financializer news A weblog highlighting financial topics making news in the international media.

dow: Dow Jones hits record high on Trump bump, but London market falters - as it happened Read more But after initially struggling to find direction on Thursday the Dow closed up 218 points at 18807, a rise of 1.17%. The S&P 500 also gained slightly, rising 0.2% but the tech-heavy Nasdaq dipped 0.81%. Trump has clashed with Silicon Valley and threatened Apple, Nasdaq and the world largest company, over privacy and its overseas manufacturing, according to The Guardian. Apple dropped 2.79% on Thursday. Investors have been warned to brace for more sharp moves on financial markets as uncertainty endures over how Trump campaign rhetoric will translate into policies. Markets benefitted from a continuing sense of relief over Trump conciliatory tone in his early remarks, including those following his meeting with the US president, Barack Obama. The billionaire businessman vowed on the campaign trail to put American jobs first and scrap or renegotiate trade deals. However European shares, including London FTSE 100 index, could not hold on to their early gains as worries grew over the president-elect coming longer term impact on global growth due to his protectionist policies. (news.financializer.com). As reported in the news.

mary grant: It kind of ironic that it was a day after the elections occurred that they decided to rob the city of democratic rights, said Mary Grant, a researcher for Food and Water Watch, an advocacy group, according to The Guardian. It denying the people a voice in their own future, and it will likely result in the handover of their water system. The move threatens to lead to privatization of the city water, the undoing of local collective bargaining agreements and public worker layoffs in the city of 39,000. Both local officials and citizens opposed the takeover. Five casinos have closed since 2014, including two low-performing casinospreviously owned by the president-elect. The city Republican mayor, Don Guardian, said he would, keep all of our options on the table . Flint warnings as Atlantic City may be forced into state takeover of water Read more The city has been in dire financial straits since revenues to the state casino industry plummeted over the last 10 years. (news.financializer.com). As reported in the news.

rosanne cash: Steve Photographer Patricia Kano appears at Koerner Hall as part of Quiet Please, There a Lady on Stage on April 19, 2017, according to The Toronto Star. Rosanne Cash appears at Koerner Hall as part of Quiet Please, There a Lady on Stage on April 27, 2017. Aviva Chernick appears at Koerner Hall as part of Quiet Please, There a Lady on Stage on Nov. 12. By Trish Crawford Music Thu., Nov. 10, 2016 Quiet Please, There a Lady on Stage several in fact, back for a second season of concerts starring women from many musical genres at the Royal Conservatory of Music Koerner Hall. The performers this season span classical, jazz, roots and world music with ancient instruments and full bands providing accompaniment. Last year experiment in female-centric programming began with a sellout performance by Joan Armatrading, continued with sellouts for performers such as Lisa Fischer and ended with cabaret performer Meow Meow bodysurfing to the rear of the auditorium and back to the stage again without putting a hair out of place. (news.financializer.com). As reported in the news.

sky news: Well I wont be going to see too many more NBA games in the States will I Mr Husic said on Sky News on Tuesday, according to Nine News Australia. Mr Trump will be tested about how will that apply and how will that line up with what he said in his acceptance speech, where he said it time to bring ... everyone together for the sake of the union, he said. The Muslim frontbencher is waiting to see whether the president-elect actually follows through with with a promise to ban Muslim migration, made during the election campaign. The president-elect had broken every conventional political rule. He says the right is having its own Obama moment, as Mr Trump prepares to shake-up the system. It will be interesting to see whether he continues to defy political gravity - in saying things most people believe are off-limits. (news.financializer.com). As reported in the news.

