Some of America’s top CEOs were preparing to issue a statement criticizing the president — so he effectively fired them from a White House council first.
President Donald Trump on Wednesday announced he was ending two business advisory councils amid a stampede of defections and after one of the groups had decided to disband over the president's much-criticized response to the weekend's violence in Charlottesville, Va.
A person close to Trump's Strategic and Policy Forum said the group had already told the White House it had resolved to disband and condemn the president's Tuesday claims that "both sides" were responsible for violence at a white supremacist and neo-Nazi gathering and that some "very fine people" were among the marchers defending a Confederate statue.
Investors are losing enthusiasm for Canada’s banking stocks as a slowdown in the country’s housing market dents banks’ growth prospects, and they see insurance companies as a better bet to benefit from higher interest rates.
Home sales in Toronto, Canada’s largest city, plummeted more than 40 per cent in July from a year earlier and prices were down nearly 19 per cent from April following the introduction of a range of measures designed to cool a housing market amid fears of a bubble, including a 15 per cent tax on foreign buyers.
The slowdown in home sales has investors concerned about the impact on Canadian banks, which derive a big chunk of their earnings from residential mortgages.
LONDON — Akin Ipek, one of Turkey’s richest men, was staying in the Park Tower Hotel in London when the police raided his television network in Istanbul. The raid was national news, so Mr. Ipek opened his laptop and watched an unnerving spectacle: an attack on his multibillion-dollar empire, in real time.
It was an oddly cinematic showdown. Through a combination of shouting and persuasion, the network’s news editor convinced the officers that they should leave, then locked himself in the basement control room with a film crew. For the next seven and a half hours, until the police returned, the news editor spoke into a camera and took calls on his iPhone. One was from Mr. Ipek, who denounced the government’s action as illegal.
“I was shocked and angry,” Mr. Ipek said in a recent interview in London. “But I thought they would leave after a couple days. There was no reason to stay.”
Actually, the government never left, and the events were the start of a personal cataclysm for Mr. Ipek. His station, Bugun TV, was taken off the air a few hours after that phone call, on Oct. 28, 2015. His entire conglomerate of 22 companies, Koza Ipek, is now owned and operated by the state.
MONTREAL—Canadian port cities expect to get an economic boost this summer from an influx of cruise visitors attracted by a low loonie and the country’s 150th birthday celebrations.
Ports across Atlantic Canada, Quebec and British Columbia are anticipating a surge in cruise traffic.
“Canada is hot right now,” Pierre Bellerose of Montreal’s tourism board said in an interview.
With the opening in May of a $78-million refurbished passenger terminal, the Port of Montreal anticipates the number of cruise passengers and crew members will be up 28 per cent from last year to 110,000 as the city is celebrates its 375th birthday and Canada’s sesquicentennial.
“The Port of Montreal is at the heart of those celebrations,” said port CEO Sylvie Vachon. “We know that maritime trade has played an important role in the development of the city and the entire country.”
The extra passengers are expected to generate an additional $5.5 million in local spending, raising the total this year to about $30 million, says Tourisme Montreal.
Ports in Atlantic Canada are also anticipating double-digit increases in 2017 above the nearly 600,000 passengers that landed last year, said Brian Webb, executive director of Cruise Atlantic Canada.
“It’s looking great across the board, so every single port looks to be seeing increases,” he said from Nova Scotia.
Newfoundland and Labrador is expecting a record cruise season with an expected 99,266 passenger and crew visits, up from 50,448 passenger and crew visits in 2016.
“We’re definitely excited about the increases because it will mean increased economic activity,” Webb added.
While in Canadian ports, cruise ship passengers spent almost $262 million or nearly $150 per person in 2012, according to the latest study conducted by the industry. Average spending was highest in B.C. ports, which accounted for 54 per cent of the more than two million passenger visits and 77 per cent of spending. A new study is slated to be released this spring.
Webb attributed most of the growth in visitors to the low value of the Canadian dollar which encouraged cruise lines a couple of years ago to add routes this summer.
Canada’s birthday celebrations, the Tall Ships gathering in Halifax from July 29 to Aug. 1 and increased tourism efforts across the region are also contributing factors, said Lane Farguson, spokesman for the Port of Halifax.
