21Jul2020 Pre-Market Commentary: Wall Street Futures Point To A Higher Opening, DOW Up 184 Points, Gold Rises To Nearly 9-year High 1841, Coca-Cola Earnings Fall 33%

Here is the current market situation from CNN Money

European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.70% while France’s CAC 40 is up 1.14% and London’s FTSE 100 is up 0.48%.

Coca-Cola earnings fall 33%, but company sees improving demand as lockdowns ease

Coca-Cola CEO James Quincey said the company believes that the second quarter will likely be the most challenging of the year.

Ford unveils electric Mustang Mach-E race car with 1,400 horsepower

Ford plans to use the prototype vehicle, which it’s calling the Mustang Mach-E 1400, as a proof of concept for the performance of all-electric vehicles as the crossover begins arriving in dealerships later this year.

Tapestry CEO Jide Zeitlin resigns

Coach handbag maker Tapestry said on Tuesday its Chairman and Chief Executive Officer Jide Zeitlin has resigned from the company for personal reasons, effective immediately.

Inflatable pools, water slides help fuel the fourth straight month of double-digit toy sales gains

Since March, when schools moved into the home and after-school programs vanished, parents have fueled a massive spike in toy sales as they seek to keep their kids occupied and entertained.

Discount grocer Aldi to open more than 70 stores by end of year as part of national expansion

The discount grocer is in the middle of an effort to become the third-largest U.S. grocer by 2022, after Walmart and Kroger.

Looking to 2021, tour operator Trafalgar pivots to new pandemic normal to spur bookings

Trafalgar Tours is pivoting to meet consumer concerns in an effort to ensure travel takes off again in early 2021. CNBC spoke with Trafalgar President Melissa da Silva about when she sees tourism rebounding, and what her company is doing to help that happen.

Health care has ‘more room to run’ after hitting record highs, ETF analyst says

The health-care trade can continue to work as biotechnology and pharmaceutical companies get closer to finding treatments and a possible vaccine for Covid-19, says Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA.

Coronavirus live updates: Quest reportedly warns it won’t be able to meet testing demand in the fall

The coronavirus has infected more than 14.7 million people around the world as of Tuesday, killing at least 610,560 people.

HHS unveils new coronavirus hospitalization database, says it’s more complete than CDC’s

“We realize this is a change and anytime there is a change it obviously creates a little bit of tension,” Jose Arrieta, HHS’ chief information officer, said Monday, “maybe a little bit of pain to transition.”

WHO applauds Oxford coronavirus vaccine data: ‘It is good news’

But a top WHO official said, “there is a long way to go.”

More than half of U.S. states have statewide mask mandates

As of Monday, 28 U.S. states have statewide mask mandates in place to curb the spread of the coronavirus.

5 things to know before the stock market opens Tuesday

Dow and Nasdaq futures pointed to about 1% gains at Tuesday’s open as seemingly coronavirus-proof tech stocks rallied again.

One e-commerce stock has rallied 2,050% since March, and trader sees more room to run

E-commerce stocks have roared higher off the March lows ” none more so than Overstock, which has rallied more than 2,050% in four months. Danielle Shay of Simpler Trading is ready for more upside.

Silver Is Soaring Again, Citi Sees $2000 Gold Imminent

Silver Is Soaring Again, Citi Sees $2000 Gold Imminent Tyler Durden Tue, 07/21/2020 – 08:23

Update (0830ET): 5 minutes after we posted and suggested that BIS precious metals boss Benoit Gilson should “get back to work”… he did…

Biden Unveils $775 Billion Plan For Universal Child & Elder Care

Biden Unveils $775 Billion Plan For Universal Child & Elder Care Tyler Durden Tue, 07/21/2020 – 08:12

Days after unveiling his ‘Green New Deal’ inspired infrastructure plan that will move the US to “100% green energy” by 2035 (much to the dismay of the energy industry, and taxpayers, who would probably rather see that money go to building bridges, airports and highways), the former Vice President is back with another expansionist, big-government plan to implement universal childcare across the US.