september hansen: An investigation by the Australian Securities and Investments Commission found between October 2008 and September 2010 Hansen transferred a personal debt of 8,423,333 to Global Rule, and then used 5,721,424 of investors funds in an effort to pay it off, according to Nine News Australia. ASIC commissioner Greg Tanzer said that decision left several investors in serious financial hardship. Frederick Leslie Hansen was sentenced in the Southport District Court on Thursday, after pleading guilty last month to two counts of dishonestly using his position as a director of Global Rule Pty Ltd. Today decision shows that this type of behaviour will be met with serious consequences, Mr Tanzer said in a statement. AAP 2016queensland Crime Send your photos, videos and stories to can remain anonymous. Hansen will be eligible for parole after two years, taking into account time served. (news.financializer.com). As reported in the news.

reason stocks: And it is also part of the reason why Treasury bonds sold off sharply, sending yields soaring, according to Market Watch. See Trump president-elect as much of a shocker as stock market rally What traders saw was a far more expansive fiscal policy than what they had imagined under Hillary Clinton, wrote Thierry Albert Wizman, global interest-rates and currencies strategist at Macquarie. Those bets might underestimate potential political pitfalls, but expectations expansionary fiscal policy will boost economic growth and boost inflation are part of the reason stocks quickly recovered from the swoon that sent futures sharply lower as a surprise Trump victory in the presidential election became apparent late Tuesday night. Moreover, with the Republican sweep of the House and Senate, the prospect that President Trump will actually enact low tax/high-spending policies a fiscal expansion was seen to have gotten credible and valid. Read How Donald Trump win could affect your wallet Stocks charged higher on Wednesday and followed through to the upside on Thursday, with the Dow Jones Industrial Average DJIA, 0.21% notching a record high and the S&P 500 SPX, -0.14% gaining ground while the Nasdaq Composite COMP, 0.54% slumped. Many Republican lawmakers, including House Speaker Paul Ryan, would likely be reluctant to significantly expand the deficit, however, which could ultimately limit the scope of fiscal measures, analysts said. (news.financializer.com). As reported in the news.

shanghai stocks: He explained that if overseas investors bought Shanghai stocks and sold them through Shanghai-HK stock connect, their money will go back to Hong Kong and they can not get their money out in Shanghai to invest in local property, and vice versa, according to Global Times China. The two connects are designed in a safe and closed way to control risks, he said. The core in the two links is cross-border trading, rather than cross-border clearing or settlement, he told a forum on Shenzhen-Hong Kong stock connect. The Shanghai-Hong Kong stock connect was launched in November 2014 to allow international investors to buy A-shares in Shanghai via Hong Kong stock brokers, while mainland investors can invest in Hong Kong stocks via mainland brokers, under daily quota. All parties involved in stock markets are well prepared for the launch of the new cross-border trading scheme and waiting for the starting gun, said Li. The new link between Shenzhen and Hong Kong stock markets was approved by the State Council in August, but the authorities are yet to announce a specific launch date. (news.financializer.com). As reported in the news.

technology-focused nasdaq: Banks and other financial stocks logged the biggest jumps, according to Deutsche Welle. Developments on Wall Street reflected the upbeat mood among investors in other parts of the world which also experienced a rebound in share prices, meaning that the market mood had turned around dramatically since the immediate aftermath of Trump victory, which had prompted widespread, but only temporary selling. The broader S&P 500 index was up 0.6 percent, with the technology-focused Nasdaq composite gaining 0.6 percent after trading started, before shedding some 2 percent in early trading. The only way is up Earlier in the day, Asian shares posted hefty surges as they responded to the optimism in Europe and the US the night before. Watch video 01 10Share Markets warm up to Trump Send Facebook Twitter Google Whatsapp if typeof WURFL object if WURFL.is mobile && ! -1 WURFL.is mobile && ! -1 ; Tumblr linkedin stumble Digg reddit del.icio.us Newsvine Permalink warm up to Trump Taking comfort from Trump comments that he will look to unify a deeply divided nation, investors now keep focusing on his promises to boost US economic growth through infrastructure spending and by cutting red tape, while uncertainties such as what he might do with trade agreements are obviously being put on the back burner. Japan benchmark Nikkei 225 was the standout performer, rocketing 6.7 percent after sliding more than 5 percent on Wednesday. (news.financializer.com). As reported in the news.

