Written by Gary
US stock market major indexes seesaw along the unchanged line (SPY +0.1%) as rising coronavirus cases offset recovery hopes. Residential building permits and construction completes remain in contraction.
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.19% while U.S.’s S&P 500 is up 0.25% and Mexico’s IPC is up 0.05%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Stocks seesaw as rising coronavirus cases offset recovery hopesEquity markets around the world seesawed on Wednesday as the prior day’s rally on economic and vaccine hopes faded, while fresh coronavirus outbreaks and rising geopolitical tensions in Asia boosted demand for the dollar and safe-haven debt. |
| FAA chief acknowledges agency, Boeing made mistakes on 737 MAXFederal Aviation Administration chief Steve Dickson acknowledged on Wednesday that Boeing and the U.S. air safety agency both made mistakes in the development of the 737 MAX jetliner, grounded for more than a year following fatal crashes. |
| Powell repeats Fed to use full range of tools to aid economyWith a full U.S. economic recovery out of reach until the coronavirus pandemic is brought to heel, the Federal Reserve will use its “full range of tools” to cushion households and businesses, Fed Chair Jerome Powell told lawmakers on Wednesday. |
| Exclusive: Who’s in charge at Nissan? COO’s allies push to give him shared CEO role – sourcesNissan’s chief operating officer Ashwani Gupta helped engineer the troubled automaker’s latest turnaround plan. Now his allies are pressing the board to promote him to co-CEO to drive the new strategy, said four people with direct knowledge. |
| Insider-trading investigation against U.S. senator dismissedThe U.S. Senate Ethics Committee has cleared Senator Kelly Loeffler of wrongdoing in connection with stock trades, her office said on Wednesday, after the wealthy Republican – who is in a tough election race – was criticized over share sales during the coronavirus outbreak. |
| U.S. shale companies to boost oil output by 500,000 bpd by month-endU.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices. |
| Citing ‘racial stereotype,’ PepsiCo to drop Aunt Jemima name; Uncle Ben’s under reviewPepsiCo Inc will change the name and brand image of its Aunt Jemima pancake mix and syrup, it said on Wednesday, dropping a mascot that has been criticized for a racist history. |
| Lufthansa warns of threat to its $10 billion bailout dealGerman airline Lufthansa warned on Wednesday that it might need to apply for protection from creditors if its state-backed bailout deal failed to win sufficient support at a shareholder vote on June 25. |
| Oil falls as coronavirus cases pick up in China, U.S.Oil prices fell on Wednesday as investors worried about fuel demand due to fresh outbreaks of COVID-19, though prices drew some support after U.S. stocks of diesel fuel fell for the first time in weeks and U.S. oil production dropped sharply. |
| Facebook ‘Solves’ Censorship Controversy By Allowing Users To Block All Political AdsFacebook ‘Solves’ Censorship Controversy By Allowing Users To Block All Political Ads Tyler Durden Wed, 06/17/2020 – 12:31 As controversy rages over major social media platforms intervening when it comes to users expressing political viewpoints, and with the Trump administration lately escalating its burgeoning feud with Silicon Valley over tech giants’ “liability shields”, Facebook has announced it will now allow users to block political ads altogether. The decision comes amid pressure especially from Democrats and the Left to get Facebook to fact-check political ads to root out alleged “disinformation”. Instead the company has opted to roll out a feature allowing its some two billion individual users to essentially turn off or mute “all social issue, electoral or political ads from candidates and Super PACs.” The ‘opt out’ feature will be available on Instagram as well, and seeks to ease the pressure of the question of social media platforms becoming ‘arbiters of truth’. The move is a huge defeat for the Biden campaign, which |
| More Than 1/3rd Of Workers At Orlando International Test Positive For COVID-19: Live UpdatesMore Than 1/3rd Of Workers At Orlando International Test Positive For COVID-19: Live Updates Tyler Durden Wed, 06/17/2020 – 12:15 Summary: 1/3rd of workers at Orlando International test positive Italy reports another 43 deaths NYC on track for ‘Phase 2’ reopening Monday Texas reports 11% jump in hospitalizations Fla. positivity rate hits highest level since April Fla. reports another jump in new cases Health-care worker and 15 friends infected after night out at Fla. bar Pakistan report another alarming jump in COVID cases Beijing expands lockdowns to nearly 30 residential compounds India suffers deadliest day yet WHO praises UK dexamethasone trial Global case total tops 8.1 million * * * Update (1200ET): After Gov. Ron DeSantis announced that 500 workers at Orlando International Airport had been tested for COVID-19 after several of their colleagues tested positive, it appears the outbreak at the airport is far more pervasive than officials expected. 260 of the airports 800 employees – more than 1/3 – have tested positive, according to several media reports published late Wednesday morning, according to a local Orlando TV station.
