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Why the Chinese yuan’s next move may hinge on Trump’s press conference

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NewsHubThe next cue for China’s battered yuan may come from U. S. President-elect Donald Trump ‘s press conference on Wednesday as the market looks for more clarity on trade policy.
The mainland’s currency has recently become a source of political tension with the U. S., with President-elect Trump vowing during his campaign to label the country a currency manipulator for the purposes of a competitive trade advantage and threatening to impose a tariff of as much as 45 percent on China’s exports to the U. S.
Trump has said that he will hold a press conference on January 11, his first since July. A previously scheduled press conference in December was cancelled. He is widely expected to be asked about trade issues and analysts have pointed to a higher level of uncertainty than would usually be seen in a U. S. administration change.
In the wake of the surprise Trump win, the yuan fell to nearly eight year lows against the dollar, touching its weakest since at least January 2009, during the global financial crisis. But analysts attributed the slide primarily to the strength of the dollar, with the dollar index , which measures the greenback against a basket of currencies, surging to a 14-year high after the election.
Indeed, some analysts had noted that, based on currency movements within the yuan’s trade-weighted basket, policymakers appeared to be supporting the Chinese currency somewhat.
The past week has been a turbulent one for the Chinese currency, which first weakened against, then unexpectedly climbed, squeezing short sellers, before retracing gains.
Many analysts viewed the currency’s surprise bump higher as just a hiccup as it moves toward further, mild depreciation as the dollar strengthens and mainland policymakers aim for yuan stability against the trade-weighted basket.
But analysts pointed to risks from Trump’s potential policy tilt.
«A more protectionist tilt in U. S. trade policy could trigger a trade war. This in turn could result in bigger-than-expected renminbi depreciation,» Sim Moh Siong, senior currency strategist at Bank of Singapore, said in a note on Tuesday.
«Increased protectionism is not our base case. But the risk of it occurring is meaningful,» Sim said.
In a report last week, the Bank of Singapore noted that starting a trade war risked a global recession, especially as China «is not a good candidate to be bullied. »
Sim estimated the dollar/yuan pair would rise to 7.20 by the end of 2017, compared with the pair trading around 6.9238 in onshore trade on Tuesday.
Others also noted the possibility the yuan could tumble based on Trump’s comments at the press conference.
«It is certainly susceptible to weakness if a hard line is taken,» noted Patrick Bennett, a foreign exchange strategist at CIBC, on Tuesday.
He pointed to the yuan’s drop since Trump’s election win as «moving counter to the wishes or theme of the Trump policy,» which complained that the renminbi was being manipulated lower.
Bennett attributed the yuan’s decline to the dollar’s rise on the likely market impact of Trump’s domestic policies, adding that he expected the renminbi would continue to lose ground against the greenback amid capital outflows from the mainland.
But he also said he didn’t think Trump would take too hard a line.
«Heightened protectionism would be no good for anyone,» he said.
However, there have been signs that Trump may not be softening his rhetoric.
On January 2, Trump indicated in a tweet that he remained concerned over China’s policies, saying «China has been taking out massive amounts of money & wealth from the U. S. in totally one-sided trade. »
Other analysts have taken the threat of protectionism more seriously.
«The biggest macro and market downside risks from a Trump presidency arguably derive from his trade agenda – such as his pledges to withdraw from the Trans-pacific Partnership, declare China a currency manipulator and lift tariffs. A new era of protectionism would be negative for the global economy,» Jeremy Lawson, chief economist at Standard Life Investments, said in an email note dated Wednesday.
«We believe the most likely scenario is that heightened rhetoric is used to secure better access to foreign markets for U. S. companies and incentives to keep production at home,» he added. «However, the views of Trump’s nominees for key trade policy roles in his administration shows that there is a significant risk that Trump means what he says. »
Trump has said he intended to nominate lawyer Robert Lighthizer as U. S. trade representative. A proponent of a tough U. S. position on China, Lighthizer has negotiated restrictions on steel imports and was deputy U. S. trade representative in the Reagan administration.
Lighthizer’s positions were similar to Trump’s pick to head the newly created National Trade Council, Peter Navarro, author of the book «Death by China. »
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Oh deer: monkey caught in flagrante delict-doe

