Written by Gary
Bond Report: 10-year Treasury yield extends climb after biggest daily rise in two months (SPY +0.8%). DOW rebounds on recovery and stimulus bets.
Here is the current market situation from CNN Money | |
 | European markets are broadly higher today with shares in London leading the region. The FTSE 100 is up 1.52% while France’s CAC 40 is up 0.64% and Germany’s DAX is up 0.16%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | SoftBank-backed Plenty to supply 430 Albertsons stores in CaliforniaThe partnership with Albertsons marks the vertical farming company’s first major retail deal. |
| Coronavirus live updates: Russia’s vaccine could be rolled out in November; Singapore reports lowest daily new cases in monthsThe coronavirus has infected more than 20.3 million people around the world as of Wednesday, killing at least 742,000 people. |
| Putin’s plan for Russia’s coronavirus vaccine is at ‘high risk of backfiring,’ expert saysJ. Stephen Morrison of the Center for Strategic and International Studies said Russian President Vladimir Putin is trying to score “a domestic win” with the planned rollout of Russia’s vaccine. |
| Russia says vaccine could be in use by November and has been developed over six yearsRussia has been working on its coronavirus vaccine effectively for the past six years, according to the head of the country’s sovereign wealth fund. |
| Scientists worry whether Russia’s ‘Sputnik V’ coronavirus vaccine is safe and effectiveScientists and public health officials are skeptical about Russian President Vladimir Putin’s claim that the country’s potential vaccine for the coronavirus “works quite effectively.” |
| New York Comic Con cancels in-person convention, will head to YouTubeReedPop has canceled the in-person New York Comic Con at Javits Center this year and will take the annual convention virtual through a partnership with YouTube. |
| U.S. airline stocks ease off of multi-week highs as S&P 500 gives up gainsU.S. airline shares extended their gains Tuesday as more travelers took to the skies and another government bailout remained on the table. |
| WHO regional director warns that the Americas remain ‘under the grip’ of coronavirusThe U.S., Brazil and Mexico, combined, have reported more than 40% of the world’s more than 737,000 reported coronavirus deaths. |
| Florida coronavirus deaths reach another grisly record as state grapples with testing constraintsFlorida is one of the states hit hardest by the coronavirus, but daily new cases have appeared to decline in recent days. Testing, however, has fallen even faster. |
| Teen vapers up to 7 times more likely to get Covid-19 than non-e-cig users, says new Stanford study“Being a 21-year-old, I should not be spending six days in the hospital for lung complications,” said one young vaper who survived coronavirus. |
| Russia says there is ‘major information warfare’ against its coronavirus vaccineRussia has rejected international criticism and skepticism toward its coronavirus vaccine, saying that it’s safe and that it works. |
| UK enters recession after GDP plunged by a record 20.4% in the second quarterThe U.K. economy contracted by 20.4% in the second quarter of 2020 as coronavirus-induced lockdowns hammered activity. |
| Shopping center operator Federal Realty CEO on raising dividend: ‘We’re built for this’“To me, it’s not about today. It’s about a number of things: whether we’ll be able to make our way through this,” Federal Realty Investment Trust CEO Don Wood said. |
| Trump On Kamala: “She Was My Number One Pick”Trump On Kamala: “She Was My Number One Pick” Tyler Durden Wed, 08/12/2020 – 08:45 Authored by Steve Watson via Summit News, President Trump says that he is happy Joe Biden has picked Kamala Harris as his running mate, saying that the Californian Senator was his œnumber one draft pick . |
| US Consumer Prices Surge As Food & Medical Costs JumpUS Consumer Prices Surge As Food & Medical Costs Jump Tyler Durden Wed, 08/12/2020 – 08:36 Following yesterday’s hotter-than-expected producer price data (led by a surge in energy costs and day-trading), analysts expected CPI to accelerate modestly YoY in July, but it acelerated significantly (rising 1.6% YoY vs +1.1% expected). On a month over month basis, the headline CPI rose 0.6% (doubling the expected 0.3% rise)… |
