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U.S. STOCKS KICK OFF 2018 WITH GAINS

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US FINANCIAL MARKET
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DAILY MARKET REPORTS

  • Many investors head into 2018 confident that the yearslong market rally can continue amid a strengthening global recovery and corporate earnings growth.

US FINANCIAL MARKET

Boeing talks not considering change of control at Embraer

  • Citing sources familiar with the talks, Valor Econômico said the companies were looking at forming joint business agreements in which they divide costs and income in certain areas, or JVs, in which both companies enter independently into a partnership.
  • Such an arrangement would likely ease regulatory pressure surrounding the deal, as Brazil’s government has repeatedly said it is opposed to Boeing gaining control over Embraer due to the planemaker’s key role in Brazil’s defense sector.

Airbus delivered over 700 jets in 2017, met target-sources

  • Coming on top of 591 deliveries posted between January and November last year, that implies deliveries of at least 703 aircraft in 2017 as a whole, up at least 2 percent from 2016.

Caterpillar Fights to Protect Its Swiss-Made Profits

  • Caterpillar has paid more than $17 billion in income taxes since 1999 but faces a potential $2 billion tax bill from the IRS.
  • Nearly all the sales and profits flow through a company subsidiary in Geneva, where the company has paid an effective tax rate as low as 4%.
  • Caterpillar began the practice in 1999 and has never stopped.
  • The new law cuts the U.S. corporate tax rate from 35% and provides companies with a one-time tax cut on earnings and cash held outside the U.S.

BP Takes $1.5 Billion Charge Related to U.S. Tax Overhaul

  • BP said it would suffer a roughly $1.5 billion accounting charge in the fourth quarter because of the legislation.
  • BP said the tax bill would help the company in the long term, reducing the corporate tax rate it and other companies pay in the U.S. to 21% from 35%.
  • BP said it is still reviewing the ultimate impact of the tax rewrite.

NBC News Names Hoda Kotb as Matt Lauer’s Replacement on ‘Today’ Show

  • Kotb had been filling in alongside Savannah Guthrie, creating a two-woman anchor team on the morning show since Lauer was fired in November.
  • Guthrie and Kotb will be paired from 7 a.m. to 9 a.m. New York time.
  • Kotb, who joined NBC News in 1998 as a correspondent for “Dateline,” will continue to co-host the 10 a.m. hour with Kathie Lee Gifford.
  • The two women are known for sipping wine during their hour together.

Amazon says it shipped 5 billion items to Prime customers in 2017

  • Amazon posted its best “Prime Day,” Cyber Monday and holiday season ever in 2017, with sales growing 60 percent year-over-year on Prime Day, and app-based sales up 50 percent year-over-year on Cyber Monday.
  • Amazon added on Tuesday that December 30 was the biggest streaming day for the company’s burgeoning content business, as Amazon’s sales of smart Alexa speakers have boomed.

 ‘The Last Jedi’ Is 2017’s Highest-Grossing Film

  • Disney’s “The Last Jedi” has collected an estimated $533 million in the U.S. and Canada so far.
  • “The Last Jedi” has grossed $1.04 billion world-wide and has yet to open in China, the world’s No. 2 box-office market.

AT&T says all U.S. states will use its public safety network

  • AT&T Inc said on Friday that all 50 U.S. states had decided to participate in the nationwide broadband network it is building for first responders as part of a $6.5 billion government contract.

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US ECONOMY & POLITIC

In Cities with Low Unemployment, Wages Finally Start to Get Bigger

  • Workers in metro areas with the lowest unemployment are experiencing among the strongest wage growth in the country.
  • Nationally, wage growth has been stuck in neutral for the past two years, even as the unemployment rate has declined to the lowest level in 17 years.
  • Weekly wages for private-sector workers increased by more than 4% from a year earlier during the second quarter, according to Labor Department data.
  • The comparable national figure showed wage growth of less than 2% from a year earlier.

Workers in 18 States Get Minimum-Wage Increases

  • In some cases, the increases represent one of several steps in a multiyear process to slowly raise the minimum wage.
  • A higher minimum wage has been churning political debate in state capitols and city halls as advocates and labor unions argue the $7.25 an hour federal wage is insufficient, while others say higher minimum wages will lead to lost jobs.

Small-business hiring slows, even as the economy accelerates, Paychex survey finds

  • Paychex’s Small Business Jobs Index closed the year at 99.70 after falling 0.16 percent in December and 0.78 percent for the year.
  • Average national hourly earnings were at $26.14, up 2.76 percent year over year and averaged an increase of 2.85 percent for 2017.

Home prices are set to soar in 2018

  • Sales prices jumped 7 percent annually in November, according to a new report from CoreLogic.
  • Low supply and high demand are fueling the gains and neither of those is expected to ease up anytime soon.

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EUROPE & WORLD

South Korea offers talks with defiant North ahead of Olympics

  • South Korea offers talks with North Korea on Jan. 9 at border village.
  • North Korea is keen to talk, but remains steadfast on its nuclear program.
  • Seoul seeks to allow North Korean athletes at Winter Olympics.

Euro zone factory growth surges to record; more uneven in Asia

  • The December euro zone final manufacturing Purchasing Managers’ Index (PMI) was 60.6, matching an earlier preliminary reading, the highest since the survey began in June 1997.
  • The euro rose to a three-month high above $1.20.
  • The factory output index, which feeds into a broader set of data including services due on Thursday, rose to 62.2 from 61.0 in November.

UK Manufacturing PMI Fell Below Expectations in December

  • IHS Markit said its purchasing managers index for the manufacturing industry fell to 56.3 in December, down from 58.2 a month earlier.
  • The 50-point line separates expansion from contraction in activity.
  • Input and output inflation also slowed, signaling that the recent surge in price growth–spurred by the pound’s collapse in the wake of the Brexit vote–is beginning to abate.

China Dec Caixin Final Manufacturing PMI 51.5 Vs 50.8 in Nov

  • Activity in China’s factories expanded at a faster rate in December.
  • The result was the highest since August.
  • A result above 50 indicates an expansion in manufacturing activity while a result below that indicates a contraction.

Macau casinos post first annual revenue gain in 3 years

  • Revenues rose 19 percent for 2017 to 265.7 billion patacas ($33.13 billion).

A Browser You’ve Never Heard of Is Dethroning Google in Asia

  • Hundreds of millions of people in India, Indonesia and other emerging markets getting online for the first time are picking UC Browser, owned by Chinese e-commerce giant Alibaba.
  • UC Browser, which has more than 430 million users world-wide, accounted for 51% of India’s mobile browser market over the past year.
  • Chrome has more than a billion users world-wide, according to Google, and it has some 47% global market share versus UC Browser’s 16%, according to StatCounter.

Just 30% of India’s 1.3 billion people are online, and only 25% of Indonesia’s 260 million use the web.

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TODAY in HISTORY

  • Georgia was admitted to the Union as the 4th state. (1788)
  • Louis Jacques Mandé Daguerre took the first photograph of the Moon. (1839)
  • The first spacecraft to fly by the Moon and also to orbit the Sun, Mechta (Luna 1) was launched by the USSR. (1959)
  • Ronald Reagan is sworn in as Governor of California. (1967)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

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