15Oct2019 Market Close: Wall Street Jumps On Brexit Deal May Be Close, WTI Slips Into The 52 Handle, Bullion, Bitcoin, and Black Gold Bruised, DOW Closed Up 237 Points

Big banks say U.S. consumers sturdy as businesses quiver with growth fears

Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing.

U.S. board to determine probable cause of Southwest engine failure that killed one

The U.S. National Transportation Safety Board (NTSB) said on Tuesday it will meet to determine the probable cause of the April 2018 uncontained engine failure of Southwest Airlines flight 1380 that killed a passenger who was partially sucked out the window.

Stocks jump on report Brexit deal may be close, oil slips

Stocks in Europe and on Wall Street jumped about 1% on Tuesday on strong U.S. corporate results and a possible deal to avoid a disorderly British exit from the European Union, while oil prices fell as weak China data kindled global economic fears.

Oil falls on weaker economic growth forecasts and swelling U.S. crude stocks

Oil prices fell on Tuesday, as investors worried that the unrelenting U.S.-China trade war would keep squeezing the global economy, and that swelling U.S. crude inventories would further pressure prices.

Fidelity to review ties with money manager after ‘inappropriate’ comments

Fidelity Investments criticized money manager Kenneth Fisher on Tuesday over what it called inappropriate remarks he made at an investment conference last week, saying it was reviewing the $500 million Fisher’s firm manages for the mutual fund giant.

Consumer banking powers Citigroup’s profit beat

Citigroup Inc reported higher-than-expected earnings on Tuesday off the back of its global consumer business, showing consumer spending and sentiment remain high.

Google unveils Pixel 4 phones with radar, more affordable laptop

Alphabet Inc’s Google unveiled new Pixel smartphones with higher quality cameras, a radar sensor to track hand gestures and faster virtual assistant on Tuesday, but the devices had no surprise features to set them apart from rivals and nix concerns about price.

Wall Street advances as earnings season hits the road running

Wall Street jumped on Tuesday as third-quarter reporting season kicked into high gear with a spate of upbeat earnings reports that brought buyers back to the equities market.

GM, union close to deal to end month-long UAW strike: sources

General Motors Co and the United Auto Workers union were near a deal on Tuesday to end a 30-day strike that has cost the automaker about $2 billion after Chief Executive Mary Barra and President Mark Reuss took part in contract talks, according to two people briefed on the matter.

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

Stocks Soar, Shorts Squeezed; Bullion, Bitcoin, & Black Gold Bruised

The pointless search for catalysts or market-moving headlines hit a wall today for sure as US equities went panic-bid vertical at the US cash open on the basis of absolutely nothing.

China (negatively) snubbed Trump’s trade deal overnight, demanding tariffs removed before Ag buy.

China (negatively) saw CPI surge, somewhat reducing option of brad-based stimulus

Brexit (positively) was reported as being closer to becoming a deal.

Fed Repo bailout (negatively) surged to its highest since September.

Tariffs (positively) did not get implemented today (which is, of course, old news).

Earnings (negatively) signaled ugliness persists for GS and WFC.

Earnings (positively) beat (with UNH, JPM and JNJ helping support The Dow).

Lebanon Pleads For International Help As “Worst Fires In Decades” Lurch Near Beirut

Lebanon Pleads For International Help As “Worst Fires In Decades” Lurch Near Beirut

The government of Lebanon has issued an urgent cry for help from the international community as its emergency services have been caught unprepared while trying to battle over 100 fires which have spread throughout the Chouf region of Lebanon, south of Beirut, forcing mass evacuations of homes and at least one firefighter’s death.A

“Fire engines were overwhelmed by the flames in the Mount Lebanon region early Tuesday,”A The Washington PostA reports. The report notes the fires have reached into three provinces of Syria as well helped in part due to aA “heat wave hitting the region and strong winds helped intensify the fires in pine forests”.

Towards The Crisis: This Time Truly Is “Different”

Towards The Crisis: This Time Truly Is “Different”

Authored by Tuomas Malinen via GnSEconimcs.com,

The world economy has not been in a more precarious situation in over a decade. Growth is faltering everywhere, with the Eurozone flirting with recession, while central banks have returned to monetary easing after just one year of global tightening.

It is imperative to appreciate the exceptionality of the situation. Never before has the world gone into recession with interest rates so low and with the balance sheets of central banks so massive. This time truly is �different �.

Yet, many seem not to worry about what’s coming. There is a strong sense of denial among the vast majority of analysts and economists “not to mention the general population “that we could be heading intoA something catastrophic “but we are. There is simply no denying it anymore.

The onset of the crisis may also be much closer than many understand. A fragile, slowing, and over-indebted global economy, inflated asset markets and a weak European banking sector combine forming a highly-explosive mixture, which many fail to acknowledge. Possible trade truce (or a deal) would do very little to solve these issues.

From non-standard to fragile (and beyond)

As we have repeatedly warned for several years, the constant meddling by central banks in global bond markets has seriously distorted the price of risk (see, e.g.,A this,A

Jamie Dimon Warns “Of Course There Is A Recession Ahead”

Jamie Dimon Warns “Of Course There Is A Recession Ahead”

JP Morgan CEO Jamie Dimon’s recession forecasts are growing increasingly vague.

After Tuesday morning’s barrage of bank earnings, which sent JPM shares higher as the bank reported record quarterly revenue, the CEO said during a conference call with reporters. Dimon said that geopolitical tensions (i.e. the US-China trade war) have not only discouraged economists, but American consumers and businesses, too.

“It does look like geopolitics, particularly around China and trade, are reducing business confidence and business capital expenditure,” Dimon said during the call.

During trade negotiations late last week in Washington, the Chinese delegation reportedly offered to drop restrictions prohibiting foreign financial firms from owning a controlling stake in mainland financial-services companies. However, BBG reported Tuesday morning that Beijing wants Washington to drop all trade-war tariffs (Beijing had promised to spend $50 billion a year on US agricultural products) before it moves forward with any of it. JPM has agreed to buy a controlling stake in China International Fund Management (CIFM), a Chinese asset management firm.

Is recession coming? IMF predicts world’s lowest growth in 10 yrs

Is recession coming? IMF predicts world’s lowest growth in 10 yrsIMF’s World Economic Outlook projections show 2019 GDP growth at 3%, down from 3.2% in a July forecast.

India Inc’s dilemma ” to take tax cut or not

India Inc’s dilemma ” to take tax cut or notA third of India Inc is yet to decide on whether to shift to the newer corporate tax regime, a survey has found.

SBI chief has a message for probe agencies

SBI chief has a message for probe agenciesProbe agencies should keep off the company which is under the insolvency process, the SBI chairman has said.

The Margin: Fortnite is back after being sucked into a ‘black hole’ for two days

The online battle royale game turned a massive upgrade into a viral event that nearly broke its younger fans

The Tell: Bank of America declares ‘the end of the 60-40’ standard portfolio

Bank of America strategists say there are reasons to increasingly doubt the safety of bonds

Capitol Report: Trump in a landslide? This historically accurate model predicts exactly that

President Donald Trump has a love/hate relationship with polls, surveys and predictions. He loves the ones that paint him in a positive light, and, of course, he hates all those fake � ones that don’t. He’s going to absolutely adore this one.