Written by Gary
The SP 500 turned positive this afternoon (SPY +0.5%) with help from technology stocks. Investors worried about uncertainty over Britain’s exit.
The Market in Perspective
Here are the headlines moving the markets. | |
Wall St. ends choppy session higher; tech a boostU.S. stocks ended a volatile session slightly higher on Monday, helped by gains in technology shares, though uncertainty over Britain’s exit from the European Union kept investors on edge about global growth. | |
Fed seen slowing, or even stopping, rate hikes next yearThe Federal Reserve’s plans to continue raising interest rates next year were met with more skepticism on Wall Street on Monday, with futures traders betting on a pause and one major bank partially walking back a hawkish prediction. | |
NZ’s Restaurant Brands signs deal to expand Taco Bell in NZ, AustraliaFast-food group Restaurant Brands New Zealand Ltd inked a deal to expand “Tex-Mex” food chain Taco Bell’s brand in New Zealand and in Australia’s New South Wales, the company said on Tuesday. | |
Wells Fargo won’t be allowed to grow unless problems fixed: Fed’s PowellWells Fargo & Co must keep a lid on its growth until the bank has hardened its risk management policies to prevent any further abuse of its customers, said Jerome Powell, chairman of the Federal Reserve. | |
Executive of China’s Huawei asks for bail in U.S. extradition caseA Canadian provincial court in Vancouver on Monday weighed whether to grant bail in an extradition case to a top executive of China’s Huawei Technologies [HWT.UL] following her arrest at the request of the United States. | |
Bayer CEO says has not had contact with activist investor ElliottBayer Chief Executive Werner Baumann said on Monday he has not had any contact with Elliott Management, following a Reuters report which said the U.S.-based activist investor had taken a position in the German pharmaceuticals giant. | |
Global stocks extend sell-off on growth and Brexit worriesA gauge of global equities stumbled on Monday, as losses in Europe and Asia extended to Wall Street on new signs the U.S.-China trade spat was impacting world economic growth, but rebounded from an initial drop as Apple Inc shares recovered. | |
China ruling could ban some Apple iPhones sales amid Qualcomm fightChip supplier Qualcomm Inc on Monday said it had won a preliminary order from a Chinese court banning the sale of several older Apple Inc iPhone models in China due to two patent violations around software features, though Apple said its phones remain available in the country. | |
Exclusive: Nissan, Ghosn clash over Rio apartment filled with art, cash – filingA Rio de Janeiro apartment containing cash, art works and personal belongings of Carlos Ghosn has become the latest battleground between the indicted former Nissan Motor Co Ltd chairman and the automaker. | |
Breakevening Bad: Stocks Dump-n-Pump As Crude Crashes, Pound Plunges“Sell the Asia open, Buy the European close” appears to be the theme as AAPL buying-panic saved stocks from new 2018 lows…
Weak start to the week for Chinese stocks… European markets wobbled too – thanks to France and UK chaos… and no help from Italy. | |
Kavanaugh Sides With Supreme Court Liberals In Planned Parenthood Funding FightThe Supreme Court on Monday rejected appeals by Louisiana and Kansas to block funding for Planned Parenthood, backing two lower court opinions that said that states which cut Medicaid contracts with affiliates of the organization are in violation of federal law. Notably siding with the court’s liberals was Justice Brett Kavanaugh – whose nomination to the USSC was vehemently opposed by Planned Parenthood, which claimed he would “automatically” overturn Roe v. Wade – the landmark Supreme Court case which legalized abortion. Chief Justice John Roberts also sided with Planned Parenthood, while three conservative justices, Neil Gorsuch, Clarence Thomas and Samuel Alito dissented from the decision by the nine-member court, who said that the appeals should have been heard.
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Eventually This Had To Happen: France Investigates Russia Over Yellow Vest RiotsAuthored by Mike Shedlock via MishTalk, France is investigating Russia over the yellow vest riots. Sorry, Macron, please look in the mirror. Please consider France to Probe Possible Russian Influence on Yellow Vest Riots.
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World’s Largest Cleaning Company To Fire 100,000 WorkersThe world is about to get a whole lot dirtier. On Monday, global cleaning giant Denmark’s ISS A/S, which is also one of the world’s largest private employers, pulled a page right out of the Fifth Element when it announced plans to fire about 100,000 workers as it exits 13 countries that were among its least profitable markets. The mass layoff represents about a fifth of the company’s global workforce, according to Bloomberg which notes that shareholders will get at least a quarter of as much as $383 million in anticipated net cost-saving proceeds. The countries ISS plans to exit are mostly the “poorer” variety, including various emerging markets in Asia and Eastern Europe. At the same time, the company wants to do more business with so-called key (i.e., more profitable) accounts, such as global banks. ISS, which in addition to cleaning offers services such as catering, property maintenance and security, is leaving countries that represent just 12% of its group revenue and 8% of operating profits. Going forward, the company will no longer do business in Thailand, the Philippines, Malaysia, Brunei, Brazil, Chile, Israel, Estonia, the Czech Republic, Hungary, Slovakia, Slovenia and Romania. After leaving those markets, ISS’s workforce will shrink to about 390,000 people, the company said. | |
In One Chart: Stock market on ‘cliff’s edge’ as S&P 500 tests this crucial support level: chart watcherStocks extend their decline, falling off what one chart watcher termed the “cliff’s edge” for the S&P 500 above 2,600 on Monday. | |
CryptoWatch: Cryptos or the S&P? A $1-million ‘Buffett Bet 2.0’ is brewing as Twitter feud eruptsIn one corner, NYU professor and serial doomsayer Nouriel Roubini. In the other, Morgan Creek Digital founder Anthony Pompliano. Where would you bet your money? | |
The Ratings Game: Analyst worries that Kroger comment will lead the grocer down the same path as SearsKroger’s CEO talked up the grocer’s “asset-light” partnerships, which, for one analyst, were reminiscent of Eddie Lampert’s approach to Sears’ business. |
Summary of Economic Releases this Week
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