econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



13Jul2016 Market Close: Wall Street Recovers Some Morning Losses, But Global Worries, Crude Glut And Investors Turning To Corporate Earnings

Written by Gary

US markets started out with like a Fourth of July fireworks, shooting high into the sky, bang and flaming debris falling to the ground. The major indexes did recover slightly to close in the flat range, but disinterested investors are not lining up for tomorrow it seems. Short-term indicators appear to moderately bullish, but watch out.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

U.S. economy shows few signs of sustained inflation pressure: Fed

WASHINGTON, (Reuters) - The U.S. economy continued to expand from mid-May through the end of June but there was little indication that inflation would surge any time soon, the Federal Reserve said on Wednesday.

Wall Street record-setting rally peters out

(Reuters) - U.S. stocks took a breather on Wednesday, with investors turning their focus to corporate earnings reports to justify valuations following a three-day record-setting rally.

No more Tesla buyback guarantee as company cuts prices again

DETROIT (Reuters) - Tesla Motors Inc said on Wednesday it had discontinued its resale value guarantee program that assured buyers that cars would retain value over time, and lowered the starting price of its Model X crossover, the second time it has lowered prices this year.

First U.S. trader convicted of spoofing sentenced to three years in jail

CHICAGO (Reuters) - A U.S. judge sentenced futures trader Michael Coscia to three years in prison on Wednesday, a lighter punishment than prosecutors had sought for the first person criminally convicted of the manipulative trading practice of spoofing.

U.S. posts $6 billion budget surplus in June

WASHINGTON (Reuters) - The U.S. federal government posted a budget surplus of $6 billion in June, compared with a surplus of $50 billion in the same month a year earlier, the Treasury Department said on Wednesday.

Many fear changes to U.S. SEC's in-house trials are not enough

WASHINGTON (Reuters) - The top U.S. securities regulator on Wednesday tried to respond to complaints that the deck is stacked against defendants at in-house trials by approving the first major revisions to its administrative proceedings in two decades.

SunEdison retirement plan takes hit on company stock investments

BOSTON (Reuters) - Participants in SunEdison Inc's $155 million retirement plan suffered heavy losses on their investments in company stock last year in the months before the renewable power plant developer landed in bankruptcy.

Exclusive: China's Wanda shows interest in Viacom's Paramount: sources

(Reuters) - Chinese real estate and entertainment conglomerate Dalian Wanda Group has held talks with Viacom Inc about acquiring a minority stake in its Paramount Pictures unit, according to two people familiar with the situation.

Bank of England readies new blast of QE for post-Brexit Britain

LONDON (Reuters) - Hailed by investors as a weapon to fight off recession but slammed by critics for fuelling inequality, quantitative easing looks set for a comeback in Britain as the Bank of England tries to shield the economy from the fallout of Brexit.

Talk Of Oil "Death Spiral" Emerges

One week ago, we looked at an epic build up of gasoline inventories on the East Coast, also known as PADD1, which had slammed the crack spread to record lows for this time of the year, and asked if "This What Finally Drags Crude Oil Lower." We were referring to the collapsing Crack Spreads, which show that something disturbing is taking place for US refingers who are no longer able to "internalize" the massive crude glut.

U.S. gasoline crack spread a proxy for refiner margins, has dropped 34 percent in two weeks. On Wednesday, it hit a five-year low for this time of year below $13 a barrel. That is less than half the crack spread of $28 a barrel at this time last year.

As of today, the WTI crack spread was $13.1, largely unchanged from a week ago.

We then quoted Andrew Lebow, senior partner at Commodity Research Group in Darien, who summarized it best by saying that "PADD 1 is a holy mess. It is very unusual. If a market becomes extremely oversupplied, like PADD 1, they are going to have to cut runs." That is another way of saying refiners will have to stay shut, which in turn will force crude to build up in various on and offshore storage locations.

Our summary of the strange events taking place in the US refining industry:

French Intel Chief's Stunning Warning: Europe Is "On Brink Of Civil War" Due To Migrant Sex Attacks

In a shockingly non-politically-correct outburst, Patrick Calvar, chief of the Directorate General of Internal Security, told members of the French parliamentary commission that thanks to the increasing frequency of sexual assaults by islamic migrants, "Extremism is growing everywhere... We are on the brink of civil war."