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| The Next Iteration. What Is Yield Curve Control?The Next Iteration. What Is Yield Curve Control? Tyler Durden Wed, 06/17/2020 – 12:12 Authored by Michael Lebowitz and Jack Scott via RealInvestmentAdvice.com, The next iteration of monetary policy may well be œyield curve  control? Debt and interest rates have become the predominant driving force of our economy. Unfortunately, a majority of the debt is unproductive, resulting in declining long-run economic and productivity growth rates. In the 1950s, each dollar of debt drove nearly 70 cents of economic growth. It has fallen ever since. Recently, each dollar of debt bought less than 30 cents of growth. That number has deteriorated further in the last few months. The Fed, as manager of monetary policy, can use policy to either encourage long term prosperity or shorter-term economic activity. They have chosen the latter and, as a result, have dug themselves into quite a hole. Each dollar of debt drives less growth than the prior dollar of debt, thus requiring even more debt. This article explores Yield Curve Control (YCC), a policy tool at the Fed’s disposal to keep digging even deeper into the hole. The Hole Government and corporate debt levels are … |
| UK Prime Minister Boris Johnson In Car Wreck After Convoy “Targeted By A Protester”UK Prime Minister Boris Johnson In Car Wreck After Convoy “Targeted By A Protester” Tyler Durden Wed, 06/17/2020 – 11:47 Given the world beheld scenes last week of Black Lives Matters protesters overrunning parliament square in London while vandalizing and defacing statues and monuments ranging from war memorials to Winston Churchill to even an Abraham Lincoln statue, with police appearing at times to sit back at let the destruction happen, it was only a matter of time before something like the below. UK Prime Minister Boris Johnson was involved in a car wreck when a protester ran out in front of the convoy as it departed Westminster on Wednesday.Â
The whole dangerous close call in which Johnson escaped unscathed was caught on video and happened in broad daylig … |
| In geopolitical power game, Beijing has a major advantageIn geopolitical power game, Beijing has a major advantageSouth China Sea has been a bargaining chip in China’s pocket since the beginning of its rise in the global order. |
| In 5 years, half of India will be using JioIn 5 years, half of India will be using Jio Jio is likely to capture 48 per cent of Indian mobile subscriber marketshare by 2025. |
| Virus pushes Asian biz sentiment off the cliffVirus pushes Asian biz sentiment off the cliffBusiness sentiment of Asian companies sank to an 11-year low in the second quarter. |
| May 2020 Residential Building Growth Even With Some Improvement Remains In Contraction Year-over-YearWritten by Steven Hansen Headline residential building permits and construction completes remain in contraction year-over-year – and the rolling averages showed a similar result.
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| Inside England’s retail revival: Here’s how shops looked the day after lockdown easedShops in Manchester appeared largely empty on Tuesday despite England loosening lockdown |
| The Margin: This tearful video of a Georgia police officer accusing McDonald’s of withholding her Egg McMuffin order on purpose has gone viralMcDonald’s apologized, but said she ‘was never denied service’ |
| The English Premier League returns tonight with first of 92 games in just 40 days ” but it’s going to look differentThe English Premier League returns on Wednesday after more than three months with the first of 92 games in just 40 days. |
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