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Friday, March 29, 2024

News You Can Use From Phil’s Stock World

 

Financial Markets and Economy

Why We Fail To Trade Our Plans After We've Planned Our Trades (Trader Feed)

A reader recently asked the question of why we so often don't trade our plans after we've gone to the trouble of planning our trades.  The usual answer to this question is that emotion gets in the way, which naturally leads to strategies for yet more planning, "discipline", and the dampening of emotion.  As an interesting article on motor sport makes clear, however, it may well be that we lose our plans when we lose our concentration.  Instead of working to control emotions, it makes sense to cultivate expanded levels of focus.  After all, an athlete can be fired up emotionally *and* wholly focused on the game:  emotion can facilitate performance.  Indeed, it's the football or basketball team that comes to the game "flat" that is apt to fall short in performance.  Quite literally, their heads are just not in the game.

Colorado Aqueduct California Drought water danger signHere's your complete preview of this week's big economic events (Business Insider)

It's Q2 earnings season, and for the most part, companies are doing better than expected.

"Of the 187 companies that have reported earnings to date for Q2 2015, 76% have reported earnings above the mean estimate and 54% have reported sales above the mean estimate," FactSet's John Butters said.

"Similar to last quarter, companies have been discussing the impact of slower global economic growththe stronger dollar, and lower oil prices during their earnings conference calls," he added.

Chinese Stocks Decline for Second Day Amid Signs of Weak Growth (Bloomberg)

China’s stocks tumbled, with the benchmark index falling the most since February 2007, amid concern a three-week rally sparked by unprecedented government intervention is unsustainable.

An investor looks at an electronic board showing stock information at a brokerage house in Nanjing, Jiangsu province, China, July 24, 2015. REUTERS/China DailyChina stocks plunge, suffer biggest one-day loss since Feb 2007 (Business Insider)

China stocks plunged more than 8 percent, their biggest one-day drop in more than eight years, as a government-triggered rebound petered out amid profit-taking, concerns over economic health and fears of an end to Beijing's inclination toward looser monetary policies.

The CSI300 index <.CSI300> of the largest listed companies in Shanghai and Shenzhen fell 8.6 percent, to 3,818.73, while the Shanghai Composite Index <.SSEC> lost 8.5 percent, to 3,725.56 points.

Forget Angry Birds. This Video Game Takes Aim at Angry Investors (Bloomberg)

It looks a lot like Angry Birds, that addictively silly iPhone game — only in this version, the target is bondholders.

At a state-run amusement park in Argentina, the government is encouraging children to take aim at virtual vultures, a not-so-veiled reference to the nation’s international creditors.

“Mission accomplished!” the screen proclaims when players shoo the digital critters away from hospitals, factories and schools. “We’ve recovered our national sovereignty together!”

Bank of Japan Deputy Governor Hiroshi Nakaso speaks during an interview with Reuters at the BOJ headquarters in Tokyo April 9, 2015. REUTERS/Yuya Shino BOJ's Nakaso warns of China slowdown impact on exports (Business Insider)

 Japanese policymakers must be mindful of the potential negative impact that China's economic slowdown could have on Japanese exports, central bank Deputy Governor Hiroshi Nakaso said on Monday.

He also warned of the risk that an expected interest rate hike by the U.S. Federal Reserve could heighten global market volatility and hurt emerging markets vulnerable to capital outflows.

While China's economy is expected to stabilize thanks to monetary and fiscal stimulus measures taken so far, its slowdown may be prolonged by the huge slack in output and the property market, he said.

Najibs Deputy Seeks Truth on Malaysia Investment Fund Actions (Bloomberg)

Financial scandals involving Malaysia’s state investment company risk weighing on voter sentiment and show the need for greater accountability regarding its operations, Deputy Prime Minister Muhyiddin Yassin said.

Prime Minister Najib Razak must explain 1Malaysia Development Bhd.’s debt and why the government invested in money-losing ventures, Muhyiddin told members of their United Malays National Organisation party on Sunday. Malaysians want “the real truth,” he said.

Greek Greece Flags EuroThe Greek stock market might reopen Tuesday (Business Insider)

The Greek stock exchange will remain closed on Monday but might reopen on Tuesday after a one-month shutdown, official sources said.

"It's certain that it will not open on Monday, maybe on Tuesday," a spokesperson for the Athens Stock Exchange told Reuters on condition of anonymity.

Another person with direct knowledge of the matter confirmed that Greek authorities aimed to reopen the bourse on Tuesday.

China's economy is getting sick. Will it infect U.S.? (CNN)

China's economy is at risk of catching a nasty flu — and infecting the rest of the world in the process.

After years of explosive expansion, China is cooling off. Growth has fallen to its lowest level since 2009, and investors believe it might be even worse because Beijing may be fudging the official numbers.

