Written by Gary
US Hiring Slows in October, 125,000 Private Sector Jobs Added in October: ADP (SPY flat +0.04%). Fed decision looms.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The CAC 40 is higher by 0.20%, while the DAX is leading the FTSE 100 lower. They are down 0.26% and 0.01% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | U.S. private sector job growth picks up in October: ADPU.S. private employers added 125,000 jobs in October, slightly above economists’ expectations, a report by a payrolls processor showed on Wednesday. |
| Exclusive: J&J’s own expert, working for FDA, found asbestos in Baby PowderEver since Johnson & Johnson disclosed this month that a government test had turned up asbestos in its Baby Powder, the company has attacked the validity of the result. |
| Fiat Chrysler and Peugeot in talks over potential $50 billion tie-upTalks between Fiat Chrysler and Peugeot owner PSA over a potential tie-up that could create a $50 billion car giant gathered pace on Wednesday, with one source saying a deal could be announced as early as Thursday. |
| Italian trade union fears FCA-Peugeot tie-up could hit Italian plantsItalian trade union FIOM said on Wednesday it feared a possible tie-up between Fiat Chrysler and Peugeot owner PSA could hurt Italian factories. |
| GE raises cash forecast, beats on adjusted EPS, lifting sharesGeneral Electric Co on Wednesday posted a $1.3 billion loss in the third quarter, but on an adjusted basis beat analysts’ profit estimates, helped by higher prices for aircraft parts and a strong healthcare business, and vowed to deliver $1 billion more cash this year than it had previously forecast. |
| Timeline: Fiat Chrysler and Peugeot merger talks mark next round of consolidationFiatChrysler and France’s Peugeot said they are in talks about a potential tie-up, the latest bout of auto industry consolidation as the costs of developing zero-emissions vehicles rises amid slowing global demand. |
| With Disney, Apple about to enter, the streaming wars are just beginningApple Inc’s Apple TV+ and Walt Disney Co’s Disney+ will launch competitors to streaming video pioneer Netflix Inc in November. Several others already have hit the market or will debut in the coming months. |
| BP says no decision yet on 2019 dividend hikeBP has yet to decide whether to boost its dividend by the end of the year, it said on Wednesday, after its shares fell sharply on the previous day on fears it would defer a decision to 2020. |
| Stock futures flat as earnings pour in; Fed decision loomsU.S. stock index futures were little changed on Wednesday as investors digested a fresh batch of earnings reports ahead of a widely expected interest rate cut by the Federal Reserve later in the day. |
| Deutsche Tumbles After “Bad Bank” Posts Negative Revenue, IBanking Profit Plunges 73%Deutsche Tumbles After “Bad Bank” Posts Negative Revenue, IBanking Profit Plunges 73% Deutsche Bank stock tumbled – again – after the bank reported its steepest drop since CEO Christian Sewing’s sweeping revamp in early July as Q3 fixed income trading results badly trailed its Wall Street rivals in the latest sign of the steep hurdles Germany’s biggest lender faces in its efforts to turn round the fortunes of its investment bank. Revenue in the bank’s once iconic fixed income group ” by far the biggest remaining unit of Deutsche’s downsized investment bank ” tumbled 13% year-on-year to ‚¬1.23bn. |
| ADP Employment Data Shows Manufacturing Jobs DisappearingADP Employment Data Shows Manufacturing Jobs Disappearing After plunging in May, ADP employment data bounced but has begun to rollover once again and while the trend appears to be weakness, thanks to downward revisions, the latest month was a modest pick up. September ADP revised down from +135k to +93k and October ADP printed +125k (+110k exp)… |
| White House Ukraine Expert Says He Tried To Correct Voice Recognition Transcript Of Trump-Zelensky CallWhite House Ukraine Expert Says He Tried To Correct Voice Recognition Transcript Of Trump-Zelensky Call A Ukrainian-born US army officer who was listening in on President Trump’s July 25 phone call with Ukraine President Volodomyr Zelensky says he tried to correct portions of the reconstructed transcript which note-takers and voice recognition software missed, according to his Tuesday testimony. |
| Stocks Paralyzed Ahead Of Key GDP Print, Fed’s “Hawkish Cut”Stocks Paralyzed Ahead Of Key GDP Print, Fed’s “Hawkish Cut” US equity futures and European bourses are unchanged as traders hunker down ahead of two key events: today’s Q3 GDP print, which at 1.6% expected, would be the second lowest print of the Trump presidency, but far more important will be today’s “hawkish cut” by the Fed, which the market prices in with 94% certainty, but the question is what happens after this 3rd consecutive “insurance” cut, and will the Fed admit the US is headed for a recession with more rate cuts this year of ahead of the 2020 presidential elections. Global shares slipped off 21-month highs on Wednesday as the fully-priced in prospect of a rate cut was offset by reports a Sino-U.S. trade deal may not take place in November, but a possible $50 billion merger between Fiat-Chrysler and PSA capped European losses. US equity futures struggled for traction after the S&P 500 slipped from a record on Tuesday. |
| New amnesty scheme planned to let gold hoarders come cleanNew amnesty scheme planned to let gold hoarders come cleanThe scheme is an attempt to unearth black money in the system in the form of unaccounted gold. |
| Vodafone Idea clears air on debt pileVodafone Idea clears air on debt pileVodafone Idea asserted it has not made any request for debt recast or asked for reworking of payment terms. |
| How India can become a trading hotspotHow India can become a trading hotspotVoices across the political spectrum say the last thing India can afford now is to lower its trade defenses. |
| The Ratings Game: Grubhub says customers are spreading their business among competitors, stock tanks 43%Grubhub said in a shareholder letter that customers aren’t as loyal as they used to be. |
| U.S. Treasury says it is exploring issuing 50-year bondsThe U.S. Treasury said Wednesday it is exploring offering 20-year and 50-year bonds. |
| General News: French state can still be a party pooper in Fiat-Peugeot merger talksThe government’s 12% stake in Peugeot gives it potential meddling power |
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