tyb
Morning Market Report
POTUS and Crew leave for G-20 in a few hours. That should be quite the show during and on Sunday afternoon/evening when the markets re-open and react to the actions that were/were not taken during that meeting. Wonder if POTUS will do something similar as he did in Argentina-if he had a mic he would have dropped it on that walk across the stage.
Futures have given back a little of that pop on munchkins regurgitation.
POTUS on FoxB telling the truth about Facebook and talking about suing them-he should. Goog, Twatter, Facebook all dropped on those comments in pre-market.
If you shorted into the close or continue to have them that is tonic for you but be careful after Friday.
Now they are saying that the spike in futures was down to a "grammatical" mistake.
Saying the trade deal 'IS' complete instead of 'we WERE 90% of the way towards it'. This is AI controlled markets at it's worst-reacting to an error that , in turn, takes it milliseconds to spike markets upwards. It's ok in the grand scheme of things because of what it did to T notes-See Cap#3.
Some Headlines
China is not going to surpass the U.S. in retail sales this year as trade conflict weighs
mebby it will….mebby it won't-no way to know but they do have many moar consumers so it's likely.
https://www.marketwatch.com/story/china-is-not-going-to-surpass-the-us-in-retail-sales-this-year-as-trade-conflict-weighs-2019-06-25?
Jamie Dimon sounds off on student debt crisis: ‘What we’ve done is a disgrace’
JP Morgan chief Jamie Dimon says we need to “fix the broken parts” of student lending in the United States, according to Yahoo Finance.
“What we’ve done is a disgrace and its hurting America,” JP Morgan’s chief executive officer told Yahoo Finance in an interview Tuesday.
With $1.6 trillion outstanding student debt in the United States, student lending is crippling many Americans. Today the average college student graduates $30,000 in the debt, up from $10,000 in the 1990s.
https://www.cnbc.com/2019/06/26/jamie-dimon-weighs-in-on-student-loan-debt.html
fuck you "Jamie"-POS
Durable-goods orders drop 1.3% in May, but business investment picks up in reassuring sign
May business orders held down by canceled Boeing deal .
https://www.marketwatch.com/story/durable-goods-orders-drop-13-in-may-but-business-investment-picks-up-in-reassuring-sign-2019-06-26?
Global Stocks, Futures Surge After Mnuchin Says US-China Trade Deal "90% Complete"
Treasury Secretary Steven Mnuchin regurgitated a long-running soundbite, saying that a trade deal between China and the United States was "90% completed", days before a high-stakes meeting between the two countries’ leaders.
Just….get…it…done munchkins and stop jaw-boning this, you've done this for months.
It was enough to push US equity futures which until then had traded unchanged sharply higher(see cap#2), with European stocks following the move tick for tick.
Powell said the central bank is “insulated from short-term political pressures”. But he said he and his colleagues are currently grappling with whether uncertainties around U.S. tariffs, Washington’s conflict with trading partners and tame inflation require a rate cut.
'total domination of the primary dealers yesterday, they submitted bids and then walked out the hawkish comments that spiked (for bonds) yields, although it did not last long it sent a message…they are no longer in control-our /fallguy-hat tip to you for that JP.
Before Mnuchin's comments hit, Asian stocks dropped for a second day driven by Powell's hawkish comments combined with his warning of rising downside risks to the U.S. economy.
Elsewhere, in rates, what was initially a modest sell-off in U.S. Treasuries accelerates, and pushed 10Y Treasury yields climbed above 2% after closing around 1.98% yesterday. See cap#3
The yuan fell to its lowest since December against a basket of trading partners’ currencies but pared an earlier drop against the dollar.
A US admin official said USD would be less strong and the EUR would be less weak if the Fed took back rate hike from last fall.
U.S. crude oil futures advanced roughly 2% to touch a four-week high of $59.10 per barrel after data showed a decline in U.S. crude stocks. Gold retreated from a multi-year high. Bitcoin ridiculously up and over $12k and close to $13k.
We’ll also have the ECB’s Mersch and San Francisco Fed President Daly making remarks. Finally, in the US this evening there’ll also be the first of two Democratic primary debates, in which the 20 participating candidates will be split over the next two nights.
Someone take one for the team and watch it-I'm not.
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil
>The Morgue have very limited exposure to quality student debt, but may have exposure to more toxic securities backed by student loans. A bail out would pay off the most toxic debt first.
you would be correct
JPMorgan Sells $6.9 Billion in Student Loans to Navient: What to Do If Your Debt Is Affected
https://studentloanhero.com/featured/navient-buys-jpmorgan-student-loans/
and the funny thing, well not funny but the pension funds are still under-funded even after the bailouts of 2008-9. Probably still by about 40-50%.
You already know this but Illinois, Cal, New Jersey lead that pack in this regard. NY is there too
they need you
In Absurd Fiasco, Entire Market Spike Was Due To A CNBC Grammatical Mistake
https://www.zerohedge.com/news/2019-06-26/absurd-fiasco-entire-market-spike-was-due-cnbc-grammatical-mistake
Gasoline Futures Soar As Largest East Coast Refinery Set To Permanently Close
RBOB Gasoline futures jumped overnight, accelerating their recent ascent ever since the explosion and massive inferon at the Philadelphia Energy Solutions (PES) plant, following a Reuters report that the largest east coast refinery is expected to seek to permanently shut its oil refinery in the city after a massive fire caused substantial damage to the complex.
Shutting the refinery, the largest and oldest on the U.S. East Coast, would result in not only hundreds of lost jobs but also sharply higher gasoline prices as gasoline supplies are squeezed in the busiest, most densely populated corridor of the United States.
PES is expected to file a notice of intent with state and federal regulators as early as Wednesday, setting in motion the process of closing the refinery, the sources said.