The Port of Halifax, largest in Atlantic Canada, welcomed 238,000 cruise passengers in 2016, up seven per cent from the prior year.
“And things are looking very, very strong for the year ahead,” he said, noting that the favourable currency makes cruising in Canada a cost-effective option for America visitors.
Although the number of vessels calling at Halifax decreased last year, the port is seeing larger ships, with the Royal Caribbean’s 4,100-passenger Anthem-of-the-Seas setting a record for most passengers last fall.
In Vancouver, Canada’s largest port anticipates a strong cruise season after seeing volumes grow three per cent in 2016 to 830,000 passengers, mainly on Alaskan cruise itineraries.
Prince Rupert, B.C., foresees a doubling of the smaller cruise ships that will come ashore at the port on the cruising route near the Alaskan border.
“For Prince Rupert, a community of 14,000 people, it’s a significant driver to the economy when a cruise ship sails into Prince Rupert it increases the population by about 13 per cent so it has a huge impact on the local economy,” said port CEO Don Krusel.
After downgrading its forecast in October, the Bank of Canada offered a rosier outlook Monday for the Canadian economy in the wake of the election of Donald Trump, as businesses in this country anticipate gains from stronger growth stateside.
In its winter 2016-17 business sentiment survey
, Canada’s central bank says the new U.S. administration is expected to underpin commodity price gains, although concerns over rising consumer costs and trade protectionism in the U.S. cloud the horizon.
Companies are generally more optimistic about future sales than at this time last year, and plan to boost investment and hiring as domestic and U.S. demand picks up, the bank said.
In its survey last January —when West Texas crude traded below $32 (U.S.) per barrel — the bank forecast a downturn in business spending along with sluggish GDP growth.
The bank in its summer 2015 survey of business sentiment found low oil prices undermining confidence and presaged another rate cut that occurred later that year.
Last October, the central bank held its benchmark interest rate at 0.5 per cent, but cut its economic forecasts through 2018, citing a rebound in the export sector that had not materialized as anticipated.
But the bank in its business outlook released Monday said “forward-looking measures of business activity have improved as domestic sales growth gains momentum.” The outlook is based on interviews conducted late last year with about 100 executives from representative firms across the economy.
“The drag from the oil price shock and related spillovers is gradually dissipating, and demand growth remains steady in less-affected regions. Foreign demand continues to support export prospects.”
Overall, the survey said companies expected faster sales growth over the next 12 months, with support anticipated from services, housing and tourism. Exporters cited the weaker Canadian dollar and stronger U.S. demand as the most important supporting factors for improving sales expectations.
The survey also found stronger investment intentions among firms for the coming year, especially in Central and Eastern Canada, as well as more-widespread hiring expectations in most sectors and regions.
Some respondents to the bank’s survey said suppliers are moving to stabilize or increase prices following cuts over the past two years, or to pass on anticipated increases in commodity costs.
The bank said inflation expectations edged up in the survey period from a low level and remain concentrated in the lower half of the bank’s inflation-control range of 1 to 3 per cent.
Most respondents pointed to hiring plans over the next 12 months, although the bank said “material excess slack remains” in staffing at resource-related businesses.
And the bank said some companies were optimistic about potential moves by the incoming Trump administration.
“Firms’ views . . . are divided: some are optimistic about the prospect of increased infrastructure and military spending as well as changes in energy policies, while others are more pessimistic, often because of the risk of increased protectionism,” the central bank said.
President-elect Donald Trump’s transition into the White House is going “very, very smoothly,” he said Wednesday afternoon, hours after complaining on Twitter that President Barack Obama’s “roadblocks” had made for a rough changeover of power.
When asked by pool reporters whether he thought the transition was going smoothly, Trump replied: “Oh, I think very, very smoothly. Very good. You don't think so?”
The reversal apparently comes after Trump and Obama spoke privately. “He phoned me,” Trump told reporters. “We had a very nice conversation.”
Trump, however, would not say whether he broached his roadblock allegations in his conversation with the president.
“We had a very general conversation,” he said. “Very, very nice. Appreciated that he called.”