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NewsHubSex between animals from different species is uncommon, but exceptional cases are known to occur, chiefly in domesticated and captive animals, scientists reported in the journal Primates.
Mating is usually driven by the need to procreate, while sex across the species line is mostly fruitless or yields sterile offspring.
For the new study — only the second on the phenomenon of inter-species sex — a Japanese macaque or «snow monkey» was filmed mounting at least two female Sika deer much larger than itself.
Without penetration, the young monkey makes sexual movements while riding on the does’ backs on Japan’s Yakushima Island.
On some occasions its impertinence was tolerated but at other times the deer bolted and ran. The monkey ejaculated on the backs of the does, which licked the seminal fluid, researchers said.
«No ambiguity is possible, it is clearly sexual behaviour,» study co-author Marie Pele of the University of Strasbourg, France, told AFP.
Furthermore, the monkey appeared to «guard» the targets of its affection, chasing away other male macaques.
The scientists speculated the behaviour may be driven by «mate deprivation» in a community where competition for females is stiff, boosted by a surge of hormones in the breeding season.
«Sometimes young males, like the one in the study, do not have access to females in their social group as these are claimed by older males,» said Pele.
«This young macaque… did not have access to females, but was very excited. It took advantage of the presence of the doe. «
Snow monkeys and Sika deer live in close proximity at Yakushima — the deer eat food the monkeys drop from the trees, and sometimes feed on their faeces.
The team said further study is necessary to understand the origins of interspecies sexual behaviour, including zoophilia — when humans are sexually attracted to animals.
The only other published scientific study on inter-species sexual behaviour was the much-publicised 2014 report of fur seals forcing themselves on penguins in Antarctica, the authors said.
A video of the monkey and the deer can be seen here.

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World Bank predicts 2.7% tellurian mercantile expansion in 2017

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NewsHubThere will be usually a assuage collect adult in tellurian mercantile expansion during 2017, a World Bank has predicted.
Its Global Economic Prospects news is forecasting 2.7% expansion compared with a 2.3% seen final year.
That slight strengthening will be driven generally by improvements in rising markets and building economies, a Bank says.
But there is heightened doubt after a US Presidential election, according to a report.
The World Bank’s new forecasts advise we can design a groundless tellurian mercantile reconstruction following a financial predicament to continue.
Last year’s expansion figure was described as a “post-crisis low”, with “anaemic” levels of investment and a serve weakening of tellurian trade. Growth acceleration
For rising marketplace and building economies, a arise in seductiveness rates in a US and a strengthening dollar also led to a “notable tightening of financing conditions” – that means credit that is possibly some-more costly or harder to get.
But a Bank still expects expansion to accelerate in these countries, partly due to aloft commodity prices, such as oil and metals, that many of them export.
The Bank’s economists also design a slack in dual vast rising economies, Brazil and Russia, to come to an end.
For a grown economies a Bank forecasts continued diseased expansion of around 1.8%. That would be somewhat improved than 2016, yet still delayed compared to a duration before a crisis.
Uncertainty about destiny policies has increasing following a British referendum on a European Union and, potentially generally poignant for a tellurian economy, Donald Trump’s feat in a US Presidential election.
The news includes an research of because a US matters so many to a rest of a universe in terms of endless trade and financial links.
It records that there is a good understanding of doubt about usually what policies Mr Trump’s administration will pursue in office.
And it says there is a intensity for stronger US expansion if Mr Trump implements proposals to cuts personal and business taxes and stimulates infrastructure investment.
The news also looks during a probable impact of some-more barriers to general trade. This is not usually about Mr Trump, yet he has pronounced he would boost some tariffs on imports and has suggested some existent trade agreements could be scrapped. Poverty impact
The Bank says that globally, new trade restrictions reached a post-financial predicament high final year, and warns that rising and building economies would be many influenced by some-more barriers.
This could strike a economies of some of a worlds lowest country’s hardest, a news warns, observant expansion has been a categorical motorist of misery rebate for a final dual decades.
It says that if there was a lapse to a expansion rates seen before a 2008 crisis, afterwards impassioned misery could revoke to usually 4% by 2030.
However diseased expansion like seen in 2015 would usually move down such misery to 9%.
Next week, a International Monetary Fund will emanate a mercantile opinion for 2017.
But it’s critical not to review a title total for tellurian mercantile expansion with a World Bank’s.
There are dual opposite methods of adding together particular nation expansion rates to a get a tellurian series and these institutions select to title opposite ones, suspicion they do news both.

