetings (AGCO, CNC, HON, and MET). Also Obama will hold his final press conf. of the year. • Eurozone equities – the major indices opened in the red but staged a rally beginning around 5:30amET and are now higher (up ~30-80bp). Autos, tech, insurance, telecoms, and energy are all leading on the upside while banks, media, and retail lag. Europe-specific news was pretty slow (esp. on the macro front). • Treasuries – TSYs have a mild bid after the recent sell-off (2 and 10yr yields are down 1.7 and 4bp, respectively). • FX – the DXY is off small so far Fri (by ~20bp) after surging Wed and Thurs. The USD is in the red against most major crosses (the EUR is outperforming w/a 40bpbp rally). The CNY fell further against the USD (by another 16bp). • Asia – stocks saw mixed price action in Asia: Japan (TPX +0.52%, NKY +0.66%), HK (Hang Seng -0.18%, HSCEI -0.09%), mainland China (SHCOMP +0.17%, Shenzhen +0.95%,CSI 300 +0.17%), Taiwan (TAIEX -0.36%), Korea (KOSPI +0.27%), Australia (ASX 200 -0.1%), and India (down 11-17bp). There weren’t too many major Asia-specific headlines. A few headlines crossed out of the China Central Economic Work Conference although none were particularly notable (a lot of the usual platitudes about holding growth in a “reasonable” range, etc.). • China/HK – mainland Chinese stocks rebounded on Fri (SHCOMP +0.17%, Shenzhen +0.95%) but still suffered losses for the week (SHCOMP -3.4%). Nothing major occurred Fri although some of the headlines from the China Central Economic Work Conference helped to sooth sentiment. Also a larger PBOC liquidity injection helped cool the recent domestic yield spike. The main HK indices extended their losses (Hang Seng -0.18%, HSCEI -0.09%). Within the Hang Seng laggard groups included REITs, telecoms, utilities, and staples (a lot of the “bond proxy” groups). Energy stocks continued to have a bid (CNOOC +0.6%) while tech did well too (Lenovo +0.42%, AAC Tech +0.44%). AIA Group and Galaxy both climbed >1%. Property names were hit and China Mengniu Dairy sank after neg. earnings. China Unicom saw profit taking. • Japan – the main Japanese indices extended their gains (helped by the JPY slump on Fri although the currency is flat-to-up Fri morning). Sector moves were interestingly mixed within financial space with Banks +1.7% outperforming while Insurers -1.3% lagged. Banks were broadly strong on JGB yield surge after BoJ's Rinban gave a negative impression to bonds market as they reduced the amount of JGB purchases from last time. Within Insurers, Daiichi Life +1.6% gained, while MS&AD -2.7% got hit as JPM's Tsujino rpts her preference for lifers over P&Cs. Otherwise, commodities including Metal +2.3%, Iron +0.7%, Oil +0.8% picked up from the reversion play as coal, crude price bounced. Nintendo -4.2%, DeNA -6.8% slumped after releasing 'Super Mario Run'. Taiyo Yuden +3.3% rose after outside broker upgraded to Neutral. Park24 -0.7% slipped as FY OP ending Oct Y21.5bn missed Nikkei preview ¥24bn. JPM's Sakagami rpts his bullish stance for overall market with his target of NKY/TPX for 2017 at ¥21k, 1,650pts respectively.

