Written by Gary
Completion of a “phase one” U.S.-China trade deal could slide into next year (SPY -0.8%). Investors trade risk for safer investments.
Here is the current market situation from CNN Money | |
 | North and South American markets are lower today with shares in U.S. off the most. The S&P 500 is down 0.89% while Brazil’s Bovespa is off 0.38% and Mexico’s IPC is lower by 0.05%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Wall Street extends fall after report trade deal may not be completed this yearU.S. stocks moved sharply lower on Wednesday after Reuters reported that completion of a “phase one” U.S.-China trade deal could slide into next year, citing trade experts and people close to the White House. |
| Tesla needs safeguards to prevent drivers from sleeping on ‘Autopilot’: U.S. senatorDemocratic U.S. Senator Ed Markey asked Tesla Inc on Wednesday to disable its “Autopilot” driver-assistance system until it installs new safeguards to prevent drivers from evading system limits that could let them fall asleep. |
| ‘Phase One’ U.S.-China trade deal may not be completed this year: trade sourcesCompletion of a “phase one” U.S.-China trade deal could slide into next year, trade experts and people close to the White House say, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own. |
| Apple starts construction of new $1 billion campus in TexasApple Inc said on Wednesday it had started construction of a new campus in Austin, Texas, beside its existing facility where it makes the new MacBook Pro laptops. |
| FCC chairman to propose dividing spectrum between auto safety, Wi-Fi useFederal Communications Commission chairman Ajit Pai will propose on Wednesday splitting a key band of spectrum that had been set aside for auto safety between Wi-Fi use and automakers, sources said. |
| GM sues FCA, alleging bribery, corruption of union bargaining processGeneral Motors Co on Wednesday filed a racketeering lawsuit against Fiat Chrysler Automobiles NV , alleging that its rival engaged in bribery over many years to corrupt the bargaining process with the United Auto Workers (UAW) union and gain wage and work practices advantages over GM. |
| Continental to cut 5,040 jobs as combustion engine demand fallsGerman auto supplier Continental on Wednesday said it would pare back its engine manufacturing activities as more stringent emissions rules threaten demand for combustion engine components, resulting in around 5,040 job losses by 2028. |
| Trump says U.S. is still talking to China on tradeU.S. President Donald Trump said on Wednesday the United States is continuing to talk to China but gave no other details, as both sides tried to hammer out a phase one trade deal ahead of looming U.S. tariffs due next month. |
| Exclusive: ECB flags failings in dirty-money screening at Malta’s top bankMalta’s biggest bank failed for years to detect or address risks involving thousands of payments, the European Central Bank (ECB) said, detailing “severe shortcomings” that could have allowed money laundering or other criminal activities. |
| Prince Andrew To Officially Disappear From Public Life After Interview DisasterPrince Andrew To Officially Disappear From Public Life After Interview Disaster Pedo pal Prince Andrew says he’s stepping away from public duties for the “forseeable future” after giving an interview to the BBC widely panned as a “catastrophic mistake” as he fumbled through questions about his friendship with dead pedophile Jeffrey Epstein. In a Wednesday statement, Andrew says that he has asked the Queen for permission to step back from public duties, and that he regrets his “ill-judged association with Jeffrey Epstein.”
