Written by Gary
The Dow recovered from an early loss of 87 points to close 28 higher (+0.1%). Other major indices showed similar gains. Materials, financial and tech stocks were the market leaders. WTI consolidated recent gains to remain almost unchanged in the 58 handle. Gold advanced by pennies while silver tacked on 0.66%. Treasuries declined modestly, with the 10-year yield rising again above 1.8%. The U.S.Dollar Index declined 0.26% to 97.343. The Dollar Index opened the week above 98.
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The Market in Perspective
Here are the headlines moving the markets. | |
Airbus faces delivery challenge, poised to win jet order raceAirbus must hand a record number of aircraft to customers in December to meet delivery goals, company data showed on Thursday, and is all but certain of winning an annual order race against Boeing. | |
GM, LG Chem to build $2.3 billion electric vehicle battery plant in OhioGeneral Motors Co and South Korea’s LG Chem said on Thursday they will invest $2.3 billion to build an electric vehicle battery cell joint venture plant in Ohio, creating one of the world’s largest battery facilities. | |
BlackRock global active equities chief to leave firm over relationship with colleagueMark Wiseman, global head of active equities at BlackRock Inc , is leaving the firm following a violation of the company’s “relationships at work policy,” the world’s largest asset manager said in an internal memo on Thursday. | |
Trump upbeat on U.S.-China talks as Beijing underscores tariff-cut demandsU.S.-China trade talks are “moving right along,” President Donald Trump said on Thursday, striking an upbeat tone even as Chinese officials held fast to their line that existing tariffs must come off as part of an interim deal to de-escalate the 17-month trade war between the two powers. | |
Boeing says 737 MAX approval delays could hit productionSignificant additional regulatory requirements or delays in returning Boeing Co’s 737 MAX to commercial service could cause it to cut or temporarily halt production of the aircraft, it said in an Oct. 18 letter released on Thursday. | |
Wall Street bides its time, awaiting news from trade frontWall Street was largely unchanged on Thursday as market participants stayed on the sidelines, awaiting further developments in the hoped-for interim trade deal between the United States and China. | |
Saudi Aramco prices shares at top of range in world’s biggest IPODUBAI/RIYADH Reuters) – State-owned oil giant Saudi Aramco’s initial public offering (IPO) will be the biggest in history, but will still fall significantly short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. | |
No apology to Elon Musk from British diver at ‘pedo guy’ defamation trialThe British cave explorer suing Elon Musk for calling him a “pedo guy” on Twitter testified on Thursday that his criticism of the Tesla Inc chief executive that led to the tweet was not a personal attack. | |
UK bribery investigation adds to Glencore’s legal headachesThe UK’s Serious Fraud Office (SFO) has launched a bribery investigation into Glencore , adding to legal troubles that have hit the shares of one of the world’s biggest miners and commodity traders. | |
Gartman Reveals His Last Trade RecommendationGartman Reveals His Last Trade Recommendation The end of the month will be a momentous occasion: not only will it mark the first full decade of global central planning, but it will also be the end of a newsletter era, as the Gartman Letter winds down, as we first reported last week. And in one of his last trade recos, had one last reco to his soon to be former clients and everyone else: Donald Trump’s multiple trade wars and other threats mean it’s time to sell and go into cash. In a phone interview with Bloomberg, Gartman said that “people should be taking a lot of profits and getting far less involved with stocks than they have over the course of the past two or three years.” As a result, Gartman recommended investors puts 60% or more of their assets in cash, despite refusing to say if stocks have peaked. Then again, it wouldn’t be Gartman if even his last reco was an attempt to cover all bases, because as the same time as he was telling Bloomberg it’s time to cash out, in today’s edition of the Gartman Letter, he had a distinctly different take, saying that:
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Rabobank: “In Any Other Context, The Bloomberg Story Would Represent Criminal Market Manipulation”Rabobank: “In Any Other Context, The Bloomberg Story Would Represent Criminal Market Manipulation” Submitted by Michael Every of Rabobank Common People I’m from a generation that still gets a buzz from the opening lines of Pulp’s Common People: œShe came from Greece she had a thirst for knowledge; she studied sculpture at St Martins College; That’s where I, caught her eye. In an age of populism, and in the run-up to the UK election, it seems particularly timeless. Yesterday the market also sang along happily (stocks up, US 10-year yields reversing half their previous plunge, CNY firming) when Bloomberg reported that based on the insider views of some œpeople , China’s anger over US legislation on Hong Kong, and pending on Xinjiang, won’t get in the way of a phase one trade deal; and from the US side it is just a matter of crossing the Ts and dotting the Is on tariff roll-back (which China is making 100% clear is needed) and this will all be done before 15 December. It may or may not be true ” and we won’t have to wait long to find out. If this doesn’t happen within 9 days, will there be a belated retraction published? I also laughed at the padding to what was the latest reiteration of the same one-sentence story: œTrade Deal Still On: People . In particular, Bloomberg noted œStocks rallied in Europe and US equities rebounded from declines on Tuesday tied to Trump’s comments that he didn’t have a deadline to sign an agreement with Beijing. The offshore yuan reversed declines to gain as much as 0.25%. Yes ” on the back of their story! And it added œInvestors are closely watching for any signs of … | |
