Written by Gary
US home sales surge to near two-year high, supply at record low (SPY +0.3%). Stocks shrug off China virus fears, SP 500, Nasdaq hit record highs on IBM, chip power.
Here is the current market situation from CNN Money | |
 | North and South American markets are higher today with shares in Brazil leading the region. The Bovespa is up 0.66% while Mexico’s IPC is up 0.54% and U.S.’s S&P 500 is up 0.27%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Trump threatens big tariffs on car imports from EUU.S. President Donald Trump on Wednesday threatened to impose high tariffs on imports of cars from the European Union if the bloc doesn’t agree to a trade deal. |
| Google CEO eyes major opportunity in healthcare, says will protect privacySundar Pichai, the CEO of Alphabet Inc and its Google subsidiary, said on Wednesday that healthcare offers the biggest potential over the next five to 10 years for using artificial intelligence to improve outcomes, and vowed that the technology giant will heed privacy concerns. |
| French anti-corruption agency runs checks on RenaultRenault on Wednesday said France’s anti-corruption agency was carrying out checks at the company, though a source at the carmaker, which was rocked by the arrest of former boss Carlos Ghosn, said the inspection was a routine matter. |
| No alternative to grounded Boeing 737 MAX, Aercap CEO saysThe chief executive of aircraft leasing giant Aercap , which has 100 737 MAX jets on order from Boeing , on Wednesday said his airline customers remained confident in the grounded aircraft and there was no alternative. |
| U.S. home sales surge to near two-year high; supply at record lowU.S. home sales jumped to their highest level in nearly two years in December, the latest indication that lower mortgage rates are helping the housing market to regain its footing after hitting a soft patch in 2018, though record low inventory could be an obstacle to continued strong gains. |
| Fiat Chrysler CEO: Peugeot merger talks progressing wellFiat Chrysler’s chief executive Michael Manley said on Wednesday that merger talks with Peugeot owner PSA to create the world’s No. 4 carmaker are progressing well and he hopes to have a deal within 12-14 months. |
| Michigan, Tesla settle suit over direct vehicle salesTesla Inc and the state of Michigan confirmed Wednesday they have resolved the company’s 2016 lawsuit challenging the state’s refusal to allow the company to sell vehicles directly to consumers. |
| S&P 500, Nasdaq hit record highs on IBM, chip powerThe S&P 500 and the Nasdaq hit record highs on Wednesday as a strong forecast from IBM added to optimism over earnings, while investors assessed risks from a virus outbreak in China. |
| United says does not expect to fly the 737 MAX this summerUnited Airlines Holdings Inc does not expect to fly the Boeing 737 MAX this summer, President Scott Kirby said on Wednesday, following news from Boeing Co that it does not expect to win approval for the MAX to fly again until mid-year. |
| Just In Time! Lenders Seek Congressional Approval For No Income MortgagesJust In Time! Lenders Seek Congressional Approval For No Income Mortgages Authored by Mike Shedlock via MishTalk, Here we go again. The mortgage lending industry seeks to eliminate debt-to-income rules for home buyers. |
| Olympic Qualifying Matches Moved From Wuhan As Coronavirus Outbreak WorsensOlympic Qualifying Matches Moved From Wuhan As Coronavirus Outbreak Worsens Update 3 (1230pmET): As Beijing scrambles to contain the coronavirus as the number of cases discovered in China and around the world soars, Japan Times reports that government officials have cancelled some Olympic qualifying events in China. Women’s soccer qualifiers for this summer’s Tokyo Games will be moved from Wuhan, the city at the center of the outbreak, to another location within China, per the Asian Football Confederation said Wednesday. Wuhan was supposed to host China, Taiwan, Thailand and Australia for the Group B qualifiers between Feb. 3 and Feb. 9. Instead, the games will be held on the same dates in the city of Nanjing. * * * Update 2 (1030amET): Just as we suspected, Chinese authorities have revised the death toll for the Wuhan coronavirus outbreak to 17 on Wednesday, meaning that in under 24 hours, the death toll has practically doubled. Meanwhile, Russia media reports claim that a passenger from Shanghai has been hospitalized, a sign that the virus may now have spread to Russia. PASSENGER FROM SHANGHAI HOSPITALIZED IN ST PETERSBURG, RUSSIA NOVEL CRONAVIRUS DEATHS RISE TO 17 IN HUBEI PROVINCE:CHINA NEWS US stocks are rebounding from yesterday’s virus-driven dip as authorities around the world, including President Trump, insist that the outbreak is under control. But does this really sound “contained”? |
