Written by Gary
US equity futures hit an all time high overnight on a combination of trade and virus optimism (SPY +0.4%). Initial Unemployment Claims 4 Week Average Significantly Improved.
Here is the current market situation from CNN Money | |
 | European markets are higher today with shares in France leading the region. The CAC 40 is up 0.64% while Germany’s DAX is up 0.62% and London’s FTSE 100 is up 0.25%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Equinor broadens scope of carbon targets to match rivalsEquinor joined other major European oil and gas companies on Thursday by including emissions from the fuel it sells to customers in its carbon reduction targets as investors step up the pressure on fossil fuel producers. |
| Fiat Chrysler’s profit rises ahead of Peugeot mergerFiat Chrysler posted a 7% rise in fourth-quarter profit on Thursday, boosted by strong business in North America and better results in Latin America as it heads into a merger with France’s PSA . |
| Twitter notches first $1 billion quarterly revenue, beating estimatesTwitter Inc pulled in $1 billion in quarterly revenue for the first time, beating expectations as efforts to make its platform more user-friendly brought in more people. |
| Futures climb on China plan to cut tariffs on U.S. productsU.S. stock index futures rose on Thursday as China’s plan to halve additional tariffs on some American goods helped allay fears over the financial fallout of the coronavirus epidemic. |
| Payments in high-value deals not a bribe, Mahathir says about AirAsia probeMalaysian Prime Minister Mahathir Mohamad said on Thursday payments received to offset the costs of a high-value order could not be constituted as a bribe. |
| ICE profit drops 27% on weak growth in transaction and clearing unitIntercontinental Exchange Inc , which owns the New York Stock Exchange, reported a 27% fall in fourth-quarter profit on Thursday, hurt by muted growth in its transaction and clearing business. |
| China tariff cut buoys stocks as investors look beyond virusStock markets across the world rose on Thursday, buoyed by record highs on Wall Street and a move by China to halve tariffs on some U.S. goods that emboldened bets that the global economy would avoid long-term damage from the coronavirus. |
| Total beats quarterly forecasts despite low oil price, raises payoutTotal beat forecasts on Thursday by keeping net adjusted fourth-quarter profit steady at $3.2 billion despite low oil prices and fulfilled a pledge to boost dividends, lifting the French energy firm’s shares. |
| Exxon and Papua New Guinea should return to LNG negotiating table, says Total CEOExxon Mobil Corp and the Papua New Guinea government must return to the negotiating table so that a $13 billion expansion of gas production can proceed, the head of French oil major Total , a partner in the plan, said on Thursday. |
| “What Were We Thinking?”“What Were We Thinking?” Authored by Charles Hugh Smith via OfTwoMinds blog, Will we wonder, what were we thinking? and marvel anew at the madness of crowds? |
| OPEC+ Committee Fails To Agree On Proposed Production CutsOPEC+ Committee Fails To Agree On Proposed Production Cuts Oil futures remain in a bear market following the collapse in oil demand from China amid two-thirds of its economy shutdown following the coronavirus outbreak. |
| Futures Hit All Time High On Trade, Virus OptimismFutures Hit All Time High On Trade, Virus Optimism And just like that, US equity futures hit an all time high of 3,357.75 overnight on a combination of trade and virus optimism. |
| China To Slash Tariffs On Some U.S. Imports By 50%China To Slash Tariffs On Some U.S. Imports By 50% While global equity futures continue to soar amid a return of the “coronavirus is contained” following reports that new drugs are in the pipeline to treat the deadly disease on Wednesday, China’s economy is expected to print sub-5% GDP in Q1. This has forced an increasingly desperate Beijing to unexpectedly announce on Thursday that it will slash tariff levied on 1,717 U.S. goods by up to 50%. China’s finance ministry stated that on Feb. 14, additional tariffs levied on some goods will be reduced from 10% to 5%, and others lowered from 5% to 2.5%, reported Reuters. The finance ministry didn’t explicitly state the value of goods affected by tariff reductions. In a separate statement, the ministry said tariff reductions would mostly be for products announced during the trade war. They said further tariff adjustments could depend on the bilateral economic and trade situation. The ministry said soybean tariffs would be reduced from 30% to 27.5%. Tariffs on crude will be halved from 5% to 2.5% after Feb. 14. “Any move to de-escalate is always good. Especially when the market is overwhelmed by the news about virus, good news about tariff is refreshing,” said Tommy Xie, head of Greater China research at OCBC Ba … |
| How Das has managed to make loans cheaper without a rate cutHow Das has managed to make loans cheaper without a rate cutThe RBI has relaxed the cash reserve ratio to boost lending to auto, housing and MSMEs. |
| Did foreigners read the Budget better?Did foreigners read the Budget better?Foreign fund managers appeared less convinced of a full-blown stimulus, if various commentaries are to go by. |
| China sacrifices a province to save the worldChina sacrifices a province to save the worldUnprecedented scenes are emerging daily from Hubei, the landlocked region of 60 million people. |
| Futures Movers: U.S. oil rises as OPEC+ committee calls for deeper cuts to global output amid coronavirusOil futures trades mixed Thursday morning as an OPEC committee advocates for cuts to global production to stabilize slumping crude values. |
| The Ratings Game: Tesla ‘off the accelerator’ as stock takes worst stumble in more than 6 yearsInvestors slam the brakes on Tesla after six straight sessions of gains. |
| Bond Report: Treasury yields hold ground as investors eye coronavirus spreadTreasury yields are mostly unchanged on Thursday as the bond market started to find more stable footing after days of intense volatility sparked by the coronavirus outbreak. |
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