Stocks Trim Weekly Advance as Oil Slides; Industrial Metals Rise

Stocks in Europe and Asia trimmed weekly gains as oil fell for the first time in three days, denting optimism that this year’s rout in commodities was easing.

A global equities gauge fell for the first time in six days, bringing to an end a rally fueled by the first signs that producers may consider steps to rein in a record crude glut. Friday’s drop in energy prices dragged the Bloomberg Commodity Index lower even as industrial metals rose.

Britain’s pound declined as David Cameron negotiated with European Union leaders over the U.K.’s membership of the bloc, while bonds across the continent rose. The yen strengthened against all of its 31 major peers, with the biggest gains coming versus Asian currencies.

“It’s a bumpy stabilization on oil, currency, spreads and equities,” said Didier Duret, who oversees about $219 billion as chief investment officer of ABN Amro Bank NV’s wealth-management unit. “The tail of energy has moved the psychology of the market.”

Commodities were left little changed on the week after Saudi Arabia and Russia, the world’s two largest oil-producing countries, agreed Tuesday to freeze output at near-record levels and Iran said it would support the measure without pledging its own cuts.

While that’s helping to calm financial markets, Capital Group Cos., the money manager with $1.4 trillion in assets, expects volatility to remain elevated amid a slowing global economy and uncertainty about central bank policies.

The Stoxx Europe 600 Index slid 0.5 percent, after rising as much as 0.3 percent. While the equity benchmark was set for a 4.7 percent gain this week, it’s still down more than 10 percent this year amid concerns ranging from global growth and the deepening oil slump, to the creditworthiness of lenders and dissipating faith in central-bank support.

U.S. Stocks Rally as Hardest-Hit Shares in 2016 Continue Rebound

U.S. stocks rallied, with the Dow Jones Industrial Average rising more than 250 points, as the year’s most-battered shares continued to recover and energy shares climbed with oil prices.

Chevron Corp. gained 4.1 percent to a one-month high. Priceline Group Inc. surged 11 percent to help lift an index of retailers after the online travel agent’s results beat estimates.

Freeport-McMoRan Inc. rallied 12 percent after filings showed Carl Icahn boosted his stake in the copper producer. Citigroup Inc. and Bank of America Corp. increased more than 2.2 percent as lenders posted their best three-day rally in more than five years.

The Standard & Poor’s 500 Index rose 1.7 percent to 1,926.82 at 4 p.m. in New York, capping its first three-day advance this year and closing at a two-week high. The Dow climbed 257.42 points, or 1.6 percent, to 16,453.83.

The Nasdaq Composite Index gained 2.2 percent. About 9.2 billion shares traded hands on U.S. exchanges, 14 percent above the three-month average.

The firm oversees about $230 billion. “This move, if anything, is on washed-out sentiment being yet again a usual bottoming indicator.”

Equity gains are coming virtually as fast as the losses that sent the S&P 500 to its worst start to any year, with almost half of 2016’s decline made up in three days. The rally today occurred as oil climbed more than 5 percent, Federal Reserve officials expressed caution on the economy and data on manufacturing was better than forecast.

This year’s most beaten-down industries have bolstered the gains since the main U.S. equity index closed at a 22-month low last Thursday, amid a sense that the selling was overdone.

Banks in the benchmark are up 9.7 percent in the last three sessions, recovering from the lowest level since 2013, while retailers have surged 7.3 percent, rebounding from a 16 percent drop to begin 2016.

Wall Street resumes 2016 slide as energy stocks tumble

Wall Street sold off on Monday, pulled lower by further weakness in oil prices as energy shares led declines, with major indexes retreating after last week's strong gains. 

Oil prices fell 6 percent on concerns of oversupply after news that Iraq's output reached a record last month.

The S&P energy group .SPNY dropped 4.5 percent, the worst performing sector. Exxon (XOM.N) and Chevron (CVX.N) each fell more than 3 percent, while ConocoPhillips (COP.N) tumbled 9.2 percent after Barclays said the company should cut its dividend by at least 75 percent.

The major indexes each fell more than 1 percent, reversing much of a two-session rally that marked Wall Street's first week of gains in the year. All 10 major S&P sectors finished the session lower.

During the poor start for the year for U.S. stocks, their performance has closely correlated with the price of oil. The commodity's dramatic 1-1/2-year slide has sparked broad concerns about a global economic slowdown.