Later, he told reporters outside his Mar-a-Lago residence that he and Obama "had a good talk about things. He was in Hawaii. It was a very nice call and I actually thought we covered a lot of territory.
"Our staffs are getting along very well. And I'm getting along very well with him, other than a couple of statements that I responded to and we talked about it and smiled about it. And nobody is ever going to know because we're never going to be going against each other in that way. It was a great conversation."
After weeks of warm words and promises of a smooth transition in the wake of perhaps the most contentious presidential election in modern history, Trump accused Obama in a Wednesday morning tweet of throwing up “roadblocks.”
“Doing my best to disregard the many inflammatory President O statements and roadblocks,” he wrote, referring to the president by his initial. “Thought it was going to be a smooth transition - NOT!”
The two men, who had little positive to say about each other on the campaign trail, seemingly buried the hatchet during an Oval Office meeting that took place just days after Trump’s surprising victory in last month’s election. Obama and Trump have spoken multiple times since then and both expressed interest in a seamless transition between administrations.
Incoming White House press secretary Sean Spicer said Wednesday during the transition team's daily conference call for reporters that "as the inauguration gets closer, both the current president and his team have been very helpful and generous with their time as far as the actual transition, the mechanics of the transition have gone, and I expect them to continue to speak fairly regularly.”
But Spicer also refused to tone down his boss' Twitter rhetoric, telling reporters that the president-elect's social media posts "speak for themselves, I think very clearly."
The budding relationship between the president and president-elect has frayed in recent weeks, first over the assessment of the FBI and CIA that the Russian government launched cyberattacks targeting the U.S. electoral process with the intention of aiding Trump's candidacy. Trump has been unwilling to concede the validity of that assessment, or even that Russia was behind the cyberattacks at all, a stance that prompted critical remarks from White House press secretary Josh Earnest.
The president-elect also lashed out this week at the Obama administration over its unwillingness to defend Israel at the United Nations against a resolution condemning it for new settlement activity.
He told reporters that Secretary of State John Kerry’s speech Wednesday defending the U.S. abstention “really spoke for itself” and suggested the United Nations has failed to live up to its potential.
“When do you see the United Nations solving problems? They don’t,” he said. “They cause problems. So if it lives up to the potential, it’s a great thing. And if it doesn't, it’s a waste of time and money.”
In an earlier tweet Wednesday, he said that “we cannot continue to let Israel be treated with such total disdain and disrespect” and urged Israel to “stay strong” because his inauguration on “January 20th is fast approaching!”
Obama also has made veiled criticisms of Trump in various public remarks, indirectly attacking the president-elect multiple times during his end-of-year news conference and in his remarks Tuesday at Pearl Harbor, where he warned that “even when hatred burns hottest, even when the tug of tribalism is at its most primal, we must resist the urge to turn inward. We must resist the urge to demonize those who are different.”
And in an interview with CNN’s David Axelrod, his former senior adviser, Obama said he was confident that he could have won a third term in a race against Trump running on his “hope and change” message. The president-elect disagreed.
“President Obama said that he thinks he would have won against me,” Trump wrote on Twitter Monday afternoon. “He should say that but I say NO WAY! - jobs leaving, ISIS, OCare, etc.”
Economists say Donald Trump is right to credit himself for sending consumer confidence to a 15-year high this month as Americans reported a rosy outlook for job creation, business growth and the stock market.
The news broke Tuesday, when the Conference Board said its Consumer Confidence Index soared to 113.7 in December, the highest level since 2001. The jump surprised economists, who say the economy has been slowing down. But it didn’t surprise Trump.
"Thanks Donald!” the president-elect said Wednesday morning on Twitter.
Trump’s election put the country in a good mood, economists say.
“There’s a lot of hope that things are going to change and get better,” said Mark Vitner, a senior economist at Wells Fargo. “Let’s see what happens.”
American’s weren’t particularly overjoyed about the economy. What made them cheerful was the hope for a new, better economy. The Conference Board’s measure of expectations, a measure of how consumers feel about the future, leapt to a 13-year high as Trump’s promise of more jobs, lower taxes and a better business climate made people upbeat.
“Optimism did surge after the election. The question is can we maintain it,” said Lynn Franco, the Conference Board’s director of economic indicators. “That depends on what happens in terms of the economy and job growth.”
