Written by Gary
US stock futures slip as report China wants more trade talks tempers optimism (SPY -0.2%). Low volume today due to Columbus Day, bond market closed.
Here is the current market situation from CNN Money | |
 | European markets are lower today with shares in France off the most. The CAC 40 is down 0.70% while Germany’s DAX is off 0.61% and London’s FTSE 100 is lower by 0.44%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | China September exports, imports in deeper contraction as tariffs take tollA slide in China’s exports picked up pace in September while imports contracted for a fifth straight month, pointing to further weakness in the economy and underlining the need for more stimulus as the Sino-U.S. trade war drags on. |
| China September iron ore imports surge to 20-month high on firm demandChina’s iron ore imports rose for a third straight month in September to a 20-month high, according to customs data released on Monday, fueled by firm demand at steel mills and stable shipments from big miners. |
| China will use counter-cyclical adjustments to manage economy: Premier LiDownward pressure on China’s economy is increasing and the government will make good use of counter-cyclical adjustments to keep economic operations within reasonable range, state television quoted premier Li Keqiang as saying. |
| Stocks dip as report China wants more trade talks tempers optimismA global index of stock markets dipped on Monday as a report that China wants more talks before signing a “Phase One” trade deal with the United States tempered an initial burst of optimism that followed signs of progress last week. |
| Futures fall as deal hopes fade on report China seeks more talksU.S. stock index futures fell back on Monday as hopes of a quick resolution to the U.S.-China trade war were dashed by a report that China wanted more talks before signing a partial deal announced by President Donald Trump on Friday. |
| Sempra Energy to sell Chilean businesses for $2.23 billion to China’s State GridU.S. power company Sempra Energy said on Monday it would sell is Chilean businesses to China’s State Grid International Development Limited for $2.23 billion in cash. |
| SoftBank seeks control of WeWork through financing package: sourceSoftBank Group Corp. has prepared a financing package for WeWork Companies Inc that would give it control over the shared office space company, a person familiar with the matter said. |
| WeWork opens new sites at breakneck speed despite cash-burn concernsWeWork has opened almost as many new locations in the last 3-1/2 months as it did in the whole first half of this year, likely accelerating the speed with which the office-sharing company is burning through cash as increasingly hard-nosed investors scrutinize its prospects for going public. |
| Superdry entrusts Dunkerton with turning around fashion firm he foundedSuperdry put its faith in Julian Dunkerton to get the British fashion group back on track on Monday, confirming him as chief executive until 2021, after the co-founder returned in a boardroom coup earlier this year. |
| The Ultimate Heresy: Technology Can’t Fix What’s BrokenThe Ultimate Heresy: Technology Can’t Fix What’s Broken Authored by Charles Hugh Smith via OfTwoMinds blog, Technology can’t fix what’s broken, because what’s broken is our entire system.. The ultimate heresy in today’s world isn’t religious or political: it’s refusing to believe that technology can not only solve all our problems, it will do so painlessly and without any sacrifice. Anyone who dares to question this orthodoxy is instantly declared an anti-progress (gasp!) Luddite, i.e. a heretic in league with the Devil. Even worse, if that’s possible, is declaring that technology is making our lives worse rather than better. There’s an entire industry devoted to cherry-picking data to support the One True Faith of Technology: a new miracle drug (never mind the side-effects or the fact that the drug only works on a relative handful of patients), a new energy source that will generate nearly free energy in near-infinite quantities (thorium reactors, though there is not yet a single one that’s operational), and the marketing of convenience: this new marketing gimmick will change your life–you can try on clothing in virtual reality, no need to go to the mall! Wow! Borrow more, buy more, throw more into the landfill–isn’t technology wonderful? Meanwhile, back in reality, the previous “miracle drug,” statins, turn out to be useless in reducing heart disease and actively reduce health via a vast array of negative side effects: |
| Climate Change Activists Target BlackRock Headquarters In London As Hundreds Occupy Financial DistrictClimate Change Activists Target BlackRock Headquarters In London As Hundreds Occupy Financial District New reports are emerging Monday morning that climate change activists are targeting BlackRock Investment Management offices in London. CLIMATE CHANGE ACTIVISTS TARGET BLACKROCK BLK.N OFFICES IN LONDON – REUTERS REPORTER The report, shared by a Reuters field journalist, says activists are “gluing themselves to the front of the building and blocking the entrances.” Twitter account Matthew Jones, tweeted an image of the mob in front of what appears to be BlackRock’s headquarters in London, located at Drapers Gardens, 12 Throgmorton Avenue.Â
Matthew Jones labeled the tweet with the hashtag #ExtinctionRebelion. Reuters confirmed Extinction Rebellion is behind Monday’s BlackRock protest. |
| Futures Tumble, Stocks Slide As China Wants More Talks Before Signing “Phase One” Trade DealFutures Tumble, Stocks Slide As China Wants More Talks Before Signing “Phase One” Trade Deal Who would have possibly thought that Friday’s “Phase One” trade deal with China wasn’t worth the paper it was signed on?