"Better oil markets Thursday and Friday led to better equity markets. A $2 retracement in oil today, it's not surprising to see a retracement in the equity indices."

The Dow Jones industrial average .DJI fell 208.29 points, or 1.29 percent, to 15,885.22, the S&P 500 .SPX lost 29.82 points, or 1.56 percent, to 1,877.08 and the Nasdaq Composite .IXIC dropped 72.69 points, or 1.58 percent, to 4,518.49.

Investors will look for insight about the economy's direction later this week as many heavyweight companies report results. Federal Reserve policymakers meet on Tuesday and Wednesday for the first time since raising interest rates in December.

Dollar firms on divergent monetary policy expectations

The dollar firmed against a basket of currencies on Friday, as rising expectations of monetary easing by other major central banks offset fading chances of more rate hikes from the Federal Reserve.

The dollar index .DXY =USD, which tracks the greenback against a basket of six major rivals, rose about 0.2 percent to 99.260, below Thursday's more than one-month session high of 99.790. But it was still on track to mark a gain of 0.3 percent for the week.

The dollar edged up about 0.1 percent against the yen to 117.80 JPY=, on track for a weekly gain of about 0.6 percent.

It remained well above Thursday's session low of 115.97, which was its deepest nadir since January 2015, a move that likely did not go unnoticed by policymakers at the Bank of Japan.

The BOJ is likely to cut its core consumer inflation forecast for the coming fiscal year to possibly below 1 percent at a policy review next week, according to three sources familiar with its thinking.

Japan's central bank is "taking a serious look" at expanding its monetary easing measures as sliding oil prices make it harder to reach its 2 percent inflation target, the Nikkei newspaper reported on Friday.

The euro slumped about 0.2 percent against its Japanese counterpart to 127.72 EURJPY=EBS after notching a low of 126.17 on Thursday, its lowest since April.

BOJ Governor Haruhiko Kuroda said on Thursday that he is not thinking of adopting a negative interest rate policy now, signalling that any further monetary easing will likely take the form of an expansion of its current massive asset-buying program.

The euro was down about 0.3 percent at $1.0846 EUR=EBS, poised for a weekly dip of about 0.7 percent, though it managed to bounce off a two-week low of $1.0776 touched in the wake of European Central Bank President Mario Draghi's comments.

Stock futures sink as oil rout shows no signs of abating

U.S. stock index futures fell sharply on Wednesday, tracking global markets, as crude oil prices tumbled to new lows and fears of slowing global growth continued to gnaw at investors.

* U.S. crude wallowed at its lowest since 2003 and Brent crude fell to near 12-year lows. The IEA, the world's energy watchdog, warned the market could "drown in oversupply."

* European stocks slid to their lowest since October 2014 and were set for biggest fall of the year so far, while Japan's Nikkei slid into bear market territory.

* The U.S. market has been roiled this year due to slumping oil prices and weak economic data out of China, the world's second-largest economy and a key market for major U.S. companies.

* The S&P 500 has fallen 8 percent so far this year, wiping off more than $1.4 trillion, while global markets have lost $4.2 trillion, according to Thomson Reuters data.

* Still, the S&P currently trades at 14.9 times forward earnings, slightly higher than its 10-year median of 14.7, according to Thomson Reuters StarMine.

* Concerns regarding the state of the global economy has taken some attention away from fourth-quarter U.S. corporate earnings, which is expected to fall 4.4 percent.

* Shares of IBM were down 4.6 percent at $122.25 premarket after the tech major forecast weak earnings.

* Apple and Microsoft were also down about 2 percent.

* Netflix was up 3.8 percent at $112 after its subscriber base grew more-than-expected.

* Data due on Wednesday includes core Consumer Price Index, which excludes food and energy. The index likely gained 0.2 percent in December, unchanged from November. The data is expected at 8:30 a.m. ET (13:30 GMT).

Fed's Kaplan: four hikes not a sure thing in 2016

Four U.S. interest-rate hikes are "not baked in the cake" for the Federal Reserve this year, particularly given global stock market volatility set off by fears over a cooling Chinese economy, a top Fed official said on Monday.