Top Headlines for Friday

• US taxes – border adjustment proposal faces growing opposition according to Reuters (http://reut.rs/2hB62br) – the initial post-11/8 market enthusiasm was underpinned by a cursory focus on the proposed cuts to statutory corporate tax rates. However, investors in the last few weeks have spent more time focusing on the intricacies of the Trump/Ryan proposal and opposition to certain details, in particular the border adjustment idea, is growing. This was the subject of a pg. 1 FT article Wed morning (“Republicans face corporate tax rebellion”) and is talked about in a Reuters article Fri morning (“U.S. tax reform proposal on border trade faces growing opposition”). Border adjustments are a key piece of the GOP corporate tax reform agenda and rates may not be able to move materially lower w/o it (w/o border adjustments some think the whole House tax plan would “collapse”). JPMorgan’s M Feroli wrote about border adjustments in this note (http://bit.ly/2gvBmHF) and JPM’s retail analyst Matt Boss discussed the impact of corporate tax reform on his sector in a note Fri morning (http://bit.ly/2gRoCw1). • Obama warned that the US will retaliate against Russia for hacking the US election. “I think there is no doubt that when any foreign government tries to impact the integrity of our elections ... we need to take action” – Washington Post http://wapo.st/2hCa6Wa • Larry Kudlow has emerged as a leading candidate to become head of Trump’s White House Council of Economic Advisors – WSJ http://on.wsj.com/2gQ7ANt • Trump rally - the Dow’s 8% gain in the five weeks after Donald Trump’s victory is the biggest surge following any U.S. presidential election in history; history suggests the gains could continue – WSJ http://on.wsj.com/2gR5TRy • Company-specific news update from Thurs night 12/15. ADBE’s earnings overall were solid; the key metric is Digital Media ARR (Annualized Recurring Revs) coming in at $4.01B (vs. the St $3.97B). The ADBE F17 income statement guide is a touch under the St but in general the result was solid. JBL’s results were nicely ahead of the St (w/the AAPL-focused DM revs beating guidance) and the outlook was bright too (JBL saw a big after-hours rally). ORCL continues to face the same dichotomy as before – the new cloud businesses are doing very well (non-GAAP SaaS/PaaS revs came in up ~89% CC which is nicely ahead of the 80% growth guidance) while the legacy ones suffer (legacy new SW licenses came in $1.347B vs. the St $1.44B). PCLN announced that Glenn Fogel, the company's current Head of Strategy and Executive Vice President of Corporate Development, has been named CEO of the company and SABR has appointed Sean Menke as president, CEO and a member of Sabre's board. Away from tech, CNC provided 2017 guidance and the EPS range 4.40-4.85 was light of the St (St is at 4.83); CNC cites increased healthcare uncertainty following the election for the subdued guide (CNC says if its Marketplace business performs inline w/’16 levels next year then EPS would be at the upper-end of guidance which is inline w/the St). A judge has ruled that GILD must pay MRK $2.54B in hep-C royalties (per Bloomberg; GILD said it disagrees w/the decision and will appeal). MET and TERP also had ’17 guidance metrics on the tape after the close. DOW said it will exercise its option to convert all of the Series A preferred stock into shares of common stock (the conversion of all four million shares of Series A preferred stock, will result in an additional 96.804 million shares of outstanding Dow common stock). GNC announced that all corporate stores will close on December 28 and reopen on December 29, when GNC will be providing customers a dramatically improved experience with the launch of One New GNC (#ONEnewGNC). • Sanofi, Actelion – Sanofi is in advanced talks to buy Actelion and the firms are discussing a price around $275/shr; a deal could be announced as soon as next week – Bloomberg http://bloom.bg/2hEttgZ • MDLZ - according to the NY Post, 3G Capital may be raising new money to pursue MDLZ. 3G is ready to close a new $10 billion fund. KHC likely will not be involved in the deal. NY Post. http://nyp.st/2h7NQT9 • White House publishes its final annual economic report and outlines four key challenges facing the US economy: sluggish productivity growth, rising income inequality, a low participation rate, and “economic sustainability” (ensuring current growth isn’t robbing from future periods) – WSJ http://on.wsj.com/2hA1xuX • US deploys tanks to bolster NATO in Europe – the WSJ discusses how the US has re-opened a Cold War-era storage facility in the Netherlands and restocked it w/tanks; “three years ago the last American tank left Europe; we all wanted Russia to be our partner,” said Lt. Gen. Ben Hodges, the commander of U.S. Army Europe. “My country is bringing tanks back…as part of our commitment to deterrence in Europe” – WSJ http://on.wsj.com/2gPJrX6 • Eurozone officials have pledged to ramp up their military spending, an action that is partly a response to Trump’s election – WSJ http://on.wsj.com/2hCejJG • China’s state-run media reassures markets over Fed-related fallout; several articles in China’s financial press aimed at calming market anxiety related to Fed tightening – Bloomberg http://bloom.bg/2hVnnrS • China – the gov’t said its monetary policy would be prudent and neutral in ’17 while fiscal policy will be proactive. Preventing and controlling financial risk to avoid asset bubbles will be a priority, along with deepening supply-side structural reform – Bloomberg http://bloom.bg/2gR4ASG • China “teapot” refineries - Beijing will not issue fuel export quotas for independent refineries next year. The surprise policy shift could deal a “blow” to the upstart industry. “Ending the scheme will hand control of the lucrative export business back to China's big four state-run oil majors” – Reuters http://reut.rs/2hCfJUf • China's military has carried out its first ever live-fire drills using an aircraft carrier and fighters – Reuters http://reut.rs/2hr5DI0 • FB moves closer to screening news – the WSJ discusses how FB is inching closer to a plan that would see it fact-check news in a bid to combat the rising “fake news” problem. http://on.wsj.com/2gI4aZW • Healthcare – Republicans plan to repeal the ACA and replace it w/a “universal access” plan. “Our goal here is to make sure that everybody can buy coverage or find coverage if they choose to”. Republicans are guaranteeing that the ~20MM people now receiving coverage under ACA won’t lose their plans after the repeal takes place. Republicans have not settled on the details or the timing of their replacement plan. NYT http://nyti.ms/2h7KkYK • Drug price control plan withdrawn – Medicare will drop a program that would have reduced payments for many drugs given to patients in doctors’ offices and hospital clinics. NYT http://nyti.ms/2h7HXFA • Putin’s Revenge – Putin determined to win Cold War 2.0. He may be succeeding. Politico http://politi.co/2hEL7RG • Vladimir Putin wants a new world order. Why would Donald Trump help him? Washington Post http://wapo.st/2hVuCAd • Preventing NATO-Russian Escalation – Project Syndicate http://bit.ly/2hNRPZb

