Overnight

Stocks in Asia overnight were mixed as investors await results from an OPEC meeting and others suggest the post-election momentum is waning. The Nikkei 225 was up mid-morning 0.2% at 18345.95. The index has been up  13% since the election and much of that gains rests on expectations  and hopes from fiscal spending, tax cuts and less regulations.

The rise in the Nikkei snapped a two-session decline. Elsewhere, The Hang Send Index rose 0.3%, and Korea’s Kospi added 0.4%. By contrast, the Shanghai Composite Index was off 0.8% and Australia’s S&P/ASX 200 fell 0.4%.

Oil is definitely in the equation as Reuters reported: Oil prices tumbled nearly 4 percent on Tuesday amid fresh uncertainties over an OPEC deal on production levels with ministers from the 14-nation cartel slated to meet in Vienna later Wednesday to announce a decision on output curbs proposed in September.

During Asian hours on Wednesday, U.S. crude futures rebounded slightly, up 0.62 percent at $45.51, after falling 3.9 percent on Tuesday during U.S. hours. Global benchmark Brent gained 0.37 percent to $46.55, following a 3.9 percent tumble overnight.

Even if OPEC reaches a deal some feel compliance by all members could prove sticky Reuters also
cited "a source, reported documents prepared for the meeting proposed OPEC cut production by 1.2 million barrels per day from October levels at 33.82 million barrels a day, which was more than the 1 million barrel per day the group discussed at a meeting in September"

Despite a higher read  on third quarter GDP growth, 3.2%, up from the initial 2.9% reading,the dollar backed off against a basket of currencies. The dollar index traded at 100.93 overnight fading from near102.00 last week. The Chinese yuan was stronger against the dollar, trading at 6.8829, climbing from its previous close at 6.8933. The Korean won traded at 1,167 against the greenback, up from levels near 1,172 in the previous session. The yen weakness continued against the dollar hitting a of 112.56, falling from Tuesday's levels near 111.98. Gold  held firm ahead of the OPEC meeting trading up 2.60 at 1190.6.













 

 

Overnight

The Nikkei 225 took it's lead from Wall Street Tuesday following the U.S. Market down as it fell 0.3% to 18,308.50 in early trading. A pause in the weak yen and declining Treasury yields didn't help.

Crude oil prices have been volatile, as the market reacted to developments around efforts by major producers to reach an agreement on the contentious issue of output cuts at their meeting on Wednesday. The dollar stood at 111.96 yen, off its overnight low of 111.35 but well below an 8-month high of 113.90 touched on Friday. Gold traded 1190.80. It has lost $100 since the election as investors moved from risk off to risk on.

The Wall Street Journal, quoting one analyst, noted: “The market is going to go in a risk-off mood in a couple of days” as investor fears about the Italian referendum coming up later in the week grow. Overnight in the U.S., the S&P 500 closed down 0.5%, while the Dow Jones Industrial Average fell 0.3%, led by a selloff in bank stocks amid worries over Italian banks and the spillover effects on the banking sector from the referendum.

Italians are to vote on constitutional changes designed to scale back the country’s legislature, speed up lawmaking and simplify bureaucracy. Investors worry that a “no” vote and the resultant political uncertainty could derail efforts to shore up the country’s fragile banking system. Earlier in the year, Mr. Renzi suggested he would resign in the event of a “no” vote.

Reuters reported Japanese markets slipped on Tuesday in a mostly lower Asian trading session, despite the release of government data hinting at a stabilization in domestic demand.

The country's seasonally adjusted unemployment rate was steady in October at 3 percent, the same level as August.

Household spending in Japan fell 0.4 percent on-year in October, but it fell at a slower pace than the median estimate for a 0.6 percent decline, according to Reuters. Separately, retail sales slipped 0.1 percent on-year for the same month, falling less than the Reuters median estimate for a 1.2 percent annual drop.

The rest of Asian markets were mostly flat, taking cues from the U.S. where a post-election rally appeared to stumble. Traders also looked ahead to key global events set to take place this week, including a meeting on Wednesday between the world's largest oil producers and the release of the U.S. nonfarm payroll report on Friday.

