Written by Gary
Gains on Wall Street petered out earlier (SPY +0.05% flat), as an upbeat mood fueled by of upcoming US-China trade talks and solid domestic consumer spending data.
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 2.92% while Mexico’s IPC is up 1.05% and U.S.’s S&P 500 is up 0.05%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Global stocks edge higher on trade hopes, but yuan softens as tariffs loomHopes of easing trade tensions between China and the United States helped a gauge of global stocks edge higher on Friday despite weakness on Wall Street, though caution over pending U.S. tariffs on Chinese goods put the yuan on track for its biggest monthly decline in 25 years. | |
Wall St. flattens out into Labor Day weekendGains on Wall Street petered out on Friday, with the Nasdaq index turning negative, as an upbeat mood fueled by signs of upcoming U.S.-China trade talks and solid domestic consumer spending data, waned ahead of a long Labor day weekend. | |
United extends Boeing 737 MAX flight cancellations until December 19United Airlines Holdings said on Friday it is extending the cancellation of Boeing 737 MAX flights by another month until Dec. 19 as the jets remain grounded worldwide following two fatal crashes in Indonesia and Ethiopia in the past year. | |
Oil falls ahead of hurricane but set for weekly gain as trade row easesOil futures fell on Friday, with U.S. crude down nearly 4% ahead of a hurricane near the Florida coast that could dampen demand, but prices were still headed for the biggest weekly increase since early July, boosted by an easing of U.S.-China trade rhetoric. | |
China to exempt Tesla cars from purchase taxChina will exempt Tesla Inc’s electric vehicles from its purchase tax, the Ministry of Industry and Information Technology (MIIT) said on its website on Friday. | |
Trump prods General Motors over its auto plants in ChinaU.S. President Donald Trump, who is engaged in a trade war with Beijing, said on Friday that the largest U.S. automaker, General Motors Co , should begin moving its operations back to the United States. | |
OPEC posts first 2019 oil-output rise despite Saudi cuts: Reuters surveyOPEC oil output has risen in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by U.S. sanctions on Iran, a Reuters survey found. | |
Leave room for the firetruck: Insurers help design mansions to tame disaster lossesBruce Gendelman wanted a mountainside retreat when he bought 12 acres in Aspen, Colorado. But forest fires that have torched nearby land in recent years left him concerned. | |
Campbell profit beats as soup sales heat up, shares riseCampbell Soup Co on Friday reported better-than-expected fourth-quarter profit and margins as the food company sold more soups and snacks, tightened up its supply chain and cut costs, sending shares up more than 8%. | |
Is A Coordinated Dollar Devaluation Secretly In The Works?Most of last Friday’s Jackson Hole focus was on Powell, but what Standard Chartered’s chief FX strategist, Steven Englander was struck by, was the apparent consensus among JH participants, that US rates and USD were too high, surprisingly, but hardly consciously in line with President Trump’s views. And while Englander does not see a direct line from such intellectual consensus to a weaker USD, he would not rule out that weaker USD somehow ends up as the long-term outcome. Below we recap some of the key points from Englander’s take on the “modest proposal” to reduce the USD’s role in reserves. As the FX strategist notes, a strange convergence of views emerged between President Trump and Jackson Hole (JH) participants. The president feels that lower US rates and a weaker USD would be good for the US. Participants at Jackson Hole suggested that a weaker USD and lower US interest rates would be good for the world. The similarity can be extended in that the president sees higher US rates as having choked off growth in the US economy, while the JH crowd sees higher US rates and a stronger USD as having choked off growth abroad through the risk-premium channel. | |
Why Regulation Is The Best Thing For CryptoAuthored by Peter Lin via CoinTelegraph.com, When we hear about holders of crypto being tracked down by the Internal Revenue Service, or that imprisonment is being considered for anyone using crypto in India, it conjures up a disconcerting image of what regulation might entail. | |
Poland And US Agree On Locations For New American TroopsPoland and the United States have agreed on six locations for new US troops to be stationed throughout the European nation, according to a Friday statement by Polish Defence Minister Mariusz Blaszczak. | |
GDP Profits Hold The Answers To All QuestionsAuthored by Jeffrey Snider via Alhambra Investment Partners, Revisions to second quarter GDP were exceedingly small. The BEA reduced the estimate by a little less than $800 million out of nearly $20 trillion (seasonally-adjusted annual rate). The growth rate therefore declined from 2.03502% (continuously compounded annual rate) to 2.01824%. The release also gave us the first look at second quarter corporate profits. Like the headline GDP revisions, there wasn’t really much to them. At least not when viewed in isolation. Across the series, profits were up in Q2 after being down in Q1. The amount differed depending upon the definition, but overall it wouldn’t be classified as a rebound. In other words, corporate profits were largely unchanged for the first half of 2019. Already, that’s not good. As noted not that long ago, benchmark revisions had shaved a significant amount from them to begin with. The corporate situation is therefore wildly out of tune with anything like a strong economy. In fact, the new benchmark data and even the latest estimates for the second quarter finally suggest the background behind the BLS’ recent revisions to the labor market data. | |
The merger effect on NextGen state banks, in numbersThe merger effect on NextGen state banks, in numbers ‹ ‹In place of fragmented lending capacity with 27 PSBs in 2017, now there will be 12 PSBs post consolidation. | |
CEA admits to slump after GDP date releaseCEA admits to slump after GDP date releaseIndia’s GDP expanded 5 per cent in the first quarter of this fiscal, the slowest in six and half years. | |
Apple gives final touches to its new India planApple gives final touches to its new India planApple plans to set up online selling platform, and open three of its iconic stores in India in 2-3 yrs. | |
23 August 2019 ECRI’s WLI Growth Rate Goes Deeper Into ContractionWritten by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward declined and is in contraction. ECRI also released their lagging index this week. | |
The Ratings Game: Dell stock surges as analysts cheer resilience amid weak IT spending landscapeAmid concerns about the information-technology spending landscape, Dell Technologies Inc. delivered better-than-expected quarterly results showing that the company is managing the industry challenges. | |
The Ratings Game: Ulta Beauty stock tanks as profit warning triggers multiple downgradesUlta Beaty Inc. shares slid 29% Friday, putting them on track for their biggest ever one-day percentage decline, after the specialty retailer warned that sales headwinds would dent future earnings. | |
The Conversation: Here’s the science behind hurricane forecasts and calls to evacuate3 must-reads for preparing for Hurricane Dorian. |
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