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World Bank forecasts global economy will grow at 2.7 percent

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NewsHubWASHINGTON —The World Bank is forecasting the global economy will accelerate slightly in 2017 after turning in the worst performance last year since the 2008 financial crisis.
The 189-nation lending agency said Tuesday that the global growth should expand at a 2.7 percent annual rate this year. That is down from the bank’s June forecast for 2.8 percent growth this year, but it’s better than last year’s 2.3 percent growth.
The global economy faced a number of headwinds last year, from economic troubles in China to bouts of financial market turmoil.
“We are encouraged to see stronger economic prospects on the horizon,” said World Bank President Jim Yong Kim.
The World Bank’s Global Economic Prospects report projects 2.2 percent growth in the United States, up from an estimated 1.6 percent in 2016.
The U. S. forecast for 2016 is lower than the June projection of 1.9 percent growth, while the outlook for this year is unchanged.
In the years since the 2008 financial crisis, the World Bank and the International Monetary Fund have both repeatedly proved too optimistic in their forecasts.
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Bumblebee is first bee in continental US to be listed as endangered

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NewsHub(CNN) For the first time, a bee species in the continental United States has been declared endangered by the US Fish and Wildlife Service.
CNN’s John Sutter contributed to this report.

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Despite The Facts, Trump Once Again Embraces Vaccine Skeptics