In South Korea, the Kospi was flat at 1,979.03, with shares of electronics giant Samsung up 0.12 percent. The smartphone maker said in a statement on Tuesday it was reviewing if it should transition to a holding company structure.

Overnight

The Nikkei 225 took an apparent breather early welling off after it had rallied for 7 days as the yen strengthened against the dollar,falling 0.8% to 18,243.33 and going up 12% since the Trump surprise victory.

The upswing was led by a sell-off in U.S.Treasury bonds sending yields much higher as investors look for more inflation owing to Trumps plan to ramp up fiscal spending. The U.S.dollar dropped .2% against the yen after hitting an eight month high of 113.90 earlier this month. Monday the dollar traded at 111.89 yen pushing up exporter stocks in the process.

Crude oil also has been kin the news a lot lately as investors continue to watch to see if OPEC will successfully pull off an output cut deal. Reuters reported: Energy shares will also likely be in focus after Reuters reported that Saudi Arabia said it would not attend talks on Monday with non-OPEC members to discuss production cuts, which prompted a fall in crude futures on Friday of more than 3 percent on Friday in the U.S. On Monday in Asian trade, U.S. crude futures were down 0.89 percent at $45.65 a barrel, while Brent futures dropped 0.91 percent at $46.81.

Symbol	Name	Price		Change	%Change
NIKKEI	NIKKEI	18234.90		-146.32	-0.80%
HSI	HSI	22861.17		137.72	0.61%
ASX 200	S&P/ASX 200	5486.00		-21.78	-0.40%
SHANGHAI	Shanghai	3269.56		7.62	0.23%
KOSPI	KOSPI Index	1980.12		5.66	0.29%
CNBC 100	CNBC 100 ASIA IDX	6836.49		29.32	0.43%

 

One of the big stories of the coming week will be Italy's referendum where  Prime Minister Matteo Renzi has stake his political future on making overhauls that polls show so far will be rejected forcing  Renzi ol keep his boast that if they fail he will resign. this could have far reaching implications not just for the EU because on Wednesday the European Union is set issue its report on the eurozone's  November inflation number, expected to move up to 0.6%, a long way still from the ECB's 2% target.

Other news on the week will be the U.S.Commerce Department revised GDP third quarter report. Some are expected to be revised upwards to 3% from the initial 2.9%, another reason for  the Fed to hike rates early next month. The cooking is in the books.Not to be left out, Japan will release its labor and household spending data for October. Unemployment is expected to remain flat while household spending is expected stay in the doldrums.

Gold was last trading at 1193.20 and ounce, up 0.8%.

Dump Romney

 
There are a few people in the Trump camp with some sense. Kellyanne Conway just might be one of them. Romney is a horrible choice for Secretary of State, not because he has no foreign policy experience. We hope he appoints someone with absolutely no experience.

We have had enough experience in that job. In fact, we've had enough experience in Washington. Just take a look at what got us here. Insiders, left and right. We don't oppose Romney because he's not one of the Republican party regulars; we oppose him because he is.  Forget the peace pipe passing. Forget the party unification, all BS designed to hide more of the same. Screw the pundits. If they get things wrong any more than they have, they'll eventually get something right. But this won't be one of them.

If they had their way they would've hung you out to dry in the primaries. Screw Romney. That's what he's said to the people many times. People, not the party elected Trump. Put some real people in there. Put a goddam farmer in there. He can't do any worse. He'll certainly display some appreciation if he's a real farmer for the fucking soil.
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zerohedge.com/news/2016-11-27/kellyanne-blasts-mitt-trump-supporters-feel-betrayed-governor-romney

For weeks the Trump campaign has seemingly been agonizing over the Secretary of State position.  Media reports, to which we attribute the utmost credibility, have suggested that the decision has divided Trump's transition team into three factions: those who want Romney, those who want Giuliani and those who prefer anyone other than those two frontrunners.
While we have no way of knowing what is actually fact versus fiction, what we do know is that Kellyanne Conway is not in the Romney camp.  Conway has made the rounds on this weekend's political talk shows bashing Romney for his brutal criticism of Donald Trump throughout the primaries and general election saying that Trump supporters would "feel betrayed to think that Governor Romney, who went out of his way to question the character and the intellect and the integrity of Donald Trump, now our president-elect, would be given the most significant cabinet post of all, Secretary of State."  Per Politico:

“I’m all for party unity, but I’m not sure that we have to pay for that with the Secretary of State position,” Conway said. “We don’t even know if Mitt Romney voted for Donald Trump.”

