Written by Gary
The S&P 500 and the Nasdaq hit all-time highs today (SPY +0.6%) as China takes more measures to prop up its economy. US moves to cut more Venezuelan crude from the market.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed today. The Bovespa is up 1.01% while the S&P 500 gains 0.62%. The IPC is off 0.49%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| S&P 500, Nasdaq reach new heights on China stimulus hopesThe S&P 500 and the Nasdaq hit all-time highs on Wednesday as hopes that China would take more measures to prop up its economy eased worries about the impact of the coronavirus epidemic. |
| This revamp will be different, says HSBC boss; staff not so sureNoel Quinn, the interim chief executive of HSBC , says this time things are going to be different. |
| Oil up 2.5% on slowing pace of coronavirus, U.S. move on VenezuelaOil prices rose 2.5% on Wednesday as demand worries eased with a slowing of new coronavirus cases in China and supply curtailed by a U.S. move to cut more Venezuelan crude from the market. |
| French prosecutors step up Ghosn probe over palace party, Oman dealingsFrench prosecutors said on Wednesday they had assigned a judge to formally investigate various allegedly suspect financial dealings linked to Renault , which a judicial source said were related to the carmaker’s former boss Carlos Ghosn. |
| Airbus defense division plans to cut more than 2,300 jobsThe defense business of Airbus on Wednesday laid out plans to cut more than 2,300 jobs, citing a flat space market and postponed defense contracts. |
| Stocks scale fresh peaks on slowing virus, dollar gainsThe dollar gained while U.S. and European equity indexes scaled fresh peaks on Wednesday after China reported another decline in new coronavirus cases and on expectations of Chinese stimulus to counter a slowdown in growth. |
| Boeing heads to court to oppose release of 737 MAX documentsBoeing Co heads to court on Wednesday to dispute a request from lawyers representing victims of a 737 MAX crash for documents related to the aircraft’s design, development and two fatal disasters involving the now-grounded plane. |
| T-Mobile owner sets sights on becoming U.S. number oneDeutsche Telekom is aiming to become market leader in the United States, CEO Tim Hoettges said on Wednesday, now that a deal for its T-Mobile US unit to take over Sprint is within reach. |
| We can live with German, EU ideas on vendor regulation: Deutsche TelekomIt looks as though German and European policy makers are working towards rules governing vendors of telecoms network equipment that Deutsche Telekom can live with, |
| Elon Musk Calls Bill Gates “Underwhelming” After Gates Admits He Drives A Porsche TaycanElon Musk Calls Bill Gates “Underwhelming” After Gates Admits He Drives A Porsche Taycan Elon Musk’s babiness and petulance seems to know no bounds, even with Tesla stock scorching near all time highs, allowing the billionaire to raise capital for his empire at absurd prices. But that didn’t stop Musk from taking a jab at follow billionaire Bill Gates – who you may know from running a company that actually consistently gushed tons of cash for decades, Microsoft. Musk went after the Microsoft founder on Twitter on Tuesday after it was revealed that Gates bought himself a Porsche Taycan (and not a Tesla). |
| Are The Japanese Losing Faith? Yen Crashes Near Record Lows Against GoldAre The Japanese Losing Faith? Yen Crashes Near Record Lows Against Gold 31 years ago, the Japanese stock market hit a record high. It remains 38% below that high (not adjusted for inflation), crushing the global narrative that ‘buy and hold’ in stocks works “over the long run.” |
| Adidas’ China Business Activity Crashes 85% Due To Virus ShockAdidas’ China Business Activity Crashes 85% Due To Virus Shock Under Armour was the first apparel company to warn the Covid-19 outbreak in China would have a negative impact on sales in 1Q. The Baltimore-based apparel company said last week that the industry as a whole would be damaged. One week later, German sportswear maker Adidas has warned the virus outbreak across China, forcing dozens of cities to close with 400-700 million people in quarantine would severely impact sales in 1Q. |
| The World’s Top LNG Producer Is In TroubleThe World’s Top LNG Producer Is In Trouble Authored by Cyril Widdershoven via OilPrice.com, Global LNG markets are struggling with a glut of unprecedented levels… |
| As China sneezes, this is how the govt can protect India IncAs China sneezes, this is how the govt can protect India IncA govt-industry task force must be set up to to tackle the situation and avoid industry closures. |
| 14-yr-old bribery case returns to haunt Airbus14-yr-old bribery case returns to haunt AirbusThe ED has stepped up its probe into whether a $2.2-bn Airbus SE jetliner sale to Indian Airlines involved bribes. |
| Economic toll of coronavirus continues to riseEconomic toll of coronavirus continues to riseThe coronavirus is roiling economies around the globe, with impact being felt across major industries. |
| January 2020 Residential Building Permits Significantly ImprovedWritten by Steven Hansen The January 2020 headline residential building permits rate of growth significantly improved and completions significantly declined relative to last month – and the rolling averages showed a similar result. Best growth year for permits since 2007.
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| The Ratings Game: Bed Bath & Beyond stores are getting a revampBed Bath & Beyond announced the sale of PersonalizationMall.com and a capital allocation strategy that includes new store formats. |
| The Moneyist: ‘I stock shelves at a grocery store 3 days a week.’ I’m 28, a single mother, a veteran and work two part-time jobs. Should I accept my father’s offer to help with my expenses?‘For the last few months, I’ve been working two part-time jobs in addition to my military duties to save up for my monthly shortfall while I’m in school.’ |
| The Tell: Fed staffers say life insurers have leveraged up and are vulnerable to risks from the corporate sectorA new research paper from Federal Reserve staffers finds U.S. life insurers have taken on the risks in private debt largely ceded by banks after the 2008 financial crisis. |
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