Written by Gary
US Treasury debt yields fell today (SPY +0.7%), with 30-year yields setting all-time lows because of recession fears.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Hudson’s Bay to sell Lord + Taylor for $100 millionHudson’s Bay Co said on Wednesday it would sell its Lord + Taylor department store business to fashion rental service company Le Tote Inc for about $100 million, as the retail operator culls its portfolio to a few key brands. |
| Privatize Petrobras? Lofty ambition, higher hurdlesBrazil’s influential finance minister has convinced President Jair Bolsonaro to consider the once-unthinkable step of privatizing state-owned oil company Petrobras , but stiff political opposition could stifle any effort to sell the country’s corporate crown jewel. |
| US ag secretary says Trump will announce way to boost biofuel demand soonU.S. President Donald Trump will announce a plan to boost demand for biofuels within weeks, Secretary of Agriculture Sonny Perdue said on Wednesday, as the administration seeks to assuage farmers angered by its expanded use of waivers freeing refineries from their obligation to blend ethanol into the fuel supply. |
| Fitbit unveils Versa 2 smartwatch with Amazon AlexaFitbit Inc on Wednesday launched its latest smartwatch, Versa 2, adding Amazon.com Inc’s voice assistant Alexa, online payments and music storage in a bid to compete strongly with Apple Inc’s smartwatches. |
| U.S. 30-year bond yields hit record low, curve inversion growsU.S. Treasury debt yields fell on Wednesday, with 30-year yields setting all-time lows, as fears about a recession and trade tensions between China and the United States stoked unrelenting demand for low-risk government debt. |
| Growing federal corruption probe hits home for UAW presidentThe FBI on Wednesday conducted searches at the home of United Auto Workers President Gary Jones, a union retreat and multiple other locations as part of a corruption probe into illegal payments to union officials, posing fresh problems for the union at a pivotal time. |
| Oil prices gain nearly 2% after drop in U.S. crude inventoriesOil prices rose nearly 2% on Wednesday after a larger-than-expected decline in U.S. crude stockpiles helped ease worries about weakening oil demand caused by the trade war between Washington and Beijing. |
| Financials, energy lead Wall Street bounceU.S. stocks advanced on Wednesday, as gains in financial and energy shares helped equities recover from initial declines, but investors remained cautious about the potential for another flare-up in U.S.-China trade tensions. |
| Huawei plans high-end phone launch under cloud of Google banHuawei Technologies plans to forge ahead with the launch of new high-end smartphones in Europe even though it may not be able to offer Google’s official Android operating system and widely used apps such as Google Maps, company executives told Reuters. |
| Stocks & Bonds Pop, Cryptos Drop, As Silver Surges Past Gold Year-To-DateUSTR confirmed that additional tariffs will be put on China next week… and The Dow roars 400 points off the lows as bond yields hit record lows… Â Chinese stocks went nowhere overnight… |
| The Social Security Ponzi Scheme Is Crumbling: Massive Cuts Or Tax Hikes ComingAuthored by Mac Slavo via SHTFplan.com, With only 15 years until social security runs out of money, the solution to this failure is being ignored. When the benefits do get cut, they will drop by 25% around 2034 when there are too many people using the government Ponzi scheme and not enough paying into it, or taxes will be increased. |
| Emerging Market FX Plunges To Record Low As Pesos PlummetEmerging market investors appear to be the most sensitive canaries in the global investing coalmine as they abandon ‘high growth’ opportunities in favor of safe-havens, sending broad-based emerging market currencies to record lows… JPMorgan’s Emerging Market FX index just hit a new record low… |
| Mish: Here’s The Many Ways That Democrats Are After Your MoneyAuthored by Mike Shedlock via MishTalk, Democrat candidates are lining up with numerous radical schemes to take your money. |
| Amazon hasn’t reached its prime in markets outside USAmazon hasn’t reached its prime in markets outside USAmazon’s international segment isn’t pulling its weight despite debut of its e-commerce services and Prime. |
| Air India gets fuel, but there’s a catchAir India gets fuel, but there’s a catchIndian Oil Corporation is supplying jet fuel to state run Air India only on a daily cash payment. |
| China is putting LinkedIn to a deadly useChina is putting LinkedIn to a deadly useThe use of social media by Chinese for what US officials call nefarious purposes has drawn scrutiny recently. |
| The Margin: Ocasio-Cortez smacks Trump with his own contradictory tweet from 2012When it comes to President Trump, there’s always a tweet. In fact, there’s a Twitter account based on that very notion. With that in mind, his staff might want to at least search the archives before sending out emails drenched in hypocrisy |
| Dow Jones Newswires: Nestlà takes step to ensure it’s not contributing to Amazon deforestationNestlà S.A. is reviewing its meat and cocoa purchases from Brazil amid heightened concerns over the fires in the Amazon rainforest. |
| Investors will give Okta a pass on profits as long as revenue speeds aheadThe high-flying cloud company is making big investments to keep selling subscriptions at a brisk pace. |
Summary of Economic Releases this Week
Earnings Summary for Today
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