It’s not unusual for consumers to feel better after an election, especially when a new party takes office. Ronald Reagan, Bill Clinton and even Barack Obama, who won his first presidential campaign in the midst of the Great Recession, enjoyed a boost in consumer optimism the month they were elected.
By contrast, optimism sank as the nation waited on hanging chads and Bush v. Gore at the end of 2000.
“Elections always give confidence a boost. There’s a sense of relief that it’s behind us,” Vitner said. “There does seem to be something to the Trump bump.”
This election year, the economy has been on a long road to recovery since the Great Recession ended in 2009. Consumer confidence has been on the upswing all year.
Still, confidence doesn’t boost wages or create jobs, and nine of the past 10 recessions began under Republican presidents.
“Trump will be breaking with tradition if we don’t see a recession in the next four years,” PIMCO’s Joachim Fels wrote in a recent blog post.
It is no longer news that Donald Trump is the latest United States’ president. From the perspective of those in the igaming world, his existence in the Oval Office may actually be something worth celebrating.
The common perception goes like this:
Trump operates casinos with his name on them. He likes gambling and might attempt to legalise it nationwide. At least one poker pro considers this to be right and the emotion echoed through the poker world.
However, the only thing we have from Donald Trump on the record is that about five years ago, he tacitly supported online betting. For anyone who is familiar with Donald Trump and his presidential campaign, his statement in the past at times has little bearing on what he says or believes now.
The Adelson-Trump connection
To put more limitation on the idea that a Trump-led administration would never legalise US online betting or poker, consider the following:
Sheldon Adelson, the Chief Executive Officer of the Las Vegas Sands Corp funded the efforts to stop online betting at the federal level. He also donated a huge sum of money towards the Trump campaign. This is a relationship that for some time now has been percolating with the possibility of having an effect on online betting legalisation.
Perhaps you think Sheldon Adelson will not have Trump’s ear despite the money he donated, then you do not know much about politics. If Congress forwards a bill to Trump’s desk prohibiting online betting, the possibility of him approving it is hard to guess given his relationship with Adelson.
Being a billionaire himself, Trump is perhaps the least likely president to succumb to monetary bribes. Going on record saying how he won’t accept a dollar during his presidency, it throws it up in the air whether Trump will help online casinos, such as royalvegas.com, or hinder them.
RAWA efforts have failed to date
In spite of having the majority in both chambers, the Republicans have failed to secure RAWA or any iteration of language criticising online betting, anywhere near passage. Hearings held by Chaffetz late last year were nothing but a disaster.
However, that does not imply that the powers leading RAWA will surrender. They might be encouraged by the fact that Republicans have the majorities in the Senate and the House, plus having control of the presidency.
Even with that, the Republicans have not been totally on board with RAWA and its implications. That is, it will reverse the online betting laws passed in Delaware, Nevada and New Jersey and would ignore legalisation efforts in states like New York and Pennsylvania.
RAWA takes over the Tenth Amendment, several lawmakers concur, by taking the ability to manage a form of betting from states’ hands. And that is not an awfully popular position to take for several Republicans.
The impact of Trump presidency on online betting is definitely unknown, other than it is not expected to be a positive one. The most probable and most positive circumstances would be the status quo. That implies online betting can be legalised by the states as they wish, without any change at the federal level. But in the range of outcomes, is the not too unrealistic chance that online betting is banned in the US.
A desire to achieve financial success and a fulfilling life is a fairly ubiquitous goal that we share as humans, but achieving these two goals at the same time seems to elude most of us. Fortunately for us, Iain Balmain has found his calling in life as both an esoteric healer and career consultant who seeks to impart his spiritual insights about the human soul to unlock a life path that often eludes our conscious state of mind.
He has been practicing as an intuitive consultant in Britain and now seeks to bring his energy, experience and wisdom to America, in an effort to help spread more happiness and fulfillment.
In the U.S. in particular, our struggles to achieve financial success and fulfilling lives at the same time seem to be often rooted in the confusion we feel, when we are trying to figure out which degree to pursue, in our efforts to obtain a university or college education. If we do graduate, we often end up pursuing careers that seem to only existentially drag us down. This feeling often occurs regardless of how much we earn.