Corporate logos vanish Meanwhile, now that Prince Andrew is “taking a step back from public duties for the foreseeable future” now that his “former association” with Epstein has become a “major disruption” to his family’s work, it’s becoming clear that the UK business community made clear it is no longer comfortable with the Duke of York. With the entirety of the Royal Family’s resources … |
| Fiat Shares Tumble After GM Files Racketeering Lawsuit Alleging “Millions In Bribes” To Corrupt UAWFiat Shares Tumble After GM Files Racketeering Lawsuit Alleging “Millions In Bribes” To Corrupt UAW “Bribery” and “quid pro quo” are certainly the buzzwords of the fall, as first the President, and now Fiat Chrysler, have found out the hard way. In the latest stunning twist gripping the troubled auto sector, moments ago General Motors filed a federal racketeering lawsuit against Fiat Chrysler and its former executives including its now deceased former CEO, the late Sergio Marchionne,according to CNBC. The suit alleges that the Italian automaker bribed UAW officials to receive more favorable terms during its labor negotiations. GM said it will seek œsubstantial damages from FCA, but did not specify an amount. GM’s general counsel Craig Glidden commented: œThis lawsuit is intended to hold FCA accountable for the harm its actions have caused our company and to ensure a level playing field going forward. Shares of Fiat Chrysler slumped during mid-day trading on Wednesday in response to the news: |
| Stocks, Yuan Tumble On Reports That ‘Phase One’ Trade-Deal DelayedStocks, Yuan Tumble On Reports That ‘Phase One’ Trade-Deal Delayed A Saturday call between Mnuchin, Lighthizer and China’s Vice Premier Liu He was described as œconstructive by Chinese state media Xinhua, but that all changed this week. This should come as a surprise to absolutely no one (especially after last night’s vote on the Democracy Bill), but Reuters is reporting that ‘Phase One’ US/China trade deal may not be completed this year, citing trade experts and people close to the White House. |
| FOMC Minutes Preview: Just What Is A “Material Reassessment” In The OutlookFOMC Minutes Preview: Just What Is A “Material Reassessment” In The Outlook At 2pm today the Fed will release the FOMC minutes from the October meeting, which will signal that policy is on hold for now, barring a material reassessment in the outlook, per Chair Powell’s recent rhetoric. As DB’s Jim Reid notes, it’ll be interesting to see if the minutes shed any light on what exactly would qualify as a œmaterial reassessment, as well as details on how deep the internal disagreement over the rate cut was. Also any updates on the policy review, and any new thoughts on dealing with funding market disruptions will be looked for. As a reminder, in the October 31 meeting, the Fed concluded its “mid-cycle adjustment”, re-adopting a data-dependent approach. There is as always a risk the minutes will be stale – especially if they reveal a position the market is not expecting -Â revealing little new information, given the heavy slate of recent Fedspeak. Traders will also eye updates on the balance sheet, and potentially discussion of details regarding a Standing Repo Facility (SRF). Meanwhile, with less than three weeks to go until the December 10 FOMC meeting, the odds of another rate cut have plunged from nearly 60% at the start of October to just 2.8% currently. |
| Modi govt throws battered telcos a Rs 42,000-cr lifelineModi govt throws battered telcos a Rs 42,000-cr lifelineThe deferred amounts to be paid by telcos will be without increase in the time period, the FM said. |
| Govt to sell stake in BPCL, 4 other PSUsGovt to sell stake in BPCL, 4 other PSUsThe government will sell its 53.29% stake in BPCL after taking out Numaligarh refinery from its portfolio. |
| Independent directors rush for the exit doorIndependent directors rush for the exit doorThis unabated exodus reflects a trust deficit in corporate India, said the chairman of a leading conglomerate. |
| Upgrade: Kathie Lee Gifford was ‘dying of loneliness.’ Here’s what she did to fix it ” and it could be worth a shot for you tooFormer ‘Today’ host now says she is œhaving the life I could’ve only ever dreamed of. |
| Cannabis Watch: Cannabis stocks rally for a second day after House passes bill aiming to lift federal ban on weedCannabis stocks rallied for a second day Wednesday, buoyed by a historic congressional committee approval of a bill that would lift the federal ban on weed, as well as strong gains for Curaleaf after it posted a narrower-than-expected third-quarter loss. |
| Market Snapshot: Stocks slide on report trade deal ‘may not be completed this year’U.S. stocks lurched lower Wednesday midday after a report that a trade deal might not be done this year and after China condemned a U.S. Senate resolution supporting human rights in Hong Kong |
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