WEDNESDAY 12/17/24; Russian Ruble Stabilizes; Greece Elections; FDX; JOY; CPI (Consumer Price Index): FOMC Rate Decision, Forecasts and Fed Chair Yellen Press Conference; US Stocks Rally; ORCL

WTIC oil keeps dipping to and fro under 55. Asian stocks are a mixed bag generally positive. The NIKK is up +0.4%. Japan exports are up +4.9% year on year but miss expectations. The SSEC gains +1.3% with Chinese banks continuing to rocket higher each day as traders sniff out further PBOC stimulus. HSI loses -0.4%. Geely Automobile collapses -17% due to Russia exposure.

The SPASX 200 is up marginally and KOSPI down marginally. Iron ore prices remain at five-year lows. Aussie dollar is 0.8148 at near five-year lows. Kia Motors and Hyundai Motor tumble about -4% each. Global auto makers are trading soft across the board. Southeast Asia stocks recover with the Bankgkok SET up +1% but is down -8.5% over the last few sessions.

US Treasury yields are; 2-year 0.58%, 5-year 1.55%, 10-year 2.09%, 30-year 2.71%.

The Russian central bank is in the market selling foreign currency to stem the drop in the ruble. The central bank says that current reserves will be sold until the ruble stabilizes and plans to do “whatever it takes.” But oddly, $7 billion is used overnight to stabilize the ruble but the money is from the Finance Ministry rather than central bank. This strangeness does not create confidence and calls into question the liquidity and availability of the approximate $400 billion central bank reserves. The Russian Ruble is 68.54 dropping from 72 to 64 overnight then back up to 68 moving sideways. The Russian Ruble weakened to 80 yesterday (a higher Russian Ruble currency pair indicates a weakening ruble). Euro/Ruble 86.1718. Pound/Ruble 109.1928.

The Russian central bank maintains the key interest rate at 17%. Russia is no stranger to currency crises. In 1998, the 








[Text is Redacted: Purchase December 2014-12 to Read the Complete Chronology]




























ORCL is up +3% in AH trading after beating by a penny on EPS and edging out the top line estimate by a hair $9.6 billion versus $9.5 expected. JBL launches +8.3% after beating on earnings and raising guidance. Bulk liquids (oil) operator KEX pukes -6.2% after cutting guidance. AKS gains +6% after reporting stronger guidance.

Sony cancels the release of the “The Interview” movie a comedy about the assassination of Kim Jong-un buckling under the demands of the North Korean computer hackers. The decision sets a precedent and will encourage other nefarious global cyber criminals to attack Western computer systems and demand ransom. Computer experts are not yet able to confirm that the hackers are associated with North Korea.