Selling dominated trading last week for the major asset classes, based on a set of exchange-traded products. The main exception: US equities, which posted a solid advance.
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More N. Korea saber rattling as US-S.Korea war games begin: CNN
Treacherous path for Congress for avoiding gov’t shutdown: NY Times
CVS buying Aetna, a deal that could rehsape healthcare industry: USA Today
BIS: “Frothy” markets should be addressed via monetary policy: CNBC
ISM Mfg Index for US dips in Nov but still reflects strong growth: USA Today
US construction spending up sharply in Oct, driven by gov’t spending: Reuters
PMI survey data points to slower but “robust” US mfg growth in Nov: IHS Markit
Global survey PMI data for mfg rises to 80-month high in Nov: IHS Markit

● Big Mind: How Collective Intelligence Can Change Our World
By Geoff Mulgan
Summary via publisher (Princeton University Press)
A new field of collective intelligence has emerged in the last few years, prompted by a wave of digital technologies that make it possible for organizations and societies to think at large scale. This “bigger mind”—human and machine capabilities working together—has the potential to solve the great challenges of our time. So why do smart technologies not automatically lead to smart results? Gathering insights from diverse fields, including philosophy, computer science, and biology, Big Mind reveals how collective intelligence can guide corporations, governments, universities, and societies to make the most of human brains and digital technologies.
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US stocks resumed the lead in November as the top performer for the major asset classes. The Russell 3000 Index gained 3.0% last month, the strongest advance since February and the 13th consecutive month of positive total returns for the benchmark.
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GOP tax bill stalls in Senate on deficit concerns: The Hill
White House expected to replace Secretary of State Tillerson: NY Times
Dow Jones Industrials top 24,000 for first time: LA Times
US consumer spending growth slows in Oct as inflation heats up: Bloomberg 
Personal income growth for US rises more than expected in Oct: RTT
US jobless claims slip for second week in a row: Reuters
Chicago PMI eases to three-month low in Nov: ISM-Chicago
Is Congress about to cut a tax rate that doesn’t need cutting? Yardeni Research

US economic growth was revised up to a 3.3% pace in yesterday second GDP estimate for the third quarter – the strongest quarterly rise in three years. Fourth-quarter estimates look upbeat too, holding out the possibility that output will rise by 3%-plus for three quarters in a row. If the Q4 prediction is correct, the US will post its best cumulative three-month advance since the 2014:Q3-2015:Q1 run.
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GOP tax bill moves closer to final vote in Senate: Reuters
Trump nominates Marvin Goodfriend to Fed’s board of governors: NY Times
OPEC expected to extend oil production cuts: Reuters
Fed Chair Yellen tells Congress recovery is “increasingly broad based”: Reuters
Q3 GDP growth revised up to 3.3%–highest in 3 years: Bloomberg
Pending homes sales revives 3.5% after post-hurricane bounce-back: CNBC
2-year Treasury yield ticks up to new post-recession high — 1.78%: Treasury.gov

North Korea on Wednesday announced that it had launched another missile to test its nuclear-strike capability, which reportedly can now reach the United States. Should we be concerned? Yes, of course. For obvious reasons, every citizen of Planet Earth should be alarmed when a war-mongering government threatens to use nuclear weapons. But as investors, Kim Jong Un’s provocations should be treated as noise.
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North Korea tests missile that could hit the US: CNN
GOP tax bill clears another hurdle in Senate Budget Committee: RTT
Risk of US gov’t shutdown rising as Trump and Dems bicker: The Hill
Powell tells Congress that case is strengthening for rate hike: Bloomberg
Nat’l Retail Federation: Holiday shopping off to a strong start: MNI
Consumer Confidence Index for US rises to 17-year high: Bloomberg
US home price index rises 6.2% y-o-y in Sep, beating expectations: CNBC
Strong gain for FHFA house price gauge in Q3: Builder
Richmond Fed mfg index rises to 24-year high in Nov: Richmond Fed

US economic growth in the fourth quarter is expected to hold at or near the solid 3% pace that’s been reported in Q2 and Q3, according to several recent forecasts. If the outlook is accurate, US GDP growth could post its strongest and longest run of quarterly increases in over a decade.
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