Futures flat After POTUS Says "Not Ready For Deal With China", Autos Jump On Fiat Deal
our futures mkt will be moving moar later this afternoon-europe closes at 11:30am EST.
With the US and UK closed for holiday, European shares rose on Monday led by automaker stocks following confirmation of merger talks between Fiat Chrysler and Renault, which sent the two companies surging.
The pan-European STOXX 600 added 0.4% with all major European indices in the black, however trading volumes were thin as US and United Kingdom markets are closed for market holidays. Auto stocks climbed 1.8% as Italian-American carmaker Fiat Chrysler confirmed it had made a “transformative merger” proposal to French peer Renault in a deal which would create the world’s third-biggest carmaker. Shares of both companies rallied.
See here
Fiat Chrysler and Renault pursue $35 billion merger to tackle car sector challenges
MILAN/PARIS (Reuters) - Fiat Chrysler pitched a finely balanced merger of equals to Renault on Monday to confront the costs of far-reaching technological and regulatory changes by creating the world’s third-biggest automaker.
If it goes ahead, the $35 billion-plus tie-up would alter the landscape for rivals including General Motors and Peugeot maker PSA Group, which recently held inconclusive talks with Fiat Chrysler (FCA), and could spur more deals.
French group Renault said it was studying the proposal from Italian-American FCA with interest, and considered it friendly.
Shares in both companies jumped more than 10 percent as investors welcomed the potential creation of a company that would produce more than 8.7 million vehicles a year and aim for 5 billion euros ($5.6 billion) in annual savings.
https://www.reuters.com/article/us-fiat-chrysler-renault/fiat-chrysler-and-renault-pursue-35-billion-merger-to-tackle-car-sector-challenges-idUSKCN1SX0DI
US equity futures traded in a narrow range, and after posting modest gains following the European open, gave up all their upside.
ith the US closed, bullishness prevailed modestly, with the MSCI world equity index ahead by 0.1%.
Turkey’s lira climbed for a third day, its longest streak since February, after Turkey’s central bank increased reserve requirements for foreign-exchange deposits by 200 basis points.
Meanwhile, the yuan climbed to its highest in more than a week as China warned traders against shorting it.
the 'kiss of death'-that is just like the football coach getting the 'vote of confidence'….right before they fire them.
Meanwhile, the fallout from the government taking control of China’s Baoshang Bank hit the nation’s bond market, pushing up funding costs for lenders and yields on government debt.
tick…..tock chinese banking system.
n commodities, oil prices were mixed following losses from last week when crude dropped the most this year. Concerns the Sino-U.S. trade war could trigger a broad economic slowdown have sent this year’s oil rally into reverse, although OPEC’s supply cuts provided some support. Front-month Brent crude futures rose 0.1% to $68.80 per barrel while U.S. West Texas Intermediate (WTI) crude futures shed 0.5% to $58.33 per barrel.
https://www.zerohedge.com/news/2019-05-27/futures-fade-after-trump-says-not-ready-deal-china-autos-surge-fiat-deal
https://www.cnbc.com/europe-markets/
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil
Habby Memorial Day to all
chek't
not from Texas…just sayin'
>only viewed as satanic by A&M folks.
I know all about A&M anon however that is the dichotomy.
Hiding behind this explanation in plain site.