Carlos Slim Launching US TV Channel "By Mexicans, For Mexicans"

With just two days left to go until Trump's inauguration, one of the President-elect's biggest opponents during the presidential campaign, Mexican billionaire Carlos Slim, said he is launching a a TV channel in the United State, Nuestra Vision, which "is focused on Mexicans, made by Mexicans and transmitted from Mexico."

Chinese Province Admits It Fabricated Economic Data For Three Years

China's sverely impacted rust-belt province of Liaoning fabricated fiscal numbers from 2011 to 2014, local officials admitted, raising doubts about the accuracy of China’s economic data just days ahead of the release of the nation’s GDP report due on Friday. The data were made up "because officials wanted to advance their careers."

VIX Spikes To 2-Week Highs As Dow Erases 2017 Gains

VIX spiked this morning to near 13 (shock horror) - the highest since January 3rd - as Goldman Sachs was unable to support the Dow, which dropped below 19750 for the first time since 2016...

Snowden's Lawyer Appeals To Trump After Russia Extends His Asylum For Three Years

"I hope that the administration of President-elect Donald Trump will be more sensitive and objective in its consideration of the Snowden issue and will change the attitude the official authorities [expressed] towards it" Snowden's lawyer Kucherena stated on Wednesday, noting that in order “to do this, they need only to work through Snowden’s story and realize that he did not commit any crime.”

What Wage Inflation? Real Average Weekly Earnings Growth Plunges To Weakest In 30 Months

Despite all the excitement and media hype that wage growth is finally upon us and the green shoots of escape velocity recovery are here, thanks to Obama and Yellen, the facts are different. Real average weekly earnings rose just 0.2% year-over-year in December - the weakest growth since June 2014 (and November's gains were revised lower).

Goldman Beats, Profits Surge As Trading Revenues Jump; Average Banker Comp Hits $338,600

Goldman once again surprised to the upside, reporting Q4 Revenues of $8.17BN, higher than the $7.76BN estimated, translating to EPS of $5.08, also above the $4.73 estimate, and nearly 4 times the $1.27 reported a year ago. Net revenues from the institutional client services division were up 25% from a year earlier to $3.6bn, led by a 78% jump in revenues from the fixed-income, currencies and commodities unit.

Frontrunning: January 18

  • Business euphoria over Trump gives way to caution, confusion (Reuters)
  • Biden Lashes Out at Trump Over Comments on NATO (WSJ)
  • Number of House Democrats Skipping Inauguration Grows (WSJ)
  • Rising U.S. shale-oil output threatens OPEC’s production pact (MW)
  • China urges U.S. to bar Taiwan delegation from Trump inauguration (Reuters)
  • IEA Sees Significant Gains in U.S. Shale Oil as Prices Rise (BBG)

Trump Warns Canada, Mexico He Will Begin NAFTA Renegotiation "Within Days Of Inauguration"

Trump's Commerce Secretary pick, Wilbur Ross, has informed Canadian officials that he plans to reopen NAFTA talks within days of his inauguration, and that rules of origin and independent dispute tribunals will be central in negotiations of North American Free Trade Agreement. Ross has indicated new administration will send a formal letter notifying Canada and Mexico of plans to renegotiate Nafta within days of Trump’s inauguration.

Target Tumbles After Cutting Guidance, Reports Poor Comps; Drags Wal-Mart Lower

Target now expects fourth quarter comparable sales in the range of (1.5) percent to (1.0) percent, compared with prior guidance of (1.0) percent to 1.0 percent. In fourth quarter 2016, Target expects both GAAP EPS from continuing operations and Adjusted EPS of $1.45 to $1.55, compared with prior guidance of $1.55 to $1.75.

Deutsche Bank To Scrap Bonuses For 2016: As Many As 90% Of Bankers, Traders Affected

Deutsche Bank employees are facing more bad news, following reported from the Post and Bloomberg that the largest German lender will tell senior employees as soon as this week that they probably won’t get a bonus for 2016 because of the lender’s performance last year. The post adds that Deutsche may hold back on giving out bonuses to as many as 90% of bankers and traders.

"Everything Is A Partial Reversal Of Yesterday" - Stocks, Dollar Rebound Following Trump Scare

European shares decline led by a plunge in Pearson shares, S&P futures were modestly in the green as Asian and EM stocks gained. The dollar rebounded against most major currencies after retreating 1.3% on Tuesday to the lowest in a month following Trump's "strong dollar" comments and halted a seven-day drop against the yen. "Everything is just a partial reversal of the price action yesterday," RBC Capital Markets currency strategist Adam Cole said.