STOCKS ON TRACK FOR QUIET END TO 2016
- U.S. stocks stalled on the final trading day of the year, putting the Dow on track for its first week of losses since the presidential election.
- According to fund tracker EPFR Global, bond funds recorded a net $3.4 billion inflow globally in the week ending Dec. 28—a 12-week high—while equity funds had a net outflow of $1 billion.
- The shift could signal markets got slightly ahead of themselves after the U.S. election, in a world where growth is expected to be weak for years to come and interest rates are expected to remain low for the foreseeable future.
- U.S. government bonds were headed for a second consecutive year of price declines.
US FINANCIAL MARKET
- Altogether, the firm had $971.6 billion in global deal volume in 351 deals, according to data provider Dealogic.
- The U.S. accounted for $714.8 billion of that tally, where Goldman also topped the list.
- Morgan Stanley, J.P. Morgan Chase & Co., and Bank of America Corp. came in second, third, and fourth, respectively for both the global and U.S. rankings.
- Amazon.com has filed for a patent to use airships to store products and serve as a base for delivery-drones.
- According to the patent filing, drones launched from the so-called “airborne fulfillment centers” (AFCs) would use far less power than those launched from the ground.
- The AFCs would hover at about 45,000 feet (13,700 meters) and be restocked and resupplied by “shuttles or smaller airships.”
- New-vehicle sales are expected to decrease 2 percent year-over-year to a total of 1.6 million units in December 2016.
- That will result in an estimated 17.4 million seasonally adjusted annual rate (SAAR).
- Kelley Blue Book expects further slowdowns in 2017, and its experts’ forecast calls for sales in the range of 16.8 to 17.3 million, which would represent a 1 to 3 percent decrease from this year.
- Retail sales are expected to account for 81.1 percent of volume in December 2016, down from 81.4 percent in December 2015.
- Qualcomm said China’s Meizu Technology has agreed to pay licensing fees to settle legal battles in China and three other countries.
- This matter demonstrates the U.S. Company can defend its intellectual property in the world’s biggest smartphone market.
US ECONOMY & POLITICS
- About 4.4 million low-wage workers across the country are slated to receive a raise.
- In California, the minimum goes up 50 cents, to $10.50 an hour, boosting pay for 1.7 million individuals.
- The consensus economic forecasts from a year ago are proving to be quite accurate.
EUROPE & WORLD
- About 4.6 billion euros are needed to meet capital requirements and 2 billion euros would be required to compensate the lender’s retail bondholders.
- Official estimate of state aid given in Bank of Italy note.
- Institutional investors would bear remaining costs of rescue.
- A joint venture between Hon Hai Precision Industry , known as Foxconn, and Sharp plans to build a 61 billion yuan ($8.8 billion) factory in China to produce liquid-crystal displays (LCDs).
- Sakai Display Products Corp’s plant will be a so-called Gen-10.5 facility specializing in large-screen LCDs and will be operational by 2019.
- It said the plant will have capacity equating to 92 billion yuan a year.
- China’s Midea said it will complete its takeover of German robotics maker Kuka in the first half of January after the United States authorities gave the deal a green light.
- Midea, which launched a 4.5 billion euro ($5 billion) offer for Kuka in May, said Germany’s markets regulator had approved the settlement of the transaction.
- Midea will have a 94.55 percent voting stake in Kuka from January onwards.
- First Central commercial plot on sale since ’96, Colliers says.
- Lack of supply, low vacancy rate to drive interest in site.
- Co. wrote to government seeking lower import and excise duties.
- Said to want lower tariff even after GST is rolled out.
TODAY in HISTORY
The United States bought some 45,000 sq mi of land from Mexico in the Gadsden Purchase (1853)
The Union of the Soviet Socialist Republics was established through the confederation of Russia, Byelorussia, Ukraine, and Transcaucasian Federation (1922)
California’s first freeway opened (1940)
Israel and the Vatican signed an agreement of mutual recognition to put an end to Jewish-Christian hostilities (1993)
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