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Dec 14, 2016

The Guardian | Opinion | Australian Politics - December 14, 2016: A Crackdown on the Cash Economy is an Attack on the Poor and Reward for Banks, by Phlip Soos.
Philip Soos
The Coalition government recently announced a taskforce to investigate and recommend ways to deal with the so-called black economy. This primary revolves around business transactions conducted in cash to evade taxes. Other justifications concern the illicit drug trade and welfare fraud.

WSJ | Major Indexes Closing on December 14, 2016

The Wall Street Journal
Major Indexes Closing
Major Indexes

WSJ | Forex Closing on December 14, 2016

The Wall Street Journal
Forex Closing
Major Currencies

WSJ | Biggest Decliners Closing on December 14, 2016

The Wall Street Journal
Biggest Decliners Closing
Biggest Decliners
4:32 pm ET 12/14/2016

WSJ | Most Actives Closing on December 14, 2016.

The Wall Street Journal
Most Actives Closing
Most Active Stocks by Volume
4:32 pm ET 12/14/2016

WSJ | Biggest Gainers Closing on December 14, 2016

The Wall Street Journal
Biggest Gainers Closing
Biggest Gainers
4:32 pm ET 12/14/2016

Kitco News - December 14, 2016: Trump, Not Yellen Will Push Rates Higer in 2017 - Horwitz Outlook

Published on Dec 14, 2016
As markets digest the Fed’s latest interest-rate hike, one trader says that this may only be only the beginning. According to Todd ‘Bubba’ Horwitz, host of the Bubba Show, markets will likely see four more hikes in 2017, but not because Fed chair Yellen deems it appropriate, but rather because President-elect Donald Trump will ‘demand’ it.

NYT | The Upshot | Economic Trends - December 14, 2016: Will The Trump Era Bring Higher Interest Rates? Don't Count on It
Neil Irwin
Higher interest rates are on the way. That, anyway, is the prediction increasingly baked into financial markets. Donald J. Trump’s policy agenda — big tax cuts and new infrastructure spending — seems to point in that direction. And the Fed raised its benchmark interest rate by a quarter of a percentage point on Wednesday, with plans for more increases next year.

Wall Street Closing Report, by CNBC on December 14, 2016: Stocks Close Lower After Fed Raises Rates, Eyes Three Hikes in 2017; Energy and Utilities Drop 2%
Fred Imbert
U.S. stocks fell in choppy trade Wednesday, led lower by energy and utilities, after the Federal Reserve raise rates for the second time in a decade.

Federal Reseve Press Release Issued FOMC Statement - December 14, 2016: the Committee Decided to Raise The Target Range for The Federal Funds Rate to 1/2 to 3/4 Percent.

Press Release
Release Date: December 14, 2016 

Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since mid-year.

CMI | Metals Spot Prices Closing on December 14, 2016

Spot Prices as of traditional New York closing times

Wednesday, December 14, 2016

FRB Press Release - December 14, 2016: Federal Reserve Board and Federal Open Market Committee Release Economic Projections From the December 13-14 FOMC Meeting

Press Release

Release Date: December 14, 2016 

The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the December 13-14 meeting.

FTC Press Release - December 14, 2016: Operatos of Settle FTC State Charges Resulting From 2015 Data Breach That Exposed 36 Million User's Profile Information
Note: A conference call for media with FTC Chairwoman Edith Ramirez, Vermont Attorney General William H. Sorrell, and Commissioner Daniel Therrien of the Office of the Privacy Commissioner of Canada will occur as follows:
Their remarks will be followed by an opportunity for media questions on this announcement.
Date: December 14, 2016
Time: 1:00 p.m. ET
Call-in:1-800-288-8961, confirmation number 409089.

Bloomberg | Gold Market - December 14, 2016: Finance Titans Face Off Over $5 Trillion London Gold Market
by Eddie Van Der Walt
Some of the biggest names in finance are fighting for control of the London gold market -- a $5 trillion, three-century-old trading hub that is being forced to adapt to a digital age.

The Guardian | Opinion | Islam | ThePanel - December 14, 2016: Was Muslims Like Us a Helpful Portrayal of Islam in the UK? | Miqdaad Versi, Remona Aly and Alia Bano
Alia Bano

Miqdaad Versi: Insightful moments illuminated the real tensions within Muslim communities

The Hindu - December 14, 2016: All That Glitters is Gold Here
The Tamil epic Silpathikaram says how Kannagi and Kovalan reached the temple town from faraway Poompuhar. It was by selling the legendary emerald anklet of Kannagi in the famous jewellery market of Madurai that Kovalan was to fund their new life.

