Written by Gary
The New York Fed’s Weekly Leading Index (WLI) declined and continues to show an economy that is significantly worse than seen during the Great Recession. (SPY +0.5%)
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly higher today with shares in Mexico leading the region. The IPC is up 1.83% while Brazil’s Bovespa is up 1.42% and U.S.’s S&P 500 is up 0.47%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Men’s Wearhouse owner Tailored Brands plans to shut 500 stores, cut 20% of corporate workforceTailored Brands announced a round of layoffs and hundreds of looming store closures as its business suffers a blow from the coronavirus pandemic. |
| Starbucks unveils new ways for loyalty program members to pay as coronavirus weighs on salesStarbucks just announced that Starbucks Rewards members will have more ways to pay for their drinks, starting this fall. |
| Ford unveils electric Mustang Mach-E race car with 1,400 horsepowerFord 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. |
| Coach owner Tapestry CEO Jide Zeitlin resigns after woman accuses him of posing as a photographerJide Zeitlin has resigned as the CEO of Tapestry, whose products include Coach handbags, as the company has opened a probe into his personal behavior, CNBC has learned. |
| Inflatable pools, water slides help fuel the fourth straight month of double-digit toy sales gainsSince 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. |
| Coronavirus live updates: Top Republican raises doubts on relief billThe coronavirus has infected more than 14.7 million people around the world as of Tuesday, killing at least 610,560 people. |
| Coca-Cola earnings fall 33%, but company sees improving demand as lockdowns easeCoca-Cola CEO James Quincey said the company believes that the second quarter will likely be the most challenging of the year. |
| Discount grocer Aldi to open more than 70 stores by end of year as part of national expansionThe discount grocer is in the middle of an effort to become the third-largest U.S. grocer by 2022, after Walmart and Kroger. |
| Cramer says the stock market could go even higher if more Americans wore coronavirus masksThe “Mad Money” host said that wider mask adoption could push stocks tied to state economic reopening plans higher in addition to tech stocks. |
| Stocks making the biggest moves midday: IBM, Coca-Cola, Wells Fargo, Devon Energy and moreThese are the stocks posting the largest moves in midday trading. |
| Billionaires in New York could pay $5.5 billion a year under new taxThe tax, part of a new “Make Billionaires Pay” campaign by progressives, would impose a new form of capital gains tax on New Yorkers with $1 billion or more in assets. |
| All-Star investors including Natalie Portman, Reddit co-founder take stake in new LA women’s soccer expansion teamThe club will be the first majority women-owned team. |
| Egypt’s Parliament Approves Ground Troop Deployment To Back Haftar In LibyaEgypt’s Parliament Approves Ground Troop Deployment To Back Haftar In Libya Tyler Durden Tue, 07/21/2020 – 12:25 Libya’s proxy war just grew hotter, with outside powers supporting opposite sides of the conflict finding themselves more directly intervening on Libyan soil. Though Turkey, which supports Tripoli’s UN-backed Government of National Accord (GNA) has sent troops and weapons since last year to help fend off Haftar’s (now failed) advance on the capital, Egypt just made a huge and unprecedented move. On Monday Egypt’s parliament voted to approve sending its armed forces to fight œcriminal militias and œforeign terrorist groups on a œWestern front . Previously Egypt has only flown sorties over neighboring Libya, however, this would mark the first ever direct ground intervention. |
| European Summit Concludes: The Full SummaryEuropean Summit Concludes: The Full Summary Tyler Durden Tue, 07/21/2020 – 12:05 Authored by Erik-Jan van Harn, of Rabobank Summary Heads of state have discussed the EUR750bn recovery fund that was proposed by the European Commission There were a number of hurdles to be taken in the run up to the meeting, such as the size and composition of the recovery fund and the distribution key After 90 hours of negotiations, the European leaders managed to reach an agreement. The deal is a watered down version of the initial proposal. Concessions were made to win over the ‘Frugals’ (Netherlands, Denmark, Sweden, Austria) After consensus in the European Council, the proposal has to pass the European Parliament and has to be ratified by national parliaments. The majority of the funds will probably be distributed in 2021/2022 They’re talking billions This weekend, the heads of state of the 27 EU member states met in Brussels to discuss the revamped EUR 1074bn multi-annual financial framework (MFF) and the EUR 750bn ‘Next Generation EU’ stimulus package. The revamped MFF and the recovery package, aimed at mitigating the economic damage of the COVID-19 crisis, spurred the debate on European solidarity in th … |
