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Pence Wealth Management Financial Markets Reports

US FINANCIAL MARKET

Stocks Gain at the Open While Bonds Fluctuate as Global Tensions Ease

  •   Global stocks rose, with the S&P500 extending the biggest gain in five months, while bonds fluctuated as tensions eased in Ukraine
  •   The MSCI All-Country World Index rose 0.7 percent
  •   The U.S. two-year note yield was little changed at .44 percent after falling to an eight-week low on August 8th
  •   Kinder Morgan gained 18 percent after announcing plans to consolidate its energy business
  •   MannKind Corp soared 21 percent after Sanofi agreed to pay the drugmaker $925 million for rights to the world’s only available inhaled insulin
  •     Priceline Group Inc. fell 0.5 percent after forecasting third-quarter earnings below analyst estimates

Billionaire Kinder Streamlines Empire to Target Rivals

  •   Kinder Morgan rose 18 percent, with Kinder Morgan Energy Partners advancing 26 percent
  •   Billionaire Richard Kinder is consolidating his pipeline empire to strengthen it for growth as the U.S> shale drilling boom opens up $1.5 trillion in potential purchases and expansion projects
  •   Kinder Morgan plans to acquire all of Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB) in a series of transactions valued at approximately $44 billion
  •   Kinder has lagged rivals such as Williams (WMB) and Enterprise Products Partners (EPD) during the past three years, generating a 73 percent total return compared with 221 percent for Williams investors and Enterprise’s 130 percent return.

Amazon Takes on Disney’s Superheroes in Online Fight

  •   Amazon is taking on Walt Disney Co. and its superheroes in an effort to gain more control over online pricing
  •   Amazon, the world’s largest Web retailer, blocked pre-orders of Disney’s summer hit movie “Captain America: The Winter Soldier” as well as other titles in disk form in an effort to put pressure on its vendors
  •   Sales of home entertainment delivered over the Internet now make up more than one-third of the market in the U.S., up from 4 percent 10 years ago, according to researcher HIS Corp
  •   In digital-book sales, Amazon dominates with a 60 percent share of the market, according to Forrester Research

BuzzFeed Gets $50 Million Investment From Andreessen Horowitz

  •   BuzzFeed, the website that has branched out from lists and quizzes to international news coverage, got a $50 million investment from venture-capital firm Andreessen Horowitz
  •   The deal values BuzzFeed at about $850 million, according to the New York Times
  •   At the end of last year, BuzzFeed was forecasting revenue of as much as $120 million in 2014, people familiar with the matter said at the time

US ECONOMY & POLITICS

For Largest U.S. Companies, Jobs Growth Has Lagged Profits, Revenues

  •   Employment growth at the largest companies in the country has lagged far behind increases in revenue and operating profit since the start of the century
  •   From 2001 to 2013, Inflation-adjusted revenue at 100 of the largest publicly traded companies grew 71 percent and inflation-adjusted operating profit rose 150 percent
  •   Apple’s  headcount skyrocketed more than eight-fold over the last 12 years to more than 80,000
  •   According to Bureau of Labor Statistics data, the number of people employed in the top ten highest paying job categories fell 4 percent from 2001 to 2013 while their pay rose 28 percent on an inflation-adjusted basis
  •   The number of people employed in the lowest ten paying jobs expanded nearly 15 percent, while their inflation-adjusted wages fell 5.5 percent

Job Market Tilts Toward U.S. Workers in Virtuous Cycle: Economy

  •   The balance of power in the job market is shifting slowly toward employees from employers
  •   The economy has advanced at an average annual rate of 2.2 percent since the 18-month recession ended in June 2009
  •   Payrolls rose by more than 200,000 for a sixth straight month in July, the longest such period since 1997, according to the Labor Department
  •   Openings in May climbed to an almost seven-year high, reaching 4.64 million
  •   Average hourly earnings, in contrast, rose only 2 percent in July from a year earlier
  •   The number of Americans without a job for 27 weeks or more fell to 3.16 million in July from 4.25 million a year earlier, which is still more than double the 1.32 million in December 2007 when the recession began
  •   The workforce has grown by 1.09 million workers so far this year, according to figures from the Labor Department

Fed’s Fischer Says Participation Drop May Reflect Slow Growth

  •   Federal Reserve Vice Chairman Stanley Fischer said sluggish labor supply growth is a “source of concern” because it may contribute to a slowdown in longer-run output of the economy
  •   Falling labor-force participation largely reflects an aging population, though there’s “considerable uncertainty” about how much is due to the sluggish economy, Fischer said today
  •   The participation rate, which measures the share of working-age people in the labor force, is 62.9 percent, near the lowest since 1978

EUROPE & WORLD

Israel, Palestinians Observe New Truce as Accord Sought

  •   Palestinian envoys attending truce talks in Cairo agreed yesterday to Egypt’s proposal for 72 hours of quiet
  •   Israeli negotiators, who left Cairo last week after an earlier truce broke down amid rocket fire, will resume talks in Cairo today as Gaza militants refrain from attacks, according to an Israeli official

Russian Sanctions Dim Greek Hopes for Exit from Recession

  •   Greece’s hopes of a 2014 exit from its deepest recession in a half-century may hit a stumbling block after Russia, Greece’s biggest trading partner according to Bloomberg, banned European Union food imports in retaliation for sanctions stemming from the insurgency in Ukraine
  •   The recent depreciation of the ruble amid the sanctions and the situation in Ukraine may mean that Greece will see 200,000 fewer Russian tourists this year than originally expected, according to a director of communications at the Association of Greek Tourism Enterprises
  •   The European Commission forecasts the Greek economy will grow by 0.6 percent this year, its first annual expansion since 2007, and by 2.9 percent in 2015

Erdogan Extends Rule to 2019 with Vision for a New Turkey

  •   Erdogan won 51.8 percent of the vote, enough to avoid a run-off, preliminary results show

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg.

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