Written by Gary
China tamps down fears of trade-war escalation (SPY +1.3%) after Beijing says it won’t respond immediately to the latest round of tariffs imposed by Washington.
Here is the current market situation from CNN Money | |
North and South American markets are sharply higher today with shares in Mexico leading the region. The IPC is up 1.51% while U.S.’s S&P 500 is up 1.32% and Brazil’s Bovespa is up 1.12%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Apple to supply parts to independent repair shops for first timeApple Inc said on Thursday it will begin selling parts, tools and repair guides to independent shops to fix broken iPhones, a major change after years of lobbying against laws in some U.S. states that would have compelled it to do just that. | |
Exclusive: Novelis’ $2.6 billion Aleris deal set for EU green light – sourcesU.S. aluminum producer Novelis is set to secure EU antitrust approval for its $2.6 billion bid for Aleris, people familiar with the matter said on Thursday. | |
China hopes U.S. will create conditions necessary for September trade talksChina and the United States are discussing the next round of face-to-face trade talks scheduled in September, but hopes for progress hinge on whether Washington can create favorable conditions, China’s commerce ministry said on Thursday. | |
Trade war dims outlook for U.S. business operations in China: surveyU.S. companies doing business in China remain profitable, but 81% say escalating trade tensions between the world’s two largest economies have affected their business operations, a new survey released Thursday by the US-China Business Council found. | |
Shares rally as China fuels trade deal hopes, Italy moves toward new governmentU.S. and European shares advanced on Thursday as China struck a hopeful tone on trade relations with the United States and as Italy appeared close to forming a new government and resolving its political crisis. | |
Wall Street rises after China trade comments, tech boostA rise in technology stocks lifted Wall Street on Thursday, as China sounded hopeful of a resolution to the protracted trade dispute with the United States, easing investor fears of the risk of a recession. | |
New products, remodeled stores push U.S. dollar chains to boost profit forecastThe top two U.S. discount store chains raised their full-year profit forecast on Thursday as a push on adding a range of new products – from fresh food to self-owned brands – starts to pay off, cushioning a blow from increased tariffs on Chinese imports. | |
South Korea court ruling raises chance of Samsung heir’s return to jailSouth Korea’s Supreme Court on Thursday ruled that a bribery case against the heir of the Samsung Group should be reviewed by a lower court, raising the possibility of a tougher sentence and potential return to jail. | |
Volkswagen discussing Turkish car tax as it seeks deal on plant: sourcesGerman carmaker Volkswagen is holding talks with officials in Ankara over Turkey’s vehicle tax regime as it seeks to conclude a 1-billion euro investment to build a production plant in Turkey, two sources said on Thursday. | |
Forget Dudley’s Op-Ed, Trader Warns “The World Simply Can’t Afford A US Recession”Authored by Richard Breslow via Bloomberg, When I sat down to write this morning, S&P 500 futures were up nearly one-half of 1%, having spent the start of today comfortably in the green. A headline hit that Google is going to shift Pixel smartphone production to Vietnam from China and the market was sent promptly back to flat on the day. And, while it is still very early going to be sure, and recent intraday volatility makes it a mug’s game to predict what the day will bring, that’s about all that was worth. The market immediately attempted to bounce. It’s tempting to make a comment about the disconnect between markets and the real world. But that’s not possible when one shifts focus to the bond screens. | |
Iranian Tanker Makes Drastic Course Reversal As It Entered Turkish WatersWhile en route to southern Turkey on Thursday the Iranian tanker Adrian Darya made a sudden 180 degree course alteration, and is now headed away from the Turkish coast and again in the direction of EU-member Greece. Refinitiv ship tracking data as well as MarineTraffic.com showed the drastic change in course as the ship’s data signals a destination “For Order” designation, meaning the vessel isn’t disclosing any destination, after it previously listed Mersin, Turkey just days ago. It made the drastic maneuver just as it began entering Turkish territorial waters.
Current tracking data shows the ship between the coasts of Turkey and Cyprus, heading west, at a moment there’s still an active US seizure warrant for the vessel. On Monda … | |
Dalio Burned As Bridgewater Emerges As One Of The Biggest Treasury ShortsAfter we published Ray Dalio’s latest LinkedIn commentary, in which the founder of the world’s largest hedge fund ominously warned that central banks are on the verge of losing control of the global economy as their ammunition is now virtually non-existent in a world where interest rates are the lowest on record, and explicitly compared the current period to the one just preceding World War II, stating that he would “recommend that you understand the workings of the 1935-45 period closely, which is the last time similar forces were at work to produce a similar dynamic”, many immediately suggested that Dalio was merely talking his book. As it now turns out, a hypocritical take of Dalio’s recent media appearances and write ups appears appropriate, because as Bloomberg reports today, the losing ways at Bridgewater’s Pure Alpha fund – which we first noted last month had “suffered one of its worst first-half performances in two decades after being whipsawed and wrong-footed by rebounding markets” – continued, and this time it was due to the fund’s Treasury shorts. As a result of its paradoxical Treasury short – “paradoxical”, because if Dalio really believed that central bankers were on the verge of losing control, i.e., the ability to stoke inflation, he would be buying not selling bonds – Pure Alpha was down 6% through Aug. 23, and a more levered version of the fund, Pure Alpha II, was down 9% YTD. The pain was not limited to just the fund’s biggest discretionary fund: Bridgewater’s Pure Alpha Major Markets fund, which invests in a subset of the markets traded by the broader strategy, was down 18% through Aug. 23. It manages about $16 billion and since its 1991 … | |
The Argentina Siren-Song (And Where Else It’s Being Sung)Via Macro Man blog, I’m back! After an extended leave of absence I’ve decided to start writing again. < … | |
Just how much is left in its coffers after big govt payout? RBI tellsJust how much is left in its coffers after big govt payout? RBI tellsThe balance in the contingency fund as of June 30, 2019 was Rs 1,96,344 crore, RBI’s annual report said. | |
There’s no slowdown, if you read the lipsThere’s no slowdown, if you read the lipsWith big brands clocking double-digit growth rates, the colour cosmetics category has bucked the slowdown. | |
E-comm data may not fit in the privacy billE-comm data may not fit in the privacy bill MeitY is likely to reject DPIIT proposal to include ecommerce data in the proposed Personal Data Protection Bill. | |
July 2019 Pending Home Sales Slows?Written by Steven Hansen The National Association of Realtors (NAR) seasonally adjusted pending home sales index declined and the year-over-year growth returned to contraction. Our analysis shows the year-over-year rate of growth improved. The quote of the day from this NAR release:
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Market Snapshot: Dow rises over 300 points as China tamps down fears of trade-war escalationU.S. stocks rise solidly after Beijing says it won’t respond immediately to the latest round of tariffs imposed by Washington. | |
The Ratings Game: Nutanix stock soars toward best day on record but spending plans spark fearNutanix Inc.’s stock is surging toward its largest percentage gain on record, but analysts aren’t convinced that the company will sail smoothly through its transition toward being an all-software business. | |
Medill News Service: Ransomware threatens to take more businesses and governments ‘hostage’Virtually unheard of five years ago, œransomware attacks have emerged as a serious and growing risk to governments and businesses operating in the digital age. Here’s how to protect against sensitive data and records being held hostage. |
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