03Feb2020 Midday Update: Wall Street Rises As U.S. Manufacturing Expands In January, DOW Off Sessions High, Now Up 140 Points, WTI Crude Slips Into The 49 Handle, Coronavirus Worries Rattle Market

Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.05% while the S&P 500 gains 0.79%. The IPC is off 1.68%.

Wall Street rises as U.S. manufacturing expands in January

U.S. stocks climbed on Monday as gains in Amazon and Nike as well as a surprise rebound in U.S. factory activity helped markets attempt a recovery from steep weekly losses due to concerns about the coronavirus epidemic.

Oil hits 13-month lows as coronavirus worries rattle market

Oil prices fell to the lowest in more than a year on Monday, dragged down by concern over demand in China after the coronavirus outbreak, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support.

Electric cars grab 44% market share in Norway in January

Electric cars accounted for a 44.3% share of Norway’s new car sales in January, rising year on year but falling short of the 50-60% range the industry forecast for 2020, data from the Norwegian Road Federation showed on Monday.

Global stocks jump as China markets reopen, dollar gains

The dollar strengthened and a gauge of global stocks jumped, lifted by an unexpected rebound in U.S. manufacturing that helped temper fears that caused stocks overnight in Asia to plunge on the potential impact of the coronavirus in China.

Panasonic posts 1st quarterly profit in U.S. battery business with Tesla

Panasonic Corp reported the first quarterly profit in its U.S. battery business with Tesla Inc on Monday, after several years of production troubles and delays at the U.S. partner.

Women leaders are good for business, says EU bank watchdog

Two thirds of smaller banks typically have only men as executive directors, while lenders with men and women in top roles were likely to be more profitable, the European Union’s banking watchdog said on Monday.

Swatch cancels retailer event in Zurich amid coronavirus uncertainty

Swatch Group has canceled a retailer event in Zurich at the end of the month because of the coronavirus outbreak, the Swiss watchmaker said on Monday.

Factbox: Real estate veteran Mathrani to lead WeWork turnaround as CEO

Softbank-backed WeWork named real estate industry veteran Sandeep Mathrani as its new chief executive, tasking him with turning around the embattled office-sharing startup after its botched attempt to go public last year.

OPEC+ considering further 500,000 bpd oil output cut: sources

OPEC and its allies are considering cutting their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the coronavirus, three OPEC+ sources and a industry source familiar with the discussions said.

Oil Bear Market Sends Tanker Rates Plunging, Hopes For Global Rebound Fade

Oil Bear Market Sends Tanker Rates Plunging, Hopes For Global Rebound Fade

The coronavirus outbreak has sent Chinese oil demand, energy prices, and tanker freight rates plunging in the last three weeks.

With more than a dozen cities locked down, 50 million people or more quarantined, and large manufacturing hubs shuttered, oil demand in China has collapsed by nearly three million barrels per day, or 20% of total consumption, as a result of the creeping economic paralysis unleashed by the coronavirus epidemic. The drop is said to be the most massive demand shock the oil market has suffered since the global financial crisis of 2008 to 2009.

China surpassed the U.S. as the world’s largest oil importer back in 2016, so any changes in consumption have a profound impact on the global energy market. That’s why Brent tumbled into a bear market Sunday night, plunging over 22% since its January 8 peak.Â

“Historical Number Being Updated”: ISM Revises Supplier Deliveries Data, Say Jan Numbers “Valid”

“Historical Number Being Updated”: ISM Revises Supplier Deliveries Data, Say Jan Numbers “Valid”

Update: Well, unlike 2014 when the ISM revised its latest report not once but twice, it appears that today’s revision will only focus on historical numbers, because as Bloomberg reports January numbers remain valid, and only the Historical data on supplier deliveries will be adjusted.

ISM SAYS ITS U.S. JANUARY MANUFACTURING NUMBERS REMAIN VALID

ISM SAYS IT’S CORRECTING HISTORICAL DATA ON SUPPLIER DELIVERIES

For those asking, this is how the Supplier Deliveries data looked historically:

South London Terrorist Released Early Despite Pledging Allegiance To ISIS

South London Terrorist Released Early Despite Pledging Allegiance To ISIS

Authored by Paul Joseph Watson via Summit News,

20-year-old Islamic terrorist Sudesh Amman, who was shot dead after trying to stab people in Streatham, south London yesterday, was released halfway through his prison sentence despite pledging allegiance to ISIS, encouraging his girlfriend to behead her parents and sharing a tutorial on homemade bombs.

The Ship Has Literally Sailed: Carnival Admits To Coronavirus Case 6 Days After Cruise

The Ship Has Literally Sailed: Carnival Admits To Coronavirus Case 6 Days After Cruise

Minutes before the CDC sent markets reeling by confirming a couple of additional coronavirus cases in the US, Japan authorities confirmed that they’re quarantining a cruise ship after a Hong Kong man who sailed on it last month tested positive for coronavirus.

The fiscal clock has been reset. Can govt walk the talk?

The fiscal clock has been reset. Can govt walk the talk?Growth, not fiscal fundamentalism, is the best antidote to a host of ills, economic and social.

Govt now wants to lighten its bad loan burden

Govt now wants to lighten its bad loan burdenGovt skipped injecting fresh capital into lenders for the first time since it came to power in 2014.

FM’s ‘New India’ Budget has no fix for slump

FM’s ‘New India’ Budget has no fix for slumpEconomists & industry leaders said the budget proposals were insufficient to give India an immediate boost.

The Margin: Watch: As coronavirus spreads, China builds an entire hospital ” in 10 days!

According to the latest tally on Monday, at least 361 people have died and another 17,205 have been sickened by the coronavirus, and the world ” there are 151 cases outside of China ” is still grappling with how to deal with the spread. Here’s one way: Build a hospital in less than two weeks.

Capitol Report: Investors will ‘likely breathe a sigh of relief’ if Biden comes from behind to win in Iowa, analysts say

While analysts are warning about a potential drop for stocks if progressive 2020 Democrat Bernie Sanders wins Monday’s Iowa caucuses, that is not the only result that could move markets.

Market Extra: Oil prices are on the brink of logging fastest slump to a bear market in about 4 years

Oil prices on Monday sink, extending a recent brutal slump and putting futures on the verge of a bear-market settlement, amid rapidly rising concerns that the coronavirus outbreak could wallop China’s already sluggish economy and ripple through the rest of the globe.