Written by Gary
US stock futures surge after Goldman’s blowout quarter and Moderna’s vaccine news (SPY +1.3%). Fed officials warn on ‘thick fog’ ahead for US economy as recovery concerns deepen.
Here is the current market situation from CNN Money | |
 | European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 2.52% while London’s FTSE 100 is up 2.11% and Germany’s DAX is up 1.92%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Nissan unveils Ariya crossover as first new all-electric vehicle under turnaround planThe vehicle is one of 12 new or redesigned models Nissan has promised to release through 2021 under its “Nissan Next” global business plan, which it detailed in May. |
| Hospitals look to resume normal operations, but patients still fear seeking careWhile normal hospital operations look set to resume, patients remain concerned about seeking care but analysts are optimistic for a recovery in elective procedures post-coronavirus. |
| Moderna shares jump as much as 16% after company says its coronavirus vaccine trial produced ‘robust’ immune responseModerna’s potential vaccine to prevent Covid-19 produced neutralizing antibodies in all 45 patients in its early stage human trial, according to newly released data. |
| Budget carrier AirAsia is confident it can return to profitability in 2021, CEO saysAsia has become “much, much smarter” in the way they handle further coronavirus outbreaks, which will help the region’s aviation industry recover in a “much more sustainable” way, said AirAsia CEO Tony Fernandes. |
| Israel’s leader is starting to pay a ‘political price’ as virus cases surge, protests eruptThe Israeli government made “very serious mistakes” after initially containing the coronavirus outbreak, and “tremendous damage” is being done to the economy, political analyst Joel Rosenberg said as cases in the country continue to climb rapidly. |
| 5 things to know before the stock market opens WednesdayStock futures surged after Moderna said its coronavirus vaccine candidate produced antibodies in all patients participating in a trial. |
| U.S. reports record 67,400 single-day spike of new coronavirus cases“The time is now,” Dr. Robert Redfield, Director of the CDC, said Tuesday. “I think if we could get everybody to wear a mask right now I think in four, six, eight weeks we could bring this epidemic under control.” |
| Coronavirus updates: U.S. sets fresh single-day record for new cases; Moderna exec feels ‘ethical obligation’The coronavirus has infected more than 13.32 million people around the world as of Wednesday, killing at least 578,600 people. |
| Commercial truck-maker Navistar teams with start-up TuSimple to develop autonomous semisOver the next four years, TuSimple will work with Navistar to develop a self-driving semi with production targeted to begin in 2024. |
| The 2021 Ford Bronco: Five things to know about the resurrected SUVThe Bronco is one of the most highly anticipated and important new vehicles for Ford as it re-enters the off-road SUV market for the first time since in nearly 25 years ago. |
| Most Brits just won’t wear face masks ” here’s whyWith the British government set to make face coverings in English shops mandatory, experts explain why they haven’t seen the same widespread uptake as in other countries during the coronavirus pandemic. |
| Trump says U.S. would have half the number of coronavirus cases if it did half the testingTrump said that while coronavirus testing “is a good thing,” it has also served as “fodder for the fake news to report cases.” |
| CDC says U.S. could get coronavirus under control in one to two months if everyone wears a mask“I think if we could get everybody to wear a mask right now I think in four, six, eight weeks we could bring this epidemic under control,” said Dr. Robert Redfield, director of the CDC. |
| German Court Rules Tesla Autopilot Claims Are “Misleading Business Practices” And Can’t Be Used For AdvertisingGerman Court Rules Tesla Autopilot Claims Are “Misleading Business Practices” And Can’t Be Used For Advertising Tyler Durden Wed, 07/15/2020 – 08:30 If the NHTSA is looking to finally grow a backbone and actually do what’s right for consumers in the U.S., they could look to Germany for their template. That’s because a case brought by Germany’s Wettbewerbszentrale (the country’s auto industry body that polices anti-competitive practices) has now prevented Tesla from using what a court called “misleading advertising statements” to describe the capabilities of its driver assistance systems and its full-self driving feature (which we remind you, still doesn’t exist). œThe use of the term ‘Autopilot’ and other formulations suggest that the vehicle is technically capable of fully autonomous driving, the court said, before clarifying that Autopilot is œa driver assistance system. Tesla can appeal the case, according to Reuters. |