Macro Update

• The same factors as before continue to exert upside influence on equity prices -Dec seasonality, a penchant to “chase” from people left behind by the post-11/8 rally, news/liquidity vacuums, Trump/Ryan fiscal/regulatory anticipation (this obviously remains the key driver of stocks), and solid nominal economic growth. After the flash PMIs Thurs morning there really are no additional macro events left on the 2016 calendar (other than Yellen’s speech Mon 12/19 at 1:30pmET and the BOJ Tues morning 12/20) and thus the current optimism can continue propagating for another two weeks at least. Sentiment remains upbeat on the prospects for stocks over the next two weeks into year-end (or until the inauguration on 1/20) although there certainly is evidence of rising skepticism behind the scenes and this may become more apparent once the year-end non-fundamental effects fade. Elevated political expectations remain (by far) the biggest risk to the market and while it won’t be until early Feb when the various Congressional committees start producing rough tax reform drafts, investors are beginning to pay a bit more attention to some of the particulars of the Ryan/Trump agenda (specifically, the whole border adjustment issue, which was discussed in the Wed morning FT article “Republicans face corporate tax rebellion” and which JPMorgan wrote about here http://bit.ly/2gvBmHF, was one of the factors that weighed hard on apparel-linked names such as PVH, RL, COH, KORS, UA, URBN, JWN, TIF, etc., during Thurs trading). The SPX is on pace to earn ~$116-117 for this year and the St pre-Trump was modeling ~$127 for ’17. On ~$127 the current PE is elevated at ~17.8x but not ridiculous (although the ERP has compressed a lot more than the PE has risen of late given the move in TSYs – in Aug the ERP was ~420bp but that has since declined to ~300bp). If the full Trump/Ryan agenda is implemented, it could eventually be worth ~$20 to EPS over the course of multiple years (as written about in this JPMorgan note http://bit.ly/2hmIsz9).

