Business

Is it too late for Verizon to get some more of its money back?

After the entity responsible for selling Yahoo agreed to cut $350 million off the company’s sales price earlier this year following revelations that hackers had stolen sensitive  account information of as many as 1.5 billion user accounts during two separate data breaches, the Wall Street Journal is now reporting that the scale of one of those intrusions was much larger than initially believed.

As various institutions continue to publish very detailed estimates of how Trump's tax plan will impact the federal budget, which is somewhat amazing since income brackets haven't even been assigned yet, Moody's published a note today threatening to finally strip the U.S. of its AAA credit rating if the tax plan is ultimately passed as currently contemplated.

President Donald Trump’s tax proposal would probably weigh on the U.S. government’s credit outlook, on concerns that it would cause the federal deficit to swell, according to Moody’s Investors Service.

 

Picking up on a story reported previously by both the WSJ and Politico - oh and Bloomberg itself - Bloomberg writes that Trump’s advisers have delivered the final list of candidates they recommending as candidates to lead the Fed and have ended the search.

With China still enjoying their National Golden Week holiday, it appears the algos are unable to maintain their normal patterns of behavior...

Instead of the ubiquitous rise in USDJPY, sparking risk-on sentiment for all to follow, tonight USDJPY is falling at the open and that means gold is up (albeit marginally)...

But it's not just JPY, all the majors are bid versus the greenback sparking a notable downdraft to the Dollar Index...

Last month, when we reported auto sales data, we noted that this month would be all about replacement demand from Hurricane Harvey and thus largely irrelavant.  Fast forward 30 days and that appears to be exactly what has happened as annualized auto sales for the month of September suddenly surged to a 30-year high of 18.5mm units, up 15.2% sequentially from a 16.0mm run-rate last month.