The Fed raised rates in December, the first rate hike in almost a decade and ending a seven-year stretch in which rates were held at a near-zero level in response to the 2007-2009 financial crisis and recession.

Investors are now focused on when the next rate hike will be, with economists predicting March.
Fed officials overall expect four rate hikes this year, according to the median of their forecasts from December.

"This is an unusual start to the year, obviously," Robert Kaplan, the Dallas Fed's new president, told reporters after a talk here.

Concern about slowing growth in China roiled world markets in August and forced the Fed to hold off raising interest rates in September.

This year has started off with global markets again rocked by plunges in Chinese stock markets, a fall in the yuan and subsequent heavy intervention by the Chinese authorities to push the yuan back up.

U.S. Stock futures fall 1 percent on worrying news on China, North Korea

U.S. Stock futures ESc1 fell more than one percent in Asian trade on Wednesday and the MSCI emerging equity index fell to 6 1/2-year low on a worrying news on the Chinese economy and North Korean security.

China's central bank guided the yuan lower, while a survey on China's services sector showed a deterioration. In North Korea, an earthquake that appears to have been man-made near a nuclear test site was detected by several monitoring agencies.

Global ETF industry grabs record cash in 2015: BlackRock

Investors poured $347 billion into exchange-traded funds globally during 2015, fund-manager BlackRock Inc (BLK.N) said on Sunday, setting a new record for the industry.

A woman walks next to a BlackRock sign pictured in the Manhattan borough of New York, October 11, 2015.

BlackRock said its own haul of $130 billion in new money also set a record in global flows for its iShares ETF business, surpassing the previous annual record set in 2014, when investors added $103 billion in new money to the funds.

ETFs, generally a basket of stocks, bonds or other assets, grew at a record rate despite markets struggling in 2015 to deliver the broad gains they have posted since rebounding from the financial crisis in 2009. Global ETF assets now total about $3 trillion.

In the United States, inflows of $228 billion last year were not enough to top the record $246 billion brought in during 2014, according to the BlackRock data.

A third-party data provider, ETFGI LLP, said its estimates for the year also showed a similar increase in new assets for global ETFs over 2014 and a decrease in U.S. flows.

The largest U.S. ETF, SPDR S&P 500 ETF (SPY.P), delivered 1.34 percent in total returns in 2015. The iShares Core U.S. Aggregate Bond ETF (AGG.P) , the largest U.S. bond ETF, eked out 0.48 percent, according to Morningstar Inc (MORN.O).

Investors looked to ETFs tracking stocks in places like Europe and Japan, hoping shares of companies there would be boosted by stimulus from central bankers.

STRONG DOLLAR COULD KEEP INFLICTING PAIN

The dollar, up 8.4 percent against a basket of currencies in 2015, is expected to see further gains next year as the United States hikes rates while other countries continue easy money policies.

That could further pressure sales of U.S. companies with heavy international exposure because it makes U.S. goods more expensive overseas.

"If we have a similar movement to last year, then we're going to have roughly a $28-billion hit to corporate America," said Wolfgang Koester, chief executive of currency risk consulting firm FireApps. 

He said he expects the dollar to shave 3 to 4 cents from first-quarter earnings of U.S. companies with foreign exposure.

Wall Street in 2016

The Federal Reserve's recent rate hike signals confidence in the economy and presidential election years typically reward investors. 

Most experts are predicting a seventh year for the current bull market, with strategists in a recent poll expecting the Standard & Poor's 500 stock index to end 2016 at about 2,207, roughly 8 percent higher than it is now.

But a lot could go wrong. The same strategists have cataloged a long list of worries - everything from a destabilizing U.S. election to a meltdown far away - that could hit stocks hard.

Here is their laundry list of concerns. For those who'd rather stay optimistic, remember the old chestnut: Wall Street climbs a wall of worry.

Most of the 30 strategists polled by Reuters cited weak earnings as their prominent concern. With S&P earnings growth projected to be flat in 2015, stocks already are pricey. The market is trading at roughly 19.3 times trailing earnings, well above its 15 average. Any stumble in earnings would make stocks even pricier.

Thomson Reuters analysts now expect revenue to grow 3.9 percent in 2016, meaning any increases in costs could keep earnings flat for a second year in a row.

