Week of Dec 29 2017 Weekly Recap & The Week Ahead
Tuesday, January 2nd, 2018“The December Low Indicator — Forget all the noise you hear about the January Barometer; pay much more attention to the December low. That would be the lowest closing price for the Dow Jones Industrial Average during the month of December. If that low is violated during the first quarter of the New Year, watch out!” – Lucien Hooper
!!!HAPPY NEW YEAR !!!!
1. China Extends Tax Rebate For NEVs (New-Energy Vehicles) — China’s Finance Ministry will extend a tax rebate on purchases of new-energy vehicles from the end of this year until the end of 2020 amid a shift away from the internal combustion engine. The extension comes as automakers in China brace to meet strict quotas starting in 2019 that are sparking launches of NEV models and a flurry of new deals.
2. MasterCard (NYSE:MA) Released Strong Early Christmas Numbers — MasterCard (NYSE:MA) released strong early Christmas numbers. Excluding autos, sales rose 4.9% from Nov. 1 through Christmas Eve, marking the fastest pace since 2011. E-commerce naturally drove the gain, up 18.1%. Helping the figure was Christmas falling on a Monday, giving retailers a full weekend to reel in extra sales.
3. Israel Latest to Crack Down on Bitcoin — Israel has become the latest nation to crack down on cryptocurrencies, proposing regulation to ban companies trading in bitcoin from operating on the Tel Aviv stock exchange. The move follows last week’s warnings by FINRA against firms that “tout the potential of high returns associated with cryptocurrency-related activities,” as well as China’s decision to shutter bitcoin exchanges and ban ICOs in September.
4. Korea Also Crackdown on Cryptocurrency — S Korea eyed new regulations that would include prohibiting anonymous trading accounts and could give authorities the ability to shut down exchanges. The head of the country’s financial regulation agency also told reporters that the “bubble in bitcoin will burst later.” Bitcoin’s plunge comes after futures contracts started trading on CME Group’s exchange, giving investors new ways to bet on the digital coin’s price moves. Furthermore, India’s finance ministry is the latest global regulatory body to caution about the risks of trading in cryptocurrencies such as bitcoin, saying the investments are like “Ponzi schemes.”
The week ahead — Economic data from Econoday.com: