30Aug2019 Pre-Market Commentary: Wall Street Set To Open Higher, DOW Futures Up 150 Points, Americans’ Spending Jumps In July, Inflation Is Still Quite Tame

Here is the current market situation from CNN Money

European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.21% while France’s CAC 40 is up 0.96% and London’s FTSE 100 is up 0.73%.

Trump prods General Motors over its auto plants in China

U.S. President Donald Trump, who is engaged in a trade war with Beijing, said on Friday that American automaker General Motors had opened major plants in China before he took office and should begin moving its operations back to the United States.

Campbell’s profit beats estimates on cost cuts, shares rise

U.S. food company Campbell Soup Co reported better-than-expected fourth-quarter profit, benefiting from cost cuts, sending shares up 5% before the bell.

China will exempt Tesla cars from purchase tax

China will exempt Tesla Inc’s electric vehicles (EV) from purchase tax, the Ministry of Industry and Information Technology (MIIT) said on its website.

Danske Dank reported to police for overcharging customers: regulator

Denmark’s Financial Supervisory Authority (FSA) has reported Danske Bank to the police for overcharging customers, the financial watchdog said on Friday.

Stock futures rise on U.S.-China trade optimism

U.S. stocks index futures rose on Friday, as investors took comfort from signals that the United States and China will resume trade talks.

Boeing aims to strengthen engineering oversight after panel review

Boeing Co needs to reorganize its engineering reporting lines company-wide and ensure higher ranking officials, including its CEO, get faster feedback about potential safety concerns from lower levels of the company, according to an internal review at the U.S. planemaker following two recent fatal crashes.

Oil prices fall but set for weekly gain as trade row rhetoric eases

Oil prices gave back some of their recent gains on Friday, but were still headed for the biggest weekly increase since early July, boosted by an easing of China-U.S. trade rhetoric, a decline in U.S stockpiles and a looming hurricane in Florida.

Freenet-led revolt against Sunrise’s UPC deal gains allies

Sunrise Communications’ proposed takeover of Liberty Global’s Swiss UPC business faces a revolt with at least two big investors joining top shareholder Freenet in opposing the 6.3 billion Swiss franc ($6.46 billion) deal, sources said.

Exclusive: Saudi Aramco board sees too many risks for New York IPO – sources

By Rania El Gamal, Alex Lawler, Marwa Rashad and Hadeel Al Sayegh

Americans’ Spending Jumps In July As Income Growth Slows Dramatically

Following this week’s GDP revisions, Americans’ spending was expected to reaccelerate (after slowing for 3 straight months) and incomes are expected to see growth moderate, and that is exactly what happened.

Personal Spending jumped 0.6% MoM in July (the best since April) but Personal Income rose just 0.1% MoM (well below expectations and the slowest since Sept 2018)

China Rejected Secret Hong Kong Proposal To Appease Protesters

Beijing’s role in directing the Hong Kong government throughout the extradition bill protests has been widely assumed, and following the arrest of three protest leaders Friday morning (local time), as well as the cancellation of Saturday’s march, the long-anticipated crackdown (complete with a ‘rotation’ of PLA forces) appears to have finally started.

Tesla Shares Spike 4% After Musk Gets China Auto Tax Exemption Following Shanghai Visit

Perhaps Trump should take some diplomacy lessons from Elon Musk?

Tesla shares have spiked over 4% in the pre-market session on news that the company won an exemption from a 10% Chinese tax on automotive sales, according to Bloomberg. The exemption previously only applied to domestic EV makers and will affect all Tesla models sold in China, according to China’s industry ministry.Â

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Global Stocks Surge On Trade Optimism, Ending Turbulent August With A Sea Of Green

For the second day in a row, global markets and US equity futures are a sea of green with stocks pushing higher as trade headlines bathe algos in a sea of trade optimism ahead of month end, even as the dollar ascent continued offsetting the weaker Chinese yuan which was on track for its weakest month in 2-1/2 decades.

Slowdown gets real as India clocks in slowest growth in over 6 years

Slowdown gets real as India clocks in slowest growth in over 6 yearsThe biggest laggard was Manufacturing’ sector, which saw a tepid growth of 0.6 percent.

Sitharaman unveils a mega bank merger plan

Sitharaman unveils a mega bank merger planFinance Minister announced amalgamation of ten public sector banks into four big banks.

How Sitharaman’s GenNext PSBs affect you

How Sitharaman’s GenNext PSBs affect youThese mergers could impact almost every other individual who has a savings account or FD with a PSU bank.

Outside the Box: Low interest rates are compounding the big problems facing pension funds

With more than $1 trillion in unfunded liabilities, pensions face tough conversations around increasing contributions or changing benefits.

Economic Report: U.S. consumer spending surges in July ” but inflation is still quite tame

Americans boosted spending in July on recreational goods and vehicles as well as energy to run their air conditioners, but inflation remained low enough to give the Federal Reserve room to cut interest rates next month.

Outside the Box: Why you should keep believing in Warren Buffett even though the stock market is crushing Berkshire Hathaway

The big problem is large-cap value stocks ” Buffett’s sweet spot ” haven’t done well.