Written by Gary
The S&P 500 and Dow Jones industrials fell 0.4%. The Nasdaq Composite dropped 0.46%. The Nasdaq 100 dropped about 0.5%, all on low volume in a shortened holiday session. The China issue was that President Donald Trump signed the Hong Kong Human Rights and Democracy Act, and Beijing was unhappy about it.
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The Market in Perspective
| Here are the headlines moving the markets. | |
 | Exclusive: U.S. weighs new regulations to further restrict Huawei suppliers – sourcesThe U.S. government may expand its power to stop more foreign shipments of products with U.S. technology to China’s Huawei, amid frustration the company’s blacklisting has failed to cut off supplies to the world’s largest telecoms equipment maker, two sources said. |
| Connected car prices may rise if Qualcomm wins antitrust case: auto makersThe cost of cars equipped with ultra-fast 5G wireless technology is likely to go up if microchip supplier Qualcomm Inc’s patent licensing practices fail to change, a trade group representing major automakers and two leading automotive suppliers said in court filings on Friday. |
| Nokia says working to end patent licensing row with Daimler, othersNokia said on Friday it was working to end a row with Germany’s Daimler and other firms which have complained to the EU antitrust regulators about the level of fees charged for technology patents from the Finnish company. |
| Oil slumps but sets monthly gain ahead of OPEC meetingOil prices fell on Friday, with U.S. crude dropping more than 4%, on fresh trade tensions and record high U.S. crude production, but they still ended the month higher as OPEC watchers expect an extension next week to a pact to throttle oil output beyond March. |
| Stocks dip as trade worries halt record rally, dollar fallsOil prices slumped and a gauge of global equity markets on Friday edged away from an all-time high it nearly breached earlier in the week as doubts simmered over the outlook for signing an initial deal to ease U.S.-China trade tensions. |
| Musk’s defamation trial over ‘pedo guy’ tweet is narrowedThe British cave explorer who sued Tesla Inc’s Elon Musk for branding him “pedo guy” in a tweet has narrowed his defamation case against the electric car maker’s chief executive, and is no longer seeking damages for an emailed suggestion he might be a child rapist. |
| Wall Street slips as U.S.-China tensions weigh, investors watch retailWall Street’s major indexes ended Friday’s shorter session lower as U.S.-China discord over Hong Kong fueled investor anxiety about trade talks and retail stocks dipped as in-store Black Friday sales appeared to draw smaller crowds. |
| Factbox: Quotes from shoppers as they scour for the best deals on Black FridayShoppers headed out to stores across the United States in a quest to score the best Black Friday discounts on everything from handbags to 4K TVs, with early promotions marking the start of a condensed holiday shopping season. |
| That frenzied Black Friday crush? Not this yearThe frenzy associated with Black Friday shopping was missing this year as U.S. retailers offered earlier discounts and more consumers shopped online, though spot checks around the country showed traffic picked up after a sluggish morning. |
| Mauldin: We’re On The Brink Of The Second “Great Depression”Mauldin: We’re On The Brink Of The Second “Great Depression” Authored by John Mauldin via RealInvestmentAdvice.com, You really need to watch this video of a recent conversation between Ray Dalio and Paul Tudor Jones. Their part is about the first 40 minutes. In this video, Ray highlights some problematic similarities between our times and the 1930s. Both feature: a large wealth gap the absence of effective monetary policy a change in the world order, in this case the rise of China and the potential for trade wars/technology wars/capital wars. He threw in a few quick comments as their time was running out, alluding to the potential for the end of the world reserve system and the collapse of fiat monetary regimes. Maybe it was in his rush to finish as their time is drawing to a close, but it certainly sounded a more challenging tone than I have seen in his writings. Currency Wars It brought to mind an essay I read last week from my favorite central banker, former BIS Chief Economist William White. He was warning about potential currency wars, aiming particularly … |
| String Of Attacks Rocks Globe: Hague Stabbings Leave Several Injured, Man Takes Hostages In RioString Of Attacks Rocks Globe: Hague Stabbings Leave Several Injured, Man Takes Hostages In Rio During a day where people from around the world join long lines to begin their Christmas shopping, a string of attacks in shopping centers and London’s famous London Bridge have raised the specter of terrorism and a possible retaliation for the killing of Islamic State leader Abu Bakr al-Baghdadi. |
| 30% Of Americans Think The Dollar Is Backed By Gold (& Other Absurdities This Week)30% Of Americans Think The Dollar Is Backed By Gold (& Other Absurdities This Week) Authored by Simon Black via SovereignMan.com, Are you ready for this week’s absurdity? Here’s our Friday roll-up of the most ridiculous stories from around the world that are threats to your liberty, your finances, and your prosperity. *Â *Â * Crackdown on homeschooling coming across Great Britain |
| Caption Contest: Hong Kongers Discover Unlikely New Hero In Fight For DemocracyCaption Contest: Hong Kongers Discover Unlikely New Hero In Fight For Democracy As the mainstream media so quickly explained, an image tweeted by President Trump (of his head on Sylvester Stallone’s Rocky character’s body) was “altered.” But, this epic troll out of nowhere has been embraced by the young men and women of Hong Kong following President Trump’s decision to sign Washington’s Hong Kong Democracy Bill backing the protesters against “his great friend” President Xi’s China threats. In another torrid night of violence, protesters stood briefly facing off with police holding up images of the Trump/Rocky hybrid image.
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| A three-point guide for corporate India to survive slow growthA three-point guide for corporate India to survive slow growthIndia still offers better and more exciting scenarios for growth than almost any country. |
| YES board okays $2-bn fund-raising planYES board okays $2-bn fund-raising planThe bank’s board will meet again on December 10 to finalise and approve details of the preferential allotment. |
| Pilots behind IndiGo’s woes? DGCA thinks soPilots behind IndiGo’s woes? DGCA thinks so DGCA told IndiGo that its practice of revving A320neo jets at full thrust could wear down engines, sources say. |
| LIVE ALL WEEK: Weather 25 November Through 1 December 2019Written by Sig Silber This article provides continuous updates for a variety of Weather and Weather-Related Threats as well as a general weather forecast. These are “Live” maps and continually update. Please pay attention to the Mesoscale Events maps — Mesoscale Events are potentially life-threatening situations. We have now added a Ski Report.
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| Historians, Avoid The Mistakes We Economists Made!by Philip Pilkington Article of the Week from Fixing the Economists A friend of mine recently drew my attention to something he thought would be of interest. Apparently something of a controversy has arisen regarding a recent study in the Proceedings of the National Academy of the Sciences that was discussed on Andrew Brown’s blog at The Guardian. Brown interpreted the study to suggest that war has been the key driving force behind human society. Some on the political left have disputed this as it has rather dire implications for any left-wing political project.
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| Here’s one thing you should be shopping for this holiday season: a houseA new analysis shows the benefits of buying a home when there’s a chill in the air. |
| Here’s what’s coming to Apple TV+ in DecemberApple is debuting just two new series and a movie ” and one of those series actually launches on Thanksgiving Day. |
| Mortgage industry should prepare for new interest-rate index, Fed working group saysAn experimental new interest-rate index can be a suitable replacement for Libor, the current benchmark rate index set to be retired after 2021, a working group of finance professionals has determined. |
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