| Passive Fingerprints Are All Over This Crazy MarketPassive Fingerprints Are All Over This Crazy Market Tyler Durden Wed, 07/15/2020 – 08:16 Authored by Michael Lebowitz and Jack Scott via RealInvestmentAdvice.com, Apple’s stock is up over 20% since the market peak in February. Without a doubt, Apple, the company, is worse off due to the crisis and global recession. Revenue and earnings will be inferior to what Wall Street had forecast at lower stock prices. Valuations, shown below, are now astronomical. |
| Goldman Smashes Expectations, Reports Second Highest Revenue In History On Blockbuster FICC ResultsGoldman Smashes Expectations, Reports Second Highest Revenue In History On Blockbuster FICC Results Tyler Durden Wed, 07/15/2020 – 08:02 If Wells Fargo plunged yesterday due to being one of the few US banks without a trading desk to offset its balance sheet woes, then Goldman was the opposite, and without much of a balance sheet to talk about (its attempts to attract subprime borrowers to its Marcus product have had mixed success), the company reaped all the benefits of the Q2 record refi and trading frenzy with almost none of the downside. Indeed, as Goldman reported moments ago, the bank smashed both top and bottom line expectations, on the back of blockbuster FICC revenues while overall trading revenues almost doubled in Q2 from a year ago: Revenue of $13.30BN, Exp. $9.75BN and 41% higher than Q2 2019 EPS $6.26, nearly double the consensus estimate of $3.78, and above last year’s $5.81 Y/Y FICC Sales & Trading Rev $4.24B, Est. $2.64B Assets under management $2.06 trillion, +24% y/y Compensation expenses $4.48 billion, +35% y/y, estimate $3.59 billion Net interest income $944 million, -12% y/y, estimate $1.44 billion |
| Lockdowns Return Across India As COVID-19 Cases Near 1 Million: Live UpdatesLockdowns Return Across India As COVID-19 Cases Near 1 Million: Live Updates Tyler Durden Wed, 07/15/2020 – 07:47 Summary: Partial lockdowns return across India India nears 1 million case mark US reports another 60k+ cases Tuesday US total: 3,546,566 Global total: 13,495,134 Tokyo raises alert level to highest of four * * * Following in the footsteps of tech hub Bangalore, nearly a dozen Indian states have imposed a partial lockdown in high-risk areas as of Wednesday morning in the US as yet another record jump in new COVID-19 infections pushed India’s total number of confirmed cases above 900k, after topping 800k just three days ago. |
| Apple has ‚¬13bn Irish tax bill overturnedThe EU’s second highest court says the tech giant will not have to pay a record sum in back taxes. |
| Coronavirus: Teenagers most likely to have been furloughedWomen aged 17 are most likely to have been put on furlough during the coronavirus crisis, data shows. |
| Capital gains tax review is standard practice, says TreasuryThe Treasury has launched a review of the capital gains tax system to œensure the system is fit for purpose . |
| Billion dollar deals help Infy beat Covid blues with 12% profit riseBillion dollar deals help Infy beat Covid blues with 12% profit riseConsolidated revenue of the company increased 8.5 per cent YoY to Rs 23,665 crore in Q1FY21, over Rs 21,803 crore in the same period last year. Analysts have projected the figure at Rs 22,600 crore. |
| Google hitches a Jio ride for Rs 33,737 crGoogle hitches a Jio ride for Rs 33,737 crAmbani confirmed Google’s investment during the 43rd AGM. |
| Trump-Modi bonhomie got India no businessTrump-Modi bonhomie got India no business œVietnam, Mexico and Taiwan are the main beneficiaries of the shift in U.S. imports, along with a push toward reshoring back to the U.S., the economists said. |
| Does Protectionism Kill Growth?Written by John Lounsbury The question of protectionism and economic growth has become a hot topic in the modern days of increasing trade wars and rising tariffs. Phil Dobbie and Steve Keen recently discussed this subject in a Debunking Economics Podcast. It emerges in this discussion that the question may sound rather simple but the answers are complex.
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| Economic Report: July Empire State index in positive territory for first time since pandemic beganBusiness activity in New York State increased in July, the first pickup since the pandemic began, according to the New York Fed’s Empire State Manufacturing Survey released Wednesday. |
| In One Chart: Why the S&P 500 isn’t being punished despite U.S. inability to contain COVID-19U.S. stocks, as measured by the benchmark S&P 500, are holding their own versus European rivals, even though U.S. coronavirus cases are surging again and threatening the economic recovery while European countries appear to largely have the outbreak under control. |
| Market Extra: ‘Fear’ is rising in the stock-market and so is ‘dumb money’ confidence as tech stocks reach an inflection point |
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