13Nov2019 Midday Update: Wall Street Edges Higher As Fed’s Powell Testifies Before Congress, DOW Up 57 Points, US Dollar Unchanged

Here is the current market situation from CNN Money

North and South American markets are mixed today. The IPC is up 0.11% while the S&P 500 gains 0.10%. The Bovespa is off 0.64%.

Disney+ streaming service has reached 10 million sign-ups since launching on November 12

Walt Disney Co on Wednesday said its new streaming service, Disney+, has reached 10 million sign-ups since launching on Nov. 12.

Wall Street edges higher as Fed’s Powell testifies before Congress

Wall Street’s main indexes turned slightly higher on Wednesday as Federal Reserve Chair Jerome Powell said the central bank saw a “sustained expansion” ahead for the U.S. economy.

U.S. inflation firms on rising healthcare, energy costs

U.S. consumer prices jumped by the most in seven months in October, which together with abating fears of a recession, support the Federal Reserve’s signal for no further interest rate cuts in the near term.

Visa, Mastercard draw FTC inquiry over debit card transactions: Bloomberg Law

The Federal Trade Commission (FTC) is conducting a preliminary inquiry on Visa Inc and Mastercard Inc over policies that can prohibit merchants from routing card transactions through other debit networks, Bloomberg Law reported on Wednesday, citing sources familiar with the matter.

Tesla CEO says will build Gigafactory 4 in ‘Berlin area’

Tesla will build its first European factory and design center near Berlin, giving the U.S. electric car pioneer the coveted “Made in Germany” label just as local rivals Audi, BMW and Mercedes prepare to launch competing cars.

Brexit drove Tesla to pick Berlin over Britain for new factory: report

Britain missed its chance to host the first European factory of U.S. electric vehicle pioneer Tesla because of Brexit, Chief Executive Elon Musk said in remarks reported on Wednesday.

Germany welcomes Tesla’s Berlin move as a boost to e-car shift

The German government on Wednesday welcomed Tesla’s decision to set up shop in Berlin, a move it believes will turbo-charge the country’s shift into the electric car era even as costs of running a business in Europe’s largest economy remain high.

German military refuses to take delivery of two Airbus A400M planes

Germany’s air force said on Wednesday it had decided not to accept delivery of two Airbus A400M planes, citing recurring technical problems with the military transporters.

Global shares, bond yields slip on sour trade deal sentiment

Global equity markets and government bond yields fell on Wednesday as sentiment soured that a U.S.-China trade deal can be reached soon and on fears intensifying unrest in Hong Kong may lead to a Chinese crackdown.

“15 Quick Questions Trump Should Ask Erdogan, But Won’t”: Top US Official

“15 Quick Questions Trump Should Ask Erdogan, But Won’t”: Top US Official

Former top White House Syria and Iraq envoy Brett McGurk, who served under both Obama and Trump administrations, has issued 15 pressing questions on the occasion of Turkish President Recep Tayyip Erdogan’s meeting with the US president today at the White House.Â

Here are “15 quick questions Trump may want to ask Erdogan, but won’t” “the former top White House envoy to the region stated provocatively on Twitter.

Crucially, McGurk has pointed the finger at Turkey, and more specifically at Erdogan and his intelligence services for providing state protection to the now slain ISIS leader Abu Bakr al-Baghdadi, given as McGurk points out in the below series of questions that “Baghdadi [was] living in a safe house with well-prepared tunnels less than 5km from [the Turkish] border.”

“The Rake” – An Unparalleled Transfer Of Wealth To The Managerial Class

“The Rake” – An Unparalleled Transfer Of Wealth To The Managerial Class

Authored by Ben Hunt via EpsilonTheory.com,

In a poker game, the rake is the cut that the casino dealer takes out of every pot. It’s usually a couple of dollars per hand ¦ barely noticeable, certainly not noticeable to a casual poker player like me.

But what if the dealer started taking 18-25% out of every pot as his rake? Would you notice then?

That’s what JP Morgan management does with its œreturn of shareholder capital through stock buybacks.

Swiss National Bank Now Owns Record $94 Billion In US Stocks After Q3 Buying Spree

Swiss National Bank Now Owns Record $94 Billion In US Stocks After Q3 Buying Spree

In the third quarter of 2019, one in which the global economy continued to cycle lower, global central banks across the world continued to slash interest rates and launched/expanded quantitative easing programs with very little success at troughing global growth. Still, US equity indices powered to new highs, climbing a wall of worry of President Trump’s “trade optimism” tweets.Â

It seemed quite evident over the quarter that President Trump’s tweeting of constant fake trade news and record stock buybacks juiced the market to new highs, however, what was really taking place was the Swiss National Bank (SNB) printing money out of thin air buying stocks with no regard for price or cost.Â

SNB’s motive was to boost market confidence that a 2016-style rebound in the economy was imminent by sending stock indexes to new highs.Â

The SNB’s latest 13F showed total holdings of US stocks have hit a record high, now valued at $94.1 billion, up 1.5% in 3Q.Â

Stock Market Cheerleading: Why Do We Celebrate The Super-Rich Getting Richer?

Stock Market Cheerleading: Why Do We Celebrate The Super-Rich Getting Richer?

Authored by Charles Hugh Smith via OfTwoMinds blog,

It’s not too difficult to predict a political rebellion against the machinery of soaring wealth and income inequality.

The one constant across the media-political spectrum is an unblinking focus on the stock market as a barometer of the national economy:Â every major media outlet from the New York Times to Fox News prominently displays stock market action, and TV news anchors’ expressions reflect the media’s emotional promotion of the market as the end all to be all: if stocks rose, the anchors are smiling and chirpy, and if the market fell then their expressions are downcast and dour.

This cheerleading of the stock market is based on an implicit assumption that the rising stock market raises all boats:Â a rising market is assumed to reflect an expansion of sales and profits that trickle down to the masses in higher wages, more jobs and rising 401K retirement accounts.

The burden of dividend tax may soon shift from cos to investors

The burden of dividend tax may soon shift from cos to investorsThe budget statement due Feb may include a proposal to tax dividends once they are paid to shareholders.

Pay AGR dues as per SC order: DoT to telcos

Pay AGR dues as per SC order: DoT to telcosThe DoT has issued notice to telcos to pay their revenue share dues within three months as directed by the SC.

Coming soon: Social audits in rural schemes

Coming soon: Social audits in rural schemesThe govt has started work on social audits with National Social Assistance Programme & PMAY-Gramin scheme.

October 2019 CPI: Year-over-Year Inflation Rate Increases to 1.8%

Written by Steven Hansen

According to the BLS, the Consumer Price Index (CPI-U) year-over-year inflation rate was 1.8 % year-over-year (up from the reported 1.7 % last month). The year-over-year core inflation (excludes energy and food) rate declined from 2.4 % to 2.3 % and remains above the target set by the Federal Reserve.

Fast shipping isn’t great for the environment ” 7 ways to cut the carbon footprint on your Amazon deliveries

Amazon says one-day and same-day shipping are its most eco-friendly options, but experts aren’t so sure.

The Ratings Game: SmileDirectClub stock slides another 18% as investor sentiment remains at odds with bullish analyst notes

SmileDirectClub Inc. shares slid another 19% Wednesday, as investors appeared at odds with a continued stream of bullish analyst comment on the œteledentistry company following its first earnings as a public company.

Chesapeake Energy stock rallies 8% as Morgan Stanley says it can manage debt

Chesapeake Energy stock rallies Wednesday, vying to break a six-session losing streak, as some on Wall Street think the natural-gas producer will ‘manage’ potential breaches in its debt obligations.