Biden’s plan calls for shelling out $775 billion to boost child care and care for the elderly. We imagine Biden’s campaign advisors feel that such a promise might resonate with suburban parents anxious about school closures and the struggle to find child care while they work.

The third plank of the Democratic nominee’s economic plan, it calls for universal preschool for three- and four-year-olds and would also eliminates the waiting list for home and community services under Medicaid while offering low-income and middle-class families a tax credit of as much as $8,000 to help pay for child care. If all that weren’t enough, the law increases pay for caregivers and educators.

Amusingly, Biden’s “caring economy” plan, if enacted, would be financed by n …

Tad Rivelle: “It’s Like Alice In Bondland”

Tad Rivelle: “It’s Like Alice In Bondland” Tyler Durden Tue, 07/21/2020 – 08:10

Submitted by Christoph Gisiger of TheMarket.ch

Tad Rivelle, Chief Investment Officer of the Californian bond giant TCW, doubts that the economy will recover as quickly as the rebound in risk assets suggests. He’s scrutinizing the magic of monetary policy and warns of a painful restructuring process in many sectors of the corporate world.

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Everything is going to be fine. At least that’s what financial markets seem to believe: The S&P 500 stands at the same level as at the beginning of the year, and interest rate spreads on corporate bonds have largely normalized.

Tad Rivelle distrusts the widespread complacency. The Chief Investment Officer of TCW, overseeing more than $180 billion in fixed income assets, doubts that the economy will recover from its shock as quickly as risk markets suggest.

“The Fed has essentially driven a gigantic wedge between the fundamentals ” which we don’t think are very good at all ” and the capital market pricing”, Rivelle points out.

In this in-depth interview with The Market/NZZ, he points out fundamental problems in the highly leveraged corporate sector. He also warns that even more extre …

Futures Surge After EU Reaches “Truly Historic” Pandemic Bailout Deal

Futures Surge After EU Reaches “Truly Historic” Pandemic Bailout Deal Tyler Durden Tue, 07/21/2020 – 07:51

S&P futures and global markets jumped on Tuesday after EU leaders clinched an œhistoric deal on a massive ‚¬750BN ($860BN) recovery plan for their coronavirus-throttled economies in the early hours of Tuesday, after a turbulent, seemingly endless summit lasting almost five days.

UK property sales in coronavirus summer slump

Sales of homes picked up in June as the market reopened but remain 30% down on last year.

Lockdown Brits splurge on tea, biscuits and a good book

People working from home have spent heavily on tea, coffee, biscuits and new books.

UK quarterly borrowing hits record high

The government borrowed £127.9bn between April and June, the peak of the coronavirus pandemic.

Axis Bank profit falls 19% YoY to Rs 1,112 cr in virus-marred Q1

Axis Bank profit falls 19% YoY to Rs 1,112 cr in virus-marred Q1The private sector lender has reported a net profit of Rs 1,370.08 crore in the same period last year.

HUL weathers Covid storm, profit up 7% yoy

HUL weathers Covid storm, profit up 7% yoyThe FMCG major declared an interim (special) dividend of Rs 9.50 per share for the financial year ending March 31, 2021.

For Modi, helicopter money is not the answer

For Modi, helicopter money is not the answerRabobank estimates that inflation could surge to an average of 12% in 2021 if the RBI was to finance a second stimulus package of $270 billion, a similar amount to what was announced in the first spending plan earlier this year.

Metals Stocks: Gold rises to nearly 9-year high on fiscal stimulus moves

Gold rises Tuesday to a nearly nine-year high, lifted by an agreement on a rescue plan by European leaders and expectations for additional spending by the U.S. government.

Project Syndicate: China has blown its opportunity to control the world with soft power

By choosing unprovoked aggression over enlightened generosity, President Xi Jinping’s regime has squandered its historic opportunity to lead the world and possibly also revealed its true character.

Deep Dive: This index ETF is beating the S&P 500 by excluding ‘losers’

Eliminating weak companies has led to outperformance for the GraniteShares XOUT U.S. Large Cap ETF.