Currencies subdued in Christmas holiday lull, dollar adrift

The dollar, euro and yen were subdued on Thursday in a languid session with much of the Western world already shuttered for the Christmas and year-end holidays, but some players are eyeing the potential for more dollar strength next year.

The euro traded at $1.0922 EUR=, having drifted up slowly from a low of $1.0903. Against the yen, the greenback eased to 120.75 JPY= from 121.00.

Many financial centers around the world will shut early and stay closed on Friday for the Christmas holidays. Some won't reopen until Tuesday. The euro fetched 131.88 yen EURJPY=R and remains hemmed in a 131.83-131.98 range.

The Japanese currency has well and truly gotten over last Friday's move by the Bank of Japan (BOJ) to fine tune its massive stimulus program. There was no major reaction to minutes of the BOJ's November meeting.

All that left the dollar index .DXY a touch softer at 98.256, still well off last Thursday's peak of 99.294. It was back at levels seen before the Federal Reserve delivered a highly anticipated hike in interest rates a week ago.

A mixed bag of U.S. data on Wednesday gave the market no real steer. New orders for U.S. manufactured capital goods fell in November, but personal income rose for an eighth straight month. Consumer sentiment hit a five-month high in December.

Stock futures little changed ahead of third-quarter GDP data

U.S. stock index futures were little changed on Tuesday, ahead of third-quarter GDP data, even as crude oil prices edged up from multi-year lows.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York December 17, 2015.

* Brent crude looked set to make the first daily gains in five sessions as investors closed bearish positions ahead of Friday's Christmas holiday, but global oversupply concerns limited gains.

* Global stocks rose on Tuesday, lifted by the recovery in oil prices. U.S. stocks closed higher on Monday, helped by rallies in tech and hospital stocks.

* Trading volumes are expected to be relatively light this week, likely exacerbating volatility, with U.S. stock markets operating a shortened session on Thursday and closing on Friday for Christmas.

* The U.S. Commerce Department is expected to trim third-quarter GDP growth to an annual rate of 1.9 percent from 2.1 percent reported last month. The data is due at 8:30 a.m. ET (1330 GMT)

* U.S. existing home sales for November is expected to have remained steady, after falling 3.4 percent in October. The report is scheduled for release at 10:00 a.m.

* ConAgra Foods posts quarterly results before the bell, while Nike will report after the market closes.

* Dow component Nike's shares were up half a percent at $130.50 in premarket trading.

Dollar adrift in a sea of central bank uncertainty

The dollar drifted lower in light Asian trading on Monday amid doubts about how far and fast the Federal Reserve would raise U.S. interest rates next year. 

An employee checks U.S. dollar bank-notes at a bank in Hanoi, Vietnam August 12, 2015.

The dollar eased to 121.20 yen JPY= and further away from Friday's brief peak of 123.59. The euro edged up to $0.0867 EUR= and the dollar was a shade weaker against a basket of major currencies at 98.680 .DXY.

The yen held gains made after Friday's decision by the Bank of Japan to merely tweak its stimulus campaign rather than outright expand the amount of assets it buys.

The resulting shakeout of long dollar positions was eerily reminiscent of the reaction to the European Central Bank's policy easing early in the month, which also disappointed the market's lofty expectations.

Barclays predicts the Fed will raise rates by no more than 75 basis points next year compared to the 100 basis points assumed by the FOMC.

A Reuters poll of 120 economists found the Fed would hike rates again in March, but probably would not move as quickly next year as policymakers have suggested.

Investors have reacted by pairing back what had become a very crowded wager on further gains in the dollar.

Stock futures higher as oil edges up; Fed in focus

U.S. stock index futures were higher on Tuesday, ahead of a widely expected increase in interest rates later in the week, as crude oil prices clawed back some losses.

* The U.S. Federal Reserve kicks off a two-day policy meeting later in the day, with a statement expected on Wednesday.

* Traders see an 83 percent chance of a rate hike this week, according to the CME Group's FedWatch program.

* Global stocks rose on Tuesday, while the dollar index fell marginally, as crude oil prices recovered from Monday's slide to near 11-year lows.

* U.S. economic data on Tuesday is expected to show consumer prices were unchanged in November after rising 0.2 percent in October. The data is due at 8:30 a.m. ET (1330 GMT).

* Amgen shares were up nearly 3 percent at $162.70 in premarket trading. The drugmaker said on Monday that it would reacquire sales rights to three of its products from GlaxoSmithkline.

