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The
deal shows that “the weight and resilience of OPEC is still there and
will continue to be,” Qatar’s energy minister, Mohammed bin Saleh
al-Sada, said at a news conference on Wednesday.
Stocks closed mixed on Wednesday, the last day of the month, as energy
stocks surging on an OPEC deal to cut production, while investors
digested solid economic data.
The Federal Trade Commission has issued its 2016 Report on Ethanol Market Concentration,
an annual report required by the Energy Policy Act of 2005 “to
determine whether there is sufficient competition among industry
participants to avoid price-setting and other anticompetitive behavior.”
As in prior years, the 2016 report concludes that “the low level of
concentration and large number of market participants in the U.S.
ethanol production industry continue to suggest that the exercise of
market power to set prices, or coordination on price and output levels,
is unlikely.”
Yes,
Donald Trump’s politics are incoherent. But those who surround him know
just what they want, and his lack of clarity enhances their power. To
understand what is coming, we need to understand who they are. I know
all too well, because I have spent the past 15 years fighting them.
At the "Understanding Fedspeak" event cosponsored by the Hutchins
Center on Fiscal and Monetary Policy at the Brookings Institution and
the Center for Financial Economics at Johns Hopkins University,
Washington, D.C.
The Federal Reserve Board on Wednesday published a report on debit
card transactions in 2015, including summary information on the volume
and value, interchange fee revenue, certain issuer costs, and fraud
losses. The report is the fourth in a series to be published every two
years pursuant to section 920 of the Electronic Fund Transfer Act
(EFTA).
European markets closed higher on Wednesday afternoon as investors
cheered an agreement among OPEC members to cut production and closely
followed political developments in Italy.
It's
OPEC day, Trump is said to pick Mnuchin for Treasury Secretary, and
Carney fires back at Draghi. Here are some of the things people in
markets are talking about today.
Donald
Trump’s plans for infrastructure spending are finally materializing,
and they already have no shortage of critics. But I think the critics
should ease up, and give the president-elect a chance.
U.S. stock index futures
pointed to a higher open on Wednesday as traders eyed a sharp jump in
oil prices ahead of a potential production cut deal from OPEC.
Stock
markets in Asia were mixed Wednesday, as a positive lead from Wall
Street was offset by investor concerns that key oil-producing nations
won’t be able to seal a deal to cut global production.
Japan’s Nikkei Stock Average
NIK, +0.01%
closed flat, after earlier
opening at its highest level in two days, while Hong Kong’s Hang Seng
Index
HSI, +0.23%
closed up 0.2%, and South Korea’s Kospi
SEU, +0.26%
finished up 0.3%. By contrast, the Shanghai Composite Index
SHCOMP, -1.00%
was off 1%, and Australia’s S&P/ASX 200
XJO, -0.31%
ended 0.3% lower.
A Wired article explains how Google is now using machine learning to understand and produce featured snippets in the Google search results.
Google
“just went live” on their desktop search results with what they call
“sentence-compression algorithms.” This sentence compression is able to
learn how “to take a long sentence or paragraph from a relevant page on
the web and extract the upshot — the information you’re looking for,”
Wired added.
Global firms behind popular brands such as Kit Kat, Colgate toothpaste and Dove cosmetics use palm oil produced by child workers in dangerous conditions, Amnesty International has claimed.
The
latest international test results for maths and science have been
released, and yet again, they paint a picture of stagnating outcomes in
Australian schools. Relative to other countries, we are actually
slipping backwards – and fast.
The headquarters of the
People’s Bank of China, the central bank, in Beijing. The decision to
restrict overseas use of the renminbi is a setback in China’s long-term
drive to turn the currency into a rival to the dollar and the euro for
international finance.
Jason Lee/Reuters
SHANGHAI
— As an exodus of money adds to the pressure on a slowing economy,
regulators are trying to put the brakes on overseas use of China’s currency by increasing the scrutiny of certain overseas deals.
The
decision to restrict overseas use of the renminbi represents a setback
in China’s long-term drive to turn the currency into a rival to the
dollar and euro in the global marketplace.
Beijing had pursued a greater role
for the renminbi as a way to increase its economic influence. Part of
the renminbi’s appeal in international finance was that most Chinese
companies could borrow and spend it overseas while seldom seeking
approval from financial regulators in Beijing.
But
that leniency created a problem for China. The currency flowed out of
the country in recent months and then traded heavily overseas, beyond
the control of China’s regulators.
The
situation has contributed to the currency’s steady weakening against
the strong dollar this autumn. That weakness, in turn, has prompted some
Chinese businesses and households to move even more money out of the
country before its value can erode further.
