Written by Gary
U.S. stock index futures jumped this morning (SPY +2.8%) on hopes that aggressive fiscal and monetary stimulus would kick start the economy.
Here is the current market situation from CNN Money | |
 | European markets are sharply higher today with shares in Germany leading the region. The DAX is up 3.42% while France’s CAC 40 is up 2.95% and London’s FTSE 100 is up 2.94%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Did elite David Boies law firm get a pandemic bailout? It’s a secretWhen the U.S. government announced a multibillion-dollar bailout of struggling small businesses amid the coronavirus pandemic, one of the top U.S. law firms sensed an opportunity. |
| Stimulus splurge restarts stocks rallyThe global stocks rally was back on track on Tuesday, with more support from the Federal Reserve and the Bank of Japan helping end a bumpy few days for financial markets. |
| Futures jump on stimulus hopes ahead of retail sales reportU.S. stock index futures jumped on Tuesday on hopes that aggressive fiscal and monetary stimulus would kick start an economy crushed by the COVID-19 pandemic, with expectations of a record rebound in May retail sales also driving sentiment. |
| Apple’s App Store, Apple Pay targeted by EU antitrust regulatorsApple on Tuesday found itself the target of two EU antitrust investigations into its App Store and Apple Pay as the bloc turned up the heat on online gatekeepers over alleged anti-competitive business practices aimed at blocking rivals. |
| Renault to cut 1,500 engineering jobs in France: union sourceFrench carmaker Renault plans to cut 1,500 engineering jobs in France, a trade union source told Reuters on Tuesday. |
| U.S. health insurers may balk at paying for coronavirus antibody testingU.S. health insurers may balk at covering tests that look for coronavirus antibodies in some cases, arguing that employers or the government should foot a bill expected to run into billions of dollars. |
| Apple says disappointed with EU antitrust investigationsApple on Tuesday accused a few companies of filing groundless complaints and criticised EU antitrust regulators for listening to them and opening two investigations into its Apple Pay and App Store. |
| Volkswagen invests extra $200 million in U.S. battery company QuantumScapeVolkswagen is increasing its stake in U.S. company QuantumScape by up to $200 million to boost the development of solid-state battery technology that aims to increase the ranges of electric cars and shorten charging times, the German carmaker said https://bit.ly/2BcvqPY on Tuesday. |
| Cerberus vows no let up in push for change at CommerzbankCerberus will use “alternative paths” to force leadership change at Commerzbank if it continues to resist calls to reform, the activist investor said in a letter to Germany’s second-biggest bank seen by Reuters on Tuesday. |
| Trader: The Fed’s Actions “Smack Of Desperation”Trader: The Fed’s Actions “Smack Of Desperation” Tyler Durden Tue, 06/16/2020 – 08:23 Authored by Richard Breslow via Bloomberg, Equity markets are flying, emerging markets are up, bond yields are creeping ever so slightly higher, credit is doing just fine. Good news for the global financial markets. I would have thought that, given what has been promised them in the last 24-hours, they would have been doing better. It’s unclear if this is a sign of maturity and prudent restraint or something we should be wary of. Asset prices like a good bubble. Central banks and governments aren’t exactly against them under current circumstances. And while financial instruments aren’t doing anything particularly wrong, they also aren’t running away. Which struck me as somewhat odd looking at the screens. < … |
| Futures Soar On Stimulus Hopes, Fed Bond Buying, Ignore Geopolitical ClashesFutures Soar On Stimulus Hopes, Fed Bond Buying, Ignore Geopolitical Clashes Tyler Durden Tue, 06/16/2020 – 08:11 After Monday’s dramatic intraday reversal which saw the S&P500 surge more than 100 points from session lows and closing above its 200-day moving average, ES futures continued their levitation overnight and were trading at 3,110 last, propelled both by Monday’s Fed announcement it would start to buy corporate bonds on Tuesday, and a late Bloomberg report that Trump was seeking a $1 trillion infrastructure proposal to stimulate the economy which would focus on 5G and rural broadband, although reports added it would still under discussion and would need the backing of Congress. As Bloomberg notes, government stimulus has been a key feature of the global equities rally, despite soaring unemployment and signs that a second wave of the virus has started to emerge. Now there are signals that more economic support is on the way. “The size and the pace of Fed balance sheet expansion is something that will put a floor under global equity markets, Â Stephen Gallo, BMO Capital Markets head of European FX strategy, said on Bloomberg TV. At the same time, investors mostly ignored news of a sharp escalation in Korean tensions, as well as a deadly clash between Indian and Chinese border troops, while expecting a record rebound i … |
| Congresswoman Ilhan Omar’s Father Dies Of CoronavirusCongresswoman Ilhan Omar’s Father Dies Of Coronavirus Tyler Durden Tue, 06/16/2020 – 07:01 Controversial Minneapolis Rep Ilhan Omar, one of a handful of progressive female representatives dubbed “the Squad” by the public and mainstream news media, tweeted late Monday night that her father, with whom she migrated to the US during the mid-1990s, had passed away due to ‘complications linked to the coronavirus.’ Per Politico, Omar and her father Nur Mohamed came to the US as refugees in 1995 from Somalia during that country’s civil war. They eventually settled in Minneapolis, where Omar launched her political career.
Alongside Michig … |
| Chinese Forces Kill 3 Indian Troops During First Deadly Border Clash In Nearly 50 YearsChinese Forces Kill 3 Indian Troops During First Deadly Border Clash In Nearly 50 Years Tyler Durden Tue, 06/16/2020 – 06:35 Following days of escalating tensions between the two nuclear-armed neighbors, Indian Army officials confirmed that three troops – an officer and two soldiers, to be more precise – had been gunned down by Chinese forces during a “violent faceoff” in Galwan Valley in the Ladakh region, which rests along the country’s border with China on Monday night. A statement from the Indian Army says both sides were meeting to diffuse tensions building up on the border in the last several weeks. Other reports indicate the soldiers weren’t shot but had been killed during a rock-throwing melee reminiscent of another border incident back in May, where both sides reported injuries. A statement from the Indian Army says both sides were meeting to diffuse tensions building up on the border in the last several weeks. Other reports indicate the soldiers weren’t shot but had been killed in a rock-throwing melee — very similar to what happened in May along the border when both sides reported injuries.Â
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| Nuclear superpowers fight with sticks and stones at 14,000 feetNuclear superpowers fight with sticks and stones at 14,000 feet3 Indian soldiers were killed in a face-off with Chinese. There are no details on Chinese toll yet. |
| Face-off in Galwan: What we know so farFace-off in Galwan: What we know so farThe killings, a statement said took place during the `de-escalation process in the Galwan valley’. |
| Petrol, diesel prices hit the roof in IndiaPetrol, diesel prices hit the roof in IndiaState oil companies have raised rates of petrol and diesel by Rs 5.5- Rs 5.8 per litre in ten days. |
| The Tell: A portfolio of stocks being bought by mom-and-pop investors is trouncing Wall St. pros ” here’s what they’re buyingIt’s no secret that retail investors have been increasing but the degree to which they have outperformed professional investors is coming into greater focus lately. |
| Deep Dive: Think it’s too late to buy big tech stocks? Here’s an overlooked comeback play with a 5% dividendIBM will provide you with a large income stream as it makes moves to return to growth under a new CEO. |
| ‘Most people don’t want to be called average,’ says Betterment’s Dan Egan, who designs financial tools for them anywayMarketWatch spoke with the man who develops portfolios and interfaces for the biggest robo-advisor. |
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