21Sep2020 Pre-Market Commentary: DOW Futures Points To A Sharp Decline This Morning, DOW Down 508 Points, US Dollar Spikes 93.34, Gold Slides 1921

Here is the current market situation from CNN Money

European markets are sharply lower today with shares in Germany off the most. The DAX is down 3.18% while London’s FTSE 100 is off 3.17% and France’s CAC 40 is lower by 3.06%.

Nikola founder Trevor Milton to voluntarily step down as executive chairman; stock plunges

The announcement comes after short-selling firm Hindenburg Research accused Nikola of fraud. The company pushed back on the accusations, saying there were “dozens” of inaccurate allegations in the report.

Walmart expands fashion focus with new private clothing label for men and women

With the coronavirus pandemic and recession, Walmart has a new opportunity to grab market share from apparel retailers.

‘Schitt’s Creek’ has record-setting Emmy sweep, while HBO scores big with ‘Watchmen,’ ‘Succession’

HBO and Pop TV with the biggest winners of this year’s primetime Emmy Awards.

Scavenger hunts, treats dangling from a tree and Covid-19 maps: Candy makers get creative to save Halloween

Candy companies, including Hershey, say they are hopeful that kids will still trick-or-treat and adults will seek out sweets, even if their Halloween is socially distanced.

‘Schitt’s Creek’ or ‘The Good Place’ could give cable a rare chance to shine at the Emmys

Subscription-based services are creating more Emmy Award-nominated and -winning content than traditional cable networks.

Bill Gates says it’s ‘outrageous’ that Americans still can’t get coronavirus test results in 24 hours

The Microsoft co-founder criticized the current state of the U.S. response to the coronavirus pandemic on “Fox News Sunday.”

Coronavirus and luxury retail: Shopping for used Hermes, Cartier in Covid era

The RealReal and ThredUp boomed before coronavirus. Stores like Macy’s and retailers like Walmart are trying apparel and accessories consignment. Can high-end pawn shops thrive in Covid?

5 things to know before the stock market opens Monday

Dow futures pointed to a sharp decline at Monday’s open as the stock market comes off three straight weeks of selling.

More restrictions expected in Europe as coronavirus spreads rapidly and rattles markets

European countries are likely to impose more restrictions on public life in the coming days as the number of daily coronavirus infections continues to rise rapidly.

Singapore’s food tech startups are serving up lab-grown milk and ‘fake’ shrimp dumplings

Start-ups are introducing plant-based and lab-grown food products to boost self-sufficiency and reduce Singapore’s food security concerns amid the coronavirus pandemic.

The list of countries where travelers can go live and work remotely is growing

More nations are inviting travelers to trade their home offices for the chance to live and work abroad during the global pandemic.

Sacramento Kings’ Harrison Barnes talks coronavirus, social justice and his new role at First National Bank

Sacramento Kings player named a shareholder and new board member of the Iowa-based firm in August.

CDC reverses controversial coronavirus guidance that said people without symptoms may not need a test

The new guidance says that people without symptoms who have been in close contact with an infected person “need a test.”

ByteDance Says It Will Retain Majority Ownership, ‘Secret Sauce’ As Security Experts Question What TikTok Deal Achieved

ByteDance Says It Will Retain Majority Ownership, ‘Secret Sauce’ As Security Experts Question What TikTok Deal Achieved Tyler Durden Mon, 09/21/2020 – 08:19

President Trump declared on Saturday that he had given the TikTok-Oracle deal “his blessing”, even as demands made by GOP Senators including Marco Rubio, Ted Cruz and Josh Hawley that ByteDance not retain majority control of the new company appear to have gone unmet.

After remaining conspicuously silent during most of the negotiations, ByteDance spoke up Monday morning to declare that the TikTok-Oracle deal would result in an independent US-based company that would nevertheless be established as a ‘subsidiary’ of ByteDance.

However, according to Reuters, Oracle, Wal-Mart and other US investors are claiming that the deal would leave them with majority control.

Clearly, both can’t be true, especially with ByteDance claiming on Monday that it will own 80% of TikTok, and that reports to the contrary were merely “rumors”.

