This is what you wait for
Market Rally Fizzles As New Front Breaks Out In Global Trade War Amid Dismal Econ Data
Another strong overnight market rally, built on the back of - what else - trade deal optimism, fizzled with US futures paring gains, European stocks edging lower and Asian shares rising as initial optimism was dented following more revelations that for all pompous talk, and now multiple MoUs, the trade war is actually escalating behind the scenes.
urope's Stoxx 600 Index drifted lower, weighed down by bank shares as individual companies including Centrica and shipping giant Maersk also underperformed after disappointing earnings. Over in the US, futures on all three main indexes levitated higher following Fed minutes that merely added to dovish sentiment, after a late Wednesday report that negotiators are working on multiple memorandums of understanding that would form the basis of a final trade deal; however the latest trade deal optimism - which has now become a daily joke as the market now prices in a successful outcome to the trade war every single day - faded, Chinese stocks dropped the yuan pared an advance and the Aussie plunged after a report that China’s Dalian port banned coal imports from Australia while Westpac, called for two RBA rate cuts this year.
rest at links
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil
https://www.zerohedge.com/news/2019-02-21/market-rally-fizzles-new-front-breaks-out-global-trade-war
Of Note
Bain Capital sold 8,500,194 of Genpact Ltd
for $273,833,750 on February 15th
cap 5
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good morning to you anon
https://www.secform4.com/insider-trading/1326801.htm
https://www.secform4.com/insider-trading/1018724.htm
United States: Flash Manufacturing PMI worse than estimates at 53.7
The chart is NOT the flash reading however it tells the same story.
The consensus counted on 54.9. The previous publication was 54.9.
This statistics measures the confidence of purchasing managers. Above 50, the index reflects an expansion in manufacturing activity, below it indicates a contraction. The Flash version is released first and therefore has more impact.
What is the Purchasing Managers' Index - PMI
The Purchasing Managers' Index (PMI) is an indicator of economic health for manufacturing and service sectors. The purpose of the PMI is to provide information about current business conditions to company decision makers, analysts and purchasing managers.
https://www.marketscreener.com/news/United-States-Flash-Manufacturing-PMI-worse-than-estimates-at-53-7–28045616/
https://www.investopedia.com/terms/p/pmi.asp
World's Largest Shipping Company Warns 2019 Global Economic Outlook Is Worse Than 2018
Denmark's shipping Maersk is the world's largest shipping company, and it is thus safe to say that what it sees in terms of global trade is indicative of real trade conditions around the globe. Which is bad news, because in an interview with Bloomberg TV on Thursday, shortly after reported dismal earnings, CEO Soren Skou said the global economic outlook for this year is looking bleaker than in 2018, which is affecting his business
Skou said other factors impacting Maersk include the rising oil price, which affects input costs, adding that he sees no good reason why the price of oil might drop.
The reason behind Skou's pessimism is that trade tensions had led to a lot of front-loading of trade in 2018, and that effect is now disappearing, which means that the fallout of trade tensions will be far bigger this year, even as the balance between supply and demand in the industry is improving.
Earlier in the day, Maersk reported full year earnings, with the company's forecast EBITDA for 2019 understandably, coming in weak, and in fact the guidance missed the lowest analyst estimate, and now sees 2019 EBITDA of only $4 billion, far below the consensus estimate of $4.77 billion (range $4.11 billion to $5.40 billion).
The historical data was mixed, with full year 2018 EBITDA printing at $3.81 billion, below the $3.83 billion expected, while revenue of $39 billion was slightly above the estimated $38.82 billion; meanwhile the company's underlying profit was $220 million, also below the estimate of $291.1 million.
As a result, the company's stock tumbled as much as 10%, before stabilizing down 8.6%. The drop was the biggest one-day plunge in Maersk stock since June 2016.
https://www.zerohedge.com/news/2019-02-21/worlds-largest-shipping-company-warns-2019-global-economic-outlook-worse-2018
busy