| Beware The Era Of ‘Debtstolation’Beware The Era Of ‘Debtstolation’ Tyler Durden Wed, 08/12/2020 – 08:21 Authored by Bill Blain via MorningPorridge.com, œThe lone and level sands stretch far away ¦ Apple is just $150 bln short of hitting the œmagical 2 trillion dollars market capitalisation.  It’s the clear Most Valuable Firm in today’s market, and just about equal in value to the entire value of the US Russell Index of small companies.  Everyone is very aware of the big tech stocks have led the remarkable stock market rally since March.  Facebook, Amazon, Microsoft, Apple and Google have massively outperformed.  Record high stock indices are due to these stocks. (Let me state right at the start of this morning’s comment that I own stock in a number of tech firms including Apple, Alphabet and Microsoft.) The market loves tech. Surging tech prices offer hope to the other parts of the market most impacted by the current crisis. Stock analysts are finding reasons to be positive – for instance, take this line from a US Investment Bank’s equity strategy note: œMarkets anticipate better days ahead. Although the timing is uncertain, the stock market is express … |
| Futures Rebound Back Near All Time Highs, Precious Metals Bounce After CrashFutures Rebound Back Near All Time Highs, Precious Metals Bounce After Crash Tyler Durden Wed, 08/12/2020 – 08:08 Reversing yesterday’s sharp Nasdaq and precious metals-led selloff, S&P futures rebounded from Tuesday’s drop ignoring the continuing deadlock in Washington on more stimulus spending which could significantly delay the U.S. virus rescue package, and pushing the Emini to within inches of the all time high. |
| UK officially in recession for first time in 11 yearsThe UK suffers its biggest slump on record, while Rishi Sunak says conditions are “unprecedented”. |
| Airline refunds: ‘We’re still waiting after five months’David Hanson’s dream holiday was cancelled, but like many Brits he’s been waiting months for a refund. |
| Sumner Redstone: US media mogul dies aged 97His influential entertainment empire included ViacomCBS and Paramount Pictures. |
| Bengaluru: DM to hold inquiry; 146 arrestedBengaluru: DM to hold inquiry; 146 arrestedIt has been decided that a district magistrate will hold an inquiry into the incident. So far, 146 people have been arrested: Karnataka Home Minister Basavaraj Bommai on Bengaluru violence |
| 23 players attend meeting on pvt trains23 players attend meeting on pvt trainsThe Railways has invited 12 Request for Qualifications for private participation in operation of passenger trains over 109 origin-destination pair of routes through introduction of 151 modern trains (rakes). |
| Hiring activity recovers 5% in July vs JuneHiring activity recovers 5% in July vs June œJuly’20 marks marginal recovery in month-on-month hiring activities. Industries such as Recruitment /Employment, Media/Entertainment and Construction/Engineering bounce back with positive signs in hiring M-O-M as lockdown restrictions are eased further, said Pawan Goyal, chief business officer, Naukri.com. |
| July 2020 CPI: Year-over-Year Inflation Rate Grows to 1.0%Written by Steven Hansen According to the BLS, the Consumer Price Index (CPI-U) year-over-year inflation rate was 1.0 % year-over-year (up from the reported 0.6 % last month). The year-over-year core inflation (excludes energy and food) rate worsened from 1.2 % to 1.6 %.
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| Economic Report: Consumer prices jump again in July, rebounding from pandemic lows, but inflation still lowThe cost of many goods and services such as gas, autos, clothing and airfare rose in July and rebounded from pandemic lows, but inflation is still barely visible in the wake of a coronavirus-induced recession that sapped demand throughout the economy. The consumer price index rose 0.6% for the second month in a row. |
| Bond Report: 10-year Treasury yield extends climb after biggest daily rise in two monthsU.S. Treasury yields rise on early Wednesday’s trade, extending the surge in bond yields in the past few sessions after a snapshot of consumer prices and ahead of a key bond auction. |
| Russia’s accelerated COVID-19 vaccine greeted with alarm as experts say Phase 3 trial is essentialNews that Russia has registered the first vaccine to treat COVID-19 before starting and completing Phase 3 trials was greeted with alarm on Tuesday, with experts concerned it may come with safety issues that could stoke antivaccination and anti-science sentiment. |
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