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.



23Jun2017 Market Close: Wall Street Finishes Off The Week With A Gain, DOW Down 3 Points, Other Major Indexes Close Up Modestly, OPEC Cuts Failed To Cut Global Glut

Written by Gary

US stocks rose modestly today (SPY +0.1%), with the Nasdaq (+0.5%) set to post its first weekly gain in three weeks, helped by strength in technology stocks, while energy shares rebounded as crude prices rose with a lift from a weaker dollar.

Todays S&P 500 Chart

S&P 500 closes higher as energy stocks snap 4-day losing streak

The Market in Perspective

Here are the headlines moving the markets.

Tech shares boost Nasdaq; energy stocks rebound

(Reuters) - U.S. stocks rose on Friday, with the Nasdaq set to post its first weekly gain in three weeks, helped by strength in technology stocks, while energy shares rebounded as oil prices rose.

EU promises tough line on U.S., China while pushing for free trade

BRUSSELS (Reuters) - German Chancellor Angela Merkel warned U.S. President Donald Trump on Friday that Europe would react in kind if the United States did not play fair in trade, while EU leaders also agreed to consider screening investments by state-owned Chinese firms.

GM settles hundreds of ignition switch lawsuits

NEW YORK (Reuters) - General Motors Co has agreed to settle federal lawsuits by as many as 203 plaintiffs over defective ignition switches in its vehicles, a Friday court filing shows.

Ford recalls 15,600 cars in South Africa over fire risk

JOHANNESBURG (Reuters) - Ford Motor Co is recalling nearly 16,000 Ikon and Figo models in South Africa due to a potential fire risk, it said on Friday.

Russia's fighter jet makers 'not afraid' of U.S. competition in India

PARIS (Reuters) - Russian military aviation firm MiG said on Friday it was ready to deepen its cooperation with India, just days after U.S. arms maker Lockheed Martin Corp agreed with Tata Advanced Systems to build F-16 fighters there.

Oil creeps up from 10-month low, down nearly 4 percent on week

NEW YORK (Reuters) - Oil futures edged higher on Friday with a lift from a weaker dollar, but finished a fifth straight week lower as OPEC-led production cuts have failed to substantially reduce a global crude glut.

DBRS downgrades Cenovus after ConocoPhillips deal

CALGARY, Alberta (Reuters) - Ratings agency DBRS on Friday downgraded Cenovus Energy Inc, saying the Canadian oil company's acquisition of ConocoPhillips assets in March negatively affects its credit and more than outweighs the benefits of the deal.

Honda engineer debunks own claim about cause of Takata air bag failures

DETROIT (Reuters) - Honda Motor Co on Friday released a 2013 email in which one of its engineers suggested that he knew some hidden truth about "the root cause" of Takata Corp air bag failures, but the engineer later said he was mistaken.

Are you being served? Planemakers alter sales pitch to boost profit

PARIS (Reuters) - Airbus and Boeing leave this week's Paris Airshow with plans for ambitious growth in aviation services, as flattening demand for new jets and pressure to raise profit margins encourages planemakers to deepen their exposure to airline operations.

Former Fed Governor: "The Fed Isn't As Independent As Many Think"

With every passing day, the Fed is slowly losing the game, a point made earlier today by SocGen's Albert Edwards who wrotes that "Citizens Will Soon Turn Their Rage Towards Central Bankers."

And it is not just skeptical pundits, and former (and in some cases current) Fed presidents admitting central banks are increasingly powerless to boost the global economy and control inflation (or the Phillips curve) even if they still have sway over capital markets. What is far more insidious to the Fed's waning credibility is when former economists affiliated with the Fed start repeating mantras that until recently were only a prominent feature in the so-called fringe media.

This is what happened last April, when former central bank staffer and Dartmouth College economics professor Andrew Levin, special adviser to then Fed Chairman Ben Bernanke between 2010 to 2012, made the whocking announcement that "A lot of people would be stunned to know" the extent to which the Federal Reserve is privately owned. The Fed "should be a fully public institution just like every other central bank" he added during a call seeking to make the Fed more transparent and accountable to the public.

Why was that stunning? Because it has long been a bone of contention if only among the fringe media, that at its core the Fed is merely a private institution, beholden only to its de facto owners: not the people of the U.S. but to a small cabal of banks. Worse, the actual org chart of who owns what is not disclosed, even as the vast majority of the U.S. population remains deluded that the Fed is a publicly owned ins ...

