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09Aug2017 Market Update: Wall Street Slips After Trumps 'fire And Fury' Warning, DOW Down 64 Points, Dow's Nine Days Of Records Finally Ends , WTI Crude Slips To The Low 49 Handle

Written by Gary

US stock markets open lower as expected and have continued to trade sideways (SPY -0.1%) as investors scurried to safe-haven assets.


Here is the current market situation from CNN Money

North and South American markets are lower today with shares in Brazil off the most. The Bovespa is down 0.69% while Mexico's IPC is off 0.34% and U.S.'s S&P 500 is lower by 0.21%.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street slips as rising North Korea tensions rattle investors

(Reuters) - U.S. stocks were lower on Wednesday as investors scurried to safe-haven assets after President Donald Trump's "fire and fury" warning to North Korea escalated tensions with the nuclear-armed nation.

U.S. payments firm Vantiv clinches $10 billion deal to buy Worldpay

LONDON (Reuters) - U.S. credit card processing company Vantiv secured a deal to buy British-based rival Worldpay for 8 billion pounds ($10.4 billion) on Wednesday in a bid to create a $29 billion global payments powerhouse.

Altice weighing takeover offer for Charter: sources

(Reuters) - Netherlands-based telecom giant Altice NV and its U.S. cable unit are working on an offer to buy Charter Communications Inc , but have yet to submit a proposal, sources told Reuters on Wednesday.

U.S. push for freer NAFTA e-commerce meets growing resistance

MEXICO CITY (Reuters) - A U.S. proposal for Mexico and Canada to vastly raise the value of online purchases that can be imported duty-free from stores like Amazon.com and eBay is emerging as a flashpoint in an upcoming renegotiation of the NAFTA trade deal.

Google's firing of memo writer strikes nerve in Silicon Valley

SAN FRANCISCO (Reuters) - A Silicon Valley culture war pitting liberal-leaning tech firms against a small conservative cohort took on new intensity on Tuesday after Google fired a male engineer for a memo that decried the company's commitment to hiring women.

Sky investor Odey says Fox bid is losing appeal

LONDON (Reuters) - Hedge fund manager Crispin Odey has said he is considering withdrawing his support for Twenty-First Century Fox's attempt to take over Sky , saying he believes the 11.7 billion pound ($15.20 billion) deal undervalues the British broadcaster.

Disney's stock dips as streaming push unnerves some investors

(Reuters) - Walt Disney Co's shares fell 5 percent on Wednesday to their lowest in eight months as investors doubted whether the world's biggest entertainment company can succeed with its plan to launch its own streaming services rather than rely on Netflix Inc to reach online viewers.

In tough retail landscape, Payless emerges as rare bankruptcy survivor

CHICAGO (Reuters) - Payless ShoeSource is set to emerge from bankruptcy as soon as Wednesday, one of the largest retail chains to do so, and is banking on a strategy focused primarily on bricks-and-mortar sales at a time when e-commerce is casting an ever-growing footprint on retail sales.

Qatar Airways says evaluating air routes opened by boycotting countries

DOHA (Reuters) - Qatar Airways is evaluating whether it will use air routes which media reports said were opened this week by countries embroiled in a political dispute with Qatar, the airline's chief executive said on Wednesday.

Mattis Warns North Korea: You'll Lose

With anxiety briefly ticking down on The New York Times story about Trump's "fire and fury" comments being off-the-cuff - as opposed to policy - The Pentagon just turned the dial back on the threats...

Pentagon chief Mattis: N. Korea "should cease any consideration of actions that would lead to the end of its regime" https://t.co/p6CgKokWoP pic.twitter.com/hHeX34fUwD

— CNN (@CNN) August 9, 2017

US Secretary Of Defense James Mattis issued a statement...

"The United States and our allies have the demonstrated capabilities and unquestionable commitment to defend ourselves from an attack.

Kim Jong Un should take heed of the United Nations Security Council's unified voice, and statements from governments the world over, who agree the DPRK poses a threat to global security and stability.

The DPRK must choose to stop isolating itself and stand down its pursuit of nuclear weapons. The DPRK should cease any consideration of actions that would lead to the end of its regime and the destruction of its people.

President Trump was informed of the growing threat last December and on taking office his first orders to me emphasized the readiness of our ballistic missile defense and nuclear deterrent forces.

While our State Department is making every effort to resolve this global threat through diplomatic means, it must be noted that the combined allied mil ...

USA: Export Glass Parking Lots Now, or Be a Banana Republic (Venezuela) Later

Our future is increasingly looking like either an Elitist Authoritarian style Socialism with lower standards of living and lots of small wars, or Populist Authoritarian Dictatorial style "Capitalism" which will drive us to one big war and lots of dead people - Vince Lanci

Amazon economy? Bankrupt states? Obamacare? MEH. None of that matters, Vince Just
wake me when the little fat guy nukes one of our carriers.- "Bon Scott"

Demographics as Political System Driver

Is Venezuela a proxy for the US? Initial reactions, our own included, are NO WAY. But think about it. The 2008 bank bailout was the opposite of capitalism. Obamacare is a socialization of medicine. Medicare claims rise, skilled jobs and people (drug addled?) available for them are disappearing.

It would seem as the East (growing young taxable middle class population) moves towards a capitalistic (not democratic) model, we are moving towards a more socialist system. And that is in no small part because of our demographics. The baby boom generation distorts every thing they touch demographically: from homes, 401ks, to Gyms, and now healthcare. This is not a judgment, although we have done a polemic style piece blaming them for everything before.

The wave of Boomers from birth to death were the most powerful drivers of secular trends we have witnessed. And like it or not, the
US is moving towards a more socialist setup on the back of that demographic. It has to. Sure it will go
kicking and screaming a ...

Fired Coder Speaks Out On Google's "Potentially Illegal Practices", "Recorded Meetings" And "Science Denial"

For those who have managed to avoid this storyline, James Damore, now a former Google employee, caused outrage when he circulated a manifesto on Friday, complaining about Google's "ideological echo chamber," alleging women have lower tolerance for stress and that conservatives are more conscientious. By Monday, the chess master, who studied at Harvard, Princeton and MIT and worked at Google's Mountain View HQ, was fired after the search giant's chief executive, Sundar Pichai, said portions of Damore's 10-page memo "violate our code of conduct and cross the line by advancing harmful gender stereotypes" despite saying in the same memo that Google employees shouldn't be afraid of speaking their minds.

Now, for the first time, the former Googler sat down for a YouTube interview with University of Toronto professor of psychology, Jordan Peterson, to discuss the circumstances leading up to the release of his controversial memo and the fallout that has resulted since.

In this first exchange, Damore explains that he decided to write his now-infamous memo after attending a 'secretive' Google "diversity summit" in which he says presenters talked about "potentially illegal practices" intended to "try to increase diversity...basically treating people differently based on what their race or gender are."

Peterson: "Why did you do this?"

Damore: "About a month and a half ago, I went to one of our diversi ...

Stocks Catch A Bid On Report Trump's Threat Was Improvised

The S&P has caught a bid, and is now down just 0.1%, with the Nasdaq similarly wiping out most early losses, following a report that contrary to previous speculation that Trump's bombastic "fire and fury" statement was a coordinated and pre-agreed upon indication of intent from the entire White House, it was in fact improvised. As the NYT writes, "President Trump delivered his "fire and fury" threat to North Korea on Tuesday with arms folded, jaw set and eyes flitting on what appeared to be a single page of talking points set before him on the conference table at his New Jersey golf resort. The piece of paper, as it turned out, was a fact sheet on the opioid crisis he had come to talk about, and his ominous warning to Pyongyang was entirely improvised."

The NYT also adds that "in discussions with advisers beforehand, he had not run the specific language by them", which has prompted a modest relief rally as it now appears that Trump's widely reported statement was just another ad hoc outburst - in line with his daily Twitter rants - and one which will likely be moderated in future appearances after feedback from Trump's advisors.

To be sure, in the hours since, the president's advisers have already sought to calm the situation, with Rex Tillerson assuring Americans that they "should sleep at night" without worrying about an imminent war, as we reported earlier.

As for the advisory split on how to handle North Korea, the NYT notes that that the president's aides are "divided with national security veterans like Defense Secretary Jim Mattis and Lt. Gen. H.R. McMaster, the national security adviser, on one side and Stephen K. Bannon, the president ...

Ten Years On, the Crisis Still Looms Large

The fear of renewed trouble has never been far away since August 2007. The prevailing tone is one of worry about the high level of asset prices, concern about the low level of volatility and a fear of complacency.

The Latest Victim of Falling Drug Prices

As promised, the Food and Drug Administration is bringing in more competition to the drug business. That means more pain for generic drug manufacturers.

Chipotle Is a Recipe for Trouble

To justify its high stock price, Chipotle needs to keep growing like crazy while simultaneously regaining customers' trust. That will be difficult to pull off

June 2017 Headline Wholesale Sales Up?

Written by Steven Hansen

The headlines say wholesale sales were up month-over-month with inventory levels remaining elevated. Our analysis disagrees.

Key Words: Guam's governor: 'There is no threat' but American island 'will be defended'

Guam Gov. Eddie Baza Calvo on Wednesday reassures the U.S. territory's residents but also pushes back after North Korea's latest saber-rattling.

In One Chart: How Trump's threat of 'fire and fury' is rattling stock-market calm

The U.S. stock market along with the rest of the world has placed stock-market investors on high alert after President Donald Trump on Tuesday echoed WWII-era comments made by 33rd U.S. President Harry S. Truman before ordering the use of nuclear force against Japan.

The Fed: Fed's Evans backs balance-sheet reduction but ambivalent toward another rate hike

A dovish Federal Reserve official on Wednesday said he supported the central bank announcing it would start to reduce its balance sheet next month, but said inflation would have to accelerate for him to support a rate hike at the end of the year.

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

gary@econintersect.com

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