US stock index futures pointed to a red, but flat open this morning (SPY + 0.02%), as investors looked ahead to a fresh batch of corporate earnings reports and U.S. economic data. Oil prices struggled for direction remaining in the low 43's after rising sharply in the yesterday amid renewed hopes for an agreement among OPEC producers to freeze output.
Here is the current market situation from CNN Money
European markets are higher today with shares in Germany leading the region. The DAX is up 0.92% while France's CAC 40 is up 0.67% and London's FTSE 100 is up 0.36%.
(Reuters) - Delta Air Lines Inc said it was cancelling nearly 250 flights on Tuesday as it looks to restore operations after a power outage hit its computer systems on Monday, causing the cancellation of about 1,000 flights.
LOS ANGELES (Reuters) - Yum Brands Inc investors on Tuesday filed a shareholder proposal requesting that it quickly phase out harmful antibiotic use in its meat supply, taking aim at the practices of the company's KFC fried chicken chain.
BEIJING (Reuters) - China's factory price deflation moderated further in July, with prices falling at their slowest pace in two years, taking pressure off the central bank to cut rates as policymakers turn their focus to structural reforms and ballooning credit.
(Reuters) - LendingClub Corp on Monday reported its largest quarterly loss in a year as it struggles to bring banks back to its online lending platform following the departure of its chief executive and a scandal involving altered loan documents.
LONDON (Reuters) - Oil (Brent) edged further above $45 a barrel on Tuesday as forecasts for a drop in U.S. inventories and speculation of producer action to prop up prices countered concern about a supply glut.
FRANKFURT/HONG KONG (Reuters) - British oil major BP is seeking buyers for its 50 percent stake in Chinese petrochemicals joint venture SECCO, its largest investment in China, in a deal sources said could fetch $2-$3 billion.
HONG KONG (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd is offering to help international technology firms such as SAP SE to enter China, a market where foreign tech companies face increased government scrutiny.
When socialism fails, your citizens are starving and all hope is lost, you look for... Marxist Jesus? Nicolas Maduro has hired what he calls the "Jesus Christ of Economics" Alfredo Serrano, a 40-year old Marxist economist from Spain as his new main economic advisor.
The previous economic advisor, Miguel Pérez Abad, was fired last week after he endorsed the plan, which called for direct subsidies to the poorest families, the elimination of foreign-exchange controls and a reduction of price controls according to the WSJ.
In a pivot guaranteed to bring a tear to Paul Krugman's eye, Serrano instead calls for even more state controls on manufacturing and food supply have largely shaped the president's response to the country's economic crisis. He travels with Maduro, writes his speeches and proposes ministers. According to senior Venezuelan officials, Serrano has blocked any attempts to coordinate efforts with the private sector.
Maduro previously described Serrano's book, "The Economic Thought of Hugo Chavez" as "a very intelligent, very qualified man who's building new concepts for a new economy of the 21st century...he's a man of great courage." No word on if "The Economic Thought of Hugo Chavez" is also the shortest book ever to be written.
Lastly, Serrano boasts impressive credentials. According to the WSJ, "in 2014, Mr. Serrano set up a think tank in Ecuador called the Latin American Strategic Center of Geopolitics, which lists him as a professor at eight universities across Spain and Latin America.When ...
The Financial Times published an interesting article today in which Diego Parrilla, author, investment expert and precious metals specialist, outlines the positive case for gold and why the gains seen this year are just the beginning of a new gold bull market:
"Gold prices have rallied more than 30 per cent since the lift-off in US interest rates in December. A sharp reversal in pricing, sentiment and positioning driven by a myriad macro and micro factors has left the gold bears and bulls as polarised as ever.
The bearish camp, which has featured prominent and respected analysts like Goldman Sachs, tends to have a constructive view on the US dollar, the ability to raise interest rates, normalise global monetary policy, and generally a benign view on the global economy and inflationary risks.
The bullish camp, which I subscribe to, tends to have a more pessimistic view on the global economy and the unintended consequences of monetary policy without l ...
The bad blood between Turkey and Russia over the November downing of a Russian fighter jet over Turkey is all but forgotten as Turkish president Recep Tayip Ergodan is to meet with "his friend" Vladimir Putin in the latter's home town of St. Petersburg in hopes of turning a fresh page in the two countries' relations. It will be their first meeting since diplomatic relations between the two nations turned icy cold late last year. In a slap to the face of its Western friends, as the FT puts it, instead of visiting a Nato ally, Erdogan's first trip abroad since surviving last month's coup attempt the Turkish president is going to Vladimir Putin's Russia.
In a dramatic pivot by Turkey, the summit has taken on broader geopolitical significance. "The west is criticising Erdogan over his crackdown in the wake of the coup, and Erdogan is denouncing them over that," said Alexei Malashenko, an analyst at the Moscow Carnegie Centre. "This tension between Turkey and its Nato allies is extremely beneficial to Russia." The rapprochement between Moscow and Ankara began in June, before the coup attempt, when the Kremlin accepted Mr Erdogan's apology for the downing of the aircraft over Turkey's shared border with Syria. Within days, officials from both countries had begun talks to roll back sanctions Russia imposed on Turkey following the incident the FT adds.
Since then broader issues have pushed Moscow and Ankara closer together, "including the desire to teach the west a lesson and shared interests in dealing with the regional security threat." Ankara also welcomed the fact that Moscow gave its unequivocal backing to Turkey following the failed coup.
"We appreciate the fact that the Russian Federation ...
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