08Aug2019 Midday Update: Wall Street Curbs Losses, SP 500 Up 1.5%, Gold Falls From 1500 To 1496, US Weekly Jobless Claims Fall, Labor Market Strong

Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.69% while U.S.’s S&P 500 is up 1.56% and Mexico’s IPC is up 0.28%.

Exclusive: Iraq close to pipeline deal with BP and Eni, rather than Exxon – sources

Iraq is close to reaching a deal with oil majors BP and Eni for an export pipeline project that was initially planned as part of a mega-deal with U.S. energy giant ExxonMobil, according to five senior Iraqi oil officials involved in the negotiations.

Wall Street on the rise for third day after upbeat data

U.S. stocks surged on Thursday as better-than-expected domestic and Chinese data as well as a firming yuan offered some relief to investors alarmed by a week of blow and counterblow between Beijing and Washington over trade.

Petition by Walmart employee to protest gun sales gathers over 45,000 signatures

A petition started by a junior Walmart Inc worker in California to protest the retailer’s sale of firearms, following two mass shootings over the weekend left 31 people dead in Texas and Ohio, has gathered more than 45,000 signatures.

Anadarko shareholders go for the cash in $38 billion Occidental buyout

Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp , ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.

PG&E shareholders outline possible $15 billion rights issue

PG&E Corp shareholders have committed to engaging in a rights offering worth a potential $15 billion in support of a planned reorganization of the embattled company, according to a company filing on Thursday. [https://bit.ly/2GVp33o]

Kraft Heinz withdraws outlook after dismal results

Kraft Heinz Co reported weak sales on Thursday, prompting the maker of packaged foods to write down the value of several business units by more than $1 billion and drop its full-year forecast as it struggles to lure back customers.

Oil rises due to firm yuan, expectations of more OPEC cuts

Oil jumped more than $1 per barrel on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions.

Lee, Wrangler-maker Kontoor tops estimates on new savings

Kontoor Brands Inc beat expectations for quarterly profit on Thursday as the denim apparel maker’s efforts to cut costs post its spinoff from VF Corp paid off, sending shares up over 13%.

Chinese trade data calms volatile global markets

Stronger-than-expected Chinese export data helped push global stock markets higher on Thursday following a volatile week that had investors scrambling for safety due to fears of a worldwide economic pullback.

3 Reasons Bitcoin Is Turning Into A Global Safe-Haven For Investors

Authored by Horus Hughes via CoinTelegraph.com,

China’s recent currency devaluation seems in line with similar policies taking place across the globe. Let’s take a look why Bitcoin price is rising as a result and why investors are increasingly considering taking shelter in Bitcoin — a neutral and borderless network for storing and transferring value — alongside traditional safe haven assets.

Instagram ‘Trusted Partner’ Caught Harvesting Vast Personal Data To Create Detailed Dossiers

Thanks to lax oversight and technical loopholes, Instagram allowed one of its vetted advertising partners harvest vast amounts of public user data to create detailed records of users’ physical locations, bios, and photos which were intended to disappear after 24 hours, according to Business Insider.

The Fed Continues To Make Policy Mistakes

Authored by Lance Roberts via RealInvestmentAdvice.com,

“During the last year, the Federal Reserve has hinted that the period of ‘ultra-accommodative monetary policy’ was coming to an end. The Fed started that process last October by terminating the latest ‘Quantitative Easing’ program, which induced massive amounts of liquidity into the financial markets. Subsequently, the Fed has turned its focus towards the near ZERO level of the ‘Fed Funds’ rate.” – July 6, 2015

It seems like an eternity ago now, but I warned then the Fed was too late in the cycle to tighten monetary policy due to the impact higher rates have on economic growth.

“While the Federal Reserve hopes that they can effectively raise interest rates without cratering economic growth, the problem is that the bond market may have already beaten them to the punch.

While I do not expect Treasury rates to rise very much, the increase in borrowing costs in an already weak economic environment has an almost immediate impact. The chart below shows the periods in history where Treasury rates have risen and the impact of subsequent rates of economic growth.”

Evidence Of CIA Meeting HK Protest Leaders? China Summons US Diplomats Over Viral Photo

After a viral photo surfaced this week revealing continuing contact between well-known Hong Kong pro-independence protest leaders and a US diplomatic officer, China has summoned US consulate officials stationed in the city, Bloomberg reports.

According to a statement from Office of the Commissioner of the Ministry of Foreign Affairs in Hong Kong, Chinese officials asked the Americans to clarify media reports that a US diplomat had contacted the local protest leaders. Bloomberg reports the clear firm message sent that “China firmly opposes any contacts with them and urges U.S. to stop sending wrong signals to violent law breakers in Hong Kong.”

Dear FM, here is a guide to pump-prime the economy

Dear FM, here is a guide to pump-prime the economyFirst and foremost, growth needs to be given priority over fiscal prudence and inflation control.

Finally, LTGC tax relief is around the corner

Finally, LTGC tax relief is around the cornerThe government reintroduced the long-term capital gains (LTCG) on equities in Budget 2018.

Short on cash, firms in China rely on IOUs

Short on cash, firms in China rely on IOUsChina-US trade war has escalated in recent days, posing a growing threat to an already slowing economy.

June 2018 Headline Wholesale Sales Continues to Worsen

Written by Steven Hansen

The headlines say wholesale sales declined month-over-month with inventory levels very elevated. Our analysis shows a deceleration of the rate of growth for the rolling averages.

The Ratings Game: AMD stock surges 14% after server chip Rome gives it ‘full control of the datacenter narrative’

Advanced Micro Devices Inc. shares are soaring Thursday amid optimism for the company’s second-generation Epyc 2 server chip, which is also called Rome.

How fake heiress Anna Delvey scammed me out of $62K — and the red flags I missed during our whirlwind friendship

Rachel DeLoache Williams relives her ill-fated friendship with convicted fraudster Anna Sorokin, who renamed herself Anna Delvey: ‘She was weirdly socially inept, but also very charismatic.’

Deep Dive: 20 companies, including Amazon and Chipotle, that are getting more profitable as sales improve

Earnings season is turning out to be better than expected — many companies are having their cake and eating it too.