In our experiences, which have been documented in countless case studies, the efforts to elevate oneself from economic insecurity up the employment ladder to greater levels of financial security, does not lead us to a greater sense of fulfillment. Research on this issue has been the source of many studies by organizational psychologists who have sought to help businesses yield a more productive workforce, for corporate shareholders.
While corporations have sought to shape the minds of their workforce, individual workers and managers have been without a champion who could help them individually achieve the happy, fulfilling and “productive” lives they have always wanted but felt they could never attain.
Indeed, we may finally access relatively high paying jobs and finally get to enjoy the material comforts of life that we always thought we had wanted, but still not feel fulfilled as human beings. We may have simply gone from stressful lives without economic security to the correspondingly negative stresses of higher paying jobs, that we dread going to everyday, in our surrender to the “matrix” of a global capitalist economy.
In such a context, we may simply seek to pursue moments of “escapism” through vacations or, worse case scenarios, taking our frustrations out on others, in an effort to dump our negative energies, or through taking drugs and narcotics in an effort to “treat” and contain negative energy.
However, we often get inspired when we do occasionally hear about some people, who left a job that they didn't care for, to find a career path in which they were able to feel both financially secure and fulfilled as human beings.
Luckily, these people, men and women, were able to unlock their own hidden destiny and live their lives in ways that they were meant to live, by tapping into their souls mission. It is our soul as human beings –the essence of who we really are - that gets hidden from us in the confusion and chaos of modern life.
In this confusion, it is often impossible for most of us to pursue the fulfilling lives that we desire to have while also seeking financial security in order to have that which is imposed upon us as part of living up to this competitive environment, which America stands for: the land of tremendous opportunities.
In the new era of Donald Trump as President, whether we voted for him or not, we might feel a renewed need to “find ourselves” onto a path of security and fulfillment in these uncertain but exhilarating times.
Thankfully, Iain Balmain is now seeking to further share his spiritual insights in helping America unlock much of its untapped potential, one human being at a time; Americans who have not been luckily enough to stumble across and embrace their soul's destiny.
By connecting with a person's soul, through his professional consultations, Iain wishes to awaken and clarify who we really are, that “who” repressed by artificial personae molded by society's chaos, which so often stunts the fruition of our identities.
These artificial personas are essentially counterfeit or “fakes” that, if adopted, often mislead us into directions that create frustrations and negative stresses, eventually resulting in unfulfilled lives, the cause of bad health and many other problems.
If you're feeling frustrated, lost, confused or uncertain about your career path and also seek a more fulfilled life, you may very well owe it to yourself to find a consultant like Iain Balmain who will inspire your divine potential. A service like Iain's will save, not only precious time and money, but also promise to rejuvenate the course of personal health from the stresses that impact our daily lives.
You contact Iain here - http://innerconsult.co.uk/
said on Tuesday it planned to invest more than $1 billion by the end of June 2017 to boost production of system chips at its Austin, Texas, facilities in the United States to meet growing demand.
The South Korean firm, the world's second-largest chipmaker behind Intel
, said in a statement its investment would boost output of chips for mobile and other electronics devices from its existing facilities in the city.
The investment comes after Samsung said last week its capital expenditure for 2016 would rise to a record 27 trillion won ($24 billion), with 13.2 trillion won earmarked for its semiconductor business.
While most of Samsung's semiconductor profits come from memory chip sales, it has been trying to boost earnings from other products including its own Exynos mobile processors and contract manufacturing deals with clients such as Qualcomm
Samsung did not give further details for its investment plans in Austin, such as how much production capacity would be added.
sales in October fell a less-than-forecast 1.7 percent as hefty gains for pickups and SUVs offset declines for its sedans but the industry was expected to report a larger drop.
U.S. auto sales in October were seen declining between 6 percent and 8 percent, according to industry analysts, as higher consumer discounts failed to prevent a fall-off from last year's record high.
GM said on Tuesday U.S. industry auto sales will be 17.4 million on a seasonally adjusted annualized rate, slightly weaker than most industry analysts expected.