Calendar of events to watch for the week of Mon Dec 19

• The week of 12/19 will suffer from reduced attendance and liquidity but there are actually a bunch of earnings reports to keep an eye on, including: LEN (Mon morning 12/19), BBRY, CCL, DRI, FDS, GIS, KMX, NAV, VAL (Tues morning 12/20), FDX, NKE (Tues night 12/20), ACN, ATU, FINL, LNN, PAYX, WGO (Wed morning 12/21), BBBY, MU, RHT (Wed night 12/21), CAG (Thurs morning 12/22), and CALM (Thurs night 12/22). In addition to the busy earnings schedule a lot of eco numbers are on the calendar, the most important of which will be US Nov PCE (Thurs 12/22 at 10amET), while Yellen is due to speak on the state of the jobs market Mon 12/19 (at 1:30pmET). Finally, the BOJ decision (Tues morning 12/20) should be a non-event.

Catalysts for 2017 – big events to watch for 2017 (preliminary list – additional events likely to be added)

• CES – the Consumer Electronics Show formally runs from Jan 5-8 in Las Vegas but “media days” take place Jan 3-4. • US Dec jobs report Fri 1/6. • JPMorgan Healthcare Conf. Jan 9-13. San Francisco. Healthcare is one of the most hated sectors right now and this is one of the industry’s biggest events. • US bank earnings season kicks off Fri 1/13 (BAC, JPM, PNC, and WFC all report that day). • Earnings - week of Mon 1/16 is the first big one of the CQ4 earnings season. • World Economic Forum 1/17-20 in Davos. • ECB – first ECB decision of the year will occur on Jan 19. • Trump inauguration Fri 1/20. • Trump priorities – Trump will have a finite stock of political capital but a broad agenda, including tax reform (individual and corporate), infrastructure spending, deregulation (ACA, Dodd-Frank, fiduciary rule, etc.), immigration reform, trade deal adjustments, Supreme Court nominees (at least one). What parts of the platform are prioritized and which get deemphasized? • Trump fiscal specifics - what are the particulars of the tax reform bills – rates, deductions, etc.? How will the fiscal priorities be sequenced? Will corporate and individual tax reform get tackled separately, in which case the latter may not happen until the end of ’17 or early ’18? Will Republicans utilize “reconciliation” to pass tax reform (which could limit the scope of fiscal stimulus given the need for any legislation passed in this manner to be deficit-neutral) or seek the support of some Democrats (which could dilute GOP priorities)? Can Republicans secure relative unanimity in the Senate to even utilize reconciliation (the GOP will have 52 seats in 2017 but at least 8 of them could raise objections to some parts of the Trump fiscal agenda)? • Fed appointment decisions – Trump has two appointments to immediately make to the Federal Reserve Board. Also, Yellen’s term as Chair ends 2/3/18 and she will likely serve until that date although speculation of her replacement should kick into high gear around the spring/summer of ’17. • Foreign policy - does Trump unequivocally express support for important and historic US military alliances such as NATO? What actions are taken in retaliation for cyberattacks waged against the US over the last several months? Where does Trump go on his first foreign trips (these are usually seen as a signal of foreign policy priorities for any incoming president)? Trump will quickly need to formulate specific policies w/regards to China and the South China Sea, North Korea’s nuclear program, and Russia’s behavior on its western border. Does the recent antagonism towards China over the “One China” policy persist? According to media reports, Obama has communicated to Trump how the NK nuclear program is the single largest foreign policy challenge facing the US. Also it will be interesting to hear Trump’s view on sustaining the sanctions against Russia (for the unlawful seizure of Crimea) and retaining the Iran nuclear deal. • Japan – there is speculation Abe could call elections in the Jan timeframe. • US banks – the Fed will prob. publish the ’17 CCAstress test criteria around the end of Jan (the criteria was released Jan 28, 2016 for the last testing cycle). • Italy – Italian Constitutional Court to hold hearing on legitimacy of Italian electoral law on Jan 24. • Fed – first Fed decision of the year will occur on Feb 1. • Netherlands will have national elections Mar 15. • Fed meeting – first press conf./dot plot decision of the year is Mar 15. • G20 Fin Min/central bank governors meeting Mar 17-18 in Germany. • China’s National People’s Congress (NPC) usually takes place in mid-Mar; the gov’t will formally publish its 2017 economic objectives at this event. • US debt ceiling - the debt limit has been suspended since late ’15 but is due to be reinstated on Mar 16, 2017. • EU Leaders Summit in late Mar – this could be the forum at which the UK formally triggers Article 50 (UK PM May has said she wants to trigger Article 50 before Mar). • Deutsche Bank US RMBS settlement (investors assume the final settlement will happen by the end of Q1 for an amount in the ~$4-5B range). • WFC’s “living will” – WFC will resubmit its living will in the Mar timeframe. Normally this wouldn’t be a major event but if WFC’s living will is deemed inadequate again the Fed could raise the company’s capital requirements. • France first-round presidential election Apr 23 (run-off is May 7). • US Treasury publishes semi-annual currency report around Apr timeframe (investors will watch China designation closely). • US gov’t funding – current spending legislation will keep the gov’t funding until Apr 28 • G7 Leaders Summit May 26-27 in Italy. • Italy – new elections are likely in the June timeframe. • China/MSCI - MSCI will announce the result of the China A shares inclusion proposal as part of the 2017 Market Classification Review in June 2017. • G20 Leaders Summit Jul 7-8 2017 in Germany. • German elections – the next German elections will be held between Aug and Oct 2017.