Fed May Hint September Liftoff Is on Table With Statement Tweaks (Bloomberg)

The Federal Reserve’s message for the market this week could contain hints about the timing of its first interest-rate rise that echo the advice once offered in an old teen love song popular in the 60s: “See You in September.”

With the central bank widely expected to hold policy steady at this week’s meeting, Fed watchers are looking to the statement it issues on Wednesday for clues on when liftoff will occur. By changing their assessment of the economy and the risks it faces, Chair Janet Yellen and her colleagues could suggest the central bank is closing in on its first rate increase since 2006, perhaps as early as the following meeting Sept. 16-17.

U.S. stock futures: Wall Street poised to join in China-led selloff (Market Watch)

U.S. stocks on Monday looked on track to join in a global selloff that’s been led by a sharp slide for markets in China, where investors worried about a slowdown in government buying and disappointing industrial data.

The U.S. stock market was set to just edge lower at the open, but was still on track to add to last week’s sizable losses, as investors wait for a fresh reading on demand for big-ticket items, as well as for quarterly earnings from companies like Norfolk Southern Corp. NSC, -0.62%.

Fakes at $7,800 Send Luxury Companies Online to Fight Fraudsters (Bloomberg)

It took luxury-goods makers about a decade to realize that the Internet represented an opportunity. Now, they’re finally figuring out it’s also a threat.

As companies from LVMH Moet Hennessy Louis Vuitton SE to Kering SA increasingly sell online, top brands are stepping up efforts to combat Web sales of counterfeit and grey-market goods. Gucci owner Kering sued China’s largest e-commerce operator for allegedly facilitating the sale of dodgy products. U.K. handbag maker Mulberry Group Plc and others use technology to take down links to websites selling fakes.

More Oil Industry Layoffs Coming (Calculated Risk)

U.S. energy companies are planning more layoffs, asset sales and financial maneuvers to deal with a recent, sudden drop in U.S. crude-oil prices to under $50 a barrel, the lowest level in four months.

Oil Prices

European stocks fall, with eye on China, Fed concerns (Market Watch)

European stocks dropped Monday, with investors entering the week seeing sharp losses in Chinese markets, and caution ahead of a highly anticipated monetary decision by the U.S. Federal Reserve.

The Stoxx Europe 600 SXXP, -1.24% fell 1.1% to 390.48, with only the utility sector logging an advance. The index slightly pared its loss after a closely watched German sentiment survey came in better than anticipated. The Ifo think tank’s business climate index rose to 108.0 in July, higher than a forecast of 107.5 in a Wall Street Journal poll of analysts.

Thai Sugar Output Set for Record as Recent Rain Counters El Nino (Bloomberg)

Sugar output in Thailand will probably expand to a record as recent rain defies a strengthening El Nino to boost cane-crop growth, according to the Office of Cane and Sugar Board.

Gold retakes $1,100 as dollar slides (Market Watch)

Gold prices rebounded on Monday and jumped back above $1,100 an ounce after slipping below that key level for the first time in more than five years last week during a wider selloff in the commodity markets.

Futures for gold with delivery in August GCQ5, +1.26%  jumped $17.70, or 1.6%, to $1,103.10 an ounce, staging a comeback from the lowest settlement price since February 2010 reached on Friday.

Puerto Rico Should Collect Unpaid Taxes, Hedge Fund-Backed Economists Say (NY Times)

Economists working for a group of hedge funds and other firms with major investments in Puerto Rican bonds said Sunday night that the government could solve its debt crisis largely by stepping up tax collections and obtaining additional financing over the next two years.

The message of sustainability is sharply at odds with the recent announcement by Puerto Rico’s governor, Alejandro García Padilla, that the commonwealth’s debt is “unpayable.”

Draghi Sets Sights on Reviving Economy With Greece on Back Seat (Bloomberg)

Mario Draghi can take a break from being a full-time Greek crisis firefighter and get back to the job of fostering economic recovery across the euro area.

Although the 19-nation currency bloc has avoided losing a member and the market upheaval that might have entailed, reports this week will probably show the economy is hardly firing on all cylinders. Three years after Draghi promised to do “whatever it takes” to keep the union together, the European Central Bank has its work cut out to speed up the pace of growth and inflation.

Investors Flee Russia as Morgan Stanley Sees Long Market Chill (Bloomberg)

Russia’s cooling market climate has spurred an exodus of international investors. And the forecast calls for the cold snap to linger.

Gold's Two Stories: Paper Markets Collapse… While The Retail Public Buys At A Record Pace (Shft Plan)

We’ve seen some significant swings in precious metals over the last several years and if we are to believe the paper spot prices and recent value of mining shares, one would think that gold and silver are on their last leg. Last weekend precious metals took a massive hit to the downside, sending shock waves throughout the industry.

gold-chart-1970s

Supply and Demand Report 26 Jul (Zero Hedge)

For those who are speculating on the dollar—i.e. most people—there was good news this week. The dollar rose almost a milligram, to 28.3mg gold. That’s a big gain, and welcome news for those who keep all of their eggs in the one dollar basket, perhaps because they don’t want to risk any of it on pet rocks.