GM's two full-size pickup truck models, Chevrolet Silverado and GMC Sierra, collectively fell 7.6 percent.
GM's Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon large SUVs collectively gained 69 percent versus a year ago. The vehicles are hugely profitable for GM.
The rate of decline in October from a year ago will not be known until later this week because Ford
is delaying its sales report due to a fire at its Dearborn, Michigan headquarters on Monday.
sales slid 10 percent, hampered by outsized drop-offs of two sedans it will soon stop making, and a rare decrease of 7 percent for its Jeep SUV brand. Cherokee sales were down 23 percent.
, the second-biggest automaker in the U.S. market with a 15 percent share of sales through September, has not said when it will issue its sales report.
Analysts expect Ford to show a decline of between 9 percent and 11 percent from a year ago, which some analysts said was due to better discipline on the use of discounts. Others pointed out that the company stemmed production at North American F-150 pickup truck plants and sedan plants to counteract weak demand.
Comparisons to last October are pressured because of two fewer selling days. But even with that factored in, sales would likely have been weaker if not for the big consumer discounts, known as incentives, analysts said.
said October incentives industrywide rose nearly 16 percent from a year earlier, or about $3,600 per new vehicle sold.
sales fell 2.2 percent, though sales of its SUVs and pickup trucks rose 13 percent.
Most Asian markets dropped more than 1 percent after Wall Street's "fear index" spiked on jitters over the U.S. presidential elections.
"Markets have been rankled by some polls putting Trump ahead of Clinton for the first time
, given Trump's controversial policy platform of re-looking at trade deals and clamping down on immigration," Chang Wei Liang, FX strategist at Mizuho Bank, said in a Wednesday note.
Australia's ASX 200
closed down 1.16 percent, or 61.47 points, at 5,229 dragged by its energy subindex, which was down 1.81 percent, and its financials subindex, which fell 1.43 percent.
Japan's Nikkei 225
ended down 1.76 percent, or 308.07 points, at 17,134.68, likely due to the stronger yen which is seen as a safe haven currency. The yen strengthened against the greenback
, fetching 103.86 a dollar as of 1:57 pm HK/SIN, compared to 104 levels seen on Tuesday.
In South Korea, the Kospi
closed down 1.42 percent, or 28.45 points, at 1,978.94. Hong Kong's Hang Seng
shed 1.44 percent as of 3:09 pm local time.
Mainland China's Shanghai composite
was down 0.62 percent, or 19.48 points, at 3,102.97, while the Shenzhen composite
slipped 0.63 percent, or 13.06 points, at 2,060.05.
The Dow Jones industrial average
closed down 0.58 percent at 18,037.1, the S&P 500
ended 0.68 percent lower at 2,111.72, and the Nasdaq
composite closed down 0.69 percent at 5,153.58, after a choppy day in which better-than-expected earnings failed to cancel out worries about the U.S. election.
The CBOE Volatility Index (.VIX), called the "fear index" because it shows the market's expectations on volatility over a 30-day period, went above the key 20 point during U.S. trading
, taking its rise to more than 40 percent over the past six days. It is the first time the VIX has risen for six straight days since the period just before the U.K.'s shock vote to leave the EU, and traders told CNBC the latest climb was due to the increased possibility of a Donald Trump
The VIX last traded at 18.56 as of 4:14 am HK/SIN time.
The Federal Reserve
will finish its two-day meeting on Wednesday in the U.S. The central bank is considered very unlikely to hike at the meeting
, according to the CNBC Fed Survey, which found that 100 percent of respondents did not expect a move, but 86 percent did forecast a quarter-point hike at the December 13-14 meeting.
Meanwhile, it's been a bruising few days for Trump rival Hillary Clinton
, after the FBI said it was investigating new emails
related to her controversial use of a private server while she served as secretary of state.
"Even if the Fed does signal an inclination to lift rates in December, markets will take the view that this is unlikely if a Trump victory leads to uncertainty and a surge in financial market volatility. This view was played out in markets last night with the U.S. dollar falling sharply and gold rallying," said Ric Spooner, chief market analyst at CMC Markets, in a Wednesday note.
traded at $1,293.02 per ounce, compared to last week's levels as low as $1,266.