The refinery, which could still change its plans, is also expected to begin layoffs of the 700 union workers at the plant as early as Wednesday, Reuters reported. The layoffs could include about half of the union workforce, with the remaining staff staying at the site until the investigation into the blast concludes.
As reported previously, the 335,000 barrel-per-day (bpd) complex, located in a densely populated area in the southern part of the city, erupted in flames in the early hours on Friday, in a series of explosions that could be heard miles away and which some compared to a meteor strike or a nuclear bomb going off.
The cause of the fire was still unknown as of Tuesday, though city fire officials said it started in a butane vat around 4 a.m. (0800 GMT). It destroyed a 30,000-bpd alkylation unit that uses hydrofluoric acid to process refined products. Had the acid caught fire, it could have resulted in a vapor cloud that can damage the skin, eyes and lungs of nearby residents.
Prior to the massive inferno, the refinery had suffered from years of financial struggles, forcing it to slash worker benefits and scale back capital projects to save cash. It went through a bankruptcy process last year to reduce its debt, but its difficulties continued as its cash on hand dwindled even after emerging from bankruptcy in August; some have speculated that cost cutting resulted in the structure becoming fragile and susceptible to accident.
After bankruptcy, Credit Suisse Asset Management and Bardin Hill became the controlling owners, with former primary owners Carlyle Group and Sunoco Logistics, an Energy Transfer subsidiary, holding a minority stake.
Last Friday's blaze was the second in two weeks at the complex, spurring calls from Philadelphia’s mayor for a task force to look into both the cause and community outreach in the wake of the incidents. A spokesperson for Mayor Jim Kenney declined to comment on the potential closure of the plant.
That may be difficult as investigators on the scene are said to be dealing with unstable structures that need to be certified by engineers, slowing down the inquiry, city officials said. The investigation could ultimately take months or perhaps years. Additionally, the state Department of Environmental Protection said they have concerns about the integrity of storage tanks on site, the agency said on Tuesday. The U.S. Chemical Safety Board is also investigating the incident, according to Reuters.
While none of this will make much news outside of Philly, what will impact all East Coast drivers is that gasoline futures rose as much as 5.4% on Wednesday to $1.9787 a gallon, the highest since May 23. The front month price was at $1.945 early on Wednesday.
Futures are up 8.9% since Thursday’s close.
NY Gasoline prices have surged back into a premium over US Gulf Gasoline.
All of which will drag, as always with a lag, the price of gas at the pump notably higher.
The rally in U.S. gasoline futures has pushed U.S. gasoline prices above European and Asian markets, raising the prospects for US imports. According to Matthew Chew, oil analyst at IHS Markit, "chances are that (the wider price spread) could open up the arbs between U.S. Gulf/Europe and [the East Coast] PADD 1."
https://www.zerohedge.com/news/2019-06-26/gasoline-futures-soar-largest-east-coast-refinery-set-permanently-close?
https://markets.businessinsider.com/commodities/rbob-gasoline
they already know imo. But yes we need skilled forensic accountants/auditors to be trained to keep these bastages in check going forward. They knew what was in these things when they were created
usually those reactions very quick, up like a rocket and down like a feather is the slang for gas prices.
'Just an industrial accident'
good luck with that.
>Speculation needs to stop
Agree
At the very least enforce position limits, have them at COMEX but they do not use them
https://www.fbi.gov/contact-us/field-offices/littlerock/news/press-releases/mount-ida-man-sentenced-to-five-years-in-prison-for-money-laundering-and-wire-fraud
ty anon, had a smaller copy of that.
yes, they virtue signal by announcing them and then do nothing. I especially enjoyed when the CFTC kept raising the premiums on everyone during the last rise in silver/gold. Financial tyranny at it's finest. At least Bart is ded or not-who knows. How he got a show on RT and then actually had viewers was…..
for the day crew, a few
https://www.secform4.com/
WTI Spikes After Biggest Crude Inventory Draw In Almost 3 Years
right on cue…….we go from the largest inventory build in 30 yrs-about a month ago to a draw-down on that and it's worth this?-WAY overdue for investigations
Oil prices have accelerated their gains overnight to 4-week highs after API reported a bigger-than-expected crude draw and mid-east tensions remain high.
“This is the market’s reaction to the unexpectedly pronounced fall in U.S. crude-oil stocks,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt.
“Apart from crude-oil stock trends, the focus here is also likely to be on gasoline demand” as the northern hemisphere moves into the peak summer driving season.
API
Crude -7.55mm (-2.9mm exp) - biggest draw since March
Cushing -1.26mm
Gasoline -3.17mm
Distillates +160k
DOE
Crude -12.778mm(-2.9mm exp) = biggest draw since Sept 2016
Cushing -1.746mm
Gasoline -996k
Distillates -2.441mm
Following last week's bigger-than-expected crude draw and API overnight, DOE expectations were for a notable crude draw (with a whisper number of 3.2mm), but no one expected the massive 12.78mm collapse in inventories - the biggest since Sept 2016. But there were draws across the board…
As the US oil rig count extends its declines, it appears - perhaps - that US crude production has peaked (for now).
WTI spiked immediately on the huge EIA data, extending the overnight API gains. Testing the four week highs.
Notably, WTI has significantly outperformed Brent in the last few weeks as the WTI-Brent spread compresses on geopolitical tensions..
https://www.zerohedge.com/news/2019-06-26/wti-spikes-after-biggest-crude-inventory-draw-almost-3-years?
https://www.dailyfx.com/crude-oil
from May 22, 2019
Crude Oil Inventory Build Continues
https://www.oilandgas360.com/crude-oil-inventory-build-continues/
thank you……
ty, that should be a good spin job
go click that shit nigga