And she wasn't done yet.

Later, on NBC's "Meet the Press," Conway continued to make the case against Romney.

"People feel betrayed to think that Governor Romney, who went out of his way to question the character and the intellect and the integrity of Donald Trump, now our president-elect, would be given the most significant cabinet post of all, Secretary of State," Conway told host Chuck Todd.

"They feel a bit betrayed that you can get a Romney back in there after everything he did."

Here's what Conway had to say on CNN's "State of the Union":

Hide The Can

                                                  
Does this guy look like an elitist dressed in kick-the-can clothing?

This has the smell of it that if you love the EU you will love this guy. Overcoming the globalists is only one half of the equation in the eyes of many. Making them pay for the pain and discrimination they've caused is the other. Madame LePen is the globalists worst nightmare.

Globalists are easily recognized by the number of threats they like to toss into the laps of anyone who disagrees with them.

zerohedge.com/news/2016-11-27/french-primary-results-are-conservative-fillon-trounces-moderate-juppe-69-vote

MSM Trash

Here is just one story why the media is so disliked today. You note from her own statement how hard she worked to expose this guy. It was a four-part investigation which one assumes justifies the absence of any pretense of journalistic objectivity on the reporter or her employer.

Thrashing around in the man's trash bend tells you something about who the real trash is, MSM.

Judging how she concludes this article the guy did her a favor. She should pay him. Sounds like he might have saved her marriage and family. As for that psychiatrist, has any one brought charges against her yet for violating the HIPPA laws? Has the state medical board revoked her license? Or is this just another elitist case of it all depends on whose ox get gored?

“The consumer fraud charges and criminal case against him were the result of a 4 part investigation–I worked very hard to expose this guy–and in the end, I paid a very high price,” Hemmat wrote yesterday. 

She further details the sense of panic that overcame her when the therapist informed her of the business owner’s threats:

The psychiatrist thought the threat was so credible, she broke HPPA laws (the laws that protect medical records of psychos, such as the theater shooter–James Holmes) to warn me. She informed me he was on a “72 hour mental hold” but because it was 4th of July weekend, (2015) he would likely be released before then. She then asked me if I had somewhere else I could go because he knew where I lived and of course, where I worked. I remember the chill than ran from the top of my head to the soles of my feet. Of course I had nowhere to go! I have 2 children, then 1 and 3, I couldn’t just leave on a whim –where would I go?

Hemmat alleges that her employers at Fox 31 “downplayed” the threats. Despite her years of outstanding work, she acknowledges that things have changed severely, further justifying her move. “Society has changed. People have changed. My physical and mental health were unraveling. As soon as that ratings period ended I took an unpaid leave of absence, and in August I asked to be let out of my contract. My boss sent out a note to the staff that failed to acknowledge my 15 years of service at KDVR, the 6 Emmy awards I had won for the station or the fact that I had literally put my life on the line. It just said ‘Heidi is no longer an employee of FOX 31.'”

Hemmat wrote her lengthy open letter on Thanksgiving Day, writing at one point, “I write with this with tears in my eyes, because I have so much to be thankful for.”

“I have spent more time with my kids in the past 6 months than in the entire 4 years of my son’s life. My kids are happy, my husband is happy, our marriage is stronger than ever,” she continues. “Words cannot express my gratitude.”
 mediaite.com/online/reporter-quits-after-receiving-death-threats-my-physical-and-mental-health-were-unraveling

Some Things Come Undone

Some things come undone of their own doing. Usually when it occurs it couldn't happen to a more deserving group. And this is another case after 35 years of their reign and terror, the elite crowd from academia to bureaucrat city to Wall Street, the elites are getting their well-deserved comeuppance and more.

