14Aug2019 Midday Update: Wall Street Down, Down, Down, DOW Falls 670 Points, WTI Crude Slips To 54.33, US Dollar Strengthens To 97.97, Investors Fear A Coming Recession

Here is the current market situation from CNN Money

North and South American markets are sharply lower today with shares in U.S. off the most. The S&P 500 is down 2.45% while Brazil’s Bovespa is off 2.18% and Mexico’s IPC is lower by 1.44%.

Ford extends warranty on 560,000 Focus, Fiesta models

Ford Motor Co said on Wednesday it was extending warranty on clutch and related hardware in 560,000 Focus and Fiesta cars that were reported to have had problems with their six-speed transmission.

Stocks, oil tank on growing signs of global slowdown

Equity markets tanked and oil prices fell sharply on Wednesday after a closely watched bond indicator pointed to the growing risk of a U.S. recession that was heightened by data showing Germany’s economy in contraction and China’s worsening.

Wall Street tumbles on rising fears of recession

Wall Street main indexes slid more than 2% on Wednesday, as a closely watched U.S. bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China.

Macy’s sinks as discounts to clear inventory backfire, tourism drops

Macy’s Inc slashed its full-year earnings forecast on Wednesday after missing estimates for quarterly profit for the first time in at least two years, as it discounted merchandise heavily to clear spring inventory, sending its shares down as much as 18%.

Trade tensions and a weaker yuan drive Chinese crypto demand, market players say

Trade tensions between the United States and China and a weakening yuan are boosting demand for cryptocurrencies among Chinese investors, market players from Asia to New York said.

FCC chairman circulates order to approve Sprint, T-Mobile tie-up

Federal Communications Commission Chairman Ajit Pai on Wednesday circulated a draft order that would grant approval to the $26 billion tie-up of T-Mobile Us Inc and Sprint Corp.

U.S. import prices rebound, but trend remains subdued

U.S. import prices unexpectedly rose in July, but the underlying trend continued to be weak, pointing to subdued imported inflation pressures.

Ryanair Spanish cabin crew unions threaten 10 days of strikes

Unions representing Ryanair cabin crew in Spain on Wednesday announced plans to hold 10 days of strikes in September unless the Irish airline changes its plans to close several bases in the country.

Novartis says top R&D executives no longer at Avexis unit after test data manipulation

Novartis said on Wednesday the two top research & development executives at its Avexis unit were no longer at the company after some data from early testing of Avexis’s more than $2-million gene therapy Zolgensma was manipulated.

China Prepares Its “Nuclear Option” In Trade War

Authored by Simon Watkins via OilPrice.com,

As the trade war with the U.S. continues to escalate, China has re-engaged with Iran on three key projects and is weighing the use of what both Washington and Beijing term the ‘nuclear option’, a senior oil and gas industry source who works closely with Iran’s Petroleum Ministry told OilPrice.com last week.

For the first of these projects – Phase 11 of the supergiant South Pars non-associated gas field (SP11) – last week saw a statement from the chief executive officer of the Pars Oil and Gas Company (POGC) that talks had resumed with Chinese developers to advance the project. Originally the subject of an extensive contract signed by France’s Total before it pulled out due to re-imposed U.S. sanctions on Iran, talks had been well-advanced with the China National Petroleum Corporation (CNPC) to take up the slack on development. As per the original contract, CNPC had been assigned Total’s 50.1 percent stake in the field when the French firm withdrew, giving it a total of 80.1 percent in the site, with Iran’s own Petropars Company holding the remainder. At the same time, Iran was desperate to increase the pace of development of the fields in its oil-rich West Karoun area, including North Azadegan, South Azadegan, North Yaran, South Yaran, and Yadavaran, in order to optimise oil flows ahead of further clampdowns on exports by the U.S.

Epstein’s “Madam” Found: Ghislaine Maxwell Living With Tech CEO In Multimillion Oceanfront Mansion

Jeffrey Epstein’s former “best friend” and alleged procurer of underage girls, Ghislaine Maxwell, has been found after three years of speculation.

MSM Smears Sanders For Saying MSM Smears Sanders

Authored by Caitlin Johnstone via Medium.com,

Mass media narrative managers have been throwing a fit ever since Senator Bernie Sanders criticized The Washington Post for providing unfair coverage of him at a New Hampshire town hall on Monday.

“Anybody here know how much Amazon paid in taxes last year?” Sanders asked the crowd.

“Nothing!” the crowd answered back.

“See, and I talk about that all of the time, and then I wonder why The Washington Post, which is owned by Jeff Bezos, who owns Amazon, doesn’t write particularly good articles about me. I don’t know why,” Sanders said.

The reaction has been swift and furious.

The 2s10s Just Inverted: Here’s What Happens Next

It’s official: after 12 years – and the longest central-bank propped expansion on record – the business cycle is once again officially in its death throes when this morning the 2s10s Treasury yield curve inverted for the first time since May 2007.

Uday Kotak & co cut 50% jobs to rescue crisis-ridden IL&FS

Uday Kotak & co cut 50% jobs to rescue crisis-ridden IL&FSIn its fifth progress report, the firm said the measure has helped reduce its wage bill by nearly 47%.

Jio is not done wreaking havoc in telecom

Jio is not done wreaking havoc in telecomJio’s chase for half a billion 4G customers signals continued pricing onslaught.

What happens if you miss ITR filing deadline

What happens if you miss ITR filing deadline If you file your return after midnight of Aug 31, then you are liable to pay a late fee of upto Rs 10,000.

July 2019 Import Price Year-over-Year Inflation Now -1.8% Year-over-Year

Written by Steven Hansen

Year-over-year import and export prices worsened but remain in contraction year-over-year.

Outside the Box: How the Hong Kong crisis could trigger a wider financial meltdown

Recall the 1997 Asian crisis. Then watch the yuan.

The Sniff Test: Aphria’s $70 million cash windfall is a product of its still-unexplained past

A look at cannabis producer Aphria Inc.’s stock since it released its annual report suggests something of a turnaround.

Cannabis Watch: The $4 billion time bomb ticking away inside the biggest marijuana companies

Cannabis companies that have made acquisitions at the height of excitement about Canadian legalization last year may be facing some big goodwill writedowns.