Written by Gary
US factory activity unexpectedly rebounded after contracting for five straight months (SPY +0.7%). US factory strength helps Wall St. rebound from coronavirus fears.
The Market in Perspective
Here are the headlines moving the markets. | |
Oil hits 13-month lows as coronavirus cuts demandOil prices fell to the lowest in more than a year on Monday as the coronavirus outbreak curtailed Chinese demand and sparked potential supply cuts by OPEC and its allies. | |
Justice Department meeting state AG offices Tuesday to discuss Google: sourcesJustice Department officials will meet on Tuesday with representatives of state attorneys general to discuss their investigations of search and advertising giant Google, according to sources familiar with the plans. | |
Tesla up 17% after Panasonic posts first quarterly profit at battery businessTesla Inc’s stock surged 17% on Monday, taking its rise since early June to over 300%, fueled by a quarterly profit at Panasonic’s battery business with the U.S. car maker and an investor report predicting its shares would rise more than ten-fold by 2024. | |
Stocks jump as China markets reopen, dollar gainsThe 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. | |
U.S. manufacturing rebounds; Boeing, coronavirus loomU.S. factory activity unexpectedly rebounded in January after contracting for five straight months amid a surge in new orders, offering hope that a prolonged slump in business investment has probably bottomed out. | |
Uber ready to take dispute with Colombia to international arbitration: regional managerUber has told the Colombian government it is considering taking its dispute with the Andean country to international arbitration, the company’s general manager for Latin America told Reuters on Monday. | |
U.S. factory strength helps Wall St. rebound from coronavirus fearsU.S. stocks rallied on Monday, helped by gains in heavyweight technology shares and surprise strength in U.S. manufacturing activity, as stocks rebounded after a sharp selloff last week sparked by concerns about fallout from a virus out of China. | |
U.S. banks keep business loan standards unchanged in fourth quarterLoan officers at U.S. banks reported leaving lending standards for businesses and most commercial real estate unchanged in the fourth quarter, a Federal Reserve survey showed on Monday, although they expect to tighten standards for most types of business loans this year. | |
Brexit trade deal clash: UK and EU spar over rulesThe European Union and Britain clashed over a post-Brexit trade deal on Monday, with the two sides setting out very different visions of a future relationship that could result in the most distant of ties. | |
Crude, Copper, & Credit Crushed As Stocks ‘Dead-Bat-Bounce’ (Again)Crude, Copper, & Credit Crushed As Stocks ‘Dead-Bat-Bounce’ (Again) Another day, another ‘dead-bat-bounce’ on absolutely nothing… | |
Watch: The Bernie Surge Has MSNBC’s Chris Matthews On The Verge Of TearsWatch: The Bernie Surge Has MSNBC’s Chris Matthews On The Verge Of Tears Authored by Eoin Higgins via CommonDreams.org, Chris Matthews was roundly derided by progressives Monday morning after the MSNBC host delivered a two-minute diatribe against 2020 Democratic presidential primary frontrunner Sen. Bernie Sanders, claiming that the Vermont senator would lose to President Donald Trump in a general election matchup. “The Bernie surge has Chris Matthews on the verge of tears,” tweeted Sanders supporter Samuel Finklestein. “It’s okay, Chris.” | |
“Don’t Worry About Me”: Dalio Thanks ‘Supporters’, Slams WSJ’s “Lack Of Quality Control”“Don’t Worry About Me”: Dalio Thanks ‘Supporters’, Slams WSJ’s “Lack Of Quality Control” Bridgewater founder Ray Dalio’s feud with the Wall Street Journal stretches back to at least 2016, when WSJ reported that the world’s biggest hedge fund was trying to build an algorithmic model of its employees’ brains, a report that was vigorously denied by Dalio and Bridgewater. | |
Rabobank: “Coronavirus Is The Kind Of Risk That Doesn’t Just Put You Out Of Your Portfolio, But Out Of The Game”Rabobank: “Coronavirus Is The Kind Of Risk That Doesn’t Just Put You Out Of Your Portfolio, But Out Of The Game” Submitted by Rabobank’s Michael Green China returned from a longer-than-usual lunar New Year holiday today. Not the swathe of businesses that have been forced to close temporarily; and not the now tens of millions under quarantine at home; and not the villages that have barricaded themselves in from the outside world; just the financial markets. And, despite the promise from the PBOC of CNY150bn (USD21.7bn) in extra liquidity, lower rates, and whatever it takes to get through this ahead of market open, the initial response was a complete collapse: at one point the Shanghai stock exchange was -8.7% on the day – and recall that under the terms of the Phase One US-China trade deal, US financial firms are supposed to be diving in to this kind of market aggressively; the Chinese currency, both off and onshore, has crashed through the psychological 7 level once again; and trading in Chinese commodity markets has been suspended after iron ore, copper, crude oil, palm oil, and eggs all closed limit down on the day. Of course, there is going to be a spill-over into other markets. You wanted to know what a real decoupling from China might look like, and/or what a œWhat if everyone just stayed at home and didn’t buy anything? economic thought-experiment looks like? Well here you are, folks. In terms of trade, Australia and New Zealand are at the front of the queue, as well as time zone-wise. Add plunging iron ore to a cessation in Chinese tourist arrivals, and to the news that high-value agri imports like lobsters are allegedly not … | |
The fiscal clock has been reset. It is govt’s turn to walk the talkThe fiscal clock has been reset. It is govt’s turn to walk the talkGrowth, not fiscal fundamentalism, is the best antidote to a host of ills, economic and social. | |
AGR not factored into Budget, clarifies govtAGR not factored into Budget, clarifies govt15 entities owe Rs 1.47 lakh cr, Rs 92,642 cr in licence fee & Rs 55,054 cr in outstanding spectrum charges. | |
Kerala declares coronavirus a state calamityKerala declares coronavirus a state calamityThree people from Kerala have tested positive for coronavirus, which first broke out in China’s Wuhan. | |
The Margin: The U.S. is improving but still trails the U.K. and 5 others on this list of the world’s ‘best countries’ ” here’s whyWe’re no Switzerland, but hey, it isn’t nearly as bad inside the United States borders as those cable news channels might have you believe. In fact, over the past year or so, things have improved, at least perception-wise, according to a recent U.S. News & World Report of the best countries on the planet | |
It was Bloody Monday on China’s markets, and here’s how the biggest companies faredBeijing’s announcement of several measures to support the anticipated stock-market bloodbath did little to help most sectors. | |
The Margin: Rush Limbaugh says he has advanced lung cancer, vows to keep doing his showConservative lightning rod Rush Limbaugh told listeners on Monday that he has œadvanced lung cancer and will be missing shows for treatment. |
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