* Kennametal slumped 17 percent to $21.22 after it cut its 2016 profit and revenue forecasts, citing weakness and volatility in its core markets and lower oil prices.

* Dow e-minis were up 136 points, or 0.78 percent, with 5,570 contracts changing hands.

* S&P 500 e-minis were up 15.5 points, or 0.77 percent, with 114,888 contracts traded.

* Nasdaq 100 e-minis were up 30 points, or 0.66 percent, on volume of 6,663 contracts.

Dollar steady after euro jump loses steam, Aussie trims gains

The dollar steadied on Friday, given some breathing space after a recent surge by the euro lost momentum in wake of dovish comments by a policymaker, while profit-taking trimmed some of the Australian dollar's big gains made on an unusually strong domestic jobs report.

The Aussie was down 0.5 percent at $0.7247 AUD=D4 after soaring more than 1 percent to a high of $0.7335 on Thursday after data showed Australia's jobless rate had hit a 19-month low in November.

The euro was little changed at $1.0936 EUR= after shedding about 0.7 percent overnight. It was forced back from a 1-month high of $1.1044 scaled midweek after ECB Governing Council member Erkki Liikanen said Thursday the central bank stands ready to ease monetary policy further if required.

An overnight rebound on Wall Street, which ended a 3-day losing run, also slightly improved risk appetite and nudged up U.S. debt yields in favour of the dollar.

The common currency was still poised to end the week on a 0.5 percent gain, having soared after the ECB delivered a much tamer-than-expected monetary easing package late last week and disappointed euro bears.

The greenback may have suffered big losses against the euro this week but the seemingly inevitable divergence in U.S. and European monetary policy was expected to continue supporting the dollar in the longer term. The Federal Reserve is widely expected to hike interest rates next week for the first time in nearly a decade.

The dollar was up 0.4 percent at 122.06 yen JPY=, putting further distance between a 1-month low of 121.075 plumbed earlier in the week. The dollar was still on track for a 1 percent weekly loss versus the yen. The safe-haven Japanese currency attracted bids this week as a slide in commodity prices bruised investor risk appetite.

U.S. Stock Market News - Dollar firm vs commodity currencies

The U.S. dollar held firm against commodity currencies on Tuesday and hovered near decade-highs against its Canadian peer, which has come under renewed pressure this week due to tumbling global oil prices.

Commodity currencies also remained on the defensive after Chinese trade data for November did little to soothe concerns about China's economic slowdown.

The greenback edged up 0.1 percent against the Canadian dollar to C$1.3514 CAD=D4, trading near Monday's 11-year high of C$1.3524, the strongest level for the U.S. dollar since mid-2004.

OPEC's inability to agree on a production ceiling last Friday meant that supply will continue to
depress oil prices. The decision gave investors the green light to sell crude and currencies of oil exporters such as Canada and Norway.

"The decline in oil prices... will not be a one-night trade. Anticipate further downward pressure on oil prices, bond yields and commodity currencies," said Richard Grace, chief currency and rates strategist at Commonwealth Bank of Australia.

"With no major U.S. economic data until U.S. retail sales on Friday, commodity price themes will drive trading this week."

Dollar subdued in post-holiday trade, euro under pressure

The dollar, euro and yen stuck to familiar ground on Friday in thin trade after the U.S. Thanksgiving Day holiday.

The dollar index .DXY stood at 99.844, up slightly and not far from an 8-1/2 month peak of 100.170 scaled on Wednesday. For the week, it was up about 0.2 percent.

Against the yen, the dollar was nearly flat at 122.60 JPY=, remaining in consolidation mode after reaching a three-month high of 123.77 on Nov. 18, and up from this week's low of 122.26.

Japanese data on Friday painted a mixed picture, though some market watchers were optimistic overall.

Japanese Economics Minister Akira Amari told reporters on Friday that the unexpected fall in household spending shows that some consumers still lack confidence in the economy.

Amari said the government will maintain its target of halving the primary budget deficit in fiscal 2015 when it compiles an extra budget for economic stimulus.

Japanese Finance Minister Taro Aso said on Friday that the cabinet was instructed by Prime Minister Shinzo Abe to compile an extra budget for the current fiscal year.