In the past they used subterfuge to try to fight off or question the questioners. "Who are they?" was one of their favorite ploys. Well, we all now know who they are. They have names, they have occupations and professions and they had leverage. From academia to Hollywood to Wall Street and Washington.

Never again concede your leverage. Never again be afraid to stand up for what you believe in, never again be afraid to speak up against the evils of PC or the use of your tax dollars to promote PC propaganda in our state supported institutions. Don't be afraid to vote your purse strings. Trade embargoes don't all have to be international. They can be domestic.

We've said all along PC economics and social sciences are the enemies of your freedom and liberty. Don't drop out. Dig in. The line is already down. Question PC at every turn. These zealots are masters in the use of force and PC is their primary weapon. And force is the only thing they'll ever understand. This is not a time for peace pipes. These people intended to take no prisoners. Think otherwise at your own enslavement.
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Ideas played an important role in creating the conditions that produced Brexit and Trump. The ‘social sciences’ — especially economics — legitimated a set of ideas about the economy that were aggressively peddled and became the conventional wisdom in the policies of mainstream political parties, to the extent that the central theme of the age came to be that there was no alternative. The victory of these ideas in politics  in turn strengthened the iron-handed enforcers of the same ideas in academic orthodoxy.

It is never clear whether ideas or interests are the prime mover in shaping historical events, but only ideas and interests together can sustain a ruling consensus for a lengthy interval, such as the historic period of financialization and globalization running over the last 35 years. The role of economics in furnishing the now-rebuked narratives that have reigned for decades in mainstream political parties can be seen in three areas
ineteconomics.org/perspectives/blog/trumpism-has-dealt-a-mortal-blow-to-orthodox-economics-and-social-science

What A Faking Mess

 
Oh my heavens (Can you say that anymore?), this is the worse news. The fake nation Australia just cut its fake contributions to the fake Clinton Foundation. One can only wonder what the fake Washington Post will fake about such a fake tragedy.

We're going to change that to: Holy fake! Before we go any further, however, we feel a disclaimer is necessary. As noted below we got this story from the fake zerohedge.com news that just today was named a fake news site by the long standing fake Washington Post. That reminds of an old saying: "It takes one to know one."

For months we've been told that the Clinton Foundation, and it's various subsidiaries, were simple, innocent "charitable" organizations, despite the mountain of WikiLeaks evidence suggesting rampant pay-to-play scandals surrounding a uranium deal with Russia and earthquake recovery efforts in Haiti, among others.  Well, if that is, in fact, true perhaps the Clintons could explain why wealthy foreign governments, like Australia and Norway, are suddenly slashing their contributions just as Hillary's schedule has been freed up to focus exclusively on her charity work.  Surely, these foreign governments weren't just contributing to the Clinton Foundation in hopes of currying favor with the future President of the United States, were they?  Can't be, only an useless, "alt-right," Putin-progranda-pushing, fake news source could possibly draw such a conclusion. 

Alas, no matter the cause, according to news.com.au, the fact is that after contributing $88mm to the Clinton Foundation, and its various affiliates, over the past 10 years the country of Australia has decided to cease future donations to the foundation just weeks after Hillary's stunning loss on November 4th.

zerohedge.com/news/2016-11-25/australia-joins-norway-it-cuts-clinton-foundation-donations

News.com.au confirmed Australia's decision to cut future donations to the Clinton Foundation earlier today.  When asked why donations were being cut off now, a Department of Foreign Affairs and Trade official simply said that the Clinton Foundation has “a proven track record” in helping developing countries.  While that sounds nice, doesn't it seem counterintuitive that these countries would pull their funding just as Hillary has been freed up to spend 100% of her time helping people in  developing countries?  
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The above picture was snapped immediately after Hillary learned she lost the election. She was so surprised she had to fake here reaction: "What a faking  mess? What happened to all those fake voters George promised?"