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NewsHubDomenico Montanaro
Robert F. Kennedy Jr. in the lobby of Trump Tower in New York, Tuesday, after meeting with President-elect Donald Trump. Kennedy said Trump put him in charge of a commission on «vaccine safety. «
Evan Vucci/AP
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Robert F. Kennedy Jr. in the lobby of Trump Tower in New York, Tuesday, after meeting with President-elect Donald Trump. Kennedy said Trump put him in charge of a commission on «vaccine safety. »
Robert F. Kennedy Jr., a skeptic of childhood vaccinations, will be heading up a Donald Trump-requested commission on vaccine safety and «scientific integrity,» he told reporters at Trump Tower in New York after meeting with Trump Tuesday.
«President-elect Trump has some doubts about the current vaccine policies,» Kennedy said, according to a pool report, «and he has questions about it. His opinion doesn’t matter but the science does matter, and we ought to be reading the science, and we ought to be debating the science. And that everybody ought to be able to be assured that the vaccines that we have — he’s very pro-vaccine, as am I — but they’re as safe as they possibly can be. »
Kennedy, who said the goal is «to make sure we have scientific integrity in the vaccine process for efficacy and safety effects,» noted that Trump requested the meeting. Trump happened to take the meeting on one of the busiest days in politics in one of the busiest weeks in politics since the presidential election. Trump’s attorney general nominee, Jeff Sessions, is sitting for the first of two days of hearings that questioning past allegations of racism and highlighting where he differs from the president-elect.
Meantime, there is another hearing happening related to Russian hacking and interference into the U. S. election at which the director of national intelligence and the director of the FBI — whom Hillary Clinton blames, in part for costing her the election — are testifying on Capitol Hill. They said definitively that Russia was behind the interference and had the intent of undermining American democracy and trying to get Trump elected. More than half a dozen other hearings are taking place in the coming days, including for Trump’s nominee to be secretary of state — a hearing that is sure to be a proxy fight with Trump on the U. S.’s relationship with Russia.
The Trump campaign has not responded to two emails from NPR for confirmation of the vaccine commission. Kennedy, the son of Robert F. Kennedy and nephew of the late-Sen. Ted Kennedy, has been a high-profile environmental activist and lawyer for the Natural Resources Defense Council. But he has also lent his name and prominence to a controversial cause of whether vaccines, specifically the preservative called Thimerosal, cause autism, for which there is no evidence within the scientific community.
Alarm among medical authorities
Kennedy’s announcement immediately provoked alarm among leading medical authorities. The American Academy of Pediatrics put out a statement reiterating «that vaccines protect children’s health and save lives. They prevent life-threatening diseases, including forms of cancer. Vaccines have been part of the fabric of our society for decades and are the most significant medical innovation of our time. Vaccines are safe. Vaccines are effective. Vaccines save lives. »
It’s a topic that has been hotly debated for two decades and has incited strong passions among some parents of children with autism. Out of these fears, some parents have decided to forego vaccinating their children. As a result, some parts of the country saw a measles outbreak in 2015. There were «more cases of measles in the first month of 2015 than the number that is typically diagnosed in a full year,» the New York Times noted. Of 34 California patients, 22 were of age to be vaccinated and never were; six were babies too young to be vaccinated, NPR reported. It spread to more than a dozen states.
Pushing conspiracies from the bully pulpit
Trump, who has peddled numerous conspiracies , picked up the anti-vaccine charge in a high-profile way in a September 2015 debate.
«You take this little beautiful baby, and you pump — I mean, it looks just like it’s meant for a horse, not for a child,» Trump said, «and we’ve had so many instances, people that work for me. Just the other day, two years old, two and a half years old, a child, a beautiful child went to have the vaccine, and came back, and a week later got a tremendous fever, got very, very sick, now is autistic. »
But that link Trump tries to draw is simple, convenient and false.
Here was Ben Carson, a retired pediatric neurosurgeon, in that same debate: «We have extremely well-documented proof that there’s no autism associated with vaccinations. »
As NPR’s Scott Horsley fact checked after that debate : «Trump said all he’s really advocating is that vaccines be spaced out over a longer period of time, though the American Academy of Pediatrics says there’s no evidence that’s necessary. »
The academy noted in its statement Tuesday, «Claims that vaccines are linked to autism, or are unsafe when administered according to the recommended schedule, have been disproven by a robust body of medical literature. Delaying vaccines only leaves a child at risk of disease. »
The vaccine-to-autism link theory first came to prominence in 1997 with a now-discredited study in British journal, The Lancet , which was withdrawn in 2010. It was authored by a surgeon, Dr. Andrew Wakefield, who has since lost his license to practice medicine. (More on that here .) That very researcher met with Trump last summer .
The Centers for Disease Control and Prevention has categorically stated , «There is no link between vaccines and autism. » As far as thimerosal specifically, the CDC wrote:
«Research shows that thimerosal does not cause ASD [autism spectrum disorder]. In fact, a 2004 scientific review by the IOM concluded that ‘the evidence favors rejection of a causal relationship between thimerosal–containing vaccines and autism.’ Since 2003, there have been nine CDC-funded or conducted studies that have found no link between thimerosal-containing vaccines and ASD, as well as no link between the measles, mumps, and rubella (MMR) vaccine and ASD in children. »
Most childhood vaccines have had just trace amounts of thimerosal in them for more than 15 years. The only ones that still have more in them are some flu vaccines. The CDC notes that the removal of thimerosal was done as a precaution and points out that there are flu vaccines without it also available.
What’s more, some research suggests that autism develops in the womb. NPR noted in 2014:
«The symptoms of autism may not be obvious until a child is a toddler, but the disorder itself appears to begin well before birth. Brain tissue taken from children who died and also happened to have autism revealed patches of disorganization in the cortex, a thin sheet of cells that’s critical for learning and memory, researchers report in the New England Journal of Medicine. Tissue samples from children without autism didn’t have those characteristic patches. »
A flawed messenger
Kennedy himself has come under fire for his facts and assertions on the potential link. Salon pulled a story down completely from its website written by Kennedy in 2005 because of a series of factual errors. Salon noted that it published that piece «that offered an explosive premise: that the mercury-based thimerosal compound present in vaccines until 2001 was dangerous, and that he was ‘convinced that the link between thimerosal and the epidemic of childhood neurological disorders is real.’
But the story, co-published with Rolling Stone , had to be pulled after «we amended the story with five corrections (which can still be found logged here ) that went far in undermining Kennedy’s exposé. At the time, we felt that correcting the piece — and keeping it on the site, in the spirit of transparency — was the best way to operate. But subsequent critics, including most recently, Seth Mnookin in his book ‘The Panic Virus, ‘ further eroded any faith we had in the story’s value. We’ve grown to believe the best reader service is to delete the piece entirely. »
It all follows a pattern of Trump once again believing what conforms to a pre-disposed view. It’s similar to how Trump has handled Russian interference into the 2016 election. He and his team have cast doubt on U. S. intelligence findings that Russia hacked the DNC and a Clinton campaign official with the intent undermine American democracy and get Trump elected.
Instead of treating that issue like a serious national-security issue that demands a response, as most Republican elected officials have, he instead has focused on how there’s no evidence any hacking affected the outcome of the election.

