Written by Gary
The BTFDers couldn’t help the falling market today (SPY -1.2%) as investors weighed in on lingering trade tensions and exports, further heightening financial market fears of a sharp slowdown in economic growth.
The Market in Perspective
Here are the headlines moving the markets. | |
Wall St. tumbles on manufacturing dropThe Dow and S&P 500 had their worst tumble in over a month on Tuesday after data showed U.S. factory activity shrank in September to its weakest in more than a decade, ratcheting up fears that a U.S.-China trade war could hobble the world’s largest economy. | |
Deere to lay off 163 manufacturing workers in U.S.Deere & Co. said on Tuesday it will indefinitely lay off 163 U.S. manufacturing workers due to decreased customer demand. | |
American Airlines pilots demand compensation over Boeing 737 MAX groundingAmerican Airlines Group’s pilots want compensation for lost pay stemming from flights canceled as a result of the Boeing 737 MAX grounding, the head of the airline’s pilot union said on Tuesday. | |
UAW rejects new GM offer as strike forces 6,000 Mexico layoffsThe United Auto Workers union said on Tuesday it rejected a new comprehensive offer from General Motors Co to end a two-week-old strike, saying the automaker came up short on several fronts including wages, healthcare and temporary workers. | |
UAW rejects new GM offer, makes new counterproposalThe United Auto Workers union said a new comprehensive offer made by General Motors Co late Monday to end a two-week-old strike was not acceptable and said it had made a new counterproposal. | |
Exclusive: Italian prosecutors widen probe over safety of Atlantia-operated bridges – sourcesItalian prosecutors have widened an inquiry into suspected safety breaches at subsidiaries of Atlantia ATL.MI to include more employees and viaducts than they identified last month, two sources close to the investigation told Reuters. | |
U.S. manufacturing dives to 10-year low as trade tensions weighU.S. manufacturing activity tumbled to a more than 10-year low in September as lingering trade tensions weighed on exports, further heightening financial market fears of a sharp slowdown in economic growth in the third quarter. | |
Fears of U.S. slowdown weigh on stocks; bonds rallyWeak economic data in the United States and Europe weighed on global stock benchmarks on Tuesday, sending investors into safe-haven assets. | |
Big drone on campus: UPS gets U.S. government okay for drone airlineUnited Parcel Service Inc on Tuesday said it won the U.S. government’s first full approval to operate a drone airline, which gave it a lead in the nascent U.S. drone delivery business over rivals Amazon.com Inc and Alphabet Inc. | |
Global Growth Scare Sparks Safe-Haven Surge, Slam StocksGlobal Growth Scare Sparks Safe-Haven Surge, Slam Stocks “Everything was awesome” overnight – China was closed, futures drifted higher, hope remained, impeachment headlines had calmed down… and then the growth scare started in Asia with South Korean CPI deflated for the first time ever, then European PMIs plunged… But markets held in (hey, The Fed’s got our bank, right) as it’s just a fleshwound… …and then US Manufacturing ISM survey missed by a mile, dropping to its biggest contraction since 2009 – and all hell broke loose. Instantly, stocks and the dollar were dumped and safe haven flows sent gold higher and bond yields lower… | |
These Were The Best And Worst Performing Assets In September, Q3 And YTDThese Were The Best And Worst Performing Assets In September, Q3 And YTD As we enter the final quarter of an eventful 2019 so far, the month of September was a partial reversal of the fairly extreme price action that we saw in August, according to Deutsche Bank’s Craig Nicol. The big winners last month were equity markets while the bottom of the table was dominated by fixed income and precious metals. When it was all said and done, excluding currencies 23 out of the 38 assets in Deutsche Bank’s sample ended with a positive total return in local currency terms while 22 did so in dollar adjusted terms. Looking across the main winners in equity markets last month, topping the table were European Banks which returned +9.0% in local currency terms and +8.1% in dollar adjusted terms. That was the best performance for the sector since March 2017. The small sell-off in rates clearly helped, however the reality is that last month’s performance only really recouped the prior two months’ worth of losses before that. That being said the sector did have to contend with some disappointment around the ECB meeting outcome. Meanwhile, the general trend across equities was Europe outperforming the US. Indeed the STOXX 600 (+3.7%), DAX (+4.1%), IBEX (+4.9%), and FTSE MIB (+4.0%) all outperformed the S&P 500 (+1.9%) and more notably the NASDAQ (+0.5%) where a combination of sector rotation and trade war and impeachment tensions appear to have weighed more, according to DB. In Asia the Nikkei (+5.7%) outperformed the Hang Seng (+1.9%) and Shanghai Comp (+0.8%) while EM equities returned +1.9%. As for the laggards last month, Gold (-3.2%) and more notably Silver (-7.5%) dipped … | |
Trader: “We’re In The Middle Of An Existential Crisis”Trader: “We’re In The Middle Of An Existential Crisis” Authored by Sven Henrich via NorthmanTrader.com, We’re in the middle of an existential crisis. We must be. That’s what central bank policies are telling us. After all the ECB cut rates to the lowest ever with its balance sheet being at record highs and expanding. The central bank of Australia today cut rates to their lowest levels ever. These are policies of absolute panic crisis levels are they not? The Fed is intervening in repo markets every single day barely able to keep the effective Fed funds rate at target. They’ve already cut rates twice and are already expanding their balance sheet. Without these interventions markets and the economy would fall apart. That’s the message that is being sent. In any other time in history all these policy actions and their levels would be regarded as commensurate with a great crisis unfolding. | |
Byron York Dismantles Inspector General’s ‘Confusing, Ass-Covering Mess’ To Explain Whistleblower FormByron York Dismantles Inspector General’s ‘Confusing, Ass-Covering Mess’ To Explain Whistleblower Form After The Federalist’s Sean Davis dropped a bombshell last Friday that the intelligence community “secretly eliminated a requirement that whistleblowers provide direct, first-hand knowledge of alleged wrongdoings,” lawyers from the Office of the Inspector General of the Intelligence Community (ICIG) cobbled together a confusing response over the weekend to justify why a CIA ‘whistleblower’ was allowed to submit second-hand information to complain about Trump’s communications with Ukrainian President Volodomyr Zelensky, concerning former VP Joe Biden’s corruption scandal. So confusing, in fact, that the Washington Examiner’s chief White House correspondent Byron York broke down the ICIG’s response in spectacular fashion via Twitter. | |
Soon, taking builders to NCLT won’t be easy for homebuyersSoon, taking builders to NCLT won’t be easy for homebuyersGovernment is looking into setting a minimum threshold for homebuyers to be able to drag builders to NCLT. | |
Kotak & Co are on track to fix the IL&FS messKotak & Co are on track to fix the IL&FS messThe IL&FS board said it is confident on restructuring or resolving 50 per cent of the total debt. | |
6 things Zuckerberg told staff in leaked audio6 things Zuckerberg told staff in leaked audioHere are six things that Zuckerberg told Facebook employees in internal meetings, as per the transcript. | |
In One Chart: Stock investors are right to worry about October volatility ” especially this yearInvestors enter this October with a longer-than-usual list of worries. | |
In One Chart: What’s your ‘wealth number’? Find out how rich you are on a scale from minus-2 to 11Ever wonder where you fit in, wealth-wise, on a scale from œsubsistence farmer to Amazon’s Jeff Bezos? If so, Bloomberg Businessweek is here to help. | |
Schwinn-parent Dorel Industries’ stock suffers record selloff after halting dividendShares of Schwinn-parent Dorel Industries Inc. were suffering a record plunge Tuesday after the company said it would stop paying its relatively high dividend to investors, blaming ‘chaotic market conditions’ created by tariffs resulting from the U.S.-China trade war. |
Summary of Economic Releases this Week
Earnings Summary for Today
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