As The Express reports, Calver said he feared an inevitable confrontation between the far right and Muslims poses more of a threat than terrorism.

He said that the situation in France is on such a knife edge that it could just take one more major Islamist terror attack to lead to a huge right-wing backlash.

Speaking to the leading French newspaper, Le Figaro, Mr Calvar said: "This confrontation I think it will take place.

"Even another one or two attacks and it will happen. It therefore behooves us to anticipate and block all these groups."

"There will be a confrontation between the far right and the Muslim world."

At one point, Mr Calvar said: "Europe is in great danger, extremism is growing everywhere."

The fears are t ...

Beware the Squishy Math of ComScore's Pay Plan

Amid worries about comScore's internal-accounting investigation, investors also should examine the numbers behind the company's lucrative executive-compensation plan.

Why UniCredit Stake Sales Are Tonic But No Cure

Italy's biggest lender has raised $1.1 billion from two quick-fire sales, but this is far less than it needs.

Can Nintendo's 'Pokémon Go' Stick Around?

Keeping new hot games going against big, older titles is a major challenge.

July 2016 Beige Book: Reading Between The Lines - The Rate Of Economic Expansion Is Unchanged.

Written by Steven Hansen

The consolidated economic report from the 12 Federal Reserve Districts (Beige Book) stated that the economy "continued to expand at a modest pace across most regions from mid-May through the end of June". The previous report showed "modest economic growth since the last Beige Book report". My interpretation is that the Fed is saying the rate of economic expansion is the same as the previous period.

Emerging Markets Report: China's economy likely lost more momentum amid mounting debt

China's economy is expected to have slowed further after notching its weakest growth in seven years in the first quarter amid mounting concerns that the country is relying heavily on debt to maintain a façade of stability.

The Tell: 'Inverted head-and-shoulders' pattern in small-caps sounds a bullish signal

A bullish chart pattern in small-cap index Russell 200 index suggests that the broader market may have a lot more room to run beyond its record levels, according to Asbury Research.

Boris Johnson named British foreign secretary

Former London Mayor Boris Johnson on Wednesday was named foreign secretary, putting the flamboyant pro-Brexit campaigner into one of new Prime Minister Theresa May's most senior post

Summary of Economic Releases this Week

Real Time Economic Calendar provided by Investing.com.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

leading Stock Positions

Leading Stock Quotes powered by Investing.com

Current Commodity Prices


Commodities are powered by Investing.com

Current Currency Crosses

The Forex Quotes are powered by Investing.com.



To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

Click here for Historical Releases Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.



You can also comment using Facebook directly using he comment block below.





Econintersect Live Market

search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Consumers Carry Weak GDP Number Out of the Red
The Theory of the Monetary Circuit: A Critique
News Blog
What Are British People Most Proud Of
Trust In Mass Media Erodes
Shimon Peres Was An Israeli Nationalist First And A Peacemaker Second
Guessing Game: Valuations Of Trump's Fortune
What We Read Today 29 September 2016
This Mushroom Starts Killing You Before You Even Realize It
August 2016 Median Household Income Has Declined From The Beginning Of The Year
August 2016 Pending Home Sales Index Declines?
24 September 2016 Initial Unemployment Claims: Rolling Averages Continue to Improve.
Third Estimate 2Q2016 GDP Revised Upward. Corporate Profits Down.
The Terrorist Networks At Our Fingertips
Infographic Of The Day: Dubai Interesting Statistics And Facts
Early Headlines: Asia Stocks Up, Oil Surges, OPEC Cuts Production, Student Loan Woes Mount, Trump Still Close, Aleppo Hospitals Bombed, Huge Wind Storm In Oz And More
Investing Blog
Are You A Trader Or Investor?
Investing.com Technical Summary 29 September 2016
Opinion Blog
First: 'Over-Population End-of Times' Now: 'Shrinking Population Disaster'
The Federal Reserve Note
Precious Metals Blog
Where Silver Prices Are Headed Now After Fed's Latest Inaction
Live Markets
29Sep2016 Market Close: Wall Street Bracing For Major Turn Down If German Bank Fails, Crude Prices Rise Towards 50 Handle And US Dollar Showing New Strength
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government



Crowdfunding ....






























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved