Written by Gary
US stocks fell more than 1.3 % today (SPY -1.4%) as the European Commission issued a warning regarding Italy’s budget and concerns of strained relations between the US and KSA.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Goldman Sachs sees five more Fed rate hikes through end of 2019Goldman Sachs economists on Thursday said the firm remained “comfortable” with its call for five more interest rate hikes — two more than priced in financial markets — through the end of 2019. |
| Internet provider groups sue Vermont over net neutrality lawFour industry groups representing major internet providers and cable companies filed suit on Thursday seeking to block Vermont’s law barring companies that do not abide by net neutrality rules from receiving state contracts. |
| Wall St. drops on Italy, Saudi Arabia worryU.S. stocks fell more than 1 percent on Thursday as the European Commission issued a warning regarding Italy’s budget and concerns mounted over the possibility of strained relations between the United States and Saudi Arabia, denting investors’ appetite for risk. |
| Goldman Sachs says executives will not attend Saudi conferenceGoldman Sachs Group Inc will not send any of its executives to a Saudi investment conference next week, Chief Executive Officer David Solomon said in an interview with CNBC on Thursday. |
| Colgate halts Venezuela detergent plant for lack of boxesU.S. consumer goods maker Colgate-Palmolive Co has halted production at its detergent and dish soap plant in Venezuela because it lacked cardboard boxes to ship products, a union leader said on Thursday. |
| VW’s Porsche expects to repeat record vehicle sales this yearVolkswagen’s Porsche brand does not need a stock market listing to fund growth, Chief Executive Oliver Blume said, adding he is confident the maker of the iconic 911 sportscar can repeat last year’s record sales in 2018. |
| Campbell Soup CEO sees no room for concessions to Third PointCampbell Soup Co interim Chief Executive Keith McLoughlin does not believe that there are any concessions to be made in an ongoing proxy fight with hedge fund Third Point LLC, he told Reuters on Thursday. |
| Casino confident on disposal plan, third-quarter sales accelerateFrench retailer Casino , which is battling investor concern over its high debt, said sales growth accelerated in the third quarter, reflecting an improving performance in France and Brazil and it predicted a similar trend for the fourth quarter. |
| Senator Warren urges Fed to require removal of Wells Fargo CEOU.S. Senator Elizabeth Warren said on Thursday the Federal Reserve should not allow Wells Fargo & Co to grow in size until the bank replaces Chief Executive Officer Tim Sloan. |
| Real Tumbles After Brazil’s Central Bank Head Said To Quit By Year EndWhat was already an ugly day for emerging markets, turned even uglier for Brazil when Bloomberg reported that the head of Brazil’s central bank, Ilan Goldfajn, was preparing to leave the central bank by year-end. There was no reason cited for the departure of the relatively new central bank head, who was appointed to his current position in May 2016, however news of his departure shook the BRL, which tumbled to session lows against the dollar.
Bloomberg adds that the campaign of presidential front-runner Jair Bolsonaro – who had initially considered keeping Goldfajn as central bank chief – was mulling several names as central bank chief. In addition to slamming the BRL, news of the departure also hit the iShares Brazil ETF, the EWZ, which slumped to session lows on the news as yet another legacy central banker quietly prepares to exit stage left. |
| Mexican Riot Cops Deployed For Caravan Showdown After Trump Snaps FingersMexico deployed hundreds of riot police on Thursday to intercept a caravan of more than 4,000 Central American migrants, following demands by President Trump that Mexio, Honduras, Guatemala and El Salvador intervene before he has to deploy US troops.
“I must, in the strongest of terms, ask Mexico to stop this onslaught – and if unable to do so I will call up the U.S. Military and CLOSE OUR SOUTHERN BORDER!” Trump Tweeted Thursday morning.
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| Mario, Mnuchin, ‘Mao 2.0’ & MbS Masscare MarketsBut, but, but… everything was awesome on Tuesday? It started in Mao2.0-land – China markets were carnage… Despite double-intervention the prior day, Chinese equities plunged…ahead of tonight’s macro data dump…
For context, it’s a utter bloodbath in China this year – with China’s ‘Nasdaq’ – Shenzhen – down over 35% YTD…
Offshore Yuan plunged back to cycle lows after a major drop in the CNY Fi … |
| Russia And China Prepare To Ditch Dollar In Bilateral TradeIn a time when many nations have gone public with their intention to ditch the dollar in part or in whole, in bilateral trade with non-US counterparts, either to prevent the US from having “veto power” of commerce courtesy of SWIFT or simply in response to Trump’s “America First” doctrine, attention has long focused on Russia and China – the two natural adversaries to the US – to see if and when they would accelerate plans for de-dollarization.
To be sure, the two nations wouldn’t be the first to reduce their reliance on the dollar, as we have discussed in recent months: Europe Unveils “Special Purpose Vehicle” To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status Russia Says Time Has Come To Ditch The Dollar European Powers Prepare To Ditch Dollar In Trade With Iran Russia And India Ditch Dollar In Military Deals< … |
| Cannabis Watch: Five smaller companies expected to profit from Canada’s cannabis legalizationMeet some of the smaller players in an emerging sector that are expected to benefit, now that Canada has fully legalized cannabis. |
| Bond Report: Treasury yields come off session highs after Italian bond selloffTreasury yields pared their rise on Thursday as investors grappled with a selloff in Italian debt that could be drawing investors into the perceived safety of U.S. government paper. |
| Economic Report: Mortgage rates retreat, but housing supply crunch won’t let upRates for home loans edged lower in the most recent week, but a few basis points of financing relief won’t help the housing market as much as fresh inventory would. |
Summary of Economic Releases this Week
Earnings Summary for Today
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