transition period: But, clearly striving to project a sense of stability, the government said Wednesday it did not need to take any immediate economic actions, and President Enrique Pena Nieto extended a hand to the Republican billionaire, according to The Japan Times. Pena Nieto said he had congratulated Trump for his victory over Democrat Hillary Clinton during a cordial, friendly and respectful phone conversation. After Hurricane Trump made landfall, the peso fell to an all-time low Wednesday and the Mexican stock market plunged on fears Trump would make good on his promises to upend economic ties. I agreed with the president-elect to meet, preferably during the transition period, to define with clarity the direction that the relationship between both countries should take, he said from his official residence. I am optimistic. We both agreed that we must work for a relationship of trust, of a shared future, because our countries are very important to each other, he said. (news.financializer.com). As reported in the news.

trump presidency: Here the latest addition to the list Donald Trump victory on Tuesday, which some analysts are calling an orange swan event for emerging markets, according to The Japan Times. Trump election was unexpected, and investors were unprepared for it the kind of event that economists liken to seeing a black swan for the first time and it has caused stock markets to tumble from Mexico City to Seoul. Big swings have been a hallmark, caused by everything from the 1994 tequila crisis where Mexico devalued the peso to Russia default on its debt in 1998. As investors try to piece together what a Trump presidency will mean for stocks, a growing consensus is that emerging markets will be some of the biggest losers, at least in the short term. The largest exchange-traded fund that tracks emerging-market stocks sank 2.6 percent Wednesday, when the S&P 500 index of U.S. stocks jumped 1.1 percent. Funds devoted to emerging market-stocks tumbled after the election, even while stocks in the United States were surging. (news.financializer.com). As reported in the news.

steve benen: Photo by Justin Sullivan/Getty Trump infrastructure plan comes with an important catch 11/10/16 09 44 AM By Steve Benen On Election Night, a jubilant Donald Trump, basking in his unexpected victory, talked about all of the amazing things he ll do as president though one point in particular stood out, according to MSNBC. We are going to fix our inner cities and rebuild our highways, bridges, tunnels, airports, schools, hospitals, the president-elect vowed. AAA is projecting that nearly 42 million Americans will travel 50 miles or more over the Fourth of July weekend, the largest number since 2007. We re going to rebuild our infrastructure, which will become, by the way, second to none. As Trump rhetoric goes, that didn t sound so bad. And we will put millions of our people to work as we rebuild it. (news.financializer.com). As reported in the news.

stock market: He told reporters on the Gold Coast on Thursday that Trump economic policies could provide significant opportunities for Australian investment, according to Nine News Australia. What happened in the stock market last night was a lot of the investors moved their money into domestic manufacturing in the United States, Mr Beattie said. Mr Beattie is currently serving as the chairman of the 2018 Gold Coast Commonwealth Games, but in the past has had many official dealings with the United States including as Queensland Trade Commissioner to the Americas based in Los Angeles. And that could be an opportunity for us as a supply chain. Weve got both ends of this. Weve got a fantastic mining services industry here, can we link into those supply chains Mr Beattie also pointed out that Trump potentially limiting trade with China could open opportunities as well. (news.financializer.com). As reported in the news.

technology stocks: Weakness in technology stocks and a handful of defensive industries that soared in the first half held the S&P 500 Index gain to roughly a fifth of the Dow s, according to Bloomberg. The surge in stocks following a presidential election echoed 1996 and 1972, when the blue-chip index made fresh highs just after victories by Bill Clinton and Richard Nixon. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; On the upside were financial shares, perceived beneficiaries should Trump make good on threats to dismantle the Dodd-Frank Act, as well as industrial and materials stocks in anticipation of infrastructure spending. Consider that the 30-stock gauge 218-point ascent Thursday happened the same day the Nasdaq 100 Index dropped the most since September, their biggest divergence since the internet bubble burst. Along with technology shares, pain was felt in high-dividend industries such as household product makers, utilities and phone companies as bond yields surged. Corporations feel there a less restrictive hand. People are going through the possibilities about what Washington looks like today and what Washington can do or not do for them, said John Manley, who helps oversee about 233 billion as chief equity strategist for Wells Fargo Funds Management in New York. (news.financializer.com). As reported in the news.

