Written by Gary
US stock market indexes are set to open higher again this morning (SPY +0.2%) with the DOW 22,000 in sight. WTI crude off 50 dollar high as the US dollar slides as well.
Here is the current market situation from CNN Money | |
 | European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.66% while Germany’s DAX is up 0.60% and France’s CAC 40 is up 0.51%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Global growth boosts stocks, dollar mired near multi-month lowsLONDON (Reuters) – World stocks, on their longest streak of monthly gains in more than a decade, rose on Tuesday amid further signs that the global economy is in fine fettle, while the beaten-down dollar edged up slightly from 14-month lows. |
| S&P 500 to exclude Snap after voting rights debateNEW YORK (Reuters) – The S&P 500 will start excluding companies that issue multiple classes of shares, managers of the index said on Monday, a move that effectively bars Snap Inc after its decision to offer stock with no voting rights. |
| Sprint swings to a profit, helped by cost cutsNEW YORK (Reuters) – Sprint Corp on Tuesday swung to a quarterly profit for the first time in three years as the No. 4 U.S. wireless carrier slashed costs and added subscribers. |
| Thomson Reuters’ second-quarter profit tops estimatesNEW YORK (Reuters) – Thomson Reuters Corp on Tuesday reported higher-than-expected second-quarter earnings, helped by demand for market data, and increased its full-year forecast for margins and adjusted earnings per share. |
| Pfizer revenue misses on lower Prevnar, Enbrel sales(Reuters) – Pfizer Inc reported quarterly revenue on Tuesday that missed Wall Street estimates, driven by lower demand for its rheumatoid arthritis treatment Enbrel and pneumonia vaccine Prevnar. |
| Apple seeks tax breaks for suppliers to make iPhones in India: sourcesNEW DELHI (Reuters) – Apple Inc has asked the Indian government to extend tax breaks to its suppliers if India seeks to become a manufacturing hub for iPhones and its components. |
| GM slashed July rental car sales, boosted commercial fleetDETROIT (Reuters) – General Motors Co said on Tuesday it slashed July sales to rental car fleets in the United States by 80 percent compared to a year ago to just over 2,700 vehicles, while increasing sales to commercial fleets. |
| Abu Dhabi gives new deadline as 1MDB misses $600 million paymentABU DHABI/HONG KONG (Reuters) – Abu Dhabi’s sovereign wealth fund has given 1Malaysia Development Berhad’s (1MDB) five days to make a $600 million payment, which the troubled Malaysian state fund failed to pay on Tuesday, further complicating a dispute hanging over Southeast Asia’s third-biggest economy. |
| The energy patch: where rights offerings are ‘sexy’ againWILMINGTON, Del./CHICAGO (Reuters) – Energy businesses that are trying to exit bankruptcy are finding a savior in some of their own creditors, which have been scooping up newly issued stock from the companies at hefty discounts. |
| Rabobank:”Is This The Real Life? Is This Just Fantasy?”Presenting this morning’s best overnight wrap, which comes courtesy of Rabobank’s Michael Every, and whose title, “Is this the real life? Is this just fantasy?”, was inspired by obvious events. Market comments
I didn’t sleep well last night after watching the latest episode of Game of Thrones. While I enjoyed it, I couldn’t escape the feeling that major developments are happening too fast as the show tries to shoe-horn lots of developments into the remaining 4 hours of this series/season. Plots that took months of viewing to play out in the first four or five series now seem to happen on fast-forward, and colourful characters just disappear. As a result the whole world seems a little less believable somehow. Then one wakes up to find out that the new White House Communications Director Anthony Scaramucci has been fired just 11 days into his tenure. (“Is this the real life? Is this just fantasy?”) Even more amazingly, this was not due to his recent profanity-strewn interviews, or character assassination of the now ex-Chief of Staff Priebus, but allegedly because Scaramucci told the new Chief of Staff, former general John Kelly, that he didn’t report to him but directly to the president…on which note he was then summarily dismissed. Quite naturally, this news (and a weaker-than-expected Chicago PMI) have pushed the broad USD index lower yet again, and this morning in Asia we are trading at below 93 at the time of writing, the lowest point since May 2016. Indeed, EUR/USD tested over 1.1840 early this morning, the first time we’ve been there since early 2015. (Despite yesterday’s Eurozone unemployment printing at 9.1%, a ti … |
| What Investors Can Learn From the Japanese Art of KintsukuroiWhat Investors Can Learn From the Japanese Art of Kintsukuroi – What investors can learn from the Japanese art of Kintsukuroi or Kintsugi – art of repairing broken pottery with gold
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| Do We Need Trendy Terms to Encourage Recycling?Via The Daily Bell I don’t know why the media has to come up with stupid terms for everything. Reading about sustainable living, every time I see the word “lifecycling” I feel like I am hearing nails on a chalkboard. Everything has to be trendy and new, so apparently, the word recycle is out. Now recycling is a lifestyle.
Of course, I think recycling is great. I really love efficiency and hate waste, so reusing everything I can is pretty satisfying. But thriftiness is a big motivator. I take pride and find satisfaction in keeping my expenses a fraction of my overall income. |
| Frontrunning: August 1Futures higher on strong earnings season; Apple in focus (Reuters) Kelly Sends Off Scaramucci, But Real Test Will Be Taming Trump (BBG) Senate Democrats offer Republicans help on tax reform – with conditions (Reuters) Banks May Need $50 Billion New Capital After Brexit (BBG) Goldman Sachs Finds Itself in Odd Spot: Last Place in Trading (WSJ) Trump dictated misleading statement on son’s meeting with Russian (Washington Post) Struggling Stock Pickers Eye Quant Tools to Gain an Edge (BBG) Trump’s Obsession With Leaks (BBG) BP Turns a Corner, but 2010 Oil Spill Keeps Biting (WSJ) The immigrant success story that led police to a Chinese banking giant (Reuters) Greenspan Sees No Stock Excess, Warns of Bond Market Bubble (BBG) Euro-Area Econ … |
| Heineken vs. Bud: Investors Should Choose WiselyThe world’s two largest brewers, Anheuser-Busch InBev and Heineken, both sold more beer than expected in the second quarter, helped by warm weather in Europe as well as a late Easter but investors were much more excited about AB InBev’s results. |
| Chinese Banks’ Dash for Capital Gets Under WayPing An Bank said last week that it plans to issue $3.9 billion of convertible bonds, and it is unlikely to be the last bank seeking fresh capital. |
| Reality Bites for Discovery and ScrippsToday was supposed to be the happy ending in the Discovery and Scripps Networks story. Actual reality sullied the result, as weak performance by the two companies highlighted their tough positions in a tightening market. |
| Bond Report: Treasurys tread water ahead of inflation reports, other dataTreasury yields are little budged as investors await a heavy run of data Tuesday and the rest of the week. |
| Futures Movers: Crude oil hovers above $50 on signs supply is tighteningOil futures trade modestly lower on Tuesday, threatening to halt a string of gains at five, as traders paused following a brisk run-up above $50 a barrel in crude fed by encouraging signs the efforts to tamp down output are taking hold. |
| Metals Stocks: Gold challenged to hold seven-week highsGold prices edged down Tuesday from the highest levels in almost seven weeks as a battered dollar found some relief. |
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