Morning Call For Wednesday, February 28
OVERNIGHT MARKETS AND NEWS Mar E-mini S&Ps (ESH18 -0.06%) this morning are down -0.01% and European stocks are down -0.40% on Chinese economic concerns after the China Feb manufacturing PMI fell more than expected to its slowest pace of growth in 1-1/2 years. Chinese copper demand concerns are undercutting mining stocks and leading losses in the overall market as Mar […]
It Takes Powell To Convince The Market That Yellen Was Right
Many market participants think they heard Fed Chair Powell give a fairly strong signal that he favored a more aggressive course. The implied yield on the December Eurodollar futures rose five basis points to 1.535%. The December Fed funds futures contract rose three basis points. The market moved not to pricing in a fourth hike this year, […]
Crude Oil Prices Rise As Inventories Decline
Crude oil futures were seen erasing some previous gains to turn higher last week. The turnaround came on Thursday after the weekly crude oil inventory report showed a larger than expected draw on stockpiles. Data from the Energy Information Administration (EIA) showed that crude oil stockpiles fell by 1.6 million barrels. This was against the estimates […]
Futures Rebound As Global Stocks Slide After Powell “Hawk Shock”
Asian bourses and European shares fell after surprisingly bad Chinese PMI and Japanese econ data added to a perceived hawkish tilt in Fed policy emerging from Chair Powell’s testimony which weighed on global equities. Benchmark Treasury yields held near a four-year high and the dollar was steady after Tuesday’s jump. As a reminder, in addition to the […]
Bearish Case For Oil Prices Gets Stronger, Supply Surges
iStock.com/LIgorko Oil Prices Could Be Falling On the Back of Increasing Production Oil prices could be setting up to disappoint. If you own or are planning to buy oil stocks, be very careful. Over the last year, oil prices have rallied. Why? Because everyone seems to buying into the idea that there’s growth in the […]
US Business Cycle Risk Report – Wednesday, February 28
Jerome Powell, the newly installed chairman of the Federal Reserve, advised in his public debut as head of the central bank that “there’s always a risk of a recession at any point in time, but I don’t see it as at all high at the moment.” Instead, he told the House Financial Services Committee that “I would […]
Israel Chemicals Help To Feed The World
The basic materials sector includes thirteen industries all related to mining, making and delivering essential commodities. The basic material industries are: agricultural inputs; aluminum; building materials; chemicals; coal; copper; paper; silver; specialty chemicals; steel. Today I’m reviewing an agricultural inputs company, Israel Chemicals Ltd. It’s trading ticker symbol is ICL. Israel Chemicals Ltd is a […]
Sensex Closes 162 Point Lower; Bank & Metal Stocks Fall
Indian share markets finished the trading session in red for a second consecutive day. The sentiments remained negative following losses in global equity markets after hawkish comments from US Federal Reserve chair Jerome Powell, raising prospects of more rate hikes. Market watchers were also cautious ahead of GDP data due to be released after 5.30pm. At […]
SunTrust Downgrades Celgene On Refusal To File Letter For Ozanimod
SunTrust analyst Yatin Suneja downgraded Celgene (CELG) to Hold from Buy after the company received a refusal to file letter from the FDA on ozanimod for relapsing forms of multiple sclerosis. The analyst cut his price target for the shares to $106 from $139. Celgene in premarket trading is down 6%, or $5.79, to […]
Consumers In Surprising Places Are Borrowing Like Crazy
The Money Bubble is inflating at different speeds in different places. But apparently no culture is immune: Household Debt Sees Quiet Boom Across the Globe (Wall Street Journal) – A decade after the global financial crisis, household debts are considered by many to be a problem of the past after having come down in the U.S., U.K. […]