Prices

FTSE 100 falls as Chinese stocks slide, but miners hold to higher ground (Market Watch)

U.K. stocks fell Monday, with sentiment across Europe shaken by a renewed plunge in Chinese markets.

The FTSE 100 UKX, -0.19%  fell 0.3% to 6,562.20. The index, along with European equity benchmarks SXXP, -1.24% was pulled lower alongside a slide in Chinese stocks.

The Shanghai Composite SHCOMP, -8.48%  tumbled 8.5%, marking its worst session since 2007. Analysts attributed the plunge to worries about a slowing in government buying, as well as disappointing industrial data.

Merlin Shares Plunge as Rollercoaster Crash Causes Profit Slump (Bloomberg)

Merlin Entertainments Plc shares had a record decline in London after the theme-park owner reduced its profit outlook for the year following a rollercoaster crash at its Alton Towers park in central England.

The stock dropped as much as 8.9 percent, the steepest intraday drop since the company’s 2013 initial public offering.

Merlin closed the Alton Towers park for six days after the June 2 accident on the Smiler rollercoaster, and also suspended marketing and shut rides at other U.K. theme parks. At least four people sustained serious injuries in the accident, for which Merlin has accepted responsibility.

Chinese Stocks Extend Friday's Losses Following Drop In Corporate Profits (Zero Hedge)

Following the weakness in Friday's afternoon (China) session, tonight's open is decidedly shaky as Shanghai Composite open down over 2% and CSI-300 (China's S&P 500) is now down over 5%. This follows a year-over-year drop in China Industrial profits (-0.3%), the first since March as the small bounce in April and May is now done. Commodities are lower and silver saw a minor flash-crash shortlty after China opened.

Can You Hear the Fat Lady Singing? – Part III (Capitalist Exploits)

I love what I do! A recent get together filled with blonde stick insects and cologne covered chinos found me subjected to talk about "work at the office"

DXY

Dollar drops versus yen, euro ahead of Fed meeting (Market Watch)

The dollar fell against the yen and the euro in Asia trade Monday, ahead of closely-watched events later this week including the Federal Open Market Committee meeting and U.S. gross domestic product data.

The dollar USDJPY, -0.36%  was at ¥123.51, compared with ¥123.79 late Friday in New York. The U.S. currency EURUSD, +0.7738%  was also weaker against the euro, with the common currency gaining to $1.1002 midday from $1.0986 Friday.

Teva to Buy Allergans Generic-Drug Business for $40.5 Billion (Bloomberg)

Israeli drugmaker Teva Pharmaceuticals Industries Ltd. agreed to buy the generic-drug business of Allergan Plc for $40.5 billion and ended its hostile bid for rival Mylan NV.

Teva will pay $33.75 billion in cash and offer $6.75 billion of its stock for Allergan, according to a statement from the Israeli company.

Raising Floor for Minimum Wage Pushes Economy Into the Unknown (NY Times)

The fight for a $15 minimum wage has gained momentum in New York, California and other places around the country in recent months. But as a national strategy to raise incomes at the bottom of the pay scale, it faces major obstacles, both political and economic.

In many states, particularly those governed by Republicans in the South and the Midwest, there is little chance of raising the minimum wage above the federal level, which has stood at $7.25 since 2009. Congressional Democrats have introduced a proposal to raise the minimum wage to $12 by 2020, but Republicans typically argue that raising the wage floor costs jobs and hurts the very people it is intended to help.

Build A Culture of Trust: Sharing Financials With Your Team (Forbes)

The open sharing of company financials can still be a touchy subject for many leaders. For years, it was generally accepted that a company should have closed books. No one questioned a company’s success if they were able to please investors, and employees certainly did not need to have access to closed door financial forecasting and investor reports.

Today, we are beginning to think about these things differently. With companies like Buffer leading the way to total financial transparency, it’s becoming clear that corporate success is measured differently today than it was 10 years ago. Organizations are not only expected to please their investors, but their other stakeholders as well.

Energy M&A Hits A Brick Wall: Ex Shell-BG Megadeal, Q2 Deal Value Was Lowest Since 2008 (Zero Hedge)

One of the few catalyst that had helped maintain a consistent bid under energy names in the first half of 2015, despite the dramatic drop in the price of oil in late 2014 and then again in the last several weeks, was persistent fears of an "unexpected" M&A bid which would crush any new or incremental shorts who would otherwise have been delighted to accelerate the downward momentum in the beaten down energy sector.

