...it's that time of year again.
Sink The European Union! Deutsche Bank Crashes To Massive €5.7bn Loss
The German banking giant has now posted losses for five consecutive years. Deutsche has struggled with misconduct scandals, failed US growth plans and an abortive merger with rival Commerzbank.
5 powerful tech companies now make up 18% of the stock market — here’s why this could be a bad thing
We are here to say that yes, there is life outside of investing in Apple, Microsoft, Amazon, Google and Facebook. Unfortunately, most investors don’t agree — and it could end badly for them at some point. Those five powerful tech companies now comprise a hearty 18% of the S&P 500’s market cap, points out Goldman Sachs strategist David Kostin.
Fed policymakers broadly see eye to eye on 2020 outlook
In their first remarks in the new year, heads of several regional Fed banks noted a strong job market, robust consumer spending and a rising optimism for a resolution to the trade tensions that had nicked growth in the second half of 2019. And after cutting interest rates three times last year to bring the Fed’s target to a range of 1.5% to 1.75% and ensure global headwinds didn’t short-circuit the longest U.S. economic expansion in history, “I think most of us think that we are well-calibrated now,” Cleveland Federal Reserve Bank President Loretta Mester said in an interview on the sidelines of an economics conference in San Diego. Based on forecasts of her fellow policymakers on the Fed’s rate-setting committee, she said, “the committee thinks a flat path (for interest rates)... is appropriate.”... https://www.reuters.com/article/us-usa-fed-barkin-idUSKBN1Z21N4
U.S. finalizes rule to slap duties on countries that undervalue currencies
The U.S. Commerce Department on Monday finalized a new rule to impose anti-subsidy duties on products from countries that it has determined undervalue their currencies against the dollar, including potentially China. The move could provide a fresh irritant in U.S.-China trade talks just weeks after the world’s two largest economies signed a Phase 1 trade agreement…
MEANWHILE: Quite a few articles from SCMP (South China Morning Post), which appears to be “opening up” its news on the crisis. To suggest that what we know about Wuhan may just be the tip of the iceberg is some statement for a Chinese paper. Just last week they could have been arrested for spreading false rumors. SCMP may be based in Hong Kong, but it is owned by Alibaba.
China Death Toll Hits 427 As New Cases In Hubei Increase By Record High (SCMP)
Chinese Military Takes Control Of Medical Supplies In Wuhan (SCMP)
Coronavirus Tally In Epicentre Wuhan May Be ‘Just The Tip Of The Iceberg’ (SCMP)
‘Striking’ Coronavirus Mutations Found Within One Family Cluster (SCMP)
MORE: Coronavirus: China Admits ‘Shortcomings And Deficiencies’ (BBC)
Coronavirus Found On Doorknob Of Infected Patient (ZH)
Gordon Chang: Chinese Authorities Falsifying Coronavirus Death Toll (SAC)
Crisis-O-Rama (Jim Kunstler)
Netanyahu secretly meets with Arab Muslim leader of Sudan to discuss normalization of relations. Dramatic breakthrough with key former enemy. Here’s what we know so far.
Israeli Prime Minister Netanyahu met secretly with the new leader of Sudan for the first time. The story is just breaking — no photos yet, and we’ll surely learn more in the days ahead — but Sudan now seems to be saying “yes” to relations with Israel.
Navy, Shin Bet thwart attempted weapons smuggling into Gaza from Sinai
The Israeli Navy has thwarted an attempt to smuggle weapons into the Gaza Strip from the northern area of the Sinai Peninsula… The joint operation with the Shin Bet (Israel Security Agency) took place three months ago and saw troops from the Navy’s 916th Flotilla based in Ashdod intercept a vessel suspected to be smuggling weapons into the blockaded Palestinian coastal enclave.
UAE finds new natural gas field between Abu Dhabi, Dubai
The United Arab Emirates on Monday announced the discovery of a natural gas field containing 80 trillion standard cubic feet of gas between Abu Dhabi and Dubai. Authorities said the new Jebel Ali field would help the Emirates become more energy independent, as the UAE now imports natural gas from Qatar for electricity.