Business

A Dallas jury ordered JPMorgan Chase to pay more than $4 billion in damages for mishandling the estate of a former American Airlines executive.

S&P futures are set for a higher open (+ 0.1%) despite the expected hit to the Dow from Nike which is down over 3% on unexpectedly poor revenue growth, as European stocks gain while Asian shares dropped. Like yesterday when the big story was the jump in the USD ahead of Yellen's (rather hawkish) speech, so today the greenback's levitation has continued, this time propelled by today's unveiling of Trump's tax plan.

Something appears to be off. After two consecutive admissions by Janet Yellen that the Fed has lost its grasp on the "mystery" of inflation, the market no longer appears eager to chase the direction of every Fed proclamation, especially the recent, hawkish ones. And, as Bloomberg's Mark Cudmore writes this morning, "whether it’s because the Fed has lost credibility or just because Yellen is viewed as a lame duck approaching the end of her term, it doesn’t matter - U.S. rates and the dollar show investors aren’t buying what she’s selling."

Less than a decade after being forced to take a taxpayer funded bailout to avoid an embarrassing bankruptcy filing, Citibank, proving that they learned precisely nothing from the so-called 'great recession,' has put a 35 year old in charge of once again making the bank into a powerhouse in the Synthetic CDO market.  But please don't worry about the risk because this time Citi says they're building the business in a "way that insulates them from any losses."  Here's more from Bloomberg:

Authored by Irina Slav via OilPrice.com,

The richest man in Africa says crude oil prices would do Nigeria a favor if they stay lower for longer.

Last week at the UN General Assembly, Nigerian billionaire Aliko Dangote, whose main business is in cement but also holds interests in agricultural commodities and petrochemicals, said that agriculture - not crude oil - is the way forward for Nigeria, and that Africa “will become the food basket of the world.”