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Friday, March 29, 2024

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  1. Phil

    SPY  5  MINUTEGood morning!

    Asia diving into the close – Nikkei down 2.2%, Hang Seng -1%, Shanghai -0.7%, India down 0.5% and Singapore down 1.16%.  

    Asian Stocks Head to Six-Month Low; Bonds Rise, Oil Drops. Asian stocks slid toward a six-month low and average bond yields for the biggest developed economies fell to a record on concerns that global growth is at risk. Crude oil extended declines as South Korea’s won led emerging-market currencies higher. The MSCI Asia Pacific Index sank 1.1 percent by 10:47 a.m. in Tokyo, as every major Asian benchmark gauge retreated.

    Commodities Sink to Five-Year Low Led by Metals Declines. Commodities dropped to a five-year low on growing concern that slower economic growth will cool demand in China, the world’s top consumer of metals, grains and energy. The Bloomberg Commodity Index (BCOM) of 22 raw materials fell as much as much as 1.3 percent yesterday to the lowest since July 2009. Copper futures dropped by the most since March on the Comex, while hog prices posted the biggest loss in 25 months. Raw materials slumped 7 percent this year, headed for a fourth annual decline and the longest slump since at least 1991, amid concern that economic growth is weakening as global equity markets lost $1.5 trillion last week. A stronger dollar has curbed demand for commodities as alternative assets.

    Sands China Fall as Macau Competition Hit High-end Margin. Sands China Ltd. (1928) led declines among casinos in Hong Kong trading as intense competition between the resorts hit margins for higher-stakes mass-market gamblers.

    IEV WEEKLYIt's Europe again, they started heading down as soon as they opened and have dragged our Futures back from about 0.5% gains back to flat.  

    At the moment, our Futures are at 16,042, 1,849, 3,748 and 1,068.  Oil still weak at $80.55, Dollar 85.13, gold $1,239, silver $17.43, copper BAD! at $2.995, nat gas $3.80 and gasoline $2.14.  

    There's not really much NEW in the news, but it's a busy calendar today – sorry I won't be here in the afternoon.  What Dave Fry meant on his intra-day SPY chart (above) re. "Bloomberg Leak" that boosted us into the close was the same old BS we're used to, courtesy of our Corporate Media:

    Not so surprising is Yellen oracle Bloomberg suddenly posted a well-timed report: "Federal Reserve Chair Janet Yellen voiced confidence in the durability of the U.S. economic expansion in the face of slowing global growth and turbulent financial markets at a closed-door meeting in Washington last weekend, according to two people familiar with her comments.

    The people, who asked not to be named because the meeting was private, said Yellen told the Group of 30 that the economy looked to be on track to achieve growth of around 3 percent going forward. She also saw inflation eventually rising back up to the Fed’s 2 percent target as unemployment falls further, according to the people."

    Then again, this meeting was last weekend and she had yet to see the poor economic data and market conditions so far this week. Some believe these comments are bearish since it would mean no changes in policies while others were heartened by her steadfast defense of how the Fed sees conditions.

    SPX WEEKLYThursday's economic calendar

    Fox News Poll: As election nears, voters say things are 'going to hell in a handbasket'The new poll, released Wednesdayfinds 58 percent of voters feel things in the world are “going to hell in a handbasket.” That includes nearly half of Democrats (48 percent) and majorities of independents (61 percent) and Republicans (71 percent).

    Risk of Deflation Feeds Global FearsFalling Commodities Prices Pressures Central Banks. Behind the spate of market turmoil lurks a worry that top policy makers thought they had beaten back a few years ago: the specter of deflation. A general fall in consumer prices emerged as a big concern after the 2008 financial crisis because it summoned memories of deep and lingering downturns like the Great Depression and two decades of lost growth in Japan. The world’s central banks in recent years have used a variety of…

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    • AbbVie Drops Plan to Acquire Shire

      AbbVie said its board is recommending shareholders vote against the $54 billion takeover of Shire in light of new tax rules from the Treasury Department. 19 min ago

    eBay(EBAY) trims 2014 revenue outlook amid economic fearsEBay Inc trimmed its full-year revenue forecast on Wednesday, signaling a weaker-than-expected holiday shopping season for the e-commerce company as it prepares to split from its fast-growing payments arm, PayPal.

    Netflix(NFLX) Obliterated After Guiding To Half Expected Q4 EPS, Streaming Adds Hit Brick Wall: Stock Down $100

    Why Netflix(NFLX) stock isn't a 'buy': Wedbush analyst

    HBO's Standalone Web Service Is Good News For Companies Trying To Revolutionize TV

    Putin Warns Of "Nuclear Power Consequences" If Attempts To Blackmail Russia Don't Stop

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