Wall Street opened lower (SPY -0.4%) for the second straight day following Apple's disappointing quarterly sales and a dip in oil prices. WTI is melting down (49.02), US dollar eases up into the 99's and gold is fractionally lower, but stable. Indicators are fractionally bearish.
Here is the current market situation from CNN Money
NEW YORK (Reuters) - Cable and entertainment company Comcast Corp posted higher third-quarter revenue on Wednesday, fueled by video customer additions and sustained growth in its high-speed internet and business services divisions.
BOSTON (Reuters) - U.S. securities regulators on Wednesday will consider allowing investors to pick directors from a single ballot, in what would be the latest move to open up the governance process of large corporations.
FRANKFURT/BERLIN (Reuters) - U.S. intelligence services warned Berlin that a now on-hold Chinese takeover of German semiconductor equipment maker Aixtron could give Beijing access to technology that could be used for military purposes, business daily Handelsblatt said.
BEIJING (Reuters) - Some Chinese iPhone owners are giving their old models a makeover to look like the latest iPhone 7, rather than buying new - a trend that could dent Apple Inc's efforts to boost sales in what has been its biggest growth driver.
LONDON (Reuters) - As commodity margins flat-line, the number of traders will shrink as existing trading firms consolidate and digital rivals emerge, U.S. consultancy Oliver Wyman said in its annual commodity trading report.
BRUSSELS (Reuters) - A planned EU-Canada summit to sign a free trade deal was still possible on Thursday, European Council President Donald Tusk said on Wednesday, as Belgian politicians entered a second day of talks on the future of the pact.
Earlier this month, Deutsche Bank stock was shaken following a Bloomberg report that Deutsche Bank's hedge fund clients had withdrawn billions in margin cash from the bank's prime brokerage unit, adding a shade of liquidity concerns to the bank's ongoing capitalization woes. It now appears that DB has continued to hemmorhage cash with the FT reporting that the German lender's exchange traded fund unit has seen billions in outflows as Germany's biggest lender considers whether to sell parts of its asset management business.
Investors have pulled $8bn from Deutsche's ETF arm so far this year. This is an unwelcome collapse after a strong performance in 2015 when the unit attracted positive inflows of $28bn, according to ETFGI, a London-based consultancy. DB's clients have been heading for the exit after the bank was threatened with a $14bn claim by the DOJ.
"The noise around Deutsche Bank has clearly not helped its ETF business," said a senior executive from a rival asset manager who did not wish to be named.
As the FT adds, Deutsche has put aside 5.5bn to cover potential litigation costs but the threat of a larger bill has forced it to consider selling a minority stake in its asset management arm, its best-performing division in recent years. However, efforts to raise fresh capital could be hindered by the outflows from the ETF unit, which is widely regarded as one of the crown jewels of Deutsche's asset management operations.
To be sure, DB defended itself when a spokesman for the bank said the ETF outflows were "part of the broader industry-wide" trend away from currency-hedged ETFs. The outflows account for 10 per cent of Deutsche's total ETF assets under management, and indeed the difficulties at Deutsche coincide with a period of upheaval across the European ETF industry. A cut-throat price war led by ...
A couple of days ago we noted that protests in North Dakota, over the Dakota Access Pipeline, were growing increasingly hostile with police arresting over 125 people just last weekend alone. Another startling discovery from the weekend was reports of police efforts to shoot down multiple media drones which some thought indicated an increasing hostility toward press seeking to cover the protests. Certainly, Deia Schlosberg, a documentarian who was recently charged with three felonies for filming activists shutting off oil pipelines, would tend to agree.
According to Schlosberg, she was charged with conspiracy to theft of property, conspiracy to theft of services and conspiracy to tampering with or damaging a public service, all of which carry a combined 45-year maximum sentence. According to RT, the actions filmed by Schlosberg were part of a multi-state protest by "Climate Direct Action" which vandalized five pipeline valve stations in multiple states to protest the movement of tar-sands oil from Canada into the US, and to show solidarity with ongoing protests in North Dakota. That said, Schlosberg claims she never participated in the illegal activities and filmed from public land.
"From the beginning, I was just dumbfounded by the charges," Schlosberg told RT America's Ed Schultz. "They seem to come from out of nowhere."
She said she understood the "unprecedented nature of this action and knew that it wasn't likely to be covered by mainstream media."
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