In currency markets, the dollar index
, which tracks the greenback against a basket of currencies, stood at 97.696 as of 3:12 pm HK/SIN, down from 98 levels on Tuesday.
The Mexican peso
extended its fall against the dollar, fetching 19.308 per dollar as of 3:12 pm HK/SIN. The peso had sold off as much as 1.3 percent against the greenback to 19.1102 pesos on Tuesday.
The Korean won
weakened against the greenback to 1,148.45, a three-and-a-half month low. In October, the KRW/USD had depreciated as much as 3.5 percent.
"The woes surrounding labor strikes in Hyundai and Samsung
's battery flame-outs were part of the domestic reasons that led to the underperformance versus the USD. Arguably, these issues may be partially reflected in the price, but we think that the room for more KRW weakness ahead has increased meaningfully." analysts at National Australia Bank said in a Tuesday note.
Singapore's major banks were mixed, OCBC
stock was down 0.47 percent at S$8.46 per share, United Overseas Bank
slipped 1.12percent to S$18.50, while DBS
traded up 0.07 percent at S$15.00
A Moody's Investors Service report on Wednesday warned that the three banks could see their profitability come under further pressure, as seen in their latest financial results. The ratings agency assigned a negative outlook to the banks' ratings in March.
"The Q3 results for DBS, OCBC and UOB show a further weakening in the banks' asset quality and profitability, because of the persistent challenges that they face in relation to their oil and gas exposures," said Eugene Tarzimanov, vice president and senior credit officer at Moody's Investor Service, in the note.
jumped 8.61 percent to A$3.89 after it reported half-year revenue was up 8 percent to A$1.24 billion, and half-year net profit after tax rose 12 percent to A$103.1 million. The building materials company has risen more than 31 percent year-to-date.
Shares in Virgin Australia
were down 4.17 percent at A$0.23per share, after the airline operator reported an underlying loss before tax of A$3.6 million.
Hong Kong-listed Standard Chartered
dipped 6.45 percent to HK$63.05 a share, after it reported a 6 percent decline in income from the previous year on Tuesday
. The bank also warned that it might have compliance and regulatory struggles ahead, confirming that Hong Kong's financial regulator planned to take action against it because of its role as a joint sponsor in an initial public offering in 2009.
Oil majors in the region were all lower, Australia's Santos
was down 4.27 percent, Oil Search
fell 1.35 percent and Woodside Petroleum
dropped 1.07 percent, Japan's Inpex
slipped 1.63 percent, while South Korea's S-Oil
was up 1.23 percent, China's Shanghai Pechem
was down 1.52 percent and Petrochina
was down 0.82 percent.
futures were down 0.77 percent, at $46.31 a barrel, after it had settled to $46.67 on Tuesday. Global benchmark Brent
was down 0.60 percent at $47.85 after it settled at $48.14.
The American Petroleum Institute (API) said crude inventory rose by 9.3 million barrels in the week to October 28. A Reuters poll had forecast stockpiles to rise by 1 million barrels. Traders will likely look to the Energy Information Administration's official inventory data, due for release later Wednesday, for further direction.
America's housing market is heating up again, fortifying the finances of current homeowners and frustrating potential first-time buyers.
After hitting bottom in 2012, home prices took off dramatically before leveling off a bit in mid-2014. In the last two months, though, they turned higher again. The amount of equity homeowners now have — the value outside their mortgage debt — has doubled in the last five years, according to CoreLogic.
The latest read on September home prices showed a 6.3 percent annual gain, a touch bigger than August and a clear sign that prices are heating up again after cooling through much of spring and summer.
"Home-equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices," said Frank Nothaft, chief economist for CoreLogic. "Nationwide during the past year, the average gain in housing wealth was about $11,000 per homeowner, but with wide geographic variation."
All real estate is local, and while most states show gains in home values, the variance is wide. Connecticut and Alaska are the only states seeing annual price declines. For Connecticut, it is jobs plain and simple. The loss of major employers there, like General Electric
's decision to move its headquarters to Boston, have hit the housing market hard.
Other states, like Arkansas, New Jersey, North Dakota, Oklahoma, Wyoming, Maine and Maryland, are barely in the black. On the flip side, as tech companies flee California, nearby states like Washington and Oregon are seeing double-digit home price gains, with Colorado and Utah not far behind.