Oh wait, it wasn’t even signed, despite Trump’s tweeted assurance that the consequences of the deal with happen “immediately.” Well, with futures initially rallying today in continuation of Friday’s sharp move higher, the rally first fizzled then futures tumbled just after 5am ET when Bloomberg reported that China wanted “further talks” as soon as the end of October to hammer out the details of the œphase one trade deal touted by Trump before Xi Jinping agrees to sign it. In other words, Friday wasn’t even Phase 1 – it was more like Phase 0. As Bloomberg adds, Beijing may send a delegation led by China’s top negotiator, Liu He, to finalize a written deal that could be signed by the presidents at the Asia-Pacific Economic Cooperation summit next month in Chile. Why the delay? Because as we wrote over the weekend in “ |
| Lira Slides As Trump Warns “Big Sanctions On Turkey Coming!”Lira Slides As Trump Warns “Big Sanctions On Turkey Coming!” Over the weekend, a flurry of reports about the devastation in northeastern Syria were published by American media outlets. Then, finally, on Sunday, news arrived that the Kurds had struck a deal with the government of Bashar al-Assad – just as several American lawmakers had anticipated – suggesting that the fighting in Syria’s northeast is only just beginning. But the lira tumbled Monday morning as President Trump, in a series of tweets, let it be known that Washington is preparing “Big Sanctions” on Turkey after Trump last week granted the Treasury Department emergency power to levy such sanctions when and if it saw fit.
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| Abhijit Banerjee: The Nobel laureate who called out DeMo moveAbhijit Banerjee: The Nobel laureate who called out DeMo moveBanerjee was also one of the advisors to Congress on its ambitious NYAY scheme, proposed ahead of 2019 polls. |
| Retail inflation rises to 3.99% in SeptemberRetail inflation rises to 3.99% in SeptemberThis is the highest rate retail inflation has reached in a year since Oct 2018. |
| HUL Q2 profit jumps 21% YoY to Rs 1,848 crHUL Q2 profit jumps 21% YoY to Rs 1,848 crThe numbers beat an ET Now poll estimate of Rs 1,700 crore by a wide margin. |
| Trump administration’s proposed food-stamp cutbacks could worsen America’s obesity epidemicResearch shows obesity is associated with food insecurity. |
| Forecaster of the Month: Eroding profit margins will push U.S. into recession in 2020, leading forecaster saysStephen Gallagher stands out among Wall Street economists because he’s one of the few willing to go on the record to forecast a recession in 2020. And because he’s not blaming it on tweets, Trump or tariffs. |
| The Moneyist: I earn twice my husband’s salary and pay all the bills ” now he hides all his savings‘I am starting to worry because we are almost 50 and have a 16-year-old child who is about to go to college.’ |
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