Business

A reader emailed us, to ask a few pointed questions.

Paraphrasing, they are:

• Stock futures jump after Senate approves tax bill (Reuters)
• Tax Bill Marked by Blinding Speed (WSJ)
• Corporate Winners and Losers in the GOP Tax Bill (BBG)
• Flynn’s Guilty Plea Sparks Clashing Interpretations (WSJ)
• Irish border deal reported settled as May meets Juncker (Reuters)
• Houthi radio says ex-president Saleh killed in Yemen fighting, no confirmation (Reuters)
• Oil falls after U.S. drilling picks up (Reuters)
• FBI Agent Removed From Russia Probe Had Key Role in Clinton Email Investigation (WSJ)

Silver's Positive Fundamentals Due To Strong Demand In Key Growth Industries

Turkey’s currency is being battered from all sides at the moment. In October 2017, the Lira fell sharply after both countries suspended bilateral visa processing in the latest US/Turkey diplomatic spat (although this was reversed in early November). Two weeks ago, it fell to a record low of 3.97 to the dollar, prompting the central bank to step in and cut borrowing limits for the banks. Last week we reported how the TRY was selling off on news flow from a trial in which a Turkish banker is accused by the US government of helping Iran to evade US sanctions via oil-for-gold deals.

The dollar jumped the most in two weeks, pushing Treasury yields as much as 6bps higher (before easing back) with US equity indexes primed for a another record-setting day after Senate Republicans approved a reduction in the corporate tax rate as part of a sweeping overhaul, giving a boost to President Donald Trump’s stimulus plans. The key market catalyst was the US Senate passing the tax reform bill through a vote of 51 vs 49 just before 2am on Saturday morning.