Homeowners today show more wealth on paper, but they are not extracting it at nearly the rate they did during the last housing boom. Near-record-low mortgage rates have certainly prompted thousands of borrowers to refinance and lower their monthly payments, but a very small share have extracted cash in these refinances and home equity lines of credit (HELOC).
"That weakness of active home equity withdrawal looks in large part to reflect tight credit conditions. Although lenders have reported loosening lending standards for HELOCs in each of the past 15 quarters, that easing has been modest compared to the conventional mortgage market," wrote Matthew Pointon, property economist with Capital Economics. "Indeed, median credit scores for new HELOC originations have not declined at all over the past couple of years, despite the serious delinquency rate on those loans dropping to its lowest since records began in 2008."
So homeowners get richer, and those trying to become homeowners have to face not just higher prices, but a severe lack of homes for sale, especially at the entry level. There is clearly demand, just not enough supply.
"After all, measures of home purchase sentiment are elevated, and there is evidence that first-time buyers are making a welcome return to the market," added Pointon.
They are returning, but still not hitting their historically normal share of homebuyers. While the National Association of Realtors reported a jump in first-time buyers in September sales, other measures show they have been dropping pretty steadily from a high of 40 percent in May to 34.8 percent in September, according to Campbell/Inside Mortgage Finance. That was the lowest level recorded since April 2014.
The slowdown in first-time buyers is likely due to higher home prices. First-time buyers are much more price-sensitive than the rest of the market, and they are also more limited in credit availability.
Housing affordability is now below average in half of the nation's top 20 metropolitan markets, according to John Burns Real Estate Consulting. These include Denver, Houston, Austin, Texas, and Nashville, Tennessee.
"This means that they are at high risk of a sharp price correction whenever the next recession hits," the Burns researchers said.
It is said that one man's trash is another man's treasure. It also happens that all of our trash could collectively make for a great economic indicator.
In addition to other, more conventional indicators, Deutsche Bank's chief international economist, Torsten Slok, consults freight rail waste data put out by the Association of American Railroads for a check on how the economy is doing.
Given the drop in oil prices and rise in the dollar, "a lot of economic statistics were distorted and you did see a slowdown in a lot of places. ... This indicator is an attempt to get a more pure view of where the business cycle is at the moment," Slok said Monday on CNBC's "Trading Nation."
At this point, the garbage transport gauge "is indeed suggesting that the recovery continues, or that the economic expansion is moving forward from here."
Slok isn't the first to notice the connection between waste carloads and the GDP growth. Michael McDonough, an economist at Bloomberg, has followed growth in the waste carloads indicator for years.
Indeed, the data series has been shown to have a high correlation to changes in GDP. This makes some intuitive sense, given that consumption, construction and other such activities generally create waste.
While peering deeply into trash may sound strange, "all joking aside, this is really an attempt to capture what is the economic activity when we measure it from a whole different angle than we normally do," Slok said.
He added that it generally confirms what economic data have shown, but "if anything, this also points to that there are some upside risks to the outlook from where we are at the moment."
In more conventional data, Tuesday's ISM reading showed that the manufacturing sector expanded in October. The October employment report is set to be released Friday.
Eight Nobel laureates joined 362 other economists in an open letter arguing that Americans should not vote for Donald Trump.
The letter, released Tuesday and reported on by the Wall Street Journal, lists 13 economic arguments against Trump, but does not specify which (if any) candidate voters choice in lieu of the Republican nominee.
"Donald Trump is a dangerous, destructive choice for the country. He misinforms the electorate, degrades trust in public institutions with conspiracy theories, and promotes willful delusion over engagement with reality," the economists write, according to a copy posted online by the Journal.
"If elected, he poses a unique danger to the functioning of democratic and economic institutions, and to the prosperity of the country. For these reasons, we strongly recommend that you do not vote for Donald Trump," the letter concludes.
Despite the apparent breadth of this week's letter, many economists are also against Democratic nominee Hillary Clinton's policies. In a September letter, 306 economists published a letter against Clinton's "ill-advised economic agenda."