Trump Transition

• US taxes – border adjustment proposal faces growing opposition according to Reuters (http://reut.rs/2hB62br) – the initial post-11/8 market enthusiasm was underpinned by a cursory focus on the proposed cuts to statutory corporate tax rates. However, investors in the last few weeks have spent more time focusing on the intricacies of the Trump/Ryan proposal and opposition to certain details, in particular the border adjustment idea, is growing. This was the subject of a pg. 1 FT article Wed morning (“Republicans face corporate tax rebellion”) and is talked about in a Reuters article Fri morning (“U.S. tax reform proposal on border trade faces growing opposition”). Border adjustments are a key piece of the GOP corporate tax reform agenda and rates may not be able to move materially lower w/o it (w/o border adjustments some think the whole House tax plan would “collapse”). JPMorgan’s M Feroli wrote about border adjustments in this note (http://bit.ly/2gvBmHF) and JPM’s retail analyst Matt Boss discussed the impact of corporate tax reform on his sector in a note Fri morning (http://bit.ly/2gRoCw1). • Trump rally - the Dow’s 8% gain in the five weeks after Donald Trump’s victory is the biggest surge following any U.S. presidential election in history; history suggests the gains could continue – WSJ http://on.wsj.com/2gR5TRy • Larry Kudlow has emerged as a leading candidate to become head of Trump’s White House Council of Economic Advisors – WSJ http://on.wsj.com/2gQ7ANt • Trump tech summit – Kara Swisher has a full background article on the summit. Trump apparently responded favorably to complaints about the H-1B visa program. Re/Code http://on.recode.net/2h7G1Ne • Healthcare – Republicans plan to repeal the ACA and replace it w/a “universal access” plan. “Our goal here is to make sure that everybody can buy coverage or find coverage if they choose to”. Republicans are guaranteeing that the ~20MM people now receiving coverage under ACA won’t lose their plans after the repeal takes place. Republicans have not settled on the details or the timing of their replacement plan. NYT http://nyti.ms/2h7KkYK • Trump said he would nominate his longtime friend and lawyer David Friedman as U.S. ambassador to Israel – WSJ http://on.wsj.com/2h7A4ja • Housing - Scott Garrett, a House Republican who lost his re-election bid on 11/8, has met w/Trump and would like a role at the FHFA. http://on.wsj.com/2gQcxpu • Healthcare/taxes - repealing Obamacare would amount to a tax cut for the wealthiest Americans and a modest tax hike for some of the lowest earners – Bloomberg http://bloom.bg/2gOY3HQ • Goldman’s co-head of investment banking told CNBC that some form of corporate tax reform was a near certainty and the result should be improved sentiment, more M&A, and stepped up IPOs – CNBC http://cnb.cx/2h5euvI
Washington – policy, economics • Obama warned that the US will retaliate against Russia for hacking the US election. “I think there is no doubt that when any foreign government tries to impact the integrity of our elections ... we need to take action” – Washington Post http://wapo.st/2hCa6Wa • White House publishes its final annual economic report and outlines four key challenges facing the US economy: sluggish productivity growth, rising income inequality, a low participation rate, and “economic sustainability” (ensuring current growth isn’t robbing from future periods) – WSJ http://on.wsj.com/2hA1xuX • Student lending - the incoming chairwoman of the House Committee on Education and the Workforce said the gov’t should look to cut the amount of money made available for student lending – WSJ http://on.wsj.com/2hTlMTB • US deploys tanks to bolster NATO in Europe – the WSJ discusses how the US has re-opened a Cold War-era storage facility in the Netherlands and restocked it w/tanks; “three years ago the last American tank left Europe; we all wanted Russia to be our partner,” said Lt. Gen. Ben Hodges, the commander of U.S. Army Europe. “My country is bringing tanks back…as part of our commitment to deterrence in Europe” – WSJ http://on.wsj.com/2gPJrX6 • Drug price control plan withdrawn – Medicare will drop a program that would have reduced payments for many drugs given to patients in doctors’ offices and hospital clinics. NYT http://nyti.ms/2h7HXFA • Generic drug price collusion probe could expand following guilty pleas (this hit mid-day Thurs) – Bloomberg http://bloom.bg/2gGzmII • NYC/De Blasio – two separate grand juries have begun hearing testimony in connection w/De Blasio campaign fundraising investigations – NYT http://nyti.ms/2hNFeoD

