Morning Markt Report

Futures Rise Even As Traders Brace For Long term Trade War

US equity futures and global stocks rebounded on Thursday as traders took a break from selling stocks and pumping money into safe-haven bonds and the dollar, awaiting the latest headlines in the ongoing trade war.

With just two days left in what has so far been the most turbulent month of the year, investors are busy squaring up positions, shaken by a violent escalation in trade war which has left many traders dazed and confused and the S&P back under 2,800 but above its 200 day moving average for now.

US equity futures drifted higher in the overnight session, while Europe's Stoxx 600 advanced, with tech among the biggest gainers, a day after posting its biggest drop in nearly three weeks. European stocks nudged 0.2%-0.5% higher having lost a third of the 15% gain they had been carrying into May, the major currencies paused, while German Bund yields climbed for the first time in four days having hit record lows.

Asian stocks were little changed, with MSCI’s index of Asia-Pacific shares ex-Japan slipping to a fresh four-month low before finding a bit of traction to edge up 0.1% into the close. Japan, Hong Kong and Shanghai falling while South Korean, Indian and Indonesian equities advanced as gains in the technology sector were offset by declines in health care and consumer staples. The Topix gauge fell 0.3% to its lowest level since January, led by Japan Communications Inc. and Avant Corp while the Nikkei slumped 0.5%. The Shanghai Composite Index dropped 0.3% after the PBOC's latest liquidity injection was a sharp dip from Wednesday's 250bn yuan, with China Life Insurance Co. contributing the most to the index decline.

The Chinese version of AIG

In rates, the 10-year Treasury yield was at 2.27% after falling to a nearly two-year low of 2.21% Wednesday, with the 3M-10Y yield curve staying deep in inverted territory, most recently at -10bps.

See Cap#3

Market Snapshot

S&P 500 futures up 0.4% to 2,790.50

STOXX Europe 600 up 0.4% to 371.84

MXAP down 0.09% to 152.43

MXAPJ up 0.2% to 498.00

Nikkei down 0.3% to 20,942.53

Topix down 0.3% to 1,531.98

Hang Seng Index down 0.4% to 27,114.88

Shanghai Composite down 0.3% to

2,905.81

Sensex up 0.9% to 39,853.99

Australia S&P/ASX 200 down 0.7% to

6,392.13

Kospi up 0.8% to 2,038.80

German 10Y yield rose 1.9 bps to -0.16%

Euro up 0.05% to $1.1137

Italian 10Y yield fell 4.1 bps to 2.269%

Spanish 10Y yield rose 0.9 bps to 0.742%

Brent futures down 0.2% to $69.34/bbl

Gold spot down 0.3% to $1,276.30

U.S. Dollar Index little changed at 98.16

'''Top Asian News

Sakurai’s Caution on Stimulus Signals

Diverging Opinions at BOJ

Short Seller Aandahl Targets China Apparel-

Maker Anta Sports

Anta Slumps Most in 15 Months as Blue

Orca Recommends Short

Singapore Minister Bats Away Criticism

Over GIC, Temasek Pay

Top European News

Italy Set to Warn Against Budget Tightening

in Reply to EU

U.K. Will Need Hikes If Brexit Goes

Smoothly, BOE’s Ramsden Says

ECB Seen Offering Generous Loans to

Banks to Boost Feeble Growth

Watches of Switzerland Gains After London

Share Offering

US Event Calendar-Data

8:30am: GDP Annualized QoQ, est. 3.0%,

prior 3.2%; Personal Consumption, est.

1.2%, prior 1.2%; Core PCE QoQ, est.

1.3%, prior 1.3%

8:30am: Initial Jobless Claims, est. 214,000,

prior 211,000; Continuing Claims, est.

1.66m,

prior 1.68m

8:30am: Advance Goods Trade Balance,

est. $72.7b deficit, prior $71.4b deficit

8:30am: Retail Inventories MoM, est. 0.2%,

prior -0.3%; Wholesale Inventories MoM,

est.

0.1%, prior -0.1%

9:45am: Bloomberg Consumer Comfort,

prior 60.3

10am: Pending Home Sales MoM, est.

0.5%, prior 3.8%; NSA YoY, est. 0.1%, prior

-3.2%

Also due out this afternoon will be the latest claims reading, April advance goods trade balance, April retail and wholesale inventories and April pending home sales. Away from that, we’re due to hear from Fed Vice Chair Clarida at 5pm BST when he speaks to the economic club of New York, while US Secretary of State Pompeo is due to travel to meet German Chancellor Merkel in Berlin.

https://www.bloomberg.com/markets/stocks/futures

https://www.marketwatch.com/investing/bond/tmubmusd10y?

https://www.dailyfx.com/crude-oil

https://www.zerohedge.com/news/2019-05-30/stocks-rebound-even-traders-brace-long-term-trade-war

Italy's League junior minister resigns after conviction, Salvini accepts

ROME (Reuters) - Italy’s League leader and Deputy Prime Minister Matteo Salvini accepted on Thursday the resignation of a junior minister convicted for embezzlement, in a move likely to avoid a potential hurdle for the ruling coalition.

Deputy Transport Minister Edoardo Rixi was sentenced to a prison term of three years and five months. The League’s coalition partner, the anti-establishment 5-Star Movement, had said Rixi should quit if found guilty.

Shortly after his conviction Rixi announced he wanted to step down and Salvini welcomed his decision.