Politics

Spain Mayors Spin Tale of Two Cities With Anti-Austerity Stance (Bloomberg)

Ruling Madrid and Barcelona is a tale of two cities as their new mayors forge their own styles of government even though both emerged from the same anti-austerity movement as Podemos.

In Barcelona, Ada Colau has frozen hotel openings in a bid to prevent the city from becoming overrun by hordes that afflict tourist hot spots like Venice. In Madrid, Manuela Carmena has ruled out a plan put forward by her own finance chief to levy a charge on visitors to the city and has said she welcomes investment in tourism.

Donald Trump tops GOP field in New Hampshire, second in Iowa: poll (Market Watch)

Donald Trump isn’t just the leading Republican candidate in the national polls—a barometer of name recognition—he’s now looking strong in the early presidential nominating states where voters are paying attention.

An NBC News/Marist poll released Sunday found the New York developer in first place among New Hampshire GOP primary voters and just two percentage points behind Wisconsin Gov. Scott Walker in Iowa.

Democratic U.S. presidential candidate Hillary Clinton speaks at an organizing event at the Reiman Ballroom at the Iowa State University Alumni Center in Ames, Iowa July 26, 2015. REUTERS/Brian C. FrankHillary Clinton has ambitious renewable energy plans (Business Insider)

Democratic presidential candidate Hillary Clinton promised on Sunday to push for a dramatic increase in renewable power production, setting a goal of generating enough clean renewable energy to power every U.S. home within 10 years of taking office.

Clinton, the front-runner for her party's 2016 presidential nomination, also pledged to have more than half a billion solar panels installed nationwide within four years of taking office.

Technology

These wireless headphones blend comfort, convenience, and good looks (The Verge)

It's no secret that I love wireless headphones. They are the type of gadget that can make you feel like you're living in the very near future, pumping tunes into your ear holes without having to be plugged into anything. There are a ton of wireless headphone optionsavailable, ranging from the horrible to the pretty great. This week, Plantronics (you may know them best for the oft-mocked Bluetooth headsets every business bro had jammed in their ear five or ten years ago) released the BackBeat Sense, a riff on the wireless headphone that adds some useful smarts to an attractive and comfortable design.

Mechanical Wrist Will Take Robotic Surgery to Places As-Yet InoperableMechanical Wrist Will Take Robotic Surgery to Places As-Yet Inoperable (Gizmodo)

Robotic surgery has become a relatively commonplace, with 1.7 million robotic procedures occurring between 2007 and 2013. This new tiny robotic wrist, however, will take the procedure into the head, face and neck.

The Engineer reports that this flexible wrist is the latest advance in needlescopic surgery, which uses tiny robotic components—typically needle-sized, hence the name—to carry out surgery with minimum patient impact. All the devices required to perform such surgery are inserted through an incision just 5-10 millimeters long, causing less pain and ultimately only requiring surgical tape to fasten back up.

Health and LIfe Sciences

World’s First Malaria Vaccine Takes Another Step Forward (Popular Science)

Malaria is often transmitted through mosquitoes that are infected with the parasite, Plasmodium falciparum.

The world’s first malaria vaccine was given a positive opinion by the European Medicines Agency–Europe’s drug regulator, comparable to the FDA–according to an announcement made today by GlaxoSmithKline, the vaccine’s maker. The positive review does not mean that the vaccine is approved for use. Rather, the WHO will now take this opinion into consideration when they come up with their own recommendation. If the vaccine gains approval from the WHO, then GlaxoSmithKline will market the drug to individual African countries.

Life on the Home Planet

Dogs Trained in Prison to Protect Lives (NY Times)

 All dressed up in a shiny new red shirt, little Opelika could not stand still in the anteroom of the City Council chambers. And who could blame her? In a few minutes she would meet the mayor of this Alabama city for which she is named. Her meltingly calm mother, Lily, ignored her fidgeting.

They were being honored this day for their community service, and midway through the presentation, as little ones will do, Opelika stole the show from the starchy lawmakers: She barked.

Cows-sealBaby seal stuck in mud rescued by curious cows (Mashable)

"Rescued by cows" is the kind of thing that you didn't know was on your bucket list until you hear about it happening to someone else. Let this baby seal in Lincolnshire, U.K. be that someone else.

On June 22, a bird watcher was alerted to the presence of a baby seal stuck in mud when a herd of 30 cows surrounded and investigated it. According to a Facebook post by the Natureland Seal Sanctuary, the pup was only about 5-days-old at the time of its rescue.

Iberian lynx returns to Spain from verge of extinction (BBC)

An intense conservation campaign has brought the Iberian lynx back to the south of Spain from the verge of extinction barely 10 years ago, Guy Hedgecoe reports from Spain.

At the La Olivilla lynx breeding centre in Santa Elena, in southern Spain, a group of conservationists are in an office, gathered around a TV monitor.

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