Written by Gary
Oil soars 10% after attack on massive Saudi oil facilities (SPY -0.4%). Broader losses are modest as the U.S. is less dependent on imported oil than it used to be.
Here is the current market situation from CNN Money | |
North and South American markets are mixed today. The IPC is up 0.40% while the Bovespa gains 0.22%. The S&P 500 is off 0.46%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Airbus, French exporters reel as U.S. tariffs loom in subsidy rowShares in Airbus and French luxury goods exporters fell on Monday as the European Union acknowledged it may face U.S. tariffs in a long-running dispute over aircraft subsidies, part of an escalating tit-for-tat trade row. | |
Biggest oil price surge since 1991 as ‘locked and loaded’ U.S. points finger at Iran for attackAn attack on Saudi Arabia that shut 5% of global crude output triggered the biggest surge in oil prices since 1991, after U.S. officials blamed Iran and President Donald Trump said Washington was “locked and loaded” to retaliate. | |
Evidence indicates Iranian arms used in Saudi attack, say SaudisThe Saudi-led military coalition battling Yemen’s Houthi movement said on Monday that the attack on Saudi Arabian oil plants was carried out with Iranian weapons and was not launched from Yemen according to preliminary findings. | |
U.S., Chinese trade deputies seen meeting Friday: U.S. Chamber CEOU.S. and Chinese deputy trade negotiators are expected to meet on Friday, with senior negotiators likely to meet about a week and a half later, U.S. Chamber of Commerce CEO Tom Donohue said on Monday, citing a conversation with U.S. Trade Representative Robert Lighthizer. | |
Too soon to say if U.S. emergency oil release needed, Perry tells CNBCU.S. Energy Secretary Rick Perry said on Monday it was too soon say whether the United States would have to tap its emergency petroleum reserves following weekend attacks on Saudi Arabian oil facilities that shook global oil markets. | |
GM, UAW restart talks as workers take to picket linesNegotiators for General Motors Co and the United Auto Workers resumed talks Monday at 10 a.m. EDT to resolve a strike that shut down the automaker’s highly profitable U.S. operations. | |
Oil soars 10% after attack on massive Saudi oil facilitiesOil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom’s production in half and threatened to hamper shipments from the world’s largest crude exporter. | |
Apple takes fight against 13-billion-euro EU tax order to courtApple will launch a legal challenge on Tuesday to a European Commission order to pay 13 billion euros ($14.4 billion) in Irish back taxes in a landmark case in the EU’s crackdown on tax avoidance by multinational companies. | |
U.S. envoy tells U.N. Security Council indications Iran behind Saudi oil attacksU.S. Ambassador to the United Nations Kelly Craft told the Security Council on Monday that emerging information on attacks on Saudi oil facilities “indicates that responsibility lies with Iran” and that there is no evidence the attack came from Yemen. | |
Amazon Reportedly Changed Search Algorithm To Favor More Profitable ProductsAmazon Reportedly Changed Search Algorithm To Favor More Profitable Products After publishing a steady stream of scoops about Amazon’s anti-competitive tendencies, the Wall Street Journal on Monday dropped one of the biggest media bombshells to rock the e-commerce giant in recent memory: That Amazon has deliberately tweaked its product-search algorithm to more prominently feature products that are more profitable for Amazon, including its own in-house brands. Multiple sources from inside the company told WSJ last year that the company’s engineers were ordered to change the algorithm so that instead of just showing customers the most relevant listings to their search, or the best sellers on the platform, they would also see companies that would have the highest return for Amazon if sold. | |
Rand Paul Warns Trump Against “Needless Escalation” Of WarRand Paul Warns Trump Against “Needless Escalation” Of War Authored by Steve Watson via Summit News, President says he’s ‘locked and loaded’ to attack Iran | |
Three JPMorgan Traders Charged For “Massive” Gold Market Manipulation FraudThree JPMorgan Traders Charged For “Massive” Gold Market Manipulation Fraud Many readers wrote us off as conspiracy theorists when we reported on signs of manipulation in the precious metals market. But as it turns out, trading desks at some of the world’s largest banks were deeply involved in what the Department of Justice described as a “massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants.” In an indictment unsealed on Monday morning, the DoJ charged Michael Nowak, a JP Morgan veteran and former head of its precious metals trading desk and Gregg Smith, another trader on JPM’s metals desk, in the probe. Both men were put on leave over the summer as the DoJ’s investigation neared its conclusion, and Nowak was previously named in a civil suit brought by the CFTC. | |
The Black Swan Is A DroneThe Black Swan Is A Drone Authored by Charles Hugh Smith via OfTwoMinds blog, What was “possible” yesterday is now a low-cost proven capability, and the consequences are far from predictable. Predictably, the mainstream media is serving up heaping portions of reassurances that the drone attacks on Saudi oil facilities are no big deal and full production will resume shortly. The obvious goal is to placate global markets fearful of an energy disruption that could tip a precarious global economy into recession. The real impact isn’t on short-term oil prices, it’s on asymmetric warfare: the coordinated drone attack on Saudi oil facilities is a Black Swan event that is reverberating around the world, awakening copycats and exposing the impossibility of defending against low-cost drones of the sort anyone can buy. (Some published estimates place the total cost of the 10 drones deployed in the strike at $15,000. Highly capable commercially available drones cost around $1,200 each.) The attack’s success should be a wake-up call to everyone tasked with defending highly flammable critical infrastructure: there really isn’t any reliable defense against a coordinated drone attack, nor is there any reliable way to distinguish between an Amazon drone delivering a package and a drone delivering a bomb. Whatever authentication protocol that could be required of drones in the future–an ID beacon or equivalent–can be spoofed. For example: bring down an authenticated drone (using nets, etc.) … | |
Fate of Q2 will decide the road we take, says RBI GovernorFate of Q2 will decide the road we take, says RBI GovernorThe government is fully aware of the fiscal challenge and growth remains the highest priority for RBI, Das said. | |
India’s oil import bill awaits crude shockIndia’s oil import bill awaits crude shockThe coordinated strikes on Saudi oil fields will hit India’s oil import bill, Singapore’s DBS Banking Group said. | |
Is a health plan worth it? What you must knowIs a health plan worth it? What you must knowHow well are you protected? Find out the age at which you should get insured and the cover size you may need. | |
These are the worst tippers in AmericaA new study says some people are Grinches when it comes to adding that 20%. Do you fit that bill? | |
The Ratings Game: Uber stock is a buy-one-get-one-free deal, analyst contendsShares of Uber Technologies Inc. and Lyft Inc. received a boost Monday after HSBC analyst Masha Kahn turned bullish on both ride-hailing stocks, writing that the œprice is right to invest in the beaten-down industry. | |
U.S. bidder Advent wins £4 billion bid battle for U.K. defense group CobhamCobham became the latest British company to fall into foreign hands after U.S. buyout group Advent International clinched its £4 billion ($5 billion) takeover bid for the historic defence and aerospace supplier. |
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