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Classified U. S. intel report: Russia gathered compromising info on Trump

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NewsHubLast Updated Jan 10, 2017 10:32 PM EST
Multiple government and intelligence officials tell CBS News that an addendum to the classified intelligence report on Russia’s efforts to interfere in the U. S. election contained unverified details of potentially compromising information that Russia has gathered on President-elect Donald Trump.
The officials tell CBS News that the information originally came from a former British intelligence officer and was eventually turned over to U. S. intelligence as well as other government officials last year.
U. S. intelligence is in the process of corroborating the details of what the Russians may have, but the officials tell CBS News that the former British investigator and his network is credible. Because this information is so sensitive, the addendum was not part of the classified report that was distributed to a wider group of people last week.
Former acting CIA director Michael Morell, who also advised Hillary Clinton during her presidential campaign, and former CIA Director and Ambassa…
A source tells CBS News it was part of the most classified report, that only would have been presented to the president, the president-elect and Gang of 8, which is made up of the top Democrat and Republican in the House and the Senate and the chair and ranking members of the House and Senate Intelligence committees.
It is unclear whether this was actually discussed with Mr. Trump or just part of the materials presented to him during his briefing last Friday.
Mr. Trump seemed to respond to the report on Twitter, calling it fake news and a total political witch hunt.
FAKE NEWS — A TOTAL POLITICAL WITCH HUNT!
Mr. Trump’s attorney Michael Cohen disputed parts of an unverified copy of the report published by Buzzfeed, calling it, “a fake news story.” The Buzzfeed document claimed Cohen went to Prague to meet with Russian officials and that he is in a “covert relationship with Russia.”
I have never been to Prague in my life. #fakenews pic.twitter.com/CMil9Rha3D
“There is no truth to any of the statements in the reports,” Cohen said to CBS News. “I’ve never been to Prague. In September, I was taking my son to meet with the USC coach. In July of 2016, I was in Capri with my wife for her birthday. I’ve never been to Russia.”
In a pre-tape with NBC’s “Late Night with Seth Meyers,” Trump advisor Kellyanne Conway said that Mr. Trump says he was not briefed on the latest reports, which she called “unsourced” and “not confirmed.”
“It says the FBI is trying to confirm it – so nothing has been confirmed,” Conway said.
“And, I have to say as an American citizen regardless of your party or if you don’t like politics at all, which are many Americans, we should be concerned that intelligence officials leak to the press and won’t go and tell the president-elect or the President of the United States himself now, Mr. Obama what the information is. They would rather go tell the press,” Conway said.

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Dylann Roof sentenced to death for Charleston church shooting