trade agreement: Photograph AFP/Getty America neighbour to the south has most to lose from the new Republican president, according to The Guardian. Trump message to blue-collar voters in the rust-belt states was that US manufacturing jobs have migrated across the Rio Grande as a result of the North American Free Trade Agreement signed by Bill Clinton in the early 1990s. Mexico Facebook Twitter Pinterest A Mexican man reads a paper emblazoned with news on Donald Trump. Trump has said that if he cannot renegotiate Nafta he will pull out of the free trade deal altogether. If implemented in full, the impact on the Mexican economy of these policies would be profound. He has threatened to put a 35% tariff on some Mexican goods and pledged to close the sweatshops in Mexico that undercut American workers . In addition, he has said he would round up and send home up illegal immigrants living and working in America, 5 million of whom are thought to be Mexican. (news.financializer.com). As reported in the news.

trump: Investors took heart with President-elect Donald Trump victory speech, which was conciliatory and called for unity, according to Australian Broadcasting Corporation. At the close, Australia benchmark ASX 200 index soared 3.3 per cent to 5,328. ABC News Peter Rothwell Related Story Miners lead Australian share market surge after Trump win Map Australia The Australian share market has rebounded from yesterday sell-off to post its biggest one-day gain since October 2011. The share market closed 1.9 per cent lower yesterday. Mr Huxtable added that the speech was well received by markets and increased the probabilities that Mr Trump the president may take a much different approach than Mr Trump the campaigner . Gains today were led by the companies that suffered most on Trump pessimism yesterday afternoon. Trump acceptance speech was definitely the catalyst for investors to come out of their state of shock, said Gary Huxtable, client advisor at Atlantic Pacific Securities. (news.financializer.com). As reported in the news.

acceptance speech: A measured acceptance speech from the president-elect as European markets opened soothed some of the immediate fears facing investors and the decline was arrested and then eradicated, according to The Guardian. By the close, the UK index had climbed 68.71 points, or 1%, to 6911.84. The FTSE 100 fell 147 points on Wednesday as trading got underway, but the scale of the decline was far less than the 230-point drop predicted. Germany Dax added 1.56% to 10,646 after falling as low as 10,174 while France Cac closed up 1.49%. In Italy, which holds a key referendum on constitutional reform next month amid this period of popular revolt, the FTSE MIB was virtually unchanged, down 0.1%. FTSE 100 reaction to Trump victory The European markets were helped by a positive, if mixed, performance on Wall Street, where the Dow Jones Industrial Average was around 150 points higher by the time London traders headed home. The S&P 500 rose 0.95% to a one-month high. Earlier forecasts had suggested the Dow could fall by as much as 800 points. (news.financializer.com). As reported in the news.

announcement speech: But how will the world greet him Here a rundown of Trump past comments Mexico Donald Trump mentioned Mexico frequently on the campaign trail, according to CNN. The GOP nominee first controversial campaign remarks came in his presidential announcement speech, when he called some Mexican immigrants rapists and criminals. After his projected victory in the US presidential election, Trump will now represent the United States on the world stage. He also promised to build a great, great wall on our southern border. Read More In July 2015, he tweeted I love the Mexican people, but Mexico is not our friend. And I will have Mexico pay for that wall. (news.financializer.com). As reported in the news.

bernie sanders: The opinions expressed in this commentary are his own, according to CNN. He is the author of The Essential Bernie Sanders and His Vision for America, president of the Economic Future Group and the host of the Working Life podcast. (news.financializer.com). As reported in the news.

