01Mar2019 Market Close: Wall Street Indexes Ends Up, DOW, SP 500 Break Three-day Losing Streak, DOW Closes +110

U.S. consumer spending, factory data point to weak first quarter GDP growth

U.S. personal income fell for the first time in more than three years in January and consumer spending dropped by the most since 2009 in December, putting the economy on a weak growth path early in the first quarter.

Wall Street indexes ends up; Dow, S&P 500 break three-day losing streak

The S&P 500 and Dow snapped three-day losing streaks on Friday as optimism about the prospects for a U.S.-China trade agreement overshadowed downbeat U.S. and Chinese manufacturing data.

Amazon plans new grocery-store business: WSJ

Amazon.com Inc plans to open dozens of grocery stores across the United States as it looks to expand in the food business, the Wall Street Journal reported on Friday, citing people familiar with the matter.

U.S. auto sales fall in February on weak SUV demand

Automakers on Friday reported a decline in U.S. light vehicle sales for February as demand for SUVs slows after years of rapid growth, pointing to a drop in overall sales in 2019.

Shares rise on trade optimism, tame inflation

World equity markets rose on Friday to end an otherwise slow week on optimism around trade and benign U.S. inflation, while crude oil retreated on news of weaker U.S. factory activity.

Canada approves extradition proceedings against Huawei executive

The Canadian government cleared the way on Friday for extradition proceedings against the chief financial officer of Huawei Technologies Co Ltd, who faces charges in the United States.

U.S. fines American Airlines, Delta for long tarmac delays

American Airlines was fined $1 million and Delta Air Lines Inc $750,000 for violating federal rules barring lengthy tarmac delays at U.S. airports, the U.S. Transportation Department said on Thursday.

U.S. trade chief courts auto union to back North American trade pact

U.S. Trade Representative Robert Lighthizer and his staff will head to Michigan next week to meet with United Auto Workers union leaders in an effort to win labor backing for a new North American free trade deal, the union said on Friday.

U.S. companies adapt to ‘endless’ China tariffs

U.S. manufacturers are accelerating their shift out of China, coming to terms with a new reality: the Trump administration’s tariffs will not go away any time soon.

Nasdaq Extends Longest Win Streak Since 1999 As Macro Data, Earnings Crash

Another week of global bond yields, earnings expectations, and macro-economic data signaling shit is hitting the fan as stocks push higher and higher on surging central bank balance sheets and global money supply…

At what point does Jay Powell look himself in the mirror and realize what a farce his entire life’s work has become.

* * *

Chinese stocks saw the best week since 2015 (mainly thanks to Monday’s utter farce)…

Mixed picture in Europe with FTSE 100 the big laggard on endless Brexit headlines and Italy up most just because nothing terrible happened this week…

Where Do Things Stand In The Gold Market?

Authored by Pater Tenebrarum via Acting-Man.com,

A Recurring Pattern

When the gold price recently spiked up to approach the resistance area even Aunt Hilda, Freddy the town drunk, and his blind dog know about by now, a recurring pattern played out. The move toward resistance fanned excitement among gold bugs (which was conspicuously lacking previously). This proved immediately self-defeating – prices pulled back right away, as they have done almost every time when the slightest bit of enthusiasm emerged in the sector in recent years.

There is a well-known resistance area in gold priced in USD between roughly $1360 and $1380. It has become the proverbial watched pot.

A number of observers were concerned about the Economist penning a few positive words about gold, as Economist endorsements of market trends are usually the kiss of death for the trend in question. We would point out though that although the pullback began the very next day, it was luckily not a page one story. As to why the Economist would suddenly endorse the safe haven qualities of gold, we have no idea. It is certainl …

Goldman Could Face $9 Billion Fine Over 1MDB Scandal, Rival Bank Says

So much for “a few bad apples.”

Goldman Sachs’ decision to underwrite three extremely lucrative bond offerings for doomed Malaysian Sovereign Wealth Fund 1MDB will almost certainly end up costing the bank many multiples of the $600 million in fees it generated from the deals (a high rate that Goldman justified by the exceptionally risky nature of the transactions). And though its CEO David Solomon has insisted that the scandal wasn’t representative of Goldman’s broader culture, revelations that senior executives – including former CEO Lloyd Blankfein – helped the bank circumvent its compliance controls and even met with a financier who is now an internally wanted fugitive have largely discredited this defense.

This is just one reason why analysts at Citigroup fear that Goldman’s “tough legal setup” amid DOJ and Malaysian investigations into the bank’s involvement could lead to fines up to $9 billion, which would rank among the largest fines ever doled out to a Wall Street bank.< …

March Will Startle Wokesterdom Out Of Its Dark Raptures

Authored by James Howard Kunstler via Kunstler.com,

Marching To Gilead

I suppose Mr. Trump dangled visions of North Korea’s future as a Buick showroom and the mysterious Kim Jong Un detected some kind of trap there. A correspondent with military intel credentials writes:

“[Eric] Hoffer’s observation that people only revolt when things are getting better seems applicable to DPRK. I can only assume that Kim and his cabal in NK know this or somehow instinctively understand it. In short, as I see it, he can’t afford to let things get really better for North Korean people. So, I believe Trump’s carrot of great economic success for DPRK’s people probably scares Kim badly.”

It was certainly hard to imagine the two leaders in conversation: The President with his larval vocabulary and Mr. Kim in his life-long solipsistic haze. Perhaps they compared hair-dos, both equally strange, would you not admit? Something tells me that Mr. Kim is not a golfer, so that was out as an icebreaker, though it’s said he does enjoy firing artillery at human targets — one thing that Mr. Trump has not been accused of by former consiglieri-turned-pagliaccio Michael Cohen. Perhaps Mr. Trump let Mr. Kim in on the glorious beauty of an American Cheeseburger, a sure-nuff wonder of the world!

22 February 2019 ECRI’s WLI Growth Rate Index Marginally Improves

Written by Steven Hansen

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

: Lyft IPO: 5 things the ride-hailing company just revealed

Lyft Inc. appears poised to beat rival Uber Technologies Inc. to an initial public offering after filings its paperwork Friday, and that’s important for a number of reasons.

Meet the ‘O.G.’ Uber and Lyft drivers who could cash in on the IPOs

These drivers may be among those that the two major car-sharing services say they will reward when the companies go public later this year.

Emerging Markets Report: China’s stocks, bonds set for inflows as index providers prepare to up weighting

Chinese assets expect to see an influx of capital as index provider MSCI said it is increasing the weighting of China-listed shares, as had been widely expected.