tyb and good morning
S&P Futures, Yuan (*drop); Dollar Surges As US-China Turns Ugly
were down about -240 on DOW last night
*edit, down another 100 or so from last night'''
'and edited for ZH speak as well
S&P futures and global equities fell on Monday after their worst week of 2019, as hopes of an imminent U.S.-China trade deal were crushed with sentiment souring significantly over the weekend, as neither side showed a willingness to budge, raising fears of a fresh round of tit-for-tat tariffs. The dollar surged, the yuan tumbled and Treasuries rallied as traders walked in to the following sea of red.
With the barbs now coming fast and furious as Trump tweets out a new provocation to Beijing literally every several minutes, most recently warning that "China should not retaliate-will only get worse!" while China said that it will "never surrender" to external pressure, though stopped short of announcing how Beijing will retaliate to the latest round of US tariffs, the US and China appeared at a deadlock over trade negotiations as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any “bitter fruit” that harmed its interests.
(first of all-fuck you and see cap#3-you already fucked up by putting your economy on a debt binge the world has never seen-you did it to yourselves)
Earlier Asian stocks also dropped sharply as Chinese shares tumbled, with the benchmark Shanghai Composite and the blue-chip CSI 300 shedding 1.2% and 1.8%, respectively, while Hong Kong’s financial markets were closed for a holiday. Japan’s Nikkei average sank as much as 1.0% to hit its lowest level since March 28, before closing down 0.7%.
Making matters worse, on Monday Washington is expected to announce it is raising tariffs on all remaining imports from China, worth approximately $300 billion.
In rates, 10-year Treasury yields fell to the lowest level since late March; The U.S. Treasury bond yield curve between three-month and 10-year rates inverted on Monday for the second time in a week, with the 10-year yield now standing 0.0025% above the shorter-maturity bill. Viewed as a classic warning signal of a looming U.S. recession, the curve inverted last Thursday for the first time since March,.
(sounds like I'm beating this one up however this is the canary. t drops to around 2.35%, which roughly the FRB discount rate and it's mr mackey time…mmmmkay…)
currently at 2.42%
Quote here:
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
Market Snapshot
S&P 500 futures down 1.3% to 2,851.00
STOXX Europe 600 down 0.6% to 374.98
MXAP down 0.7% to 155.94
MXAPJ down 0.8% to 514.38
Nikkei down 0.7% to 21,191.28
Topix down 0.5% to 1,541.14
Hang Seng Index up 0.8% to 28,550.24
Shanghai Composite down 1.2% to
2,903.71
Sensex down 0.02% to 37,456.47
Australia S&P/ASX 200 down 0.2% to
6,297.59
Kospi down 1.4% to 2,079.01
German 10Y yield fell 0.9 bps to -0.054%
Euro down 0.02% to $1.1231
Italian 10Y yield unchanged at 2.309%
Spanish 10Y yield fell 0.3 bps to 0.975%
Brent futures up 1.4% to $71.57/bbl
Gold spot down 0.2% to $1,283.32
U.S. Dollar Index little changed at 97.31
As a result, contracts on the S&P 500 slid 1.3%, erasing much of Friday's miraculous rebound, and pointing to a big drop at the U.S. open.
(miraculous indeed- a 450 point reversal on DOW simply because it was a friday, munchkins and his never-ending FAP fest of talking and not doing)
'''US Event Calendar
'''May 13-May 15: Mortgage Delinquencies,
prior 4.06%'''
'''May 13-May 15: MBA Mortgage
Foreclosures, prior 0.95%'''
(both these are getting to 2008 levels)
9:05am: Fed’s Rosengren, Clarida Makes
Remarks at Fed Listens Event
1:20pm: Fed’s Kaplan Speaks At
Community Forum In Brownsville, Texas
(moar clowns speaking the FRB narrative)
In commodities, WTI (+1.4%)
(Oil trade suggests that this futures drop may not last much into the cash open-"cash" sure it's cash-kek)
see cap 4
Brent (+1.5%) prices have been on the rise as the complex sets aside trade woes and focus on a number of supply-side developments.
https://www.zerohedge.com/news/2019-05-13/futures-tumble-dollar-surges-us-china-turns-ugly
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil
ok ese
Lloyd's insurers exceed electronic trading target: report
LONDON (Reuters) - Insurers in the Lloyd’s of London market have switched 45% of their business to an electronic platform, ahead of target, the platform said on Monday.
The insurance industry has been slower to move to electronic trading than other parts of financial services. But Lloyd’s, which relies heavily on face-to-face trading, this month announced that it plans to launch two electronic exchanges from next year, building on the existing platform.
Lloyd’s, which is facing competition from cheaper rivals, introduced targets last year to speed up automation. Its syndicate members face charges if they fail to comply.
The target of a 40% switch of relevant business to Platform Placing Ltd (PPL) by the end of the first quarter was met or exceeded by 80% of members, PPL said.
The next target is for 50% of such business to transfer to the platform by the end of June.
However, a large chunk of business at Lloyd’s, including some types of reinsurance, cannot be carried out on the platform.
Brokers also have to sign up to the platform by June, though some are reluctant.
“We have had a sharp increase in the numbers of brokers signing up,” said Bronek Masojada, chair of the PPL Board.
“Nevertheless, the rate of growth is flattening and we cannot afford to get complacent.”
https://www.reuters.com/article/us-lloyd-s-of-london-platform/lloyds-insurers-exceed-electronic-trading-target-report-idUSKCN1SJ11Z?il=0
if you want something risky or hard to value insured for a loss, this is where you go to.
Hershey Trust selling moar shares
Love the time this was filed at-May 13 09:11 AM
Milton Hershey School
The Milton Hershey School is a private philanthropic (pre-K through 12) boarding school in Hershey, Pennsylvania. Originally named the Hershey Industrial School, the institution was founded and funded by chocolate industrialist Milton Snavely Hershey and his wife, Catherine Sweeney Hershey. The school was originally established for impoverished, healthy, male orphans, while today it serves students of various backgrounds. The Milton Hershey School Trust, which funds the school, owns controlling interest in The Hershey Company and owns the Hershey Entertainment and Resorts Company (HE&R) which oversees many of the area hotels along with a theme park called Hersheypark. With over $12 billion in assets,[4] the Milton Hershey School is one of the wealthiest schools in the world. The school is overseen by a Board of Managers.
The school currently serves more than 2,000 students. A member of CORE: Coalition for Residential Education, it is the largest residential education program in the US.
https://en.wikipedia.org/wiki/Milton_Hershey_School
cap #1 is filing this morning, add this to the toal of cap #2.
https://www.secform4.com/insider-trading/47111.htm
cap #3 does not reflect cap #1-so just add it to that.
you obviously don't understand finance.
have to ask this.. are you the same anon I've talked to about the mkts?