Written by Gary
US major stock market indexes stage rebound, trades near session highs amid tech leadership (SPY +1.0%). US Treasury yields continue to decline, manufacturing struggling as tariffs bite.
Here is the current market situation from CNN Money | |
North and South American markets are mixed today. The Bovespa is up 1.01% while the S&P 500 gains 0.94%. The IPC is off 0.15%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
China sees intensive contact ahead of next trade talks; small U.S. soybean sales reportedU.S. and Chinese negotiating teams will be in intensive contact to prepare “good groundwork” for trade talks in September, the commerce ministry said on Thursday, as Washington confirmed China’s first private purchase of soybeans since a tariff war broke out more than a year ago. | |
U.S. manufacturing struggling as tariffs bite; job market healthyU.S. manufacturing activity slowed to a near three-year low in July and hiring at factories shifted into lower gear, suggesting a further loss of momentum in economic growth early in the third quarter as trade tensions between Washington and Beijing persist. | |
‘Truck, truck and away’: Pickups drive GM’s profit beatGeneral Motors Co posted a better-than-expected net profit on Thursday as high-margin pickup trucks, SUVs and crossovers helped overcome slowing sales in the United States and China, and reiterated its full-year earnings forecast. | |
UniCredit says no evidence of any customer data breach after Capital One case-memo to staffUniCredit has found no evidence so far of any customer data having been accessed or compromised in relation to a major data breach at Capital One Financial Corp , the bank said in a memo to staff on Thursday. | |
Atlanta Fed model raises U.S. third-quarter GDP view to 2.2%The U.S. economy grew at a 2.2% annualized rate in the third quarter based on the latest data on national manufacturing activity and construction spending, the Atlanta Federal Reserve’s GDPNow forecast model showed on Thursday. | |
Higher medical costs take shine off Cigna second-quarter profit beatHealth insurer Cigna Corp raised its 2019 profit forecast on Thursday, helped by last year’s acquisition of pharmacy benefit manager Express Scripts, but medical costs in the second quarter were higher than expected and its shares fell slightly. | |
Kellogg results beat forecasts on North America demand, shares surgeKellogg Co beat Wall Street expectations for quarterly sales and profit on Thursday, and the food maker’s shares rose sharply as investments in marketing and product development drove higher demand for snacks, frozen waffles and meatless burgers in North America. | |
U.S. confirms small soybean sale to private Chinese buyerThe U.S. Department of Agriculture on Thursday confirmed a private Chinese company bought 68,000 tonnes of soybeans in the week ended July 25, the first soybean purchase since Beijing offered to exempt five crushers from import tariffs imposed more than a year ago as part of a U.S.-China trade dispute. | |
Verizon beats profit estimates as monthly phone subscribers jumpVerizon Communications Inc on Thursday beat second-quarter profit estimates as the U.S. mobile carrier added more monthly phone subscribers than expected and stepped up efforts to deploy the next-generation 5G network nationwide. | |
Comey Avoids DOJ Prosecution On Memo Leak; FISA Abuse Still On The TableFormer FBI Director James Comey will avoid prosecution after illegally leaking personal memos in the hopes of instigating the special counsel’s investigation into the 2016 US election, as reported yesterday by The Hill’s John Solomon and confirmed today by Fox News. | |
Number Of Migrants Reaching US Border Down 39% Since May, Hitting Five-Month LowThe number of migrants reaching the US-Mexico border hit a five-month low in July following the deployment of the National Guard to address the problem of illegal migration, according to Mexico’s top diplomat. | |
Thanks To Jay Powell – We’re All FX Traders Now!Authored by Richard Breslow via Bloomberg, There are clearly a lot of disgruntled traders out there. They’ll get over it. As soon as their positions get back to where they want them and make some decisions about how much they, as members of the collective group of investors, want to be engaged in the tricky month of August. This will happen sooner than thought. Although, ironically enough, there will be an ongoing yearning to receive greater clarity from Fed speakers. Which is the last thing anyone should expect. I suspect market commentators will take longer to regain their equilibrium. It’s probably overly-harsh to rake Chairman Jerome Powell too much over the coals for a less-than-spectacular performance at the press conference. He didn’t have a lot to work with. He had to be the voice of an obviously divided committee. The meeting minutes will be more than anxiously anticipated. Try not to be disappointed. Events could make them out of date very rapidly. But, make no mistake, the short-lived market mayhem wasn’t just an overreaction to the “mid-cycle adjustment” line. That was merely an unfortunate necessity to appease the dissenters and fence-sitters. And, perhaps, a reminder to others that he views only financial conditions indexes as having the right to threaten their institutional independence. | |
Chinese Army Releases “Riot Control” Video Showing Soldiers Shooting (Hong Kong) ProtestersJust on the heels of new reports of a significant build-up of Chinese security forces on Hong Kong’s border, with the White House monitoring what an admin official described as “a congregation of Chinese forces” outside the city, the chief of the Chinese military garrison in Hong Kong has warned that the army stands ready to “protect” Chinese sovereignty. | |
Rs 5,200 crore: The debt pile that did VG Siddhartha inRs 5,200 crore: The debt pile that did VG Siddhartha inCoffee Day Enterprises had a total current liability of Rs 5,251 cr as on March 31, as per a filing to the bourse. | |
IndiGo’s lucky charm has big plans for OyoIndiGo’s lucky charm has big plans for OyoGhosh, who joined Oyo as its CEO last year, is credited for the massive success of IndiGo. | |
Carmakers’ Asia dream turns into nightmareCarmakers’ Asia dream turns into nightmareChina’s slowdown has had the biggest impact, India has perhaps been the biggest disappointment for carmakers. | |
June 2019 Construction Spending Year-over-Year Growth Falls Deeper In ContractionWritten by Steven Hansen The headlines say construction declined month-over-month. Our analysis shows the rolling averages declined – and this sector is now deeper in contraction. | |
The Wall Street Journal: Spending deal clears Senate, set to get Trump’s signatureA two-year agreement to raise federal spending and at the same time lift the government’s borrowing limit will go to the president’s desk after it passed the Senate with more Democrats voting for it than Republicans. | |
Amazon takes on Stitch Fix with personal shopper serviceAmazon continues to dive into the fashion category with a new stylist service. | |
Archer Daniels is the latest food company to jump on the Beyond Meat-fueled plant-based meat bandwagonThe dizzying rise of the plant-based meat trend continued Thursday, with ingredients giant Archer Daniels Co. the latest big food player to jump on the bandwagon. |
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