FRB Press Release - December 14, 2016: G.17 - Industrial Production and Capacity Utilization

European Markets Closing Report on December 14, 2016: European Markets Close Lwer as Investors Await Fed Decision; Actelion Down 9.5%
Silvia Amaro, Sam Meredith
European markets closed lower on Wednesday as investors focused on an upcoming rate decision by the U.S.Federal Reserve.

BLS Press Release - December 14, 2016: PPI For Final Demand Increases 0.4% in November, Services Rise 0.5% Goods Advance 0.2%

Bureau of Labor Statistics

ESA | Manufacturing and Trade - December 14, 2016: October 2016 Business inventories Were $1,813.0 billion, Down 0.2% From September, and up 0.4% From October 2015

 ESA Overlay Banner

October 2016 business inventories were $1,813.0 billion, down 0.2 percent from September, and up 0.4 percent from October 2015.  Sales were $1,326.8 billion, up 0.8 percent from the previous month and up 2.1 percent from one year earlier.

BLoomberg Markets - December 14, 2016: Five Things you Need to Know To Start Your Day

by Lorcan Roche Kelly
Get caught up on what's moving markets.

It's Fed day. Here are some of the things people in markets are talking about today.

Rate decision

At 2 p.m. ET the Federal Reserve will announce what's expected to be the first rate hike of 2016. With every economist surveyed by Bloomberg calling for a 25 basis-point hike, attention is likely to focus on Chair Janet Yellen's post-decision press conference. While market-implied probabilities put the chances of an increase at 100 percent, they also imply an 8 percent possibility of a 50 basis-point increase.

Bond outlook

Jeffrey Gundlach, chief investment officer of DoubleLine Capital, called President-elect Donald Trump's policies unfriendly for bonds, and predicted that yields on 10-year Treasuries may climb to 3 percent next year. BlackRock Inc. is also predicting rising bond yields in 2017, as global growth spurs inflation and investors become "more constructive on the global macro economy.” A Treasury Department research unit has issued a warning about corporate debt, as the ratio of company debt to gross domestic product surpasses 2007 levels, and said the biggest buyers, including mutual funds, pension funds and life insurers, should be stress-tested to prevent instability in the event of a market downturn.

Brexit, just not yet

Almost six months on from the vote to leave the European Union, Brexit seems no closer. Chancellor of the Exchequer Philip Hammond said the U.K. would probably need longer than the two years set out in treaties to negotiate Britain's future relationship with the EU, arguing in favor of a 'transitional deal' that allows for a longer negotiating process. Data released by the Office for National Statistics this morning showed employment falling for the first time in more than a year, an outcome described by Alan Clarke, an economist at Scotiabank in London, as "the first genuine disappointment we have seen in the hard data since the Brexit vote.”

Markets slip

Overnight, the MSCI Asia Pacific Index rose 0.1 percent, while in Japan the Topix index dropped 0.1 percent as investors awaited today's Fed decision. In Europe the Stoxx 600 was 0.5 percent lower at 5:21 a.m. ET after rising in four out of the last five sessions. In the U.S., S&P 500 futures were broadly unchanged as market participants dusted off their Dow 20,000 hats.

Trump's transition

President-elect Donald Trump's transition team picks are leading to some corporate promotions as David Solomon and Harvey Schwartz are to succeed Gary Cohn at Goldman Sachs Group Inc.,
according to the Wall Street Journal
, and Darren Woods appears set to take the helm at
Exxon Mobil Corp
. Turning to Trump's personal business dealings, the head of the U.S. ethics office said the plans he's outlined for his companies
don't meet standards
. The PEOTUS is due to meet more corporate leaders today, with IBM Chief Executive Officer Ginni Rometty saying the company plans to hire about
25,000 people in the U.S.
ahead of their meeting.

What we've been reading 

This is what's caught our eye over the last 24 hours.

Asian Markets Closing Report on December 14, 2016: Asian Stocks Press Pause Ahead of Fed Decisions
Willa Plank 
Stock markets across Asia showed little clear direction Wednesday as investors awaited the Federal Reserve’s decision on interest rates.