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NewsHubLast Updated Jan 10, 2017 5:05 PM EST
Jurors began deliberating Tuesday over whether Roof, 22, should get the death penalty or life in prison for his crimes. It took two hours for the 12 jurors to come to their unanimous decision. If they all were unable toagree, a life sentence would have been automatically imposed.
“We want to express our sympathy to all of the families who were so grievously hurt by Dylann Roof’s actions. Today’s sentencing decision means that this case will not be over for a very long time,” Roof’s defense said in a statement. “We are sorry that, despite our best efforts, the legal proceedings have shed so little light on the reasons for this tragedy.”
After the decision, Roof’s family also released a statement.
“We will always love Dylann. We will struggle as long as we live to understand why he committed this horrible attack, which caused so much pain to so many good people,” the statement read. “We wish to express the grief we feel for the victims of his crimes, and our sympathy to the many families he has hurt. We continue to pray for the Emanuel AME families and the Charleston community.”
Formal sentencing will be Wednesday morning, where families will have opportunity to speak openly in court. Roof has asked judge to appoint new defense team to file motion for retrial.
South Carolina Sen. Tim Scott thanked jurors for their service in a statement posted to Twitter, and said Roof was “rightly sentenced to death.”
My statement on today’s sentencing in Charleston. #Emanuel9 pic.twitter.com/wWNKeslnwu
In his closing arguments to the jury, Roof, who is acting as his own attorney, continued to refuse to ask to be allowed to live .
A sketch of Charleston church shooter Dylann Roof during closing arguments Tuesday, Jan. 10, 2017.
Roof walked to the podium less than 10 feet from the jury box with a yellow sheet of paper. He put it down and looked past jurors for about 30 seconds before beginning to read off the page.
Every juror looked directly at Roof as he spoke for about five minutes. A few nodded as he reminded them that they said during jury selection they could fairly weigh the factors of his case. Only one of them, he noted, had to disagree to spare his life.
“I have the right to ask you to give me a life sentence, but I’m not sure what good it would do anyway,” he said.
He gave a closing argument of about five minutes on Tuesday, saying at one point he felt like he had to commit the slayings, and “I still feel like I had to do it.”
Roof did not explain his actions to jurors, saying only that “anyone who hates anything in their mind has a good reason for it.” In his FBI confession, Roof said he hoped the massacre would bring back segregation or start a race war.
Roof paused several times, but jurors never took their eyes off him. After one of the pauses, he abruptly said, “That’s all,” quickly gathered his sheet of paper and walked back to the defense table.
Jurors began their deliberations early Tuesday afternoon. After a few hours, they raised several questions about his potential imprisonment.
The jury on Tuesday asked U. S. District Judge Richard Gergel for clarification on some of the mitigating factors they’re being asked to consider, including if Roof could safely be confined if he were sentenced to life in prison. The judge told jurors to re-read the instructions he provided them to figure out what that means.
Dylann Roof spoke Wednesday to the jury that will decide whether he dies or spends the rest of his life in prison. Roof was convicted of the murd…
Jurors also asked to re-watch a speech by the Rev. Clementa Pinckney, who was one of the nine people Roof killed during a Bible study in 2015.
Prosecutors said earlier Tuesday he should be executed because he had a “hateful heart” and the young white man targeted the black church in a racially motivated attack.
Assistant U. S. Attorney Jay Richardson told jurors on Roof’s crimes more than meet the standards they’ll consider for a possible death sentence.
Richardson said the way Roof mercilessly gunned down the black parishioners at Emanuel AME Church, coupled with his lack of remorse, mean he should receive the harshest sentence available.
Richardson also reviewed emotional testimony jurors have heard about each of the victims and the voids created by their deaths.
In a courtroom a mile from the slayings, the same jury last month convicted Roof of 33 federal crimes , including hate crimes and obstruction of religion. After a holiday break, jurors returned last week to court, where for four days prosecutors laid out their case for why Roof should be executed. The government called nearly two dozen friends and relatives who shared cherished memories and opined about a future without a mother, father, sister or brother.
They shed tears and their voices shook, but none of them said whether Roof should face the death penalty or life in prison for gunning down the church members. That will be left up to the jury, with nine white and three black members.
Nine people were killed, including the pastor, in a historic black church in Charleston late June 17, 2015; the suspect, Dylann Roof, was charged…
Jurors got the case after closing arguments finished from prosecutors and Roof, who had represented himself during sentencing but had put up no fight for his life. He didn’t call any witnesses, present any evidence and had not asked for mercy.
He did try to limit the amount of heart-wrenching testimony the jurors heard, but with only little success.
Survivor Jennifer Pinckney talked about the life of her husband, church pastor and state Sen. Clementa Pinckney. She spoke about the harrowing minutes she spent huddled underneath a desk with her youngest daughter as shots rang out in the next room, unsure if the shooter was coming her way.
Dylann Roof, convicted of murdering nine people in the 2015 Charleston church attack, spoke to the jury for the first time on Wednesday and said …
In the hours that followed, the mother had to somehow explain the death to her two daughters.
“I sat in front of the girls, and I basically told them that something had happened,” she said. “I think that that’s the hardest thing that I’ve ever had to do.”
The Rev. Anthony Thompson cried as he described a conversation with his wife, Myra, about their future plans to move and pursue studies and careers in the church.
“She was my world, and she was gone,” he said.
Survivor Felicia Sanders, who gave powerful testimony during the guilt phase of Roof’s trial, wrapped up prosecutors’ case last Wednesday, talking about her creative 26-year-old son, the youngest victim, and his commitment to his faith and Emanuel.
“That night they were getting basic instruction before leaving Earth,” Sanders said. “I did not know that was going to be the life of them.”

