Reuters

Trump Prepares Executive Orders To Begin Obamacare Repeal On "Day One"

"It will be an orderly transition to something better...using executive authority to ensure it’s an orderly transition. We’re working now on a series of executive orders that will enable that orderly transition to take place even as Congress appropriately debates replacements for ObamaCare" said VP-elect Mike Pence.

Frontrunning: January 4

  • Trump Tariff on GM Would Violate NAFTA. That May Not Stop Him (BBG)
  • Obama Tries to Save Parts of Health Law Amid GOP Attack (WSJ)
  • Trump Puts Auto Makers, Trade Policy in Spotlight (WSJ)
  • British consumers borrow at fastest rate in 11 years as inflation threat rises (Reuters)
  • Investment banking fees fall 7 percent in 2016 dragged down by equity raisings (Reuters)

Rex Tillerson To Sever All Ties With Exxon, Will Receive $182 Million

Ahead of his confirmation as Donald Trump's proposed secretary of state, Exxon Mobil and the company's former chairman and CEO Rex Tillerson, have agreed to sever all ties to comply with conflict-of-interest requirements. As part of the separation, Tillerson will receive more than 2 million deferred XOM shares worth about $182 million. It is unclear if he will pay any taxes on the transaction.

Trump Tells DHS To Prepare For Border Wall Construction

A newly leaked memo from the Department of Homeland Security suggests that the Trump administration plans to hit the ground running on the construction of that U.S.-Mexico border wall when they move into the White House later this month.  Overturning Obama's immigration-related executive orders, expanding aerial surveillance programs and building more detention facilities also seems to be high on the administration's priority list.

America's Lynch Mob 'Democracy'

The dark, infamous days of American lynch-mob rule and burning witches at stakes are back as never before. But not in backwater enclaves of benighted bigotry. Oh no, the modern lynch mobs are running amok in Washington’s seat of government, across prime TV and on the editorial pages of its supposed finest newspapers.

OPEC Deal Non-Compliance Begins: Iraq Accuses Kurds Of Pumping More Than Permitted

Not even a week has passed since the Vienna OPEC production cut deal was launched, and already Iraq's Prime Minister Haider al-Abadi accused autonomous Kurdish region of non-compliance and exporting more than double its allocated share: "The region is exporting more than its share, more than the 17 percent stated in the budget."

Few Chinese Sell Yuan On First Day Of New Year After Barrage Of New Capital Controls

Whether due to the spate of new measures or for some other reason, despite concerns of a flood of FX conversions from Yuan to Dollars on the first day following the Yuan reset, there was little evidence at Beijing and Shanghai banks on Tuesday that Chinese individuals were rushing to lock in 2017 quotas to buy foreign exchange.

Trump Twitter Onslaught Continues, Slams GOP For Weakening Ethics Watchdog

Trump slammed House Republicans for their decision to strip the Ethics Watchdog of its independence, tweeting moments ago that "with all that Congress has to work on, do they really have to make the weakening of the Independent Ethics Watchdog, as unfair as it may be, their number one act and priority. Focus on tax reform, healthcare and so many other things of far greater importance!"

Frontrunning: January 3

  • Stocks Gain With Commodities Amid China Optimism (BBG); Dollar, global stocks firm as 2017 trading starts in earnest (Reuters)
  • Oil hits 18-month highs as markets eye output cuts (Reuters)
  • Earnings Recovery Set to Propel Stocks Higher in 2017 (WSJ)
  • Republican-led Congress lays groundwork for Trump (Reuters)
  • Battles Await Ambitious GOP Agenda, Including Repeal of ACA (WSJ)
  • 2017 Will Be the Riskiest Year for Geopolitics Since WWII, Eurasia Group Says (BBG)

2017 Starts Off With A Bang: US Futures, Oil Jump On Upbeat China Data; Europe Enters Bull Market

Rumors of the Trumpflation rally's death have been greatly exagerated, and not only is the Dow 20,000 back on the radar, following a 124 point surge in Dow futures, bringing the "key psychological level" back within 100 points, but European stocks rose for a third day and entered a bull market, rising 20% from theor lows set last February, following strong Chinese manufacturing and services PMI data.