Accounts of the deal differ. ByteDance said on Monday that it will own 80% of TikTok …

The Bill For America’s $50 Trillion Gluttony Of Inequality Is Overdue

The Bill For America’s $50 Trillion Gluttony Of Inequality Is Overdue Tyler Durden Mon, 09/21/2020 – 08:11

Authored by Charles Hugh Smith via OfTwoMinds blog,

The battle to claw back a significant percentage of the $50 trillion is just beginning.

Do you hear the pathetic bleating of America’s billionaires and their army of toadies? If not, you soon will, for a remarkable report has been released that documents the $50 trillion in earnings that’s been transferred to the Financial Aristocracy from the bottom 90% of American households in the past 45 years.

The report was prepared by the RAND Corporation, and has a suitably neutral title:Â Trends in Income From 1975 to 2018. (The full report can be downloaded for free.)

Just as remarkable is the no-holds-barred coverage of the study by Time magazine, an iconic publication of the mainstream media:Â The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90% — And That’s Made the U.S. Less Secure.

Longtime readers know I’ve reported on the astounding increase in America’s …

Global Stocks Plunge On Bank, Election, Virus Fears; Treasuries, Dollar Spike

Global Stocks Plunge On Bank, Election, Virus Fears; Treasuries, Dollar Spike Tyler Durden Mon, 09/21/2020 – 07:50

We said that futures trading ahead of the Monday open would be “fun”, and sure enough they did not disappoint.

Global markets tumbled on Monday, as S&P futures slid below 3,300 after failing to hold 50DMA support on Friday, and with European stocks falling the most since July as investors worried about renewed covid lockdowns across European countries and a report detailing suspicious transactions at international banks, with a lack of U.S. stimulus and concerns about how the death of Ruth Bader Ginsburg would impact what are already set to be extremely contested elections also hit sentiment.

European Banks See Biggest Drop In Months After Massive FinCEN Leak

European Banks See Biggest Drop In Months After Massive FinCEN Leak Tyler Durden Mon, 09/21/2020 – 07:01

Shares of the world’s biggest banks are tumbling in premarket trade Monday morning after Buzzfeed last night published a lengthy report based on a cache of thousands of leaked SARS – suspicious activity reports – filed by the world’s biggest banks, including JP Morgan, and Deutsche Bank, which were both prominently featured.

JP Morgan shares tumbled 3.5% to their lowest levels since July.

Lockdown fears hit travel, hotel and pub shares

Shares across Europe fall sharply but supermarkets and food delivery firms buck the trend.

Premium Bonds issuer slashes odds of winning

NS&I has cut the interest rates it pays, reducing the chances for savers in its £1m draw.

Rail franchises axed as help for train firms extended

The rail franchising system has been scrapped and a £3.5bn survival scheme for train firms extended.

RS: 8 MPs suspended for the Monsoon session

RS: 8 MPs suspended for the Monsoon sessionTMC’s Derek O’Brien & Dola Sen, AAP’s Sanjay Singh, INC’s Rajeev Satav, Ripun Bora & Syed Nasir Hussain, CPI(M)’s KK Ragesh & Elamaram Karim were earlier suspended for one week for unruly behaviour.

ET Wealth | Managing money during a slowdown

ET Wealth | Managing money during a slowdownIn times of slowdown, when incomes are under stress and there is a lot of emotional upheaval one has to grapple with, augmenting the current income should be an individual’s first priority. One needs to estimate his/her income at a conservative level.

Modi govt blames god, but not its ‘misrule’: Rahul

Modi govt blames god, but not its ‘misrule’: RahulTagging a media report on Vardhan’s remarks, Gandhi tweeted, “The blind arrogance of the Modi government sometimes blames god, sometimes people for the plight of the country, but not its own misrule and wrong policies.”

Bond Report: Treasury yields slide amid fear of new COVID-19 restrictions in Europe

U.S. Treasury yields fall early Monday as a slump in global equity values bolster trading for haven assets such as government bonds, amid renewed fears of the COVID-19 pandemic.

Market Snapshot: Dow futures drop over 500 points to join in global equity selloff

Futures point to a sharply lower start for U.S. stocks Monday, after three consecutive weeks of losses for major benchmarks.

Europe Markets: European bank stocks slide after money-laundering allegations; Dow futures slide 500 points

Shares of Europe’s top banks dropped on Monday, after the publication of reports alleging they kept doing business with customers they suspected of money laundering and other wrongdoing.