Against the yen, the euro edged up slightly to 130.09 EURJPY=R, but was still not far off a 7-month low of 129.77 plumbed on Wednesday.

The euro managed to hold above $1.0600 EUR= and last stood at $1.0610, but it remained within reach of a 7-1/2 month trough of $1.0565 set on Wednesday.

Wall Street indexes flat in pre-holiday lull; health, consumer up

The major U.S. indexes were virtually unchanged at the close of a quiet trading day on Wednesday with gains in healthcare and consumer stocks after data showed U.S. modest economic growth.

Trading volume was low as many market participants were away in the last session before the U.S. Thanksgiving holiday. Markets will be closed Thursday and most of Friday afternoon.

"The news this morning was a little better than worse, so the market went up," said Peter Costa, president of Empire Executions Inc, citing mixed economic data.

The Dow Jones industrial average .DJI rose 1.2 points, or 0.01 percent, to 17,813.39, the S&P 500 .SPX lost 0.27 points, or 0.01 percent, to 2,088.87 and the Nasdaq Composite.IXIC added 13.34 points, or 0.26 percent, to 5,116.14.

Data showed claims for jobless benefits fell more than expected to 260,000 last week, while durable goods orders for October, excluding aircraft, increased 1.3 percent, far more than the 0.4 percent expected.

However, other reports suggested consumers were not in a spending mood, with consumer spending increasing just 0.1 percent in October compared with the 0.3 percent expected.

The University of Michigan's final index of consumer sentiment for November also fell short of estimates.

While investors cited good conditions for consumers, they were cautious about global security issues and the impact from the first U.S. interest rate hike since 2006, which is widely expected to happen in December.

U.S. data points to moderate fourth-quarter growth

U.S. consumer spending barely rose in October as households took advantage of rising incomes to boost savings to their highest level in nearly three years, pointing to moderate economic growth in the fourth quarter.

A customer pushes her shopping cart through the aisles at a Walmart store in the Porter Ranch section of Los Angeles November 26, 2013.

Anemic consumer spending did little do change expectations that the Federal Reserve will raise interest rates next month as other data on Wednesday showed a surge in business spending plans in October and a drop in new applications for unemployment benefits last week.

The Commerce Department said consumer spending edged up 0.1 percent after a similar increase in September. That suggests consumer spending, which accounts for more than two-thirds of U.S. economic activity, has slowed from the third quarter's brisk 3.0 percent annual pace.

The tepid rise in consumer spending could combine with an anticipated drag from an ongoing inventory reduction to hold the economy to around a 2 percent growth rate in the fourth quarter.

But the economy, which expanded at a 2.1 percent pace in the third quarter, could get support from business spending.

In a second report, the Commerce Department said non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, jumped 1.3 percent last month after rising 0.4 percent in September.

Coming on the heels of data this month showing a solid increase in manufacturing output in October, it suggested the worst of the drag from a strong dollar and deep spending cuts by energy firms was over.

Wall Street ends higher, driven by energy amid global tension

U.S. shares closed higher on Tuesday as energy stocks rose along with oil prices after Turkey shot down a Russian warplane near the Syrian border.

The three major U.S. indexes recovered from a morning selloff that was triggered by the overseas news despite some strong U.S. economic data. Oil prices were up more than 2 percent after a spike in Middle East tensions.

"You came in this morning and everybody was talking about this potential escalation of violence between Turkey and Russia," said Andrew Frankel, co-president of Stuart Frankel & Co in New York. He added that investors settled down after it appeared that Russia's response would not be as confrontational as they initially feared.

Relatively light trading appeared to exaggerate swings in the market, according to Frankel, as many market participants were away ahead of the U.S. Thanksgiving holiday. Markets will be closed all day Thursday and close early Friday.

The Dow Jones industrial average .DJI rose 19.51 points, or 0.11 percent, to 17,812.19, the S&P 500 .SPX gained 2.55 points, or 0.12 percent, to 2,089.14 and the Nasdaq Composite .IXIC added 0.33 points, or 0.01 percent, to 5,102.81.

Investors steered clear of many of Nasdaq's higher-valuation stocks like Netflix (NFLX.O) and instead took safety in cheaper stocks due to geopolitical concerns, according to J.J. Feldman, portfolio manager at Los Angeles-based Miracle Mile Advisors.