Written by Gary
Industrials and automotive stocks are leading a broad rally (SPY +0.5%) as a salvaged NAFTA as a trilateral pact.
Here is the current market situation from CNN Money | |
North and South American markets are mixed today. The IPC is up 0.64% while the S&P 500 gains 0.53%. The Bovespa is off 1.13%. |
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. | |
Trump cites ‘historic’ trade pact with Canada, MexicoU.S. President Donald Trump on Monday took credit for salvaging a trilateral free trade accord with Canada and Mexico, marking it as a victory in his campaign to reshape global commerce as financial markets breathed a sigh of relief. | |
Trump says new trade pact to support ‘hundreds of thousands’ of U.S. jobsU.S. President Donald Trump on Monday touted the newly reached trade deal with Canada and Mexico that will replace NAFTA as a massive job engine, creating positions across the manufacturing, agriculture, technology and financial services sectors. | |
Aston Martin narrows $6 billion IPO range after investor responseLuxury British carmaker Aston Martin has cut the upper end of its initial public offering price range to 20 pounds per share, giving it a potential market value of up to 4.6 billion pounds ($6 billion), following mixed feedback from investors. | |
Industrials lead Wall Street rally after NAFTA dealWall Street got off to a strong start of the fourth quarter on Monday, with industrials and automotive stocks leading a broad rally after a last-minute deal to salvage NAFTA as a trilateral pact. | |
Mexico readies ‘industrial policy’ to adapt to USMCA trade dealIncoming Mexican foreign minister Marcelo Ebrard on Monday said the government that takes office in December will promote an active industrial policy to help small companies adapt to rules in the new United States-Mexico-Canada Agreement trade deal. | |
StanChart braces for possible new Iran fine of about $1.5 billion: BloombergBritish lender Standard Chartered Plc is bracing for a possible new fine of about $1.5 billion linked to violations of previous Iran sanctions, a Bloomberg reporter tweeted https://twitter.com/AmberChoudhury/status/1046778971277455360. | |
U.S. factory activity slows; construction spending edges upU.S. manufacturing activity slowed in September as growth in new orders moderated sharply, but factories hired more workers, pointing to sustained strength in the sector. | |
Rescued NAFTA deal lifts stocks, Canadian dollarA last-minute agreement between the United States and Canada to rescue a trilateral NAFTA accord with Mexico drove up global stock markets and the Canadian dollar on Monday. | |
Thyssenkrupp defends landmark split as scepticism mountsGerman conglomerate Thyssenkrupp on Monday defended a landmark deal to split into two as concerns mounted over whether the plans, which will result in a 1 billion euro ($1.2 billion) tax hit, go far enough. | |
‘Sunday Night Football’ Ratings Hit Season Low As Stadiums Fail To Fill SeatsThe NFL suffered another blow this weekend after ratings for its most watched program, Sunday Night Football, hit a season low according to Deadline – thought metered market results are up year-over-year 12% after last year’s SNF aired one day after the Las Vegas shooting at Mandalay Bay.
Empty seats Meanwhile, as TV ratings dwindle, stadiums suffered from low attendance this weekend – as photos of thousands of empty seats made their way around Twitter – such as the Bengals vs. the Falcons game (Bengals won 37-36):
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Georgetown Prof: White GOP Senators In Kavanaugh Hearing “Deserve Miserable Deaths”Authored by Abigail Marone via Campus Reform, Georgetown University Distinguished Associate Professor Christine Fair tweeted that white Republican senators in the Brett Kavanaugh hearing deserve to die.
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Italian Stocks, Bonds, Euro Tumble After Europe Says Budget “Almost Certainly Violates Rules”After posting strong gains in early trading, the rally in Italian stocks has faded sharply, with the FTSEMIB index now down 0.6% after rallying 1.8% earlier and Italian bonds tumbled to session lows after Italy’s proposal for a 2.4% budget deficit saw a frosty reception at the European finance ministers gathering in Luxembourg. Italy’s embattled finance minister, whose proposal for a 1.6% deficit was steamrolled by the ruling coalition last week which instead agreed on a 2.4% number, Giovanni Tria was greeted with little enthusiasm from his counterparts according to Bloomberg; France’s Bruno Le Maire said that the European Union’s budget restrictions must be respected by everyone while European Commissioner for Economic and Financial Affairs Pierre Moscovici said that Italy’s budget amounts to a “very, very significant” deviation from its previous projections and almost certainly violated the rules. The last statement echoed an earlier report in the Italian press according to which Europe was set to reject the Italian deficit proposal, throwing the budget process in limbo, and potentially leading to another debt – and/or political – crisis.< … | |
IMF’s Lagarde Warns “Clouds On Horizon Have Materialized”, Global Growth To SlowIMF Managing Director Christine Lagarde just stole the consensus jam out of the global recovery donut, warning during a speech in Washington that trade wars and tighter credit are dimming economic outlooks, signaling that her outlook for 3.9% growth may be overdone. The fund will update its World Economic Outlook on Oct. 9 ahead of opening its annual meeting in Bali, Indonesia.
One glimpse at the collapse in global economic data and it’s perhaps more than obvious that consensus needs some adjustment…While Lagarde acknowledged the global expansion is still the fastest in seven years, recent data suggest a cooling. | |
August 2018 Headline Construction Spending Insignificantly ImprovedWritten by Steven Hansen The headlines say construction improved month-over-month but was on the lower end of expectations. The rolling averages declined. | |
September 2018 Manufacturing Survey Growth Trends MixedWritten by Steven Hansen The ISM Manufacturing survey marginally declined but continued in expansion. The key internals are in expansion. The Markit PMI manufacturing Index is in positive territory but improved. | |
The Margin: The ideal swap for Elon Musk: Al Gore?If Al Gore thought he caught a lot of flak when he was traveling around the world preaching about climate change, just wait until he takes the seat vacated by Elon Musk as chairman of Tesla’s board. | |
Outside the Box: Retirement savers should consider utilities as more than just a dividend investmentUtilities are typically seen as a defensive investment | |
NewsWatch: Here are the best new ideas in moneyIn this series we explore the next phase of money’s evolution, profiling 12 ideas with the potential to rethink money, upgrade its operating system and unlock exciting new possibilities. |
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