One Trader Finds "Somewhere Cheap To Hide"

Authored by Kevin Muir via The Macro Tourist blog,

An interesting aspect of living in Toronto is the different people I get to meet. For example, although I know plenty of Bay Street types; traders, investment bankers, securities lawyers, portfolio managers (you know, all the people you try to avoid at cocktail parties), I am fortunate enough to count as my friends a more eclectic group of entrepreneurs that expose me to ideas that are a little different.

One of these individuals is a buddy who made his fortune in the mining business. I lose track when he tells me of all the different companies he founded and sold, but the important thing to note is that today he owns a uranium mine. Yup. You got that right. My pal, the uranium miner.

http://themacrotourist.com/images/2017/06/TouristJun2217.png

Last year, in between beers, we were chatting about the state of his industry. He was pitching the idea uranium had finally bottomed. We were going through the story bit by bit. He told me of the Paladin Energy bankruptcy. He told me of the fact that no one could make any money at these spot prices. He explained how some shrewd buyers were showing up to buy some uranium names on the cheap. I complained that this was nothing new, and that this value story had been known for the past year, but that hadn't stopped uranium stocks fr ...

Caught On Tape: Democratic Party Official Says He's "Glad [Scalise] Got Shot, I Wish He Was F*cking Dead"

'Progressive' democrats in this country are seemingly becoming completely unhinged. A party that is run by the 'peaceful' hippies of the 60's who, at least at the time, considered themselves among the most vocal advocates of free speech, now openly supports the suppression of free speech on college campuses. A party that abhors violence saw one of it's voters last week carry out an attempted assassination of numerous Republican congressmen...not to mention the several violent protests that erupted after November's election that resulted in untold amounts of property destruction. A party that promotes itself as the party of women, simultaneously defends the 'rights' of people to practice Sharia law which specifically allows for domestic violence when women are 'disobedient.' The outrageous hypocrisy is truly mind boggling.

Meanwhile, just the latest example of 'unhinged' Democrats behaving badly comes to us courtesy of Phil Montag, the Nebraska Democratic Party's Technology Chairman, who inadvertently got caught sharing his true feelings on Steve Scalise's shooting:

"This motherfucker, like his whole job is to get people, convince Republicans to fucking kick people off fucking health care. I hate this motherfucker. I'm fucking glad he got shot. I'm glad he got shot."

"I wish he was fucking dead."

Meanwhile, Phil also seemed to get himself in some trouble last February after spending a little too much time on a Bernie Facebook page "trolling hard for hours."

Saudi Reshuffle Could Completely Shake Up Oil Markets

Authored by Nick Cunningham via OilPrice.com,

The power restructuring in Saudi Arabia this week led to the elevation of 31-year-old Mohammed bin Salman to crown prince, essentially ensuring that he will become the youngest king of Saudi Arabia in the not-too-distant future. The heir apparent has already been effectively running the country for the past few years, so the move was not entirely a shock. Nevertheless, the effects on the oil market could be profound.

The new crown prince is known to be a bit unpredictable. In the early phase of the oil price meltdown, he said that prices did not matter. But the plunge below $30 per barrel in early 2016 seemed to have changed the calculus. Last year Saudi Arabia became the principle driver behind a return to "market management," that is restraining output to stabilize prices.

With the OPEC production cuts - which have had to be extended from six to 15 months - still proving to be insufficient at balancing the market, it is not entirely impossible that the crown prince might reverse course yet again at some point and return to a "market share" strategy. Or he could decide to deepen the cuts, an idea floated

Brexit One Year Later: Markets Might Get It Wrong Again

The Brexit vote sank the pound but buoyed the FTSE 100. That relationship might be changing.

BlackBerry's Valuation Got Disconnected

BlackBerry's share price surged in the months since it was awarded millions in an arbitration dispute with Qualcomm. Disappointing quarterly results wiped out a chunk of those gains.

For Consumers, Less Debt but Lots of Bills

As a group, U.S. households' debt-to-income and debt-to-asset ratios in the first quarter fell to their lowest levels since the early 2000s. But financial obligations beyond debt payments, such as rents and auto leases, are taking a bigger bite out of pay.

'Wonder Woman' passes 'Mamma Mia!' as highest-grossing film by female director

"Wonder Woman" garnered the best opening weekend for a female director when it hit screens, and now the film has taken up the mantle as the highest grossing female-directed ever.

Medill News Service: Banks have enough consumer trust to move into emerging payment technology, experts say

Banks should be able to take advantage of consumer trust to capitalize on emerging payment technologies, specialists said Friday.

Here's one way women should be more like men in the workplace

A new report says women are making a mistake in the way they look for role models

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. 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.







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





























 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 - 2017 Econintersect LLC - all rights reserved