21Jun2019 Midday Update: Wall Street Extend Gains, Oil Prices Rise As Iran Tension Flares, DOW Up 50 Points, WTI Remains In The 57 Handle, Pence Sparks Trade Optimism

Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 2.30%, while the IPC is leading the S&P 500 lower. They are down 0.40% and 0.02% respectively.

‘White Knight’ Delta buys stake in Korean Air parent, dampens activist threat

Delta Air Lines bought a small stake in Korean Air Lines Co’s parent company and said it wants to increase it to 10%, giving a boost to the management of South Korea’s top carrier that seeks to thwart a local activist fund’s challenge.

Citi hires slew of senior bankers away from rivals

Citigroup Inc has hired a slew of senior bankers from rivals as it looks to bolster its investment bank, the bank said on Friday.

Sparkly unicorn ice cream: Kroger’s bid to win grocery wars

(This June 20 story is refiled to correct typographical error in paragraph five.)

Airlines avoid parts of Iran-controlled airspace after U.S. regulator’s order

Some global airlines are re-routing flights to avoid Iran-controlled airspace over the Strait of Hormuz and Gulf of Oman, they said on Friday, after the U.S. aviation regulator barred its carriers from the area until further notice.

International airlines’ response to FAA on Iran airspace

The U.S. Federal Aviation Administration (FAA) issued an emergency order on Thursday prohibiting U.S. air carriers from flying in Iran-controlled airspace over the Strait of Hormuz and Gulf of Oman due to heightened tensions.

Two Fed policymakers sound inflation alarm, call for rate cuts

Two U.S. central bankers on Friday sounded the alarm on sluggish U.S. inflation and called for immediate action in response, in what amounted to a broadside against the slim majority of Federal Reserve policymakers who are disinclined to support interest rate cuts this year.

Fed’s Brainard says risks bolster argument for lower-than-expected rates

Policymakers have to shift down their future interest rate expectations because of growing risks to the U.S. economy, a Federal Reserve official said on Friday in remarks that reinforce expectations that the central bank could cut rates soon.

S&P 500 hits fresh record high as Pence sparks trade optimism

The S&P 500 hit a new all-time high on Friday, as U.S. Vice President Mike Pence’s decision to defer a planned speech on China policy rekindled optimism over trade talks between the world’s two largest economies.

Four more states join lawsuit to stop T-Mobile-Sprint deal

Four more U.S. states have joined an unusual effort by state attorneys general to stop T-Mobile US Inc’s acquisition of Sprint Corp, a New York official said at a court hearing on Friday.

It’s Not Over: Judge Approves Special Prosecutor For Jussie Smollett Case In Nautical Smackdown

A Chicago judge on Friday used a nautical analogy to approve a special prosecutor to review how Cook County State’s Attorney Kim Foxx handled the Jussie Smollett case.

Trudeau Declares Climate Emergency… Then Approves Major Oil Pipeline

Authored by Nick Cunningham via OilPrice.com,

Canada declared a national climate emergency on Monday. The next day, Prime Minister Justin Trudeau gave the greenlight to a massive oil sands pipeline.

In Emergency, Telephonic Auction US Treasury Tests Sale Of $25MM In 10Y Notes

There was some confusion this morning when the US Treasury announced it would auction off a 10Year reopening (9-Years, 11-Months), at the odd time and date of noon on Friday, unlike the traditional time of 2pm on Thursday.

So what’s going on. Well, on Thursday, the Treasury Department reminded investors that it announced on May 1, 2019, its intent to conduct a live small-value contingency auction operation in the second calendar quarter of 2019.

The reason: “Treasury believes that it is prudent to regularly test its contingency auction infrastructure. This small-value contingency auction operation will be on June 21, 2019. This will be a 9-year 11-month note auction.” Unlike traditional auctions, this was a small test to make sure the Treasury’s emergency infrastructure is operational, and as the Treasury disclosed, for this live “small-value contingency auction operation”, the following conditions applied:

Bids shall be submitted by telephone to Treasury’s fiscal agent the Federal Reserve Bank of New York (FRBNY).

Only primary dealers, as designated by FRBNY, may submit bids.

Each primary dealer can submit up to 5 competitive bids.

Net long position (NLP) reporting will not be required for this coupon.

Each competitive bid must be at a separate yield.

Customer bids will not be accepted.

Noncompetitive tenders, including FIMA tenders, will not be accepted.

SOMA will be accepted.

Moments ago the results were announced, and the details were as follows:

Size: 25 million

Maturity date: May 15, 2029 (9-year, 11-month reopening on Cusip 6T2)

Yield allotted at high: 2.065%

Bid to Cover 3.43

Awarded to Primary Dealers: 100%

By …

Thousands Of Hong Kong Protesters Hit The Streets In Third Major Demonstration

Thousands of people took to the streets of Hong Kong on Friday for the third time in less than a week, calling for the city-state’s chief executive Carrie Lam to resign, while demanding that the government drop a controversial extradition bill which would allow Hong Kong to extradite people who are wanted for crimes in mainland China.

Arsenal St out front of #HK police HQ is really packed and LOUD right now. Main call: Release them! pic.twitter.com/SV8gMieLhP

— Kong Tsung-gan / 江æ¾æ¾— (@KongTsungGan) June 21, 2019

The mostly young protesters surrounded the police headquarters in the city’s Wan Chai district on Friday – blocking roads and staging a sit-in less than half-a-mile from legislative offices.

Will FM stick to fiscal deficit target? Tax collections hold clue

Will FM stick to fiscal deficit target? Tax collections hold clueSlowing economy has created shortfall in tax collections, putting pressure on govt to inject fiscal stimulus.

What all happened in new FM’s first GST meet

What all happened in new FM’s first GST meetThe GST Council also extended the date for filing annual returns under the GST by two months to August 30.

4 tips to reduce your home loan interest

4 tips to reduce your home loan interestInterest payout on home loans is usually high, but with prudent planning borrowers can reduce it.

14 June 2019 ECRI’s WLI Growth Rate Declines Again

Written by Steven Hansen

ECRI’s WLI Growth Index which forecasts economic growth six months forward declined and has traveled deeper into contraction. ECRI also released their coincident and lagging indices.

Upgrade: The exact number of weeks ahead to book your hotel room if you want a deal

6 insider secrets for scoring a sick deal on a hotel stay.

Cannabis Watch: Cannabis stocks slammed as Canopy earnings disappoint

Cannabis stocks fell on Friday, led by Canopy Growth Corp., after the biggest company in the sector measured by market cap reported an unexpected decline in recreational pot sales in Canada in the fourth quarter from the previous one.

Futures Movers: Gasoline futures jump over 3% on refinery fire; Mideast tension continues to lift oil

Oil futures build on their gains for the week on Friday, after U.S. prices scored their highest settlement this month a day earlier, while gasoline futures shot higher amid reports of a fire at a 150-year-old refinery complex in Philadelphia.