Business

While Deutsche Bank has had a generally terrible year, with its stock price plunging to all time lows on capitalization (and, at times, liquidity) concerns following the now concluded episode of its RMBS fine which the bank settled last week for roughly $7 billion of which just over $3 billion in actual cash payments, well below Wall Street's worst case scenario, another far more important open item was whether DB executives and staffers would receive a bonus in a year in which markets seriously wondered if the biggest European bank would get a government bailout.

Submitted by Michael Shedlock via MishTalk.com,

Donald Trump wants to lower the corporate tax rate on foreign profits from 35% to 10%.

Would another tax holiday create jobs?

The New York Times says “Not Necessarily”

President-elect Donald J. Trump has said he would like to create a “tax holiday” so that American companies can bring back profit that was generated overseas at a lower rate. In his view, this influx of cash will create jobs.

 

There was an odd disconnect in last week's latest UMichigan consumer confidence print, according to which US consumers were the most confident in 12 years as a result of soaring stocks, even as their 5 year inflation expectations tumbled to record lows, which is ironic because the only reason the market was higher is due to higher inflation expectations by traders. In other words, a total, and utterly confused,  paradox.

• Monte dei Paschi Rescue Cost Jumps as Deposits Fall (WSJ)
• Russia finds first black box from Black Sea crash jet (Reuters)
• Prat-Gay Fired as Argentine Finance Minister After One Year (BBG)
• Fear of Trump Triggers Deep Spending Cuts by Nation's Second Largest Union (BBG)
• Xi’s Power Play Foreshadows Change in How China Is Ruled (WSJ)
• China to launch probe for soft landing on the far side of the moon by 2017 (Global Times)
• CEO’s Winning Gamble May Keep Scrooge From Deutsche Bank Bonuses (BBG)

Last week the Shanghai Gold Exchange (SGE) launched a new English website to offer international customers more information and tools on trading gold in renminbi through its subsidiary in the Shanghai Free Trade Zone the Shanghai International Gold Exchange (SGEI). BullionStar took the opportunity to translate a speech by a Teng Wei, Deputy General Manager of the SGEI, named “How China’s Gold Market Can Help The RMB Achieve International Status” that was held at the Renminbi World summit in Beijing on the 29th and 30th of November 2016.