Written by Gary
US stock futures rise in a buoyant start to November (SPY +0.3%). Jobless claims fall 2,000 to 214,000 in late October.
Here is the current market situation from CNN Money | |
European markets are mixed today. The DAX is up 0.47% while the FTSE 100 gains 0.01%. The CAC 40 is off 0.09%. |
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. | |
Google workers walk out to protest office harassment, inequalityHundreds of Google employees and contractors in Asia staged brief midday walkouts on Thursday, with thousands more expected to follow at offices worldwide, amid complaints of sexism, racism and unchecked executive power in their workplace. | |
Futures rise in buoyant start to NovemberU.S. stocks eyed a third day of gains on Thursday, leaving behind a brutal month of losses, as improving risk sentiment globally was further boosted by a string of positive earnings reports. | |
From pharma to prisons, election-sensitive stocks that could swingTuesday’s midterm U.S. congressional elections stand to have broad effects on federal government policies that could ripple through industries from healthcare and tech to gunmakers and prisons. | |
German consumer group files class action suit on behalf of Volkswagen ownersGerman consumer group vzbv filed a lawsuit against Volkswagen on Thursday over diesel emissions tests rigging, using new class-action rules which came in on Nov. 1, potentially making it easier to win damages from companies. | |
Health insurer Cigna raises forecast on tight cost controlU.S. health insurer Cigna Corp beat analysts’ estimates for quarterly profit and raised its full-year earnings forecast on Thursday, as it kept a tight lid on costs of the services provided under its health plans. | |
AirAsia X names new CEO to take over from co-foundersMalaysia’s long-haul budget carrier AirAsia X on Thursday appointed Nadda Buranasiri as its new group chief executive officer to take over from its co-founders. | |
Carl Icahn sues Dell over plans to go publicActivist investor Carl Icahn sued Dell Technologies on Thursday, alleging that the computer maker did not disclose financial information related to its plans to go public by buying back its tracking stock . | |
Vietjet to finalize $6.5 billion Airbus order: sourcesFast-growing budget carrier Vietjet Aviation is set to finalize a $6.5 billion jet order with Europe’s Airbus during a visit to Hanoi by French Prime Minister Edouard Philippe on Friday, people familiar with the matter said. | |
Deutsche Bank draws activist investment from former JPMorgan CFONew York-based activist hedge fund Hudson Executive Capital LP has taken a stake in Deutsche Bank to become one of the German lender’s largest investors. | |
Roseanne Reboot Flops Without Roseanne; “The Conners” Dead Last In RatingsABC’s reboot of the Roseanne show is a total flop – coming in dead last in ratings this week, according to Showbiz 411, which adds that just one more episode has been ordered.
In an addendum, < … | |
Cable, Gilts Unimpressed As Bank Of England Warns Of Brexit, Hot Economy In 2019Gilt yields and cable briefly rose after The Bank of England held its main lending rate unchanged in a unanimous decision with the forward guidance also unchanged (“Any future increases in Bank Rate are likely to be at a gradual pace and to a limited extent.”) as policymakers weighed economic uncertainty sparked by Brexit against higher inflation expectations. The main highlights in the statement has a slight hawkish bias, indicating that the MPC sees the output gap is closed and the economy will run hot from late 2019 amid growing wage and rising domestic costs; the BOE also discussed Brexit, saying that the economic outlook will rely significantly on the nature of the EU withdrawal. The MPC judges that the monetary response to Brexit, whatever form it takes, will not be automatic and could be in either direction. Key highlights from their statement (via RanSquawk): Unanimous on the base rate: MPC votes 9-0 to stand pat on rates at 0.75% Unanimous on corporate bonds: MPC votes 9-0 to maintain the stock of corporate bonds at GBP 10bln Unanimous on APF: MPC votes 9-0 to maintain the stock of UK government bond purchases at GBP 435bln Growth: Staff forecast GDP growth to have been around 0.6% in Q3 which is 0.2pp higher than forecast in the August QIR but growth is expected to fall back to 0.3% in Q4 Inflation: CPI inflation is forecast to remain above target for most of the forecast period before reaching 2% by the end of the third year Brexit: The economic outlook will rely significantly on the nature of the EU withdrawal. The MPC judges that the monetary response to Brexit, whatever form it takes, will not be automatic and could be in either direction (same assumption as prior) Rates: Future increases in the bank … | |
Good For A Bounce In Stocks, But How Much More?Authored by Bryce Coward via Knowledge Leaders Capital blog, The selling over recent weeks has been fast and intense, providing investors almost no relief. This type of short-term selling pressure has reached fever pitch levels that is usually indicative of some sort of relief rally, even if the ultimate lows are still ahead of us. This first chart shows the net number of positive price change days in the market over the trailing month. The current reading of -14, means that the market has been up on only six days over the last 20. There have only been several times over the preceding 15 years in when this indicator fell to -10 or below. In the table below we show the forward 1 week, 1 month and 3 month returns in each of those instances. Returns over the next week and month were skewed strongly positive while longer-term returns were very mixed. | |
Blain: “Apple Is The Only Thing That Matters Today”Blain’s Morning Porridge, submitted by Bill Blain
I am reliably informed Apple is the only thing that matters today. Matters today and will be forgotten next week. I am sure they will be fine cause I just bot a new Mac-Pro… “Sweet-spot pricing” (which seems to mean about 50% more expensive than the same thing made by another tech company) means they are on course for killer numbers. With PE at 20x I can’t help the world’s most profitable company that actually makes stuff we want to buy looks value (compared to much of the questionable stuff at crazy valuations out there..) But… I also need to catch up on the new ECB stress tests – no surprise to read on BBerg that Deutsche Bank is likely to struggle in terms of potential losses from complex assets. As for the resilience of Italian banks to a severe downturn and a widening of Italian govt spreads… No S*it Sherlock award on its way to the ECB HQ. I’ve been focused on non-market stuff the last few days – which gave me a change to step back and think. I get a sense and feel there is change in the air. Looking at the Tech sector and some of the noise about Facebook numbers, the ongoing doubts on Tesla, and the queue of IPOs, I can’t but help wonder if we are about to get a reassessment moment. When Apple’s Tim Cook is warning about data collection you have to wonder; a) is Apple about to launch its own Facebook, or b) what does he know we don’t! Brexit continues to dominate UK headlines – but Theresa May is still there. The Europeans know a deal is required. And the real world is never is bad as we think – which explains GBP on a run. Short-term we’re all focused on next week’s US mid-term elections – wil … | |
London Markets: FTSE 100 struggles against pound strength on Brexit deal hopes for banksThe FTSE 100 moves struggled to move higher Thursday as pound strength from a potential Brexit deal weighed on the index, even as banks rallied on that report. | |
Peter Morici: A conservative explains why the Republicans deserve a shellacking in the midtermsThe midterm elections are shaping up to be a debacle for House Republicans, owing to their inability to deliver on many key priorities and disciplined Democratic messaging, writes Peter Morici. | |
Metals Stocks: Gold rallies from three-week low as dollar index sinksGold prices snapped back Thursday from the nearly three-week low touched a day earlier as a leading dollar index retreated sharply. |
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