“They’re True 21st Century Criminals” – Feds Indict ‘Evil Corp’ Hackers For $100 Million Crime Spree“They’re True 21st Century Criminals” – Feds Indict ‘Evil Corp’ Hackers For $100 Million Crime Spree Federal authorities have indicted two Russian cybercriminals who allegedly lead a shadowy organization called “Evil Corp” that has stolen more than $100 million using a powerful malware that has spread to more than 40 countries. According to Reuters, prosecutors indicted Maksim Yakubets, the organization’s Lamborghini-driving alleged ringleader, whle ordering asset freezes against 17 of his associates. An indictment was also filed against Yakubets’s alleged No. 2, Igor Turashev. Both men are believed to be alive and living in Russia, beyond the reach of American authorities, who have tried to apprehend Yakubets at least once before. Authorities said they’ve already arrested 8 other alleged members of the group. | |
Stocks Briefly Slide After WSJ Reports US Officials Have Become “Less Optimistic About A Deal”Stocks Briefly Slide After WSJ Reports US Officials Have Become “Less Optimistic About A Deal” Moments before 3pm, stocks suddenly slumped, following the latest running update to the WSJ’s article on the ongoing state of US, China trade talks, according to which even though “China’s Commerce Ministry said that negotiating teams from both sides have maintained close communication”, over the past few days “officials in the U.S. have become less optimistic about a deal.” The reason: “the two sides remain at odds over the value of farm goods Beijing will buy from the U.S., with President Trump looking for $40 billion to $50 billion a year within two years.” That, as we reported several week ago, would represent an enormous increase from the $8.6 billion last year “and twice as much as China bought from the U.S. before the trade war began in earnest in 2018. As part of the ongoing discussion over farm purchases, the Trump administration wants Beijing to publicly state its purchasing plans “and not to condition them on market circumstances or China’s trade obligations, while Beijing “is reluctant to make that pledge because it might have to divert purchases from other trading partners that are bound to object.” Perhaps more importantly, the two sides haven’t yet agreed on how deep a reduction in tariffs the U.S. would make. As a reminder, currently, the U.S. has tariffs on about $360 billion of Chinese goods. Unless there is a deal by Dec. 15, the U.S. is threatening 15% tariffs on $165 billion more in Chinese imports. And the potential dealbreaker – while the U.S. side is willing to skip the next tariff increase, Trump … | |
How Google founders planned their exit from the companyHow Google founders planned their exit from the companyOn Tuesday, Page and Sergey Brin stepped down from day-to-day executive roles at Alphabet. | |
India takes on US for blocking its workersIndia takes on US for blocking its workersThe US, the EU, Canada and Australia are denying market access to short-term services providers from India. | |
How to divide the GST pie amid eco slumpHow to divide the GST pie amid eco slumpA lion’s share of GST goes to states. Actual transfers of the Centre’s gross tax collections are about 36%. | |
Documentary Of The Week: The Cosmic Ray Climate LinkWritten by John Lounsbury Prof. Nir Shaviv maintains that the role of solar activity variation in changes in the earth’s climate has been significantly underestimated. This week we have a 09 April 2018 lecture in which he reviews the data on historical changes in global climate and the correlation with changes in solar activity. He then discusses how the importance of solar activity is insufficiently included in the climate change models used by most scientists. | |
LIVE ALL WEEK: Weather 2 December Through 8 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. | |
Capitol Report: Joe Biden challenges Iowa voter to push-up contest ” may have called him ‘fat’During a campaign stop in Iowa on Thursday, Joe Biden was confronted by a man who accused the former vice president of œselling access to the president in exchange for a high-paying job in Ukraine for his son, Hunter. Biden didn’t like it. | |
The Wall Street Journal: Pentagon official concedes bigger Mideast troop deployment is on tableA top Pentagon official told senators that U.S. military officials are considering bolstering the U.S. force presence in the Middle East to counter threats from Iran following a significant buildup throughout the year. | |
Commodities Corner: OPEC+ looks to reduce crude oil output by an extra 500,000 barrels a dayThe Organization of the Petroleum Exporting Countries and their allies are expected to announce an agreement to reduce crude oil output further this week, even as the group, collectively known as OPEC+, struggles to see full compliance from all of its members. |
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