Written by Gary
US stocks fell modestly this morning and have been trading sideways going into early afternoon trading (SPY -0.4%) after the US imposed tariffs on aluminum and steel imports from Canada, Mexico and the European Union.
Here is the current market situation from CNN Money
North and South American markets are mixed. The Bovespa is higher by 1.85%, while the S&P 500 is leading the IPC lower. They are down 0.38% and 0.16% respectively.
Traders Corner – Health of the Market
Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.
What Is Moving the Markets
|Here are the headlines moving the markets.|
WASHINGTON/PARIS (Reuters) – The United States on Thursday said it will impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union, ending months of uncertainty about potential exemptions and reigniting fears of a global trade war.
(Reuters) – U.S. stocks fell on Thursday after the United States decided to impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union, sparking fresh worries over a trade war with its top allies.
WASHINGTON (Reuters) – U.S. consumer spending posted its biggest gain in five months in April, a further sign that economic growth was regaining momentum early in the second quarter, while inflation continued to rise steadily.
CHARLESTON, S.C. (Reuters) – For America’s fastest growing East Coast ports, trade with China equals billions of dollars of investment and thousands of well-paid jobs in the heart of Trump country and not, as the president portrays it, the death knell for America’s middle class.
(Reuters) – Japan’s SoftBank Group Corp will invest $2.25 billion in General Motors Co’s autonomous vehicle unit Cruise, the companies said on Thursday, a deal that validates the venerable Detroit automaker’s leadership in self-driving cars and sent GM shares up more than 10 percent.
WASHINGTON (Reuters) – U.S. Commerce Secretary Wilbur Ross will hold a news briefing at 9 a.m. (1300 GMT) to announce “Section 232” national security-related tariff modifications, the U.S. Commerce Department said in a statement on Thursday.
LONDON (Reuters) – The aluminum empire of Russian magnate Oleg Deripaska is in close contact with the U.S. Treasury, but needs until mid-summer to come up with a plan to meet U.S. requirements to escape sanctions, the chairman of its holding company told Reuters.
NORTH CHARLESTON, S.C. (Reuters) – A small group of workers at Boeing Co’s South Carolina jetliner factory is voting on Thursday on whether to form a “micro union,” despite efforts by Boeing to challenge the election.
FRANKFURT (Reuters) – The United States Federal Reserve last year designated Deutsche Bank AG’s U.S. operations to be in “troubled condition”, The Wall Street Journal reported, citing people familiar with the matter.
Update: Spanish Prime Minister Rajoy refuses to resign ahead of tomorrow’s ‘done deal’ vote of no confidence in his administration (given that the opposition apparently has the votes) and Maria Cospedal has confirmed that centre-left Socialist party leader Pedro Sanchez is set to become the new Spanish prime minister.
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Mariano Rajoy became prime minister of Spain on December 20, 2011 and barring some miracle, his political career will end on June 1, 2018, because moments ago it appears that the required number of votes to ouster the premier in tomorrow’s vote of no-confidence was reached.
As we reported earlier, Socialist leader Pedro Sanchez who is spearheading the vote against the unpopular premier, already had the backing of the anti-establishment group Podemos, and Catalan separatists Esquerra Republicana and PdeCat. He only needed the support of Basque Nationalists to clinch it.
Moments ago the Basques officially sided with Sanchez, when the Basque Nationalists informed both Rajoy’s People’s Party and the Socialists that they’ve decided to vote against the prime minister, according to state broadcaster Television Espanola. With the Catalans of PdeCat also expected to support Sanchez, that would be enough to defeat Rajoy, as there are now 177 votes against Rajoy with 176 needed.
On Tuesday, headlines were filled with reports out of Ukraine – which not a single journalist decided to fact-check – that a prominent anti-Putin journalist, Arkady Babachenko, had been murdered in his Kiev apartment – “shot three times in the back” after returning from the store to buy bread. Immediately, the echo chamber shouted “Putin’s fault.”
The next day, Babachenko showed up at a press conference, where Ukrainian authorities announced that his death had been an elaborate hoax in order to catch his actual assassins who they claim are now in custody.
On the same day as President Trump (and Sarah Sanders) highlight the utter hypocrisy of the liberal media, TBS comedian Samantha Bee ‘jumped the shark’.
On the night before she is set to receive an award from the Television Academy for “advancing social change,” The Daily Caller’s Derek Hunter reports that the so-called comedian called presidential adviser (and first daughter) Ivanka Trump a “feckless c**t” in her show’s monologue.
The crowd then screamed and cheered.
And here is the …
The Italian political crisis may be (almost) over (for now).
According to La Stampa, Italy’s populist ruling parties, the 5-Star and the League, have reached an agreement in which the controversial nominee for finance minister, 82-year-old euroskeptic Paolo Savona, will instead become EU affairs minister while the pro-Euro public servant, Giovanni Tria who is currently President of the Italian National School of Public Administration, will take the sensitive post of finance minister. Enzo Moavero-Milanesi, who previously served Minister of European Affairs in the Monti Cabinet and the Letta Cabinet, will become Foreign Minister.
A little-noticed part of lawsuit says Redstone could sell a combined company and give up control.
WellCare’s planned acquisition of Meridian shows why small health insurers should bulk up.
Leading lights of the hedge fund world have gathered in Hong Kong to float their big bets on stocks at the annual Sohn conference. One of their biggest challenges: The local market’s setup.
Written by Steven Hansen
The National Association of Realtors (NAR) seasonally adjusted pending home sales index improved. Our analysis says pending home sales is in contraction year-over-year. The quote of the day from this NAR release:
The dollar holds steady with inflation data due later.
Eurozone inflation that’s creeping up toward the European Central Bank’s target and Italy’s political turmoil could pull policy makers in opposite directions, and the struggle could spell further weakness for the euro.
The Federal Reserve has a hard time communicating with the public, especially when theory and reality diverge, writes Caroline Baum.
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