| iPhone Sales Stumble, Consumers Flock To Low-Cost Phones, Says CounterpointiPhone Sales Stumble, Consumers Flock To Low-Cost Phones, Says Counterpoint Tyler Durden Tue, 07/21/2020 – 11:45 New estimates from Counterpoint Research published Monday (seen by Apple Insider) show US smartphone sales volume tumbled 25% YoY in 2Q20. Counterpoint said Apple iPhone sales in the US plunged 23% in the period, but volumes increased through the quarter, due mostly to the low-cost iPhone SE. |
| Florida Suffers Record Deaths; Cases Below 10k For 1st Time In A Week: Live UpdatesFlorida Suffers Record Deaths; Cases Below 10k For 1st Time In A Week: Live Updates Tyler Durden Tue, 07/21/2020 – 11:36 Summary: Arizona hospitalizations fall for 4th day Fla daily cases below 10k for first time in a week Florida suffers another 134 deaths, ICU capacity hits 130% Victoria reports 374 new cases Russia reports just 5,842 new cases Beijing requires all foreign travelers to show negative COVID-19 test results India’s Delhi region confirms fewest new cases in 6 weeks US reports roughly 62k new cases yesterday Iran suffers record death toll The EU has reportedly reached a deal on rescue fund * * * Update (1120ET): Arizona reported another 3,500 new cases on Tuesday (numbers are reported with a 24 hour delay), bringing its total to 148,683.The state reported 134 additional deaths on Tuesday morning. The fatalities included 77 older deaths added to the rolls, and 57 newly reported deaths. They brought the state’s totals to 148,683 COVID-19 cases and 2,918 deaths.
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| Ryanair to close base after pilots reject pay cutThe airline is shutting its hub at Frankfurt Hahn airport and considering other German closures. |
| ‘We’re at a moment of real change in the world of work’RBS has extended homeworking for 50,000 staff – marking a continuing shift in employers’ attitudes. |
| UK property sales in coronavirus summer slumpSales of homes picked up in June as the market reopened but remain 30% down on last year. |
| Being coronavirus-safe is costing Railways a pretty pennyBeing coronavirus-safe is costing Railways a pretty pennyThese coaches also have fixtures coated with titanium dioxide and the provision for plasma air equipment in AC ducts to sterilise interiors using ionised air. |
| Fading into obscurity is a real worry for VodaFading into obscurity is a real worry for VodaShares of the telco plunged nearly 9% in intraday trade, underlining the uphill task before the cash-strapped carrier even in the case of relief from the top court which could stave off immediate bankruptcy. |
| Axis Bank profit falls 19% YoY in virus-marred Q1Axis Bank profit falls 19% YoY in virus-marred Q1The private sector lender has reported a net profit of Rs 1,370.08 crore in the same period last year. |
| 21 July 2020 New York Fed Weekly Economic Index (WEI): Index Again Declined and Remains At Recession LevelsWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) declined and continues to show an economy that is significantly worse than seen during the Great Recession. However, this index remains on a recovery trend.
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| Mark Hulbert: Look what happened to home prices when the coronavirus sent stocks into a bear marketResidential real estate turns out to be a solid portfolio diversifier, writes Mark Hulbert. |
| ‘Russian influence in the U.K. is the new normal,’ according to a powerful report by lawmakersPoliticians row over whether Kremlin sought to influence EU referendum, as Prime Minister Boris Johnson says: œWe have seen no evidence of successful interference. |
| : Western universities reeling from pandemic are losing billions as Chinese students stay homePolitical tensions are adding to the already falling numbers of often full-price-paying students from China. |
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