Written by Gary
US major stock indexes recorded new historical highs today (SPY +0.4%), as better-than-expected U.S. jobs growth added to market hopes.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Caterpillar lays off 120 in Texas as trade war saps growthCaterpillar Inc has laid off 120 temporary workers at a plant in Texas following its decision to reduce production hit by U.S. President Donald Trump’s trade war with China. |
| ArcelorMittal to hand Ilva plant back to Italian state over legal rowArcelorMittal said on Monday it was withdrawing from a deal to buy struggling Italian steelmaker Ilva after Rome reneged on a promise to give it immunity from prosecution over its heavily polluting plant. |
| Wall St. extends recent gains on trade deal optimismU.S. stocks rose on Monday, hitting record highs again on hopes of a U.S.-China trade deal and an improving domestic economy. |
| Global stocks rise on trade hopes, dollar gains on risk appetiteThe dollar strengthened and global stock markets rallied on Monday on signs the United States and China are nearing the end of a damaging trade war as well as indications the world economy may yet dodge a recession. |
| Oil rises on U.S.-China hopes and improved outlookOil prices rose on Monday, buoyed by an improved outlook for crude demand as better-than-expected U.S. jobs growth added to market hopes a preliminary U.S.-China trade deal would be reached this month. |
| Under Armour cuts revenue forecast; federal probe weighs on sharesUnder Armour Inc on Monday cut its forecast for annual revenue for a second time this year, the latest sign of problems for the sportswear maker that is facing a federal probe into its accounting practices. |
| ArcelorMittal’s withdrawal from Ilva deal over legal shield is an alibi: ministerItaly’s industry minister called the decision by AcelorMittal to withdraw from a deal to buy Italian steelmaker Ilva on the grounds Rome had lifted immunity from prosecution over pollution issues “an alibi”. |
| Boeing’s MAX likely to return to European service in first-quarter: regulatorBoeing’s grounded 737 MAX airliner is likely to return to service in Europe during the first quarter of 2020, the head of the European Union Aviation Safety Agency (EASA) said on Monday. |
| Resurgent Boeing 737 MAX could trigger jet surplus, analyst warnsAirlines that have been forced to rejig operations due to the grounding of the 737 MAX could face a markedly different problem when Boeing Co’s best-selling jet is finally cleared to re-enter service: a gradual switch to concerns about oversupply, a leading analyst warned on Monday. |
| Soaring Investor “Greed” Sends Dow To New Record High Despite Momo MassacreSoaring Investor “Greed” Sends Dow To New Record High Despite Momo Massacre Why are stocks soaring? Simple – it’s the fun-durr-mentals, stupid! |
| White House Formally Begins Process Of Leaving Paris Climate AccordWhite House Formally Begins Process Of Leaving Paris Climate Accord More than two years after President Trump infuriated the European Union (and particularly Germany and France) by declaring his intentions to pull the US out of the Paris Climate Accord, Secretary of State Mike Pompeo on Monday officially began the yearlong process, according to a statement released by his office. In the statement, Pompeo reiterated that the US quit the agreement because of the “undue economic burden” placed on the US, while insisting that the economy has meaningfully reduced emissions without adhering to the deal’s precepts. He added that the US’s “approach” toward lowering emissions “incorporates the realities of the global energy mix.”
Trump made the initial announcement on June 1, 2017 from the Rose Garden of the White House, inciting international outrage (every other country in the world is a signatory, according to the Hill). Many accused Trump of abandoning America’s role of “global leadership” (which, of course, should be exactly the aim of Trump’s “America First” agenda). The earliest possible withdrawal date is Nov. 4, 2018. Â |
| ‘Rape Is Sexy’ Trump Accuser Sues President For Defamation‘Rape Is Sexy’ Trump Accuser Sues President For Defamation Columnist E. Jean Carroll – who gave a bizarre series of interviews and wrote a book (which bombed) claiming that President Trump sexually assaulted her in a Bergdorf Goodman dressing room in the 1990’s, is back. |
| US Media Is “Carrying Buckets Of Muddy Water For The ‘Coup Team'”US Media Is “Carrying Buckets Of Muddy Water For The ‘Coup Team'” Authored by James Howard Kunstler via Kunstler.com, How Far Will They Go? CBS-News carried another bucket of muddy water for the coup team Sunday night with a lead 60 Minutes agit-prop story on Maria Butina, an ambitious Russian cutie who worked the American NRA circuit in the most public manner imaginable to make herself into a sex-bomb celebrity at the exact the moment in history when the US Deep State wished to reinforce the fantasy, as Lesley Stahl put it, that œRussia was interfering in our electoral process. Of course, Ms. Stahl and her shifty producers left out half the story: how Maria Butina was manipulated by her FBI-handler and sometime-boyfriend, Patrick Byrne, the former Overstock.com CEO who had been employed by the Bureau over the years on other undercover assignments. They didn’t mention him or seek to understand his role in the operation. But they gave plenty of air-time to the DOJ lawyer, John C Demers, who prosecuted Ms. Butina, and never bothered to ask Demers why Butina was not charged with espionage ” perhaps because nothing remotely like that occurred. How media giants like Ms. Stahl can keep mouthing this malarkey designed to stoke a new cold war is one of the great mysteries of our national psychology these days. You’d think they’d learned something from the train wreck of the Mueller Investigation, the Brett Kavanaugh fiasco, and the current debacle of Adam Schiff’s imploding Ukraine whistleblower caper … |
| How the Modi govt can sell its stake in PSUs one step at a timeHow the Modi govt can sell its stake in PSUs one step at a timeThe intention can be announced today, and a time-bound divestment should be carried out in the open markets. |
| Ailing BSNL puts one lakh telecom jobs at riskAiling BSNL puts one lakh telecom jobs at riskBSNL’s dues – to the tune of Rs 20,000 crore – have put jobs in homegrown firms at risk. |
| This macro indicator could fall to a 25-yr lowThis macro indicator could fall to a 25-yr lowIcra has forecast that non-food credit growth will slow down to 8 to 8.5 per cent during FY’20. |
| November 2019 Economic Forecast Index Declines And Remains At The Lowest Level Since 2016Written by Steven Hansen Econintersect’s Economic Index forecast fell marginally again this month and continues to show the lowest level of growth since the economic slowdown in 2016. The continuing weakness of manufacturing, transport, and exports/imports continues to weigh on our economic forecast.
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| October 2019 Conference Board Employment Index DeclinesWritten by Steven Hansen The Conference Board’s Employment Trends Index – which forecasts employment for the next 6 months declined with the author’s saying “Leading indicators of employment are sending a slightly gloomier message than Friday’s stronger-than-expected jobs report”.
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| Trump Today: Trump praises stock records as he calls on whistleblower to publicly testifyPresident Donald Trump celebrated Monday as stock indexes hit records, and called on a whistleblower to testify publicly. |
| The Margin: Conservative radio host compares the use of term ‘boomer’ with the ‘N-word’Bob Lonsberry becomes an internet sensation, and not in a good way, for his take on ‘boomer.’ |
| Realtor.com: 10 best places to live if you want to retire earlyRealtor.com crunched the numbers and found these FIRE-friendly enclaves. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
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