Business

With Steven Mnuchin earlier presenting President Trump's forthcoming tax plan as the "biggest" tax cut in history, many - especially JPMorgan  - doubt it will be able to pass Congress. So, to get the Congressional opinion on the matter, here is House Speaker Paul Ryan and House Republicans addressing not only today's main event: Trump's tax plan, but also the proposed spending bill which, should it not pass, will lead to a closing of Congress.

The key highlights:

Authored by Nick Cunningham via OilPrice.com,

Global oil inventories have started to decline and the supply/demand balance will soon tip into a deficit, if it hasn’t already. That will accelerate the drawdowns in crude oil stocks, and bring the market back into “balance,” providing a lift to oil prices.

That, at least, is the working assumption. But there are a series of gigantic question marks out there – a handful of countries could upend the theory that the oil market is on a smooth trajectory towards balance.

Yesterday when commenting on the abysmal results and even worse guidance by steel giant US steel, which cut its 2017 guidance by more than half, now expecting 2017 net earnings of approximately $260 million, or $1.50 per share, more than 50% below the prior forecast of $3.08, we asked "if X cuts EPS by 50% in "improving" market conditions, one wonders what EPS would look like if conditions were actually worse."

Three weeks ago, we reported that Fitch had put together a list of 8 retailers who were likely next in line to file for bankruptcy. The rating agency speculated that distressed legacy "bricks and mortar" outlets such as 99 Cents Only, rue 21, Gymboree and True Religion would follow what has already been a historic surge in retailers filing for Chapter 11 protection and/or shuttering stores. The Fitch list is below:

Gold bullion imports into China via main conduit Hong Kong more than doubled month-on-month in March, data showed on Tuesday as reported by Reuters.

China's net-gold imports via Hong Kong more than doubled in March to 111.6 tonnes. Chart not updated as official data not publicly available yet. Source: Goldchartsrus.com