“The
authorities, under the relentless pressures of capital outflows, are
poised to impose extensive restrictions on capital movements, marking a
reversal of the gradual liberalizations introduced in recent years,”
Fred Hu, the chairman of the Primavera Capital Group, an investment firm
based in Beijing and Hong Kong, wrote in an email reply to questions.
“While
such capital controls may be intended to be temporary,” he wrote, “they
will introduce mounting uncertainties for Chinese outbound
investments.”
In
an effort to slow the exodus, an affiliate of China’s central bank, the
State Administration of Foreign Exchange, issued a directive to bankers
on Monday that amounted to additional scrutiny.
The
directive, which was quickly and broadly circulated within China’s
financial community, told banks that their domestic customers must check
with the Beijing regulator before transferring $5 million or more — in
dollars or renminbi — out of the country. The rules will also cover
renminbi that is sitting in overseas accounts, which had previously
escaped most regulation.
“The
People’s Bank of China in Shanghai is facing great pressure to keep a
balance” between inflows to and outflows from China, said the directive,
referring to the Shanghai office of the central bank. The directive
said that 5.1 trillion renminbi, or $740 billion, sluiced out of China
in the first 10 months of this year while only 3.1 trillion came back
into the country.
The
State Administration of Foreign Exchange declined Tuesday evening to
respond to a faxed question regarding offshore renminbi, suggesting that
the question should be submitted instead to the People’s Bank of China.
The central bank did not respond to questions late Tuesday evening.
Government
directives are not supposed to be public in China. In a sign of
government irritation at the unauthorized distribution, censors reached
into private WeChat social media accounts on Tuesday and deleted copies
of the directive.
The
rules appear to take aim at a relatively discrete set of overseas deals
that largely allow companies to pull money out of the country, rather
than more strategic acquisitions.
Many
Chinese companies, for example, have used their overseas subsidiaries
to buy or borrow renminbi in Hong Kong, London, New York and elsewhere
from the international arms of Chinese banks. Some of them then sell the
renminbi and buy dollars, in a bet that the dollar will strengthen.
The
new rules will apply broadly to Chinese companies. In the past, only
companies with headquarters in Beijing typically had to notify the
government of big moves in offshore renminbi.
Even so, the new rules amount more to a modest tweak than an outright overhaul.
Capital
controls in China already restrict the movement of money. Individuals,
for example, are not supposed to move more than $50,000 out of the
country annually. Companies, too, have limits and other approval
processes. The latest directive basically adds another layer of approval
and closes some additional escape valves.
“They
are not changing the rules,” said Jeffrey Sun, a partner in the
Shanghai office of Orrick, Herrington and Sutcliffe, a global law firm.
“It’s that, internally, they need to go through this extensive process.”
While
Chinese regulators are increasing their scrutiny, they have been
reluctant to ban overseas investment outright. Four different regulators
issued a joint public statement on Monday through the official Xinhua
news agency to emphasize that it was still acceptable for Chinese
companies and households to invest overseas.
China’s
overseas investments have “played an important role in deepening
China’s mutually beneficial cooperation with other countries and
promoting domestic economic restructuring and upgrading,” the statement
said.
But
even those more strategic deals may soon get a second look. Regulators
are also drafting rules that would require prior approval from Beijing
for very large overseas corporate acquisitions.
The draft rules on very large acquisitions, first reported by The Wall Street Journal
last Friday and subsequently confirmed by bankers and executives who
were briefed on the plans, would mandate that prior approval be obtained
for deals exceeding $1 billion in real estate or in industries outside
the Chinese company’s main area of business. Any acquisition would also
require prior approval if it exceeded $10 billion.
But some bankers are skeptical that such rules will make much of a difference. Most large Chinese deals, like the pending acquisition of Switzerland’s Syngenta
by the state-owned China National Chemical Corporation, involve
well-connected companies that have long received top-level endorsement
for their bids in advance anyway.
“The
companies behind these large acquisitions are themselves very
influential, and many will still find ways to close targeted deals,”
said Brock Silvers, the chief executive of Kaiyuan Capital, a Shanghai
investment advisory firm.
U.S. equities closed higher on Tuesday, led by health care and real
estate, as investors digested falling oil prices ahead of a key OPEC
meeting, as well as economic data.
By Turd Ferguson | Tuesday, November 29, 2016 at 11:07 am
Well,
we've finally reached "contract expiration" day as the Dec16 Comex gold
and silver contracts go off the board and into "delivery" at the close
today. With total Comex open interest now back to the levels of last
December, could price finally be near a bottom? As usual, we must look
at the USDJPY for clues.
The Securities and Exchange Commission today announced that the
Commission voted to renew the Equity Market Structure Advisory
Committee’s charter until August 2017 with the current membership. The
committee’s charter was originally scheduled to expire in February 2017.
