Written by Gary
US futures are trading slightly lower this morning as investors await trade developments between the US and China. DOW set to fall 80 points as G-20 puts trade in spotlight.
Here is the current market situation from CNN Money | |
European markets are lower today with shares in London off the most. The FTSE 100 is down 0.52% while Germany’s DAX is off 0.33% and France’s CAC 40 is lower by 0.13%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Oil toils after worst month in a decade, Deutsche sinks DAXOil toiled at a more than one-year low after its worst month in a decade on Friday, while most major markets were keeping moves tight ahead of a weekend meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping. | |
Canada, Mexico, U.S. sign new trade dealU.S. President Donald Trump, Canada’s Prime Minister Justin Trudeau and Mexico’s President Enrique Pena Nieto signed a new trade agreement on Friday known as the United States-Mexico-Canada Agreement (USMCA). | |
Macron, Abe to discuss Renault-Nissan at G20 as feud brewsFrench President Emmanuel Macron will discuss the Renault-Nissan alliance’s future with Japan’s prime minister at the G20 summit in Argentina on Friday, seeking to defuse a brewing diplomatic row over the balance of power inside the partnership. | |
Exclusive: Boeing eyes Lion Air crash software upgrade in 6-8 weeksBoeing Co is weighing plans to launch a software upgrade for its 737 MAX in six to eight weeks that would help address a scenario faced by the Lion Air crew during last month’s deadly crash in Indonesia, two people briefed on the matter said on Thursday. | |
World leaders set to convene Argentina summit clouded by disputesA summit of the world’s top economies will open on Friday with leaders struggling over fallout from a U.S.-China trade war that has roiled global markets and bracing for the kind of divisive geopolitical drama that President Donald Trump often brings to the international stage. | |
SoftBank becomes first Japan firm to forgo IPO price range, keeps view at 1,500 yenSoftBank chalked up another first in Japan on Friday, setting a single indicative price of 1,500 yen for its telco IPO rather than a price range as usual, pegging the deal at 2.4 trillion yen ($21.16 billion) in the country’s biggest-ever listing. | |
Oil falls as high inventories outweigh likely OPEC cutsOil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week. | |
Sanctions-hit En+ proposes moving registered office to KaliningradRussia’s En+ Group , hit by U.S. sanctions in April, has proposed to shareholders that it move its registered office to Russia’s Kaliningrad region from Britain’s Jersey. | |
Futures down on jitters ahead of U.S.-China trade talksU.S. stock index futures fell on Friday on caution ahead of a much-awaited meeting between the presidents of the United States and China at the G20 Summit, which could determine the fate of the ongoing trade dispute that has roiled financial markets. | |
Fed Wonders How Goldman Evaded Its Own Compliance Controls To Win 1MDB DealsAs we have repeatedly documented in these pages, Goldman Sachs’s relationship with the Federal Reserve isn’t limited to one between a regulator and regulatee. In fact, for decades, Goldman Sachs, more than any other bank, enjoyed an influence over the Federal Reserve – and particularly the New York Fed, the “first among equals” of the Federal Reserve system – that flips the conventional wisdom on its head: To put it succinctly, it was Goldman that dictates the rules to the Fed, not the other way around. Any doubters can familiarize themselves with the story of Carmen Segarra, who – at personal risk to any future career in banking or government – came forward several years ago with a cache of secret recordings the revealed the pervasiveness of “regulatory capture” at the New York Fed, which included evidence that her superiors repeatedly brushing aside her insistence that Goldman’s regulatory rating be downgraded because of the “conflict-ridden” nature of some of its deals (note: Segarra was making her r … | |
