25Jun2019 Midday Update: Wall Street Dragged Down By Iran Tensions, DOW Off Session Lows, Down 50 Points, WTI Climbs Into The 58 Handle, Gold Soared To Almost A Six-Year High

Here is the current market situation from CNN Money

North and South American markets are mixed. The IPC is higher by 0.27%, while the Bovespa is leading the S&P 500 lower. They are down 0.94% and 0.36% respectively.

PG&E bondholders propose competing bankruptcy plan worth up to $30 billion

A committee of bondholders of PG&E Corp’s utility unit on Tuesday proposed filing a bankruptcy reorganization plan that would inject up to $30 billion, primarily equity, to help the California power provider emerge from Chapter 11 and address its liability from wildfires.

Wall St. dragged down by Iran tensions, trade worries; Fed in focus

Wall Street’s main indexes slipped on Tuesday, hit by trade jitters and rising tensions in the Middle East, while investors focused on speeches by Federal Reserve officials for clues on monetary policy.

Oil prices tick up ahead of U.S. crude stock data

Oil prices edged up on Tuesday as investors expected U.S. data due shortly to show declining crude stocks, which outweighed concerns over U.S.-China trade tensions that could weigh on fuel demand.

European watchdogs demand detail on Facebook’s cryptocurrency

Facebook’s fledgling cryptocurrency faced mounting scrutiny on Tuesday as European central bankers and regulators demanded more detail on the social media giant’s Libra project.

AbbVie looks beyond Humira with $63 billion deal for Botox-maker Allergan

Drugmaker AbbVie Inc said on Tuesday it would buy Botox-maker Allergan Plc for about $63 billion, grabbing control of the biggest name in medical aesthetics to help reduce its reliance on blockbuster arthritis treatment Humira.

Gold soars to six-year high as trade, as Iran tensions mount

Gold soared to almost a six-year high on Tuesday on escalating U.S.-Iran tensions and U.S.-Sino trade anxiety, leading traders to pile into safe-haven government debt and to snap up the yen and Swiss franc at the expense of the dollar.

Safety first: markets wary of world politics and policy and dash for bunkers

Gold, Switzerland’s franc, Japan’s yen, top-rated government bonds, and even bitcoin — investors have dashed for havens and alternative assets this week as anxiety grows about trade wars, U.S.-Iran tensions and negative interest rates.

Facebook’s Libra coin closely watched by authorities: FSB

Facebook’s plan to expand into payments is not expected to be on the agenda of this week’s G20 summit in Japan, but the social media giant’s intentions could lead regulators to take a closer look at crypto assets, a G20 regulatory group said on Tuesday.

Japan’s Suntory joins rival Coca Cola to push Vietnam on plastic recycling

Japanese beverage giant Suntory Holdings said it would work with rival Coca-Cola as well as Nestle to push the government in Vietnam, among the biggest contributors to plastic waste in the ocean, to create a large-scale recycling system.

Is Elon Musk Gaslighting America?

Authored by Robert Scheer via TruthDig.com,

Introduction by Natasha Hakimi Zapata,

Tesla, from the get-go, has sold itself as a green dream in our era of rapidly-worsening climate change. But there’s a lot about the electric car company that’s more nightmarish than many of its fans or even the California government, which heavily subsidizes Tesla’s operations with hundreds of millions of dollars in tax exemptions and other incentives, would like to admit.

America’s Adversaries Are Buying Gold Like A Nuke Is Going Off Tomorrow

Having tested $1300 numerous times over the past few years, gold has broken dramatically higher in the last month, hitting 6-year highs as President Trump rhetoric around the world raises tensions and increases the odds of WWIII.

10 Charts That Capture The Market’s Confused Zeitgeist

In lieu of his traditional morning commentary, and while preparing for the key meeting this week, Nomura’s derivatives guru decided to pass-along a few charts “which capture the current market zeitgeist” along with the conclusion that the overall “output still speaks to the investors positioned for the end-of-cycle “Slow-flation” narrative: Long Global DM Bonds / Rates, Under-positioned for Equities rally and now tilting “Short Dollar” via tactical Longs developing in Gold, Commods and even Bitcoin.”

Of course, with the US economic expansion just 6 days away from being the longest on record (unless the NBER decides in the next few months that the recession started some time in Q2), it is not difficult to see why end-cycle trades dominate – both on Wall Street and the Fed, which is doing everything in its power to extend the weakest recovery on record my at least a few months, even if it is kicking and screaming.

“Empty Shelves & Massive Job Cuts” Loom As Zimbabwe Abandons USDollar… Again

After a decade of dollarization to escape from the hyperinflationary hell of Mugabe’s money-printing, Zimbabwe has implicitly re-introduced the ZimDollar as the nation’s sole legal tender – banning the use of currencies such as the USDollar and South African Rand in favor of its so-called RTGS dollar.

While US-China go to war, India looks to woo firms in the crossfire

While US-China go to war, India looks to woo firms in the crossfireThe plan will help grow India’s manufacturing base and will aid Modi’s flagship ‘Make in India’ initiative.

RBI loosens purse strings to pay govt’s bills

RBI loosens purse strings to pay govt’s billsThe money will come in over three years and is most likely used for regular government spending.

Panagariya on how India can get its jobs back

Panagariya on how India can get its jobs backPanagariya emphasised that an export-led growth is very critical for creation of good jobs in the country.

Proposed California bill would ban ‘deepfake’ videos

A new bill proposed late Monday by Assemblyman Marc Berman (D., Palo Alto) would ban the proliferation of so-called deepfake videos or photos 60 days before an election.

Encore: ESG is simply a fancy name for socially responsible investing

Despite the hype, new study concludes it hurts returns.

Market Snapshot: Stock market edges lower after weak U.S. data as investors await Fed’s Powell

U.S. stocks drift lower as investors await remarks by Federal Reserve Chairman Jerome Powell and other central bankers and look ahead to a meeting between President Donald Trump and Chinese leader Xi Jinping this weekend.