cash converters: ASIC had raised concerns that the company had failed to make reasonable inquiries into consumers income and expenses and the loans they issued were unsuitable . Cash Converters has paid a total of 1.35 million for 30 infringement notices from ASIC. It has also agreed to refund eligible consumers 10.8 million in fees through a remediation program overseen by an independent expert who will report to ASIC. ASIC also flagged concerns that Cash Converters had not taken reasonable steps to verify consumers expenses in accordance with its responsible lending obligations, according to Australian Broadcasting Corporation. The regulator deputy chairman Peter Kell said he is particularly worried about lending to welfare recipients. ABC News Giulio Saggin, file photo Related Story Cash Converters class action launched over 420pc interest loans Map Australia Payday lender Cash Converters will refund consumers millions of dollars and pay an infringement notice after an investigation by the Australian Securities and Investments Commission ASIC . Key Points Refunds on 118,000 small credit contracts Cash Converters to refund 10.8 million in feesASIC says Cash Converters violated responsible lending obligations The refunds relate to 118,000 small amount credit contracts, or loans. ASIC is seeking to protect financially vulnerable consumers, many of whom are recipients of welfare payments, from falling victim to unsuitable payday loans, he said. The independent expert will also review Cash Converters business operations. Payday lending is a high priority area for ASIC, and we will continue to pursue lenders who do not follow their responsible lending obligations. (news.financializer.com). As reported in the news.

cent slide: Shares tumbled nearly four per cent at one stage, as the US S&P 500 futures market slumped 4.5 per cent, according to Nine News Australia. Some analysts have predicted a 10 per cent slide on Wall Street should a Trump win be confirmed. Billions of dollars were wiped off the Australian share market as predictions of a win by Democrat Hillary Clinton fell by the wayside, finishing around two per cent lower on Wednesday. The count is ongoing, but it would appear that Donald Trump is mostly likely to claim the presidency at this stage, Foreign Minister Julie Bishop told Sky News.. The unexpected election turnaround rolled out during Australia trading session and came as new figures showed confidence among local consumers have been undermined in the past month by the political shenanigans in the US. The Westpac-Melbourne Institute consumer sentiment index for November fell 1.1 per cent. This and disappointing monthly jobs numbers and an unchanged cash rate after the Reserve Bank board meeting - there had been earlier speculation of a rate cut at the November 1 board meeting - offset the surprise surge in commodity prices in recent months and the potential lift in the national income. Westpac chief economist Bill Evans said events in the past month have included weakness in the share markets as investors dealt with the uncertainties around the US election. (news.financializer.com). As reported in the news.

arab observers: In November 2015, Trump called for a complete and total shutdown of Muslim immigration into the United States, according to Deutsche Welle. He also attacked a slain Muslim solider parents after they spoke at the Democratic National Convention in July. As much of the world wonders what policy changes the Trump administration will put in place, Arab observers on social media spoke out on the results. These comments have made him widely reviled in majority-Muslim Arab countries. function link Color 0087eb, width 550, align center ; ; How can someone like Trump govern the most powerful country on earth politically, culturally and economically asked Twitter user Haneen. function link Color 0087eb, width 550, align center ; ; I swear to God, this man Trump is the end of America, tweeted Abu Uday, with the hashtag Trump is US president number 45 function link Color 0087eb, width 550, align center ; ; The whole world is in a panic and we should empathize with them. Some believe that his team will restrain him, but Im not optimistic, said Ahmed Alhonti, a mathematics and accounting specialist living in the United States. Trump lies in his racist remarks. (news.financializer.com). As reported in the news.

