Business

Despite a fourth monthly decline in real earnings, the good ol' American consumer is doing what she does best - consume. Retail sales surged 0.8% MoM (much better than expected) and 5.8% YoY - the best since March 2012.

Data beat across the board... except motor vehicles and parts dealers - everything else is surging. However, it is worth noting the spike in gasoline station spending - which accounted for a third of the surge MoM in the headline print... not exactly a positive spending scenario.

Investors are panic-buying Israeli generic drugmaker Teva Pharmaceutical after the new CEO announces restructuring plan that involves eliminating 25% of global workforce, suspending its dividend, and warns of "downward pressure on the top line."

As WSJ reports, Teva Pharmaceutical is cutting more than 25% of its workforce, suspending its dividend, and closing factories and research facilities world-wide as it works to cut costs and pay down debt.

Having left rates unchanged and confirmed the tapering of QE, there is only one thing left for the former Goldmanite to do - explain to the masses why this is all so positive and no reason at all to worry about rationality-shattering bond yields across the eurozone (and beyond).

Authored by Lance Roberts via RealInvestmentAdvice.com,

Near the end of each year, Barron’s magazine highlights the outlooks for the next year from 10, or so, Wall Street strategists. As noted recently by Sentiment Trader:

On Wednesday, Congress Republicans were said to reach a deal on final tax legislation, clearing the way for final votes next week on a package that, if approved, would be sent to President Donald Trump to sign into law. While the formal language of the legislation has not been released, the following are the known provisions on which House of Representatives and Senate tax writers have agreed, based on Reuters reporting.

Here is a full summary of what we know as of this moment is in the Republicans' final tax bill:

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