Archives of “April 6, 2019” day
rssImportant Steps Away from the Abyss
Just because the stock market rally is a decade old doesn’t mean it’s ready to die.
Norway could be forced to dump shares in BHP and Glencore
Norway’s $1tn sovereign wealth fund could be forced to dump shares in miners BHP Group and Glencore under new plans to tighten restrictions on coal investments.
The Norwegian government proposed on Friday tightening the rules on coal after intense public pressure over the fund owning stakes in some of the world’s biggest producers of the highly polluting fossil fuel.
Under the proposals, which still need to be approved by the country’s parliament, the Norwegian oil fund would be forced to sell out of any company that mines more than 20m tonnes or uses 10,000MW of coal in power production.
That would capture both BHP and Glencore, as well as German utility company RWE. The fund is a top 10 shareholder in both miners.
Currently, the fund is banned from investing in companies that derive more than 30 per cent of their revenues or activity from coal but can stay invested if the business has plans to bring it under the threshold. It is not clear if the same exception will apply to the new proposal.
Key economic releases for the week April 8 – 12
hat is on tap from a release standpoint next week:
- German Trade Balannce
- Canada housing starts/building permits
- US Factory Orders/Durable Goods revision
- Swiss unemployment
- US JOLTS job openings
- Feds Clarida speaks
- RBA Asst Gov. Debelle speaks
- BOJ Kuroda speaks
- Australia Westpac consumer sentiment
- UK GDP
- UK Manufacturing Production/Industrial Production
- ECB Interest rate statement and press conference
- US CPI data
- Fed’s Quarles speaks
- US 10 year auction
- FOMC Meeting minutes
- China CPI/PPI
- German/France final CPI
- OPEC meeting
- US PPI
- US weekly unemployment claims
- Fed’s Clarida speaks
- Fed’s Bullard speaks
- FOMC Bowman speaks
- US 30 year auction
- NZ Business Manufacturing Index
- RBA Financial Stability Review
- China Trade balance
- EU industrial production
- US Michigan consumer sentiment (preliminary)
- IMF meeting (Friday and Saturday).
Brexit next week: (more…)
CFTC Commitment of Traders: EUR short position approachs 100K
Weekly forex futures non-commercial positioning data from the CFTC
- EUR short 99K vs 80K short last week. Shorts increased by 19K
- GBP short 10K vs well run some 9K short last week. Shorts trimmed by 1K
- JPY short 63K vs 62K short last week. Shorts increased by 1K
- CHF short 26K vs 27K short last week. Shorts trimmed by 1K
- CAD short 44k vs 40k short last week. Shorts increased by 4K
- AUD short 56k vs 54k short last week. Shorts increased by 2K
- NZD 0K vs 0K short last week. No position of significance in the NZD
The EUR short is the largest short since December 2016.
Uh oh #bitcoin
US stocks end the session near highs for the day
Nasdaq leads the charge. Dow lags.
- S&P index, up 13.35 points or 0.46% at 2892.74
- Nasdaq up 46.907 points or 0.59% at 7938.69.
- Dow up 40.36 points or 0.15% at 26424.99
For the week, the major indices had solid gains:
- S&P rose 2.06%
- Nasdaq rose 2.71%
- Dow rose 1.91%