Written by Gary
US stock markets climb into the as investors try to assess whether the tech rout is over (SPY 0.3%). Weekly jobless claims were higher than expected and ongoing claims rise.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The DAX is higher by 0.07%, while the FTSE 100 is leading the CAC 40 lower. They are down 0.30% and 0.21% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Target pledges to increase number of Black employees by 20% as companies are pressured to take actionCompanies have faced heightened scrutiny over their record on diversity since the George Floyd protests. |
| Papa John’s agrees to open 49 new sites as sales surge during pandemicUnder the deal, franchisee HB Restaurant Group will more than double the number of its mid-Atlantic restaurants by 2028. |
| Why cheese has become so popular in the U.S.The dairy industry has had some hard times, but Americans are buying ever greater quantities of cheese. Even processed cheese products, like American cheese slices, have seen a boost in sales since the coronavirus pandemic. |
| Electric vehicle start-up Lucid unveils Air sedan to take on TeslaElectric vehicle start-up Lucid is touting its all-electric Air sedan as a more efficient, faster and spacious vehicle than the Tesla Model S, a car the company’s CEO Peter Rawlinson helped bring to market. |
| 8,000 jumbo jets needed to deliver coronavirus vaccines globally, IATA warnsThe delivery of any future coronavirus vaccine requires “careful planning” with the air transport industry now in order to avoid “potentially severe” issues when it’s ready for global distribution, IATA said. |
| Coronavirus live updates: Scientists question Russian vaccine data; WHO says world must ramp up trialsThe coronavirus has infected more than 27.8 million people around the world so far, killing at least 904,300 people. |
| Manhattan rental market plunges, leaving 15,000 empty apartments in AugustHopes for a rebound in the fall or the end of 2020 look increasingly unlikely. Although rental prices have come down, the discounts are not steep enough yet to lure new renters back to the city. |
| Record flooding hammers the African Sahel, the latest in a series of shocksFrom Senegal to Ethiopia and beyond, record levels of flooding are devastating the African Sahel region, with the UN warning that the situation could worsen throughout September. |
| Yum China shares tumble more than 5% as it debuts in Hong KongYum China, which operates fast food restaurants KFC, Taco Bell and Pizza Hut in China, raised $2.22 billion by selling 41.9 million shares at 412 Hong Kong dollars ($53.16) apiece. |
| 5 things to know before the stock market opens ThursdayU.S. stock futures were mixed Thursday, one day after a tech-led bounce clawed back some of the carnage of the previous three sessions. |
| Discount retailer Five Below sees ‘great back-to-school season’ by focusing on home learning environment, CEO saysFive Below CEO Joel Anderson said the discount retailer is anticipating a different Halloween shopping season, with an emphasis on “still creating a fun experience at home.” |
| Billionaires battle over proposed Illinois tax hike on the wealthyBillionaire hedge funder Ken Griffin is going head-to-head with the billionaire governor of Illinois over a plan to increase taxes on the wealthy. |
| As investors slap down Lululemon, another athleisure stock is flashing a buy signal, trader saysNike and Lululemon present attractive buying opportunities as athleisure stocks grow in popularity, two traders say. |
| Continuing Jobless Claims Disappoint As Part-Time Jobs Recover, Full-Time LagsContinuing Jobless Claims Disappoint As Part-Time Jobs Recover, Full-Time Lags Tyler Durden Thu, 09/10/2020 – 08:35 For some reason, the line in the sand for ‘good’ news on initial jobless claims has become 1 million. Twice in the last four weeks, there has been fewer than 1 million Americans filing for first time unemployment benefits (and before that there were 20 straight weeks well above 1 million per week). Last week saw 884k Americans filed for first time claims – oddly the exact same as the revised higher number from the prior week… |
| Beirut Panics As Another Huge ‘Mystery’ Fire Engulfs The PortBeirut Panics As Another Huge ‘Mystery’ Fire Engulfs The Port Tyler Durden Thu, 09/10/2020 – 08:20 Over a month after the Aug.4 ammonium nitrate blast which leveled whole parts of the Lebanese capital, killing at least 190 people and wounding over 6,000, Beirut is panicking once again as another huge fire engulfs the port on Thursday. A new “massive is fire raging” Al Jazeera is describing. “There was no immediate information about what caused Thursday’s fire, which sent a large column of black smoke into the sky.”
“The Lebanese army said the blaze was at a warehouse where oil and tires … |
| “The Battle Is Coming” – Reality Vs Delusion“The Battle Is Coming” – Reality Vs Delusion Tyler Durden Thu, 09/10/2020 – 08:07 Authored by Bill Blain via MorningPorridge.com, The New Reality œDenial is not just a river in Africa. So Tesla bounced. Really…? Schroedinger’s and all that…. I am going to try something different this morning.  So please bear with, and let me know what you think.. I woke up with a headache ” from thinking about where markets are going. Markets are very œcomplex at the moment.   There are a host of conflicting short, medium and long-term dynamics underway ” which are happening and interreacting faster and with more impact than many of us have the capacity to understand.  Try it.  The speed of change is skipping by us ” numbing us to many of changes going on around us. I’ve tried to step back and figure it out ¦ but tying together the contradictory bluster of market dynamics is going to take longer than the few hours I normally spend on the Porridge over a cup of tea each morning ¦ So instead, I am just going to chuck a whole series of vaguely connected thoughts at my cell home office wall and see if some of them stick… |
| ECB Keeps Bond Purchase Program, Rates Unchanged As ExpectedECB Keeps Bond Purchase Program, Rates Unchanged As Expected Tyler Durden Thu, 09/10/2020 – 07:51 No surprises were expected at today’s ECB policy announcement, and that’s what the ECB delivered when it kept both its rates and the size ( ‚¬1.35TN) and duration of its PEPP program unchanged, both as expected. The full statement is below:
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| British Airways owner IAG to cut more flightsBA has also reached the outline of a deal with the Unite union to end a bitter row over pay and job cuts. |
| Coronavirus: Lloyd’s of London expects to pay out £5bn in claimsThe insurance market says that losses due to the pandemic could stretch into future years |
| Morrisons sales rise but profits hit by Covid costsThe supermarket spent an extra £155m on temporary workers and bonuses during the pandemic. |
| Paresh Rawal appointed chairperson of NSDParesh Rawal appointed chairperson of NSDThe President of India, Ram Nath Kovind appointed veteran actor Paresh Rawal as the new chairman of the National School of Drama (NSD). |
| Bombay HC adjourns Kangana’s plea till Sept 22Bombay HC adjourns Kangana’s plea till Sept 22A police complaint was filed against Ranaut. |
| Zomato will go public by first half of 2021Zomato will go public by first half of 2021For Zomato, the new round of financing led by US and Singapore-based financial investors comes amid uncertainty surrounding the India strategy of its prominent backer ” China’s Ant Financial. |
| Gold prices edge higher as investors watch for further clues from ECBGold futures on Thursday are little changed, but tilting higher, as investors in metals cued in on the European Central Bank, which held its policy unchanged, as expected. |
| AstraZeneca’s coronavirus vaccine setback shows why Big Pharma prefers to be safe than sorry. Which is good newsBefore the AstraZeneca announcement about pausing vaccine trials, its chief executive and the top executives of eight other big pharmaceutical companies gave an unusual statement. |
| The Conversation: The pandemic revealed the cracks in U.S. manufacturing. Here’s how to fix them.The COVID-19 pandemic has revealed glaring deficiencies in the U.S. manufacturing sector’s ability to provide necessary products “especially amid a crisis. |
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