Wednesday, November 29, 2017
What to watch today
As investors keep an eye focused on the tax reform drama in Washington, D.C., Wednesday will bring markets a look back at the third quarter and a look ahead at the next Federal Reserve meeting. On the economic schedule, the second estimate of third quarter GDP will be released in the morning with economists looking for the report to show the economy grew at an annualized rate of 3.2%. In the afternoon, we’ll also get the latest Beige Book from the Federal Reserve, a collection of economic anecdotes from each of the Fed’s 12 districts, which also helps inform the basis of the discussion at the next FOMC meeting, which begins in two weeks.
Washington, D.C. will remain a focus with the Senate’s Budget Committee overcoming a procedural vote on Tuesday, helping clear the way for a potential vote on the current tax plan as early as Thursday.
Bitcoin tops $10,000: Bitcoin soared to an all-time high above $10,000 on Tuesday in some smaller exchanges and digital currency indexes, but remained just below that milestone in major trading platforms such as Luxembourg-based BitStamp and U.S.-based GDAX. [Reuters]
Trump’s clash with Democrats raises risk of government shutdown: Republicans in Congress were cheered on Tuesday after President Donald Trump helped them get a bit closer to passing a tax overhaul in the Senate. But Trump also may have ensnarled negotiations to keep the federal government funded after money runs out on Dec. 8 by stiff-arming Democratic leaders before a scheduled White House meeting on spending. [Bloomberg]
Warren: Powell has the same attitude as the Fed in 2008: On Tuesday, following the remarks of Trump’s Federal Reserve Chair nominee Jerome Powell, Sen. Elizabeth Warren (D-MA) told Yahoo Finance that Powell’s testimony reminded her of the run up to the financial crisis. [Yahoo Finance]
Goldman warns about highest valuations since 1900: A prolonged bull market across stocks, bonds and credit has left a measure of average valuation at the highest since 1900, a condition that at some point is going to translate into pain for investors, according to Goldman Sachs Group Inc. [Bloomberg]
Uber’s 3Q net loss widens to $1.46 billion: Uber Technologies Inc.’s quarterly losses widened, a source familiar with the matter said on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe. The Silicon Valley-based company’s net loss increased to $1.46 billion in the third quarter from $1.06 billion in the previous quarter. [Reuters]
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