An
OPEC deal remains elusive, U.K.'s Brexit strategy is (possibly)
revealed, and UBS says traders have Trump all wrong. Here are some of
the things people in markets are talking about today.
South
Korean shares retraced losses late Tuesday afternoon, as investors
reacted to a televised speech by President Park Geun-hye offering to
step down through a legal process, according to reports.
Park,
who is embroiled in an influence-peddling scandal, apologized and said
she would step down from her position in accordance with the law, asking
legislators to aid her in handing over power with minimal political
unrest, said Reuters.
U.S.
Secretary of Commerce Penny Pritzker and U.S. Trade Representative
Michael Froman led a U.S. delegation in discussions with Vice Premier
Wang Yang and other Chinese government officials as part of the 27th
session of the U.S.-China Joint Commission on Commerce and Trade (JCCT)
in Washington. U.S. Secretary of Agriculture Tom Vilsack and U.S.
Ambassador to China Max Baucus also participated in this year’s JCCT,
the last of the Obama Administration. At the conclusion of the
discussions, the United States announced key outcomes in the areas of
intellectual property protection, pharmaceutical and medical devices,
and information security policies.
Secretary
Pritzker highlighted the two countries’ progress in promoting bilateral
trade and commerce through the JCCT, but noted significant challenges
remain in the bilateral relationship.
(by Keida Ackerman, Senior Investment Specialist, SelectUSA) I
recently had the honor and great pleasure of participating in the
Washington, D.C. portion of the Osaka Chamber of Commerce and Industry’s
(OCCI) Hydrogen Fuel Cell (HFC) Mission – part of a week-long effort to
inspire an HFC conversation around ideas that not only have a positive
economic impact, but also hold broader implications for our communities
and our planet.
U.S.
Secretary of Commerce Penny Pritzker delivered remarks at the opening
plenary session of the 27th meeting of the U.S.-China Joint Commission
on Commerce and Trade (JCCT). During her remarks, Secretary Pritzker
highlighted the two countries’ progress in promoting bilateral trade and
commerce through the JCCT, as well as lingering policy challenges that
remain in our bilateral relationship.
U.S.
Secretary of Commerce Penny Pritzker delivered remarks at the
U.S.-China Joint Commission on Commerce and Trade (JCCT) Collaborative
Program on the Digital Economy. As part of the “Reimagined JCCT,” this
event brought the U.S. and Chinese business communities together with
government officials from both countries for a discussion on a topic
that is ripe for collaboration.
(by Erwin Parson, International Trade Management Division, U.S. Census Bureau) The
season is changing from the blazing hot days of summer to the cool
afternoons of fall. The leaves are starting to turn vibrant oranges,
reds and yellows and transform our landscape. Harvested in October, pumpkins are traditionally associated with this time of year. Did you buy your pumpkin yet?
(by Jason Lindesmith, Communications Specialist for the U.S. Commercial Service’s Great Lakes Network) Earlier
this month, the Acting Director of ITA’s Office of Strategic
Partnerships shared how partnerships at ITA ultimately help American
businesses while broadening the base of exporters around the country. I
would like to offer one example of a budding partnership the U.S.
Commercial Service has within in the aerospace industry – our work with
the Michigan Aerospace Manufacturing Association (MAMA).
On Sunday,
U.S. Secretary of Commerce Penny Pritzker delivered remarks at the
Warner Theater to celebrate the conclusion of the 2016 U.S.-China
Tourism Year. U.S. and Chinese leaders designated 2016 as the
U.S.-China Tourism Year in an effort to strengthen tourism and
commercial ties between the two countries. In the U.S., government and
industry worked together to enhance the tourism experience for Chinese
visitors and improve cultural understanding.
U.S.
Secretary of Commerce Penny Pritzker participated in an armchair
discussion at the World Affairs Council of America annual conference
titled “Shaping the American Competitiveness Agenda for the 21st
Century.” During the discussion, the Secretary highlighted policies that
America must pursue in order to stay competitive, grow the economy, and
generate opportunity for working families.
(by Vinay Vijay Singh, Deputy Assistant Secretary, Global Markets and
Michael Marangell, International Trade Specialist, U.S. Commercial
Service) It took 108 years for the Chicago Cubs to win the World
Series. It was a fitting time for nearly 300 U.S. exporters from 27
states, industry experts, and international dignitaries to convene in
Chicago (November 1-3) for Discover Global Markets: Building Smart
Cities (DGM), the latest in the U.S. Commercial Services’ DGM series.
The global urbanization trend will require rapid deployment of smart
city solutions in much less time than a century for citizens to
integrate into cities with a high quality of living. It is estimated
that the world will need to create a few cities the size of Chicago
every year for the next 15 years to accommodate citizens seeking their
path to prosperity.