“I accept his resignation only to protect him and the activity of the government from senseless attacks and polemics”, Salvini said in a statement.

https://www.reuters.com/article/us-italy-politics-court/italys-league-junior-minister-resigns-after-conviction-salvini-accepts-idUSKCN1T01DG?il=0

Seaworld equity transactions-sale and buy

for the day crew

a large sale was reported last night, and then a few hours later a buy in the same equity was reported. Cap#1 is the sale, Cap#2 is the buy.

See cap#3 for a possible explanation.

https://www.secform4.com/insider-trading/1564902.htm

>>6626558

forgot to add this. Most of these types of transactions occur in the Dark Pools and are never reported in a public way.

What is a Dark Pool?

A dark pool is a private financial forum or exchange for trading securities. Dark pools allow investors to trade without exposure until after the trade has been executed.

Dark pools are a type of alternative trading system that give investors the opportunity to place orders and make trades without publicly revealing their intentions during the search for a buyer or seller.

Dark pools emerged in the 1980s when the Securities and Exchange Commission (SEC) allowed brokers to transact large blocks of shares. Electronic trading and an SEC ruling in 2007 that was designed to increase competition and cut transaction costs have stimulated an increase in the number of dark pools. Dark pools can charge lower fees than exchanges because they are often housed within a large firm and not necessarily a bank.

For example, Bloomberg LP owns the dark pool Bloomberg Tradebook, which is registered with the SEC. Dark pools were historically mostly used by institutional investors for block trades involving a large number of securities. However, dark pools are no longer used only for large orders. A study by Celent found that the average order size dropped from 430 shares in 2009 to approximately 200 shares in 2013.

The primary advantage of dark pool trading is that institutional investors making large trades can do so without exposure while finding buyers and sellers. This prevents heavy price devaluation which would otherwise occur. If it were public knowledge, for example, that an investment bank was trying to sell 500,000 shares of a security, the security would almost certainly have decreased in value by the time the bank found buyers for all of their shares. Devaluation has become an increasingly likely risk, and electronic trading platforms are causing prices to respond much more quickly to market pressures. If the new data is reported only after the trade has been executed, however, the news has much less of an impact on the market.

https://www.investopedia.com/terms/d/dark-pool.asp

>>6626606

good.

>>6626666

>>6626698

never served but feel you. Have many mil friends and at times they were so pissed off at 'something'-especially at the results of 2012 election but they never elaborated. Being here for a long time certainly put all that into perspective in a certain way.

Corporate profits fall again as GDP in first quarter trimmed

Business profits decline for the second quarter in a row

The numbers: The U.S. grew a bit slower in the first three months of 2019 than originally reported, mostly because of weaker business investment. Corporate profits also fell for the second quarter in a row in a negative sign for the economy.

Gross domestic product, the official scorecard for the economy, grew at a 3.1% annual pace in the first quarter, the government said Thursday. GDP was marked down from an initial 3.2% estimate.

Economists polled by MarketWatch had expected first-quarter GDP to be revised down to 3%.

Adjusted corporate profits before taxes, meanwhile, fell at annual 2.8% pace, the biggest decline since 2015.

What happened: Business investment rose a somewhat smaller 2.3% in the first three months of the year, revised GDP figures show. And the change in the value of inventories was a touch less at $125.5 billion.

Most other figures in the updated GDP report were little changed. Consumer spending rose a mild 1.3%, held down by reduced purchases of durable or long-lasting goods such as autos or appliances. Spending on durable goods sank 4.6% to mark the biggest drop in 10 years.

Exports were revised up to show a 4.8% increase, while the decline in imports was a bit smaller at 2.5%.

Inflation rose at a 1.4% pace year over year, well below the Federal Reserve’s 2% target.

Big picture: GDP got a big boost in the first quarter because of an unusually sharp increase in spending by local and state governments. Companies also stockpiled more inventories and the trade deficit was smaller.

All of those trends could be reversed in the second quarter, leading to a smaller increase in GDP. Wall Street forecasters predict the economy will expand less than 2% in the spring.

What might also hurt is falling corporate profits, a slowdown in manufacturing and a breakdown in trade talks with China.

Corporate profits have risen just 3.1% in the past year, down from a 10% clip less than a year earlier.

Another round of tit-for-tat tariffs between the U.S. and China has also put many companies on edge and disrupted their production plans.

rest at link

https://www.marketwatch.com/story/first-quarter-gdp-trimmed-to-31-falling-corporate-profits-a-warning-sign-2019-05-30

>>6626752

>>6626797

they have an entire thread for it….

Google bans apps that facilitate sale of marijuana

(Reuters) - Alphabet Inc’s Google on Wednesday banned apps on its app store that facilitate the sale of marijuana or related products, as part of a change to its content policy.

Developers only need to move their shopping cart option outside the app to comply with the new policy, a Google spokesperson told Reuters.

Google said it is working with many of the developers to answer any technical questions and help them implement the changes without customer disruption.

Existing apps would have 30 days post-launch to comply with the policy.

“Google’s decision is a disappointing development that only helps the illegal market thrive, but we are confident that Google, Apple and Facebook will eventually do the right thing,” a spokesperson for Eaze, a marijuana delivery app, said.

https://www.reuters.com/article/us-alphabet-play-store-marijuana/google-bans-apps-that-facilitate-sale-of-marijuana-idUSKCN1SZ2NZ?

>>6626894

>>6626880

>>6626963

>>6626990

>>6627016

done it for long time. Nothing new