tybs
plural on baker. Sometimes do it sometimes not
Futures Drop*, Dragged By Boeing, Lack Of "US-China Deal Optimism"
(edit as -64 on DOW is not a slide-actually a bit higher then last night)
If Boeing thought it could sweep its Boeing 737 MAX production cut under the rug with a late Friday announcement it failed: the company's decision to cut 737 production by 20% sent BA shares 4% lower in pre-market trading with a BofA downgrade to Neutral not helping, and hit the shares of its suppliers including Meggitt, Melrose and Safran, which all fell between 1 percent and 2.5 percent. More importantly, since Boeing is the biggest component of the Dow, futures on the 'industrial average' were lower, with the implied open down more than 100 points, while global market and government bonds also drifted lower as progress toward a trade deal between America and China continued to drag. Oil rose as fighting in Libya raised the risk of supply outages.
As a reminder, on Friday Boeing announced that 737 production will be cut to 42 airplanes per month from 52 starting in mid-April, without giving an end date. Investment bank Cowen said Boeing’s decision to cut the production of the 737 was the right thing to do. “The 737 rate cut to 42/month should help resolve the MAX crisis but with a large 2019 cash hit,” wrote Cowen in a note.
Boeing Pre-Market Trade
375.01 -16.92 (-4.32%)
Pre-Market: 7:55AM EDT
While Dow futures took the brunt(there you go again tyler's-not even in triple digits) of the hit due to Boeing's dominant position in the index, S&P 500 futs were also lower after the biggest US benchmark rounded out last week with gains that took it to a six-month high, while the Stoxx Europe 600 also nudged into the red. A rally in Shanghai fizzled out, and equities fell in Tokyo as the yen pushed higher.
Healthcare (+0.5%) and oil & gas (+0.5%) lead gains, while Travel (-0.5%), construction (-0.5%) and financial services (-0.5%) the main laggards.
Euphoria was also muted due to lack of new trade deal developments, even though Trump's top economic adviser Larry Kudlow said the two sides are “closer and closer” to a deal, and that top-tier officials would be talking this week. A strong U.S. jobs report Friday didn’t stop President Trump from suggesting the Fed should cut interest rates and stop shrinking its balance sheet.
“Today’s very minor move down has to be seen in light of recent developments,” said Britta Weidenbach, head of European equities at DWS. “We’re back at the levels where the correction started last year. So now the question certainly is, what’s next?”
Quite a few things are next, in fact, as Wednesday is a blockbuster day. We have the EU emergency Brexit summit where they will decide whether to grant the U.K. a further extension and on what terms, an ECB meeting a day earlier than normal, the US CPI report and FOMC minutes all slated for that day. That should be the highlight of the week ahead however we've also got a busy week for data out of China, as well as a number of scheduled Fed speakers, the annual IMF and World Bank Spring Meetings and a China-EU Summit. If that wasn't enough, US banks also kick off earnings season at the end of the week. Oh and Friday also marks the revised point that the U.K. leaves the EU if no extension is given this week.'''
Bond markets were being squeezed by investors’ search for yield after benchmark German Bunds fell into negative territory.
Recapping Friday’s nonfarm payrolls report, we generally saw a continuation of the “goldilocks” environment, as the headline number beat expectations but wage growth fell short. The US economy added 196,000 jobs in March (177k expected) and the previous two months were revised higher by a net +14,000, with the unemployment rate staying steady at 3.8%. Average hourly earnings rose +0.1% mom, down from 0.4% mom in Feb and short of expectations for 0.3%. This led to the yoy rate dropping from 3.4% to 3.2% - 0.2% lower than expected.
Separately, President Trump made headlines on Friday by treading new ground in his war-of-words with the Fed. He said that “the Fed should drop rates” and that instead “of quantitative tightening, it should actually now be quantitative easing.” He cited the lack of inflation to support his view. Ten-year treasury yields fell a few basis points and the curve flattened slightly after his comments.
US Event Calendar
10am: Factory Orders, est. -0.5%, prior 0.1%; Factory Orders Ex Trans, prior -0.2%
10am: Durable Goods Orders, est. -1.6%, prior -1.6%; Durables Ex Transportation, est. 0.1%, prior 0.1%
10am: Cap Goods Orders Nondef Ex Air, prior -0.1%; Cap Goods Ship Nondef Ex Air, prior 0.0%
https://www.zerohedge.com/news/2019-04-08/futures-slide-dragged-boeing-lack-us-china-deal-optimism
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil
https://www.kitco.com/charts/livegold.html
Gold had a little breakout last night out of congestion, currently testing $1300.
>a publicly traded special-purpose acquisition vehicle
moar signs of the big boys scrambling to eke out 2/20 plus fee's. Ferrari did a similar thing when it went public by placing the 'shares' in a dutch holding co.
Chinese woman arrested at Trump's Mar-a-Lago resort due in Florida court
WEST PALM BEACH, Fla. (Reuters) - A Chinese woman charged with bluffing her way into President Donald Trump’s Mar-a-Lago Florida resort last month, renewing concerns about security at the club, is due in court on Monday for a hearing to determine whether she will remain in custody.
The woman, Yujing Zhang, was arrested after giving conflicting reasons for being in the club during one of Trump’s routine weekend visits. According to prosecutors, she was carrying four cellphones, a laptop computer, an external hard drive and a thumb drive containing what investigators described as “malicious malware.”
The FBI is examining whether Zhang has any links to Chinese intelligence or political influence operations, two U.S. government sources told Reuters last week.
She told one of the U.S. Secret Service agents who protect the property she was there to use the pool and later told a second agent that she had been invited to a U.N. Chinese American Association event, though club officials determined no such event was scheduled. She was arrested after agents determined she had no legitimate reason to be at the club, a for-profit business owned by Trump.
Zhang has been charged with making false statements to a federal officer and entering or remaining in a restricted area, charges that carry up to a five-year sentence in federal prison if she is convicted. She is 32 or 33 years old, according to documents filed in U.S. District Court in West Palm Beach, Florida.
Congressional Democrats raised questions on Wednesday about security at the club, where Trump is in close and frequent contact with club members and guests. The president brushed off the concerns, calling the incident a “fluke” and praising the Secret Service.
https://www.reuters.com/article/us-usa-trump-maralago-china/chinese-woman-arrested-at-trumps-mar-a-lago-resort-due-in-florida-court-idUSKCN1RK12D
https://www.secform4.com/insider-trading/1131324.htm
Aramco's international bond attracts strong interest as demand tops $30 billion
RIYADH (Reuters) - Demand for Saudi Aramco’s inaugural international bond, seen as a gauge of potential investor interest in the oil company’s eventual initial public offering, is higher than $30 billion, Saudi Energy Minister Khalid al-Falih said on Monday.
That would represent an oversubscription of more than three times the size of the bond, if Aramco sticks to its plan to issue around $10 billion in the debt sale, due this week.
State-owned Saudi Aramco met investors last week in a global bond roadshow ahead of the issue. The bond is expected to attract demand from both emerging markets and investment-grade buyers as Aramco’s status as the world’s largest oil company would put its bonds in the same league as debt issued by independent international oil majors like Exxon and Shell.
Speaking at an event in Riyadh, Falih said the issue will close on Wednesday and that he believed demand for the bond was “north of” $30 billion.
https://www.reuters.com/article/us-saudi-aramco-sabic/aramcos-international-bond-attracts-strong-interest-as-demand-tops-30-billion-idUSKCN1RK0IK?il=0
same here anon. For a very long time. many year's
you got it