Texas executives can't wait for the end of Obama's "disastrous socialist policies"

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November 28, 2016

Stocks dipped on Monday after hitting fresh record highs at the end of last week.

All three major indices finished in the red. Meanwhile, oil prices ticked up.

First up, the scoreboard:

Dow: 19,097.90, -54.24, (-0.28%)
S&P 500: 2,201.72, -11.63, (-0.53%)
Nasdaq: 5,368.81, -30.11, (-0.56%)
WTI crude oil: $46.91, +$0.85, (+1.85%)

1. Texas executives can't wait for the end of Obama's "disastrous socialist policies." The latest report from the Dallas Federal Reserve showed that overall business activity in Texas turned positive in November for the first time since December 2014. Business leaders expressed relief that the election was over, and some respondents were pleased that Donald Trump won.

2. In the same report, one respondent said that the Mexican peso's crash could hurt US companies. "The recent devaluation of the peso will make our products much less competitive in Mexico and much of Latin America. We could see a double-digit decrease in exports to this region," the respondent said, according to the Dallas Fed.

3. Black Friday was a record-breaking day for gun background checks in America. The FBI processed 185,713 background checks for buyers through its National Instant Criminal Background Check System (NICS.) That was nearly 400 more transactions than the bureau processed on Black Friday 2015, the bureau's Stephen Fischer Jr. told Business Insider.

4. Shell is thinking about selling its oil fields in Iraq. Shell is seeking to slim down its vast oil and gas portfolio following the $54 billion acquisition of BG Group in February, which transformed it into the world's top liquefied natural gas trader. With oil prices having slumped since 2014 the company wants to focus on business areas with the highest returns such as LNG and deepwater oil production in Brazil and the Gulf of Mexico.

5. Trump is meeting with an ex-bank CEO who wants to abolish the Federal Reserve and return to the gold standard. On Monday, Trump is meeting with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the Cato Institute.

6. A "serious hangover" is about to hit the bond market. According to the fixed income strategists at Societe Generale, a structural shift is coming for the bond market that will end the multi-year run up in the price of debt. A combination of government policies, central bank tightening, and increasing global growth will put a stop to the so-called "bond party" of the past 30 years and cause a "serious hangover."

ADDITIONALLY:

There could be an unexpected side effect of Trump's infrastructure spending.

The final "nail in the coffin" may be coming for the Federal Reserve's freedom.

How a rebel Myanmar tin mine may up-end a global supply chain.