Still Present

It's a holiday shorten market today as U.S. markets close at 1 p.m. ET in New York.

Volume should be down as the market looks to close higher for three weeks running.  The question for going forward is how much higher before some argue reality and the new regime change euphoria take hold, one setting in and the other exiting. Straddling those two is a lot like another Black Friday with shoppers trying to locate where all the real bargains might be as hungry retailers struggle to compete with the Amazons and other online sellers for a short junket into shopper purses. The so-called goodies in the stores and online have been gussied up and priced down to add to their allure. The same holds for the stock market. Prices of the so-called good stuff are up and what's now the lame, limp and unwanted priced down.

That's conjures up another dilemma. What do you want and when do you want it?

In the markets the attractive wrappings include expectations for lower corporate taxes and less regulations topped with a dab or two of infrastructure spending. So one of the things to keep your eyes peeled on is where the money is flowing. For a while now passive has been in and active out, another popular market narrative. Tax selling is just around the corner too.

From the Wall Street Journal today we get this:

Supporting the rally on Wall Street, money has also continued to pour out of government bonds, U.S. real estate and gold funds, and into the U.S. equity market in the most recent week, according to fund-tracker EPFR Global.

“A lot of people point to the U.S. election as the turning point,” said Norman Villamin, chief investment officer at Union Bancaire Privée, “but I see it more as an acceleration of an existing trend,” he said. “This is really what we look at as a consequence of a normalization of [U.S. interest rate] policy.”

Investors expect the Federal Reserve to raise interest rates in December and again in 2017.
The yield on the 10-year Treasury note rose to 2.372% on Friday, according to Tradeweb, from a one-year closing high of 2.355% on Wednesday, amid concerns about higher inflation and interest rates. Yields move inversely to prices.
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Higher interest rates and a stronger dollar are reputed to keep a lid on inflation. What else will they keep a lid on? What you need to note is just how much a week can change the globe.  All the ugly global pockmarks, just like that office building front of JP Morgan in New York, are still there fully present and unaccounted for.

 wsj.com/articles/european-stocks-hold-steady-at-one-month-highs-

Overnight

The Nikkei 225 index hit a new 10-month Friday as Asian shares joined the upswing along with the yen touching a fresh eight-month low against the dollar to put some umph in Japanese export  shares overnight. The dollar was up 0.3 percent at 113.730 yen after hitting an 8-month high of 113.800 yen on rising U.S. bond yields.

Among export shares Nissan Motor was up nearly 5% with Honda not far behind rising 4%. Sony joined in with a 0.5% climb as did video game Nintendo gaining nearly  1%. The Nikkei Stock Average rose 0.8% to fresh 10-month high. Elsewhere in the region, Australia’s S&P/ASX 200 was up 0.5%, Hong Kong’s Hang Seng Index added 0.2%, while the Shanghai Composite Index was down 0.8%. The broader Topix was up 0.6 percent to 1,468.48, rising for an 11th day to post the longest winning streak since May 2015.

Global commodity prices help push the Australian market higher with copper hitting a 17-month high Thursday as stronger expectations for manufacturing continue offsetting in part the higher dollar. Not to be unnoticed, the WSJ rpeorted, the "latest consumer price data in Japan showed deflation there was slowing. The core consumer price index there fell 0.4% from a year earlier in October, adjusted for fresh food and energy prices, according to data released Friday. The reading marked the eighth consecutive monthly decline, but was smaller than the 0.5% drop in the previous month."  The Australian dollar was steady at $0.7427 against the dollar late Friday morning, compared with levels below $0.735 last week.

Oil futures were up 0.08 percent at $48.00 a barrel during Asian trade on Friday, while Brent crude was nearly flat at $49.01."Brent oil is parked just below $50 as traders wait on the outcome of the OPEC meeting. This sets oil up for a significant move next week depending on whether or not OPEC achieves an agreement on meaningful production cuts," one source noted. Gold was at $1183.90 down $4.00 as a strong U.S. dollar and Federal Reserve rate hike expectations weighed heavily on the metal.