US stock market future indexes are flat this morning (SPY +0.1%) as investors stayed away from riskier assets, while Nasdaq futures (-0.02%) were dragged down by a fall in Facebook's shares. Unemployment benefits rose to near a three-month high.
Here is the current market situation from CNN Money
European markets are mixed today. The CAC 40 is up 0.51% while the DAX gains 0.10%. The FTSE 100 is off 0.49%.
WASHINGTON (Reuters) - Massive government investment in China's semiconductor industry risks distorting the global market for integrated circuits, leading to damaging overcapacity and stifling innovation, U.S. Commerce Secretary Penny Pritzker has warned.
BRUSSELS (Reuters) - European Commissioner Guenther Oettinger issued a formal apology on Thursday for remarks that China took offence to but which the German conservative politician had declined to withdraw for several days.
BERLIN (Reuters) - The new boss of Adidas announced plans on Thursday to overhaul struggling fitness brand Reebok and keep up the focus on reviving the main Adidas business in North America as he dampened expectations for 2017.
In a widely expected announcement, the Bank of England kept it bank rate unchanged at 0.25%, as well as holding it government bond purchases at £435bn and corporate bond purchases at up to £10bn.
In its statement, the Bank of England's Monetary Policy Committee (MPC) said in it meeting ending on 2 November 2016 the Committee voted unanimously to maintain Bank Rate at 0.25%. The Committee voted unanimously to continue with the programme of sterling non-financial investment-grade corporate bond purchases totalling up to £10 billion, financed by the issuance of central bank reserves. The Committee also voted unanimously to continue with the programme of £60 billion of UK government bond purchases to take the total stock of these purchases to £435 billion, financed by the issuance of central bank reserves.
Among the notable highlights in the report, the BOE said that "monetary policy can respond, in either direction, to changes to the economic outlook as they unfold to ensure a sustainable return of inflation to the 2% target", however what has caught traders' attention is the statement that "Developments since August, in particular the direct impact of the further depreciation of sterling on CPI inflation, have adversely affected that trade-off. This impact will ultimately prove temporary, and attempting to offset it fully with tighter monetary policy would be excessively costly in terms of foregone output and employment growth. However, there are limits to the extent to which above-target inflation can be tolerated."
As the FT adds, the pound's fall will raise import prices sharply, the BoE's Monetary Policy Committee said, as it forecast inflation to exceed its 2 per cent targ ...
A quick glance at recent U.S. auto sales would imply that all is well in autoworld. Sure, sales have stagnated for about a year but they're still near all-time highs, right?
That said, a look just beneath the surface reveals a slightly different take on the U.S. auto industry. As the Financial Times recently pointed out, auto repossessions in the US are soaring and, with the exception of the "great recession" in 2008 and 2009, stand at the highest levels recorded in 20 years.
A wire fence topped with barbed wire surrounds a packed plot of land, housing a white Jeep, an orange Audi and a host of other repossessed cars. Sergio Tavano, owner of T-Birds Automotive in Red Hook, Brooklyn, sits in his car outside the lot with two of his employees. "The number of repossessions we are doing has definitely risen," he says. "It's the highest I have ever seen it."
Repossessions in the US hit 1.6m in 2015, the third highest level on record for data going back 20 years, falling short of the 1.8m and 1.9m peaks seen in 2008 and 2009, respectively.
That number is predicted to rise to 1.7m this year, according to Tom Webb, chief economist at Cox's Automotive.
"More and more it is people down on their luck and getting their cars taken," he says. "You feel bad for some people. You are finding them at financially t ...
With Donald Trump surging in the polls and the election going down to the wire, Nov. 9 can't come soon enough for the stock market. But investors may have to wait a bit longer for the market to shake off its political hangover.
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