Goldman: The “Most Likely” Outcome Of The Trump-Xi Dinner Is More EscalationChinese President Xi Jinping and US President Donald Trump, each accompanied by senior officials (with uber China-hawk Peter Navarro present), will dine together Saturday on the sidelines of the G20 conclave in Argentina. Market participants are intensely focused on the leaders’ meeting as a potential inflection point in the escalating economic tensions between the two countries. And while many have expressed hopes that at least some tentative thawing in relations will emerge as a result of tomorrow’s meeting, Goldman Sachs disagrees, and in a Thursday note said that a continued escalation of the U.S.-China trade war would be the “most likely” outcome of the meeting. In previewing the three possible outcomes of the Saturday dinner, Goldman writes that it sees three basic scenarios for what happens after this weekend. The first and in Goldman’s view most likely outcome, is continuing on the current path of “escalation”— tariff rates rise to 25% on all imports currently under tariff, and tariffs are extended to remaining Chinese imports. A close second is a “pause”, where existing tariffs remain in place but the two sides agree to keep talking with escalation put on hold. A “deal”, which Goldman thinks is unlikely in the near term, would involve complete rollback of the current tariffs. The reason why Goldman is surprpsingly pessimistic on the outcome is because there has been a growing sense among US policymakers that China has benefited disproportionately from the bilateral economic relationship, effectively supporting a hard line stance against Beijing. This view has been articulated forcefully by President Trump, who has said for example “China has taken advantage of the United States for many, many years”, but has adherents in both political parties. Most obviously, the US trade deficit with China has widened to new highs .< … | |
Deutsche Bank Compliance Chief, 5 Board Member Offices Raided As Stock Hits All Time LowReeling from a Morgan Stanley downgrade of European Banks and a second day of raids on its Frankfurt headquarters, Deutsche Bank shares declined by another 3% on Friday to a new all time low just above 8, bringing the YTD loss to 50%. In what appears to be the latest in a string of financial crimes and scandals that have generated some $18 billion in fines since the financial crisis, prosecutors are investigating whether two employees in the bank’s wealth management division helped clients set up accounts in offshore tax havens, including the British Virgin Islands, and possibly allowed criminals to move money through these shelters, some of which may have flowed through accounts at the bank (other employees may also have been involved, prosecutors said). According to Frankfurt prosecutors, the investigation, which stems from revelations contained in the ‘Panama Papers’, covers behavior that stretched through this year, meaning that it could become a blemish on the performance of the bank’s newly-installed CEO Christian Sewing. Before becoming CEO, Sewing was responsible for the bank’s wealth management division as head of its retail bank, a position he held from 2015 to when he was … | |
Trump: Pursuit Of Moscow Hotel Deal Was “Very Legit & Cool”Any hopes that the G-20 summit would offer a brief respite from President Trump’s unceasing stream of tweets were dashed Friday morning when the president mocked allegations that he misrepresented his company’s pursuit of a Trump Tower Moscow deal that came under scrutiny Thursday after former Trump attorney Michael Cohen pleaded guilty to lying to Congress about the timeline of the deal talks (it ultimately fell apart, though talks reportedly continued until the summer of 2017). Trump again blasted the Mueller probe as a “witch hunt” and said he only “lightly looked at doing a building somewhere in Russia”. Trump added that the fact that he ran his business while running for president was “very legal and very cool.” Trump also pointed out that he put up “zero money, zero guarantees and didn’t do the project.”
| |
Rail Week Ending 24 November 2018: Contraction Continues In Economic Intuitive SectorsWritten by Steven Hansen Week 47 of 2018 shows same week total rail traffic (from same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. The economically intuitive sectors marginally declined this week – the rolling averages advanced further into contraction. | |
Metals Stocks: Gold slips as dollar gains; metal slated for a weekly slide, November gainGold prices fell Friday and were set to decline for the week as a perky dollar and weekly gains for U.S. stocks combined to weigh on the precious metal. | |
Mark Hulbert: Here’s the silver lining in traders’ outlook for goldMarket timers are warming to gold, but not enough to signal a buying opportunity, writes Mark Hulbert. | |
Cryptos: Bitcoin back below $4,000 as selloff returnsAny bitcoin revival is on hold. |
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated: