Written by Gary
US business investment still weak, jobless claims fall (SPY -0.01% flat). Poor results from 3M pushed the blue-chip Dow Jones index into the red.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed. The IPC is higher by 0.18%, while Brazil’s Bovespa is off 0.45%. Shares in U.S. are unchanged with the S&P 500 at 3,004.58. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Oil extends gains despite weak demand outlookOil prices extended their gains on Thursday, with Brent rising above $61 a barrel as a surprise drop in U.S. crude inventories and the prospect of further market-supporting action by OPEC and its allies offset some concern over the outlook for demand. |
| Gucci posts solid growth despite Hong Kong turmoilRevenue growth at Kering SA’s Gucci brand slowed further in the third quarter, though the label managed to offset some of the turmoil in Hong Kong through business in other Asian markets and its sales beat expectations. |
| ‘Never give up!’ Draghi tells Lagarde as he leaves ECBEuropean Central Bank President Mario Draghi told his successor on Thursday to “never give up” on propping up the euro zone economy in the face of a worsening outlook and little help from governments. |
| 3M cuts profit forecast after sales miss on slowing Asia demand3M Co on Thursday became the latest U.S manufacturer to signal American corporations are suffering from the trade war with China, after it reported quarterly revenue well short of Wall Street estimates and cut its full-year profit forecast. |
| Wall Street mixed after earnings reports; 3M weighs on DowThe S&P 500 and Nasdaq indexes rose on Thursday, getting a boost from Microsoft and PayPal’s strong earnings, but poor results from 3M pushed the blue-chip Dow Jones index into the red. |
| U.S. business investment still weak; jobless claims fallNew orders for key U.S.-made capital goods fell more than expected in September and shipments also declined, a sign that business investment remains soft amid the fallout from the U.S.-China trade war but other data on Thursday showed the spat has yet to have much effect on the overall jobs market. |
| Shares edge higher, buoyed by upbeat results; sterling weakensStock markets edged higher on Thursday amid upbeat earnings reports from a slew of companies worldwide, while the British pound slipped. |
| Twitter ad platform suffers tech glitches, hitting revenue; shares tumbleTwitter Inc posted worse-than-expected quarterly revenue and profit on Thursday, plagued by unusually low demand over the summer and technical issues that hurt its advertising, sending its shares down about 19%. |
| Spirit says working with Airbus, trade representatives on tariff impactSpirit Airlines said it is working with Airbus SE and trade representatives to mitigate the impact of U.S. tariffs on European-made aircraft but does not see a near term impact on its overall cost structure. |
| Ben Carson Warns: Political Correctness Will Destroy The U.S.Ben Carson Warns: Political Correctness Will Destroy The U.S. Authored by Mac Slavo via SHTFplan.com, Housing and Urban Development Secretary Ben Carson took aim at œpolitical correctness in a warning to Americans at a contentious committee hearing. Carson is cautioning against the impulse to control speech and expression saying that it would œdestroy the country. |
| “Whatever It Took”: A Look Back At The Mario Draghi Era And His Catastrophic Legacy“Whatever It Took”: A Look Back At The Mario Draghi Era And His Catastrophic Legacy Eight years after he took over from Jean-Claude Trichet, today Mario Draghi held his last Governing Council meeting before Christine Lagarde takes over on 1 November. Draghi leaves Europe in a recession, the ECB without ammo, a wealth divide unlike any seen since the Great Depression, and his successor facing an unprecedented revolt across the ECB’s governing counsel. In short, his legacy is nothing short of catastrophic, although his advocates will quickly chime in: he managed to kick the can for 8 years. Well, he sure did, and in the process made the accumulated imbalances, and the coming crisis, that much worse. * * * During his 8 years in charge, the Euro Area eventually emerged from a period of sovereign debt crises and saw unemployment drop to 7.4%, its lowest since May 2008. However, inflation proved too stubborn to return to target (averaging 1.19% over the period), standing at just +0.8% in September, while five-year forward five-year inflation swaps standing at 1.202%, just shy of all time lows… |
| Sterling, Stocks Slammed As Johnson Calls For Fresh Elections On Dec. 12Sterling, Stocks Slammed As Johnson Calls For Fresh Elections On Dec. 12 As was widely expected following the defeat of a motion to fast-track his Brexit deal, UK Prime Minister Boris Johnson said he will call for Parliament to vote to hold fresh elections on Dec. 12. |
| Chicago’s Death Spiral: There’s No Can Left To KickChicago’s Death Spiral: There’s No Can Left To Kick Authored by Ted Dabrowski and John Klingner via Wirepoints.org, Chicago Mayor Lori Lightfoot has presented her plan to cover an $838 million budget shortfall for fiscal year 2020. Like her predecessors, she’s chosen to focus on plugging a one-year budget deficit largely with a one-off deal and a number of tax hikes. And also like her predecessors, she’s failed to attack the real sources of Chicago’s slide toward insolvency. To close the city’s deficit, Lightfoot expects $200 million to come from up-fronting 20 years of savings from a bond refinancing deal that will partially securitize $1.3 billion of debt. The savings will be a one-time event ” even though the mayor originally promised not to use one-time sources ” leaving a $200 million hole in budgets after 2020. The mayor proposes to save another $337 million through various efficiencies, including the implementation of zero-based budgeting, department mergers, better debt and tax collection, and various other financial improvements. Lightfoot wants the remaining $350 million deficit to be paid through new taxes. Her plan calls for higher taxes on ridesharing and restaurant fo … |
| World Bank has few tips for India to better its doing biz scoreWorld Bank has few tips for India to better its doing biz scoreWorld Bank says India needs “bold reforms” to move up the ladder in the ease of doing business report. |
| Soon, you can pay via UPI all over the worldSoon, you can pay via UPI all over the worldThe NPCI is working to enable this feature within next 6 months, starting with UAE and Singapore, sources said. |
| Quick takeaways from Maha, Haryana pollsQuick takeaways from Maha, Haryana pollsThe election results in Haryana and Maharashtra have come as a morale booster for a moribund Congress. |
| Tesla’s stock rally is costing short sellers $1.4 billionTesla short sellers are facing $1.4 billion in paper losses as stock rallies more than 16% on Thursday. |
| Mark Hulbert: U.S. stock market has a good chance to record new highsA contrarian analysis of market sentiment suggests a scalable ‘wall of worry,’ says Mark Hulbert. |
| Vitaliy Katsenelson’s Contrarian Edge: Why Tesla’s future might not be in Elon Musk’s handsTesla’s success depends in part on factors outside of the company’s control, writes Vitaliy Katsenelson. |
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