Archives of “July 2019” month

rss

WTI crude falls below the July low

  
Analysis, Crude

More Russian oil hits the market

More Russian oil hits the market
Oil is down more than a dollar in the last hour as it reversed an earlier gain.
The chart is looking increasingly negative as last week’s breakout turns into a bust down below support at the July low.
Crude has fallen in four straight sessions in a +7% decline.
The latest news is that Russia’s Roseft is back pumping oil at full capacity. Earlier gains came after Iran seized an oil tanker it said was smuggling 1 million liters of oil.
The bigger news is the ebb and flow on US-Iran relations. Trump and Pompeo hinted at an opening for talks earlier this week but Iran aggressively rebuffed it. Still, the market is signaling the potential for something coming together. Adding back 3.5mbpd of Iranian oil would be a major negative for crude.

Nikkei 225 closes lower by 1.97% at 21,046.24

  
Analysis, Global Indices

Tokyo’s main index struggles as equities fall in Asian trading

Nikkei 18-07

The Nikkei is leading losses seen in Asia after Japanese trade data saw exports slide for a seventh consecutive month – and more than expected – prompting Japanese stocks to fall amid growing concerns about the slowing global economy.
The heavyweight tech and industrials sectors led losses, with softer sentiment from US equities overnight and futures today also helping to see other Asian equities marked lower. The Hang Seng and Shanghai Composite are both down by 0.6% currently.
The sentiment is seen spilling over to Europe as well and is helping to give the yen a bit of a push as we begin European morning trade. USD/JPY holds near session lows now at 107.62 also backed by a weaker dollar on the day.

Alcoa cuts aluminum demand forecast, citing lower demand

  
  Analysis
#  #  #

Not a great sign for the global economy

From Alcoa:
“Global aluminum demand growth for 2019 is estimated to range between 1.25 percent and 2.25 percent, down from 2 percent to 3 percent in the previous quarter, driven by lower demand in both China and the world ex-China due to trade tensions and macroeconomic headwinds,” they said in the quarterly report.
At the same time, they continue to forecast that inventories continue to decline and are forecast to end the year at levels not seen since before 2008.

US-China trade negotiations at ‘standstill’ as US weighs Huawei

  
  Analysis
#  #  #  #  #  #  #

Headlines crossing

Progress has stalled as Trump’s administration tries to figure out how to meet the agreement to allow some US firms to sell products to Huawei.
This thing sounds like it’s going to fall apart before it even gets going. Stocks finished on the lows.

US Indices closed in RED

  
Analysis, US Market

Earlier gains erode. S&P index back below the 3000 level

The major US indices are closing near session lows. There is a late day report that US/China talks have stalled as the US tries to figure out how to deal with Huawei.
The final numbers for the major indices are showing:
  • S&P index down -19.63 points or -0.65% at 2984.41. The low reached 2984.25
  • Nasdaq down -37.59 points or -0.46% at 8185.20. The low reached 8184.66
  • Dow down -115.64 points or -0.42% at 27219.92. The low reached 27218.38

Netflix after the close is down -8% (now -11%) after new subscribers was much less than expectations at 2.7M vs 5.0M estimated.   A big miss.   Revenues was a touch lower while EPS was higher at $0.60 vs $0.56.  Those numbers don’t matter with the huge miss in subscribers.

Go to top