| Trump Says Tesla Must Build “Very Big” US Plant, Warns He’s “So Disappointed” In BoeingTrump Says Tesla Must Build “Very Big” US Plant, Warns He’s “So Disappointed” In Boeing Continuing his Davos media blitz, President Trump sat down for a lengthy, wide-ranging interview with CNBC host Joe Kernen where he discussed the impeachment hoax, his underappreciated economic successes, the successes and failures of Tesla and Boeing, and the American effort to suppress the spread of the mysterious new Chinese coronavirus. During the opening minutes of the interview, after a brief preamble, Kernen jumped into questions about the coronavirus, asking Trump whether he is worried about a global pandemic. Trump replied that the situation is completely under control.
Trump added that he trusts President Xi, and that the US can trust that the Chinese health officials are on top of the situation, and are no longer dissembling about the true severity of the virus.
When it comes to impeachment, Trump told Kernen that he didn’t have much time yesterday to pay attention to proceedings. But based on what he saw, Trump felt his team did “really good” while once again denouncing the Democrats’ impeachment push as a “total hoax.”
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| Tripoli’s Only Commercial Airport Targeted By 6 Missiles After Berlin ‘Ceasefire’ FailsTripoli’s Only Commercial Airport Targeted By 6 Missiles After Berlin ‘Ceasefire’ Fails So much for any “progress” or talk of ceasefire touted days ago at the Berlin conference, when world leaders gathered to try and broker Libya peace. Wednesday’s Libya headlines featured rocket attacks on Tripoli’s only functioning international airport, forcing a temporary shutdown of the entire commercial hub. Authorities at Tripoli’s Mitiga have said it’s since reopened after being closed for an hour due to six military-grade Grad rockets being fired at the airport. A spokesman for the Government of National Accord (GNA) called the attack a “flagrant threat” air traffic safety and a “new violation” of the ceasefire. |
| Should Sitharaman go for income tax cut in Budget?Should Sitharaman go for income tax cut in Budget?I-T cut would be ill-timed, given the huge shortfall in revenues after the steep cut in corporate tax . |
| Want to buy an e-car? You may not get loanWant to buy an e-car? You may not get loanFinanciers said e-car sales must show up sufficiently on the dashboard for them to build a viable finance plan. |
| Can Mumbai’s 24-hr trading move lift economy?Can Mumbai’s 24-hr trading move lift economy?Currently, all stores are required to shut by 10 pm, while restaurants have to shut by 1:30 am. |
| December 2019 Headline Existing Home Sales Significantly Improve Whilst Homes For Sale Drop To 21st Century Lows
The headline existing home sales improved relative to last month with the NAR stating “Conditions for buying are favorable and will likely continue in 2020.”. |
| Market Snapshot: Stocks shrug off China virus fears to new intraday highsU.S. stocks pushed higher Wednesday, with both the S&P500 index and Nasdaq climbing to new intraday records, after Chinese authorities provided assurance it was taking steps to contain a possible conavirus pandemic, relieving investor fears about a threat to global economic growth. |
| Earnings Watch: Earnings recession should end with a fourth-quarter comebackThe earnings recession of 2019 will soon be over, as history suggests investors can count on a fourth-quarter comeback that flips the earnings growth outlook to positive from negative. |
| Need to Know: Why one stock-market bull says he’s taking the ‘offense off the field’Tony Dwyer, a longtime bull and strategist at brokerage Canaccord Genuity, is getting a little nervous and said it is time œto take offense temporarily off the field. |
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