Europe

• Brexit - May assured her European partners that she would launch the two-year process by the end of March – Reuters http://reut.rs/2hNu9UD • Brexit – a senior UK official warned that Brexit negotiations could take as long as 10 years – NYT http://nyti.ms/2hCjGsc • Brexit – Eurozone countries reiterated a lot of their prior language w/regards to the Brexit negotiations and warned the UK that the country won’t retain access to the EU single market if it doesn’t accept free immigration – Reuters http://reut.rs/2hNu9UD • Greece – the country moves forward w/plans for a Christmas bonus as relations w/its Eurozone creditors deteriorate – Reuters https://yhoo.it/2hAZ5a6 • Greece – the country’s central bank forecast 2.5% growth for the Greek economy in ’17 – Reuters http://reut.rs/2hNAwrb • Eurozone officials have pledged to ramp up their military spending, an action that is partly a response to Trump’s election – WSJ http://on.wsj.com/2hCejJG • UK criticizes drug prices – Actavis UK broke competition law by raising prices on a drug by 12K % according to a competition watchdog finding – Reuters http://reut.rs/2gIa2ly
Asia/Emerging Markets • China’s state-run media reassures markets over Fed-related fallout; several articles in China’s financial press aimed at calming market anxiety related to Fed tightening – Bloomberg http://bloom.bg/2hVnnrS • China – the gov’t said its monetary policy would be prudent and neutral in ’17 while fiscal policy will be proactive. Preventing and controlling financial risk to avoid asset bubbles will be a priority, along with deepening supply-side structural reform – Bloomberg http://bloom.bg/2gR4ASG • China – a larger than expected liquidity injection Fri from the PBOC helped calm Chinese bond markets and ease the recent yield spike – Reuters http://reut.rs/2hB2uWv • China “teapot” refineries - Beijing will not issue fuel export quotas for independent refineries next year. The surprise policy shift could deal a “blow” to the upstart industry. “Ending the scheme will hand control of the lucrative export business back to China's big four state-run oil majors” – Reuters http://reut.rs/2hCfJUf • China's military has carried out its first ever live-fire drills using an aircraft carrier and fighters – Reuters http://reut.rs/2hr5DI0 • Japan - Japan plans to slightly reduce the cap on new government bond issues to the low 34 trillion yen ($288.18 billion) range for fiscal 2017 – Nikkei http://s.nikkei.com/2hNURMH • Russia/oil – all Russian oil companies will lower their output as part of the recent OPEC production agreement – Reuters http://reut.rs/2gIfq8l
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