In a choice that confirms Trump's intentions to dismantle Obamacare, Reuters reports that President-elect Donald Trump will shortly announce he has chosen vociferous Obamacare critic Tom Price (R. Ga), an orthopedic surgeon from Georgia, as his Health and Human Services secretary to help him overhaul the U.S. healthcare system.
Chairman of the House Budget Committee Tom Price
European stocks were little changed and oil fell as investors assessed declining prospects for an OPEC deal and risks from Italy’s referendum. Asian stocks declined, while S&P futures pointed to a fractionally higher open, erasing 3 points from yesterday's drop.
Trader attention today - and tomorrow - will be focused on oil which retreated back under $47 as OPEC members failed to bridge differences on production cuts, while a rally in metals ran out of steam. The rand plunged after President Jacob Zuma survived a leadership threat.
Conduit CMBS (Commercial Mortgage Backed Security) debt outstanding is down from $740 billion in 2007 to $400 billion currently according a recent note from Goldman Sachs. The Non-Agency RMBS (Residential Mortgage Backed Security) Market, not backed by the US Government, has been contracting at a rate of 10 percent year, mostly due to prepayments and studious lenders paying off their loans. Agency RMBS (loans backed by the US Government) have been steadily climbing, reaching a level of $200 billion in issuance for the trailing 12 months.
With the Trump cabinet filling up, but a number of key positions still to be announced, vice-president-elect Mike Pence told Fox News tonight that "there will be very important announcements tomorrow."
Vice President-elect @mike_pence: There will be very important announcements tomorrow. #NewsAlert pic.twitter.com/VOAXMsBhMa
— Fox News (@FoxNews) November 29, 2016
So who will it be?
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The battle for one of the most contested Syrian cities in the nation's long-running civil war, Aleppo, is approaching its climax. According to Reuters, the Syrian army and its allies announced the capture of a large swath of eastern Aleppo from rebels on Monday - by some estimates as much as 40% of the militant held part - in an accelerating attack that threatens to crush the opposition in its most important urban stronghold.