campaign season: The S&P 500 SPX, 0.20% closed 1.1% higher at 2,163.26 on Wednesday, according to Market Watch. Read Trump victory a second wake-up call for complacent investors My suspicion is that the shock created an overnight selloff but that was quickly digested, especially given that Trump victory speech seemed rather presidential and suggests he might not be as unpredictable as he was during the campaign season, said Kristina Hooper, U.S. investment strategist for Allianz Global Investors. After an initial plunge by futures late Tuesday and early Wednesday, stocks rallied, with traders making some rapid recalculations on several sectors. But stocks aren t rallying across the board. Among the 11 main S&P 500 sectors, financials are up 4.1%, with analysts citing two reasons higher Treasury yields in anticipation of a boost to fiscal spending and stronger chances of deregulation for the industry. In fact, there is a sharp difference between losing and winning sectors on the S&P 500. (news.financializer.com). As reported in the news.

equipment issues: The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 62.33 points, or 4.57 percent, lower at 1,301.16, according to Xinhua China. Decliners were led by transportation equipment, marine transportation and equipment issues. The 225-issue Nikkei Stock Average ended down 919.84 points, or 5.36 percent, from Tuesday at 16,251.54. The day turnover was about 3,924.2 billion yen around 38.75 billion U.S. dollars . (news.financializer.com). As reported in the news.

european union: As I wrote last month, financial markets had for the most part priced a victory by Hillary Clinton just as they had priced a vote to remain in the European Union by British voters in the Brexit referendum of June 23, according to Australian Broadcasting Corporation. They continued to price that outcome right up to the opening of the polls, notwithstanding the narrowing in Hillary Clinton lead in opinion polls following the FBI intervention in the campaign on October 28. Reuters Toru Hanai Related Story Asian markets tank as Trump wins US election Related Story US election stakes are high, not just for the US but the world Related Story A Trump presidency could bring a range of economic disasters Map United States Donald Trump has emerged as the winner in the US presidential election, but even before the result was clear the prospect came as a profound shock to financial markets. External Link S&P/ASX 200 for November 9, 2016 As is often the case when the assumptions underpinning the financial markets pricing of uncertain events turns out to be wrong, the reaction has been both swift, and sharp all the more so when there is a lot at stake. To be sure, the British economy hasnt fallen into recession since the Brexit referendum, as some said it would. Some will of course say that financial markets over-reacted to the Brexit vote and that the initial market reaction to the US election result should be seen in the same light. (news.financializer.com). As reported in the news.

futures trading: After Australia benchmark S&P/ASX200 closed at a four-month low, the rout continued across Asia with Japan Nikkei index down 5.4 per cent and Hong Kong dropping three per cent, according to Nine News Australia. In the US, futures trading showed the Dow Jones index was also set to open more than three per cent lower for the US Wednesday trading session. Australia market was first to feel the brunt of investor fear for what the controversial Republican ascendancy to the White House will mean for global trade and politics, given his staunch opposition to free trade deals and strong criticism of China, the world second-largest economy. More than 35 billion was wiped from the value of Australian shares and the Aussie dollar also took a hit against its US counterpart, even as the greenback fell against the euro and the yen. Bonds and gold gained as investors flocked to safe havens. The Aussie dollar hit a six-month high in morning trade as Hillary Clinton looked set to win but the currency closed sharply lower at 76.19 US cents, down from 77.04 US cents on Tuesday afternoon, in the wake of Mr Trump surge to victory. (news.financializer.com). As reported in the news.

government spending: I don t think a Trump victory will do much there, according to Bloomberg. Gross, who runs the Janus Global Unconstrained Bond Fund, said even if Trump is able to shovel a lot of government spending into infrastructure, he still keeping his 1-to-2 percent forecast for economic expansion. Growth is stunted, Gross said on Bloomberg TV on Wednesday. The manager said structural factors -- including demographics, debt deleveraging and technology displacing jobs -- make greater growth hard to achieve. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; It is not necessarily a slam dunk despite the fact that Republicans have all three Houses, Gross told Bloomberg Erik Schatzker. Black Rock also said that Trump planned income tax cuts could initially increase consumer spending. Watch Gross interview on Bloomberg Television here Black Rock Inc. took the opposite position, saying on Wednesday that Trump plan to increase infrastructure spending may boost growth. (news.financializer.com). As reported in the news.