Media Navel Gaze: December 5, 2016
President-elect Trump continued to round out his administration with Steve Mnuchin, a former Goldman banker as Treasury secretary; PE boss Wilbur Ross as Commerce; James “Mad Dog” Mattis as Defense secretary and Betsy Devos as the head of the Education Department (as a non-populist aside, the Cabinet has a net worth now or over $8 billion – or maybe the new Trump “extra comma” club).
- In the meantime, Trump took a call from the president of Taiwan, breaking protocol, ignoring a One China policy and reportedly causing a bit of strain in the relationship with China and a big commotion on Twitter, fueled by Donald himself; no surprise that an unconventional candidate would be an unconventional president elect;
- Trump also selected a Strategic and Policy forum as kitchen-cabinet advisors, led by Blackstone Stephen Schwarzman and to include mostly Wall Streeters and manufacturers but light on Silicon Valley;
- The jobs market saw the unemployment rate fall to the lowest level in nine years at 4.6 percent in November, adding about 178,000 positions, a combo of new jobs and job seekers leaving;
- Starbucks CEO Howard Schultz steps down and instead is looking to build high-end coffee shops for the company because he needs to spend more money on a cup of Joe.
- After a very steady run, stocks turned in just a steady performance last week with the Dow closing nearly unchanged at 19,170; and
- The Wisconsin recount has begun.
- The Governor of the Central Bank of Mexico Agustin Carstens announced he will step down in July to become general manager of the Switzerland-based Bank for International Settlements.
- The president of Brazilian football team Chapecoense was buried today as fans paid their final tributes following a plane crash in Colombia earlier this week that killed all but 6 of the 77 people on board, including team players. On Saturday, 20,000 people filled a stadium in Chapeco, Brazil, to honor members of the football club who died in the crash.
- Latin American nations continue to languish in a recession, and a recent report says policies that promote greater entrepreneurship could give economies a needed boost, according to a report from the Organization for Economic Cooperation and Development.
- End of Week Market Updates
- Merval (Argentina): - 1.29%
- Bovespa (Brazil): - 2.02%
- IPSA (Chile): - 0.18%
- IGBC (Colombia): + 1.03%
- IPC (Mexico): - 1.55%
- BVL (Peru): + 0.61%