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Asian stocks mostly higher as dollar strengthens

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NewsHubAsian shares were mostly higher Wednesday morning on the back of a strengthening dollar and quiet trading ahead of remarks by President-elect Donald Trump.
KEEPING SCORE: Japan’s benchmark Nikkei 225 rose 0.4 percent in the morning session to 19,370.86. Australia’s S&P/ASX 200 added 0.4 percent to 5,782.90. South Korea’s Kospi was up 1.2 percent at 2,071.09. Hong Kong’s Hang Seng surged 0.7 percent to 22,911.06, while the Shanghai Composite was little changed at 3,161.87. Shares in Southeast Asia were mostly higher.
WALL STREET: The Nasdaq composite index notched its fourth record-high close in a row, increasing 20 points, or 0.4 percent, to 5,551.82. The S&P 500 ended unchanged at 2,268.90. The Dow slipped 31.85 points, or 0.2 percent, to 19,855.53.
TRUMP FACTOR: Investors are awaiting Trump’s first news conference in nearly six months, as questions fly over Russia’s role in the election year hacking of Democratic groups. Markets are awaiting news on Trump’s plan to disengage from his businesses and on his policy positions.
THE QUOTE: «Except for some minor commotion here and there as risk sentiment continued to yo-yo, markets have been hushed overnight as caution takes hold, ahead of Donald Trump’s» press conference, said Illka Gobius, managing director at Pinpoint.
ENERGY: Benchmark crude rose 13 cents to $50.95 a barrel. It lost $1.14, or 2.2 percent, to close at $50.82 a barrel in New York. Brent crude, which is used to price oil sold internationally, added 11 cents to $53.75.
CURRENCIES: The dollar rose to 116.17 yen from 115.65 yen in late trading Tuesday in Asia. The euro fell to $1.0547 from $1.0607.

Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama
Her work can be found at http://bigstory.ap.org/content/yuri-kageyama

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There is a 'false premise' spreading through the market right now, Vanguard CIO says

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NewsHubWith bond yields rising in recent months, there’s been a notion that investors will flee the bond market and move into stocks.
However, Vanguard’s chief investment officer, Tim Buckley, isn’t buying it.
«There’s this false premise out there of this Great Rotation — that everyone is going to leave bond funds and go into equity funds and it’s probably quite the opposite,» he said in an interview with » Power Lunch » on Tuesday.
«The last thing you want to see people do is sell their bonds and buy more equities and put more risk in their portfolio,» added Buckley, who helps oversee $3.8 trillion in assets under management.
In fact, he agrees with former Clinton Treasury Secretary Larry Summers , who told «Squawk Box» on Tuesday morning that he believes the market rally since Election Day is a «sugar high. »
Buckley said the market was fairly valued before President-elect Donald Trump ‘s victory, and while it has run up since then, the fundamentals haven’t really changed.
«There’s a lot of euphoria in the market,» he said, noting that people are excited about the prospect of infrastructure spending, cutting tax rates and the possibility of repatriating corporate profits.
«It’s easy to speculate about those things but we don’t know policy one around them and what form they’ll take, because it really matters the form that infrastructure spending takes and what happens with those corporate profits that are repatriated,» Buckley said.
He advises individual investors to stick with their plans. For example, if someone has a 60-40 split in stocks and bonds, continue to buy into the market in that proportion.
«To do anything else is to speculate and that’s not investing. Investing, at the end of the day, you’re looking out a 10-year period not a 10-day period. «

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