14Dec2018 Midday Update: Wall Street Extends Fall As Treasuries Advance, Weak Economic Data From China And Europe Spooks Investors, Gold Weakens As Haven Buying Lifts US Dollar

Here is the current market situation from CNN Money

North and South American markets are mixed. The IPC is higher by 0.54%, while the S&P 500 is leading the Bovespa lower. They are down 1.40% and 0.06% respectively.

Canada slams China detentions; foreign minister to press Pompeo

Canadian Prime Minister Justin Trudeau on Friday said China’s detention of two men from Canada was unacceptable and expressed concern the economy could suffer as bilateral relations deteriorate.

Wall Street drops on global growth fears; J&J tumbles on Reuters report

U.S. stocks fell on Friday as weak economic data from China and Europe rekindled fears of slowing global growth, with Johnson & Johnson leading the losses after Reuters reported the company knew for decades that asbestos lurked in its Baby Powder.

Ousted Nissan boss’ daughter takes documents, cash from apartment

The daughter of ousted Nissan chairman Carlos Ghosn early on Friday retrieved documents and cash from a corporate apartment in Rio de Janeiro, capping a legal battle over the items, which the carmaker maintains may contain evidence of wrongdoing.

U.S. consumer spending strengthening in boost to economy

U.S. consumer spending gathered momentum in November as households bought furniture, electronics and a range of other goods, which could further allay fears of a significant slowdown in the American economy even as the outlook overseas continued to darken.

N.Y. Fed’s U.S. fourth-quarter GDP growth holds near 2.4 percent

The U.S. economy is growing at a 2.42 percent pace in the fourth quarter as stronger-than-expected November data on industrial output offset the steepest drop in import prices in over three years last month, the New York Federal Reserve’s Nowcast model showed on Friday.

New Facebook bug exposed photos of up to 6.8 million users

Facebook Inc said it had fixed a bug that may have exposed private photos of up to 6.8 million users, the latest in a string of glitches that have caused regulators around the world to investigate the social media giant’s privacy practices.

Atlanta Fed raises U.S. fourth-quarter GDP growth view to 3 percent

The U.S. economy is expanding at a 3.0 percent annualized rate in the fourth quarter based on steady retail sales growth and stronger-than-forecast industrial output in November, the Atlanta Federal Reserve’s GDPNow forecast model showed on Friday.

LVMH splashes out on luxury hotels with $3.2 billion Belmond deal

Luxury goods maker LVMH has agreed to buy Belmond , the owner of hotels including Venice’s landmark Cipriani, for a total of $3.2 billion to raise its profile in upmarket hospitality.

Global growth worry hits stocks, but dollar gains on U.S. data

A gauge of global stocks tumbled on Friday after weak economic data from China and Europe exacerbated worries about global growth as investors considered the broader impact of the trade dispute between the United States and China.

“There’s No Plan”: GOP In Shutdown Turmoil As Trump Holds Out For Wall

GOP lawmakers are fuming over a partial government shutdown set to hit just in time for Christmas, after President Trump put his foot down in a Tuesday meeting with Democratic leaders and demanded $5 billion in funding for a border wall – as opposed to the $1.3 billion which would otherwise be appropriated.

During the Tuesday meeting with House Minority Leader Nancy Pelosi (D-CA) and Chuck Schumer (D-NY), Trump said he could easily have a bill passed by the house – to which Pelosi shot back “Then do it!”

Chuck Schumer later dug his heels in on the Senate Floor “I want to be crystal clear. There will be no additional appropriations to pay for the border wall. It’s done.”

Instead, Schumer said Democrats would pass a yearlong stopgap bill which would fund the Department of Homeland Security – or a measure funding all the departments and agencies covered by seven unfinished appropriations bills; both options which would keep the border wall funding a $1.3 billion.

With the two sides at an impasse, it appears that the partial shutdown is a foregone conclusion unless someone blinks.

“There is no discernable plan. None that’s been disclosed,” said #2 Senate Republican John Cornyn of Texas. “Everybody’s looking to [Trump] …

Buchanan: What Lies Behind The Malaise Of The West?

Authored by Patrick Buchanan via Buchanan.org,

Is it coincidence or contagion, this malady that seems to have suddenly induced paralysis in the leading nations of the West?

With lawyer-fixer Michael Cohen’s confession that he colluded with Donald Trump in making hush money payoffs to Stormy Daniels and Karen McDougal, America’s stage is set for a play that will run two years.

As Democrats test the waters for a presidential run by savaging Trump, the establishment Trump detests and defeated in 2016 will use every weapon in its considerable arsenal to break and bring him down, as it did half a century ago to Richard Nixon.

By spring 2019, Americans will be unable to escape the vitriol on cable and social media. And the outside world will see America again as a house divided. Our politics will be even more poisonous than now, and it is not easy to see what would bring our warring tribes together again.

Consider, then, the situation of our old ally Great Britain.

Prime Minister The …

Dow Tumbles, Slammed By JNJ’s Worst Day In 16 Years On Asbestos Fears

The Dow Jones is down nearly 400 points, with consumer-staple giant Johnson & Johnson responsible for nearly a quarter of this plunge…

… as JnJ is suffering its worst drop since 2002…

… with the company wiping out as much as 11% of its value, or some $35BN in market cap…

Algos Ignore Trump’s “China Deal Could Happen Soon” Jawboning

We were surprised it took President Trump this long to gloat at the weakness in Chinese economic data, but in his latest tweet, he took a shot:

“China just announce the there economy is growing much slower than anticipated because of our Trade War with them…

They have just suspended U.S. Tariff Hikes. U.S. is doing very well. “

However, China is not that much worse than US economic data, so be careful whoi you gloat at…

Of course, what really matters to Trump is the market – which has been ugly this morning – and so he offered the algos some ‘red meat’ to buy:

“China wants to make a big and very comprehensive deal. It could happen, and rather soon!”

TRUMP SAYS CHINA DEAL `COULD HAPPEN, AND RATHER SOON!’

Translation: dear algos, please buy something

— zerohedge (@zerohedge) December 14, 2018

But for now, they are ignoring him…

30 November 2018 ECRI’s WLI Growth Rate Index Marginally Improved But Remains In Contraction

Written by Steven Hansen

ECRI’s WLI Growth Index which forecasts economic growth six months forward marginally improved but remains in contraction.

5 steps you can take before year’s end to avoid an unpleasant tax surprise next year

Some things shouldn’t wait — planning for Tax Day is one of them.

Economic Report: Businesses wary as PMI readings fall to multiyear lows across the globe

If retail sales are anything to go by (and they should be), U.S. consumers feel pretty confident and are happily spending away. Businesses, by contrast, are not

Market Snapshot: Dow down 400 points after weak China data sets off alarm bells

U.S. stocks are down as investors turn their attention to weaker-than-expected China industrial production and retail sales data.