Wall Street is higher fractionally (DOW +0.4%) and the major averages are trending marginally higher. The Spooze closed in on a 11-month high this morning and was just 18 points shy of its record high, helped by gains in energy shares, while tumbling healthcare stocks capped gains on the Nasdaq. U.S. nonfarm productivity fell less sharply than initially thought, oil prices hit their highest in eight months buoyed by the dollar nearing one-month lows.
Here is the current market situation from CNN Money
North and South American markets are higher today with shares in Mexico leading the region. The IPC is up 0.61% while U.S.'s S&P 500 is up 0.36% and Brazil's Bovespa is up 0.10%.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Following a major market correction, the conditions for safe re-entry are when:
a) Daily $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
(Reuters) - The S&P 500 touched an 11-month high on Tuesday and was just 18 points shy of its record high, helped by gains in energy shares, while tumbling healthcare stocks capped gains on the Nasdaq.
BEIJING (Reuters) - Senior U.S. officials pressed China again on Tuesday to reduce barriers for foreign businesses, saying concerns had grown as the regulatory environment became more complex, and they also bought up concerns over a new law on foreign non-governmental groups.
WASHINGTON (Reuters) - U.S. nonfarm productivity fell less sharply than initially thought in the first quarter and labor-related costs surged for a second straight quarter as companies hired more workers to raise output, suggesting profits could remain under pressure.
(Reuters) - Media investors are looking beyond the legal battle between the Redstone family and Viacom Inc O> CEO Philippe Dauman, speculating that a deal for the $18 billion media conglomerate could be on the horizon.
LONDON (Reuters) - Royal Dutch Shell plans to increase cost savings to $4.5 billion following its $54 billion acquisition of BG Group which Chief Executive Officer Ben van Beurden said will make it the best oil company investment, ahead of Exxon Mobil .
PARIS (Reuters) - A "rogue trader" who cost French bank Societe Generale billions of euros in losses won a wrongful dismissal case on Tuesday when a labor court ordered Jerome Kerviel's former employer to pay him 450,000 euros ($510,000) in compensation.
The month of May was very contentious one for Euro-Turkey relations.
Following months of monetary and diplomatic appeasement of Erdogan, which culminated with a migration deal according to which Turkey would hold Syrian refugees within its borders instead of allowing them to continue onward to Central Europe, things promptly fell apart. As a reminder, less than a month ago, a high-ranking deputy for Turkey's ruling AKP party, Burhan Kuzu (also a former adviser to President Erdogan) issued an explicit threat to Europe which was at that time discussing whether or not to grant Turkey visa-free travel within the continent. Specifically, he tweeted that "The European Parliament will discuss the report that will open Europe visa-free for Turkish citizens. If the wrong decision is taken, we will unleash the refugees!." Many read that as tacit blackmail.
Fast forward two weeks later, when we learned that the EU plan to extend visa-free travel privileges to Turkey as of July 1 would be delayed over worries Ankara won't meet the key conditions on time. As Deutsche Welle reported "Chancellor Angela Merkel is in no mood to budge" in what is the first actual indication of resistance by the German to the increasingly more whimsical demands by the Turkish president.
Erdogan quickly responded by escalating the threat level: "The current system falls short... the burden is shouldered only by certain countries, everyone should assume responsibility from now on," he said. "Needs increase every day but resources do not increase at th ...
It is rather bearish when copper is fading both the overall commodities rally and equities being at all-time highs in a major risk on mode. We think Copper is ultimately going lower, and is a short here. When the entire market rolls over, and the technicals start to break in copper, the downside momentum will pick up speed substantially.
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Protectionists are on the cusp of a "Pyrrhic victory" over China.
No one will like the results when it happens.
A huge global trade war is on the horizon, regardless of whether Hillary or Trump wins the election.
The die is cast: US Steel Given Green Light to Seek China Import Ban.
The US has given the go-ahead for the country's largest steel producer to seek a ban on imports from Chinese rivals, in the first known case in which trade sanctions could be used in retaliation for alleged China government-backed hacking of commercial secrets.
In a decision last week the US International Trade Commission gave the go-ahead for the case to proceed, setting the stage for a legal battle that experts say will probably take more than a year for an administrative judge to decide.
This timeframe could lead to a decision related to arguably the US's most important commercial relationship early in the next president's first term. Under the law, US presidents are given 60 days to block ITC decisions on Section 337 cases, although according to the ITC "such disapprovals are rare".
"We strongly believe that Chinese steel producers have engaged in illegal unfair methods of competition, which have created a force with which no market economy can compete," Mario Longhi, the company's president and CEO, said in a statement welcoming the ITC decision. "We remain confident that the evidence will prove the Chinese steel producers engage ...
A simple summary of the headlines for this release is that the growth of productivity contracted while the labor costs grew (headline quarter-over-quarter analysis). The year-over-year analysis also shows labor costs increasing much faster than productivity.
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