Archives of “July 2019” month

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France’s plan to tax tech companies could lead to the US imposing new tariffs on the country

  
  Analysis
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U.S. President Donald Trump has asked for an investigation into France’s planned tax on technology companies

Reuters reports, citing an unnamed source:
  • could potentially lead to the United States imposing new tariffs or other trade restrictions
  • US Trade Representative Lighthizer to set up the investigation
  • Questioning if France’s digital-tax plan would hurt US technology companies
  • A Section 301 investigation, will assess if France’s levy poses an unfair trade practice
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Previous S 301 investigations have covered Chinese trade practices and European Union subsidies on large commercial aircraft

The Powell prepared text headlines sent:

  
  Analysis
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  • The dollar lower.
  • It reversed pre-market stocks from being down (S&P was down about 8-9 points) to up.
  • It sent yields on US treasuries lower with the short end leading the way (yield curve steepening). The 2 year was at 1.919% at the start of the NY session. It is down at 1.82% now.
  • Gold moved from negative to positive (gold is up over $20 near the end of the trading day)

Nasdaq closes at record highs. S&P trades above 3000 for first time, but backs off.

  
Analysis, US Market
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Major indices all closing higher

The major indices in the US are closing higher with the Nasdaq closing at a new record high. The S&P index traded above the 3000 level for the first time ever, but backed off that level. It is still closing higher on the day. The Dow snapped a 3 day losing streak today.
The final numbers are showing:
  • The S&P index, +13.44 points or 0.45% at 2993.07. The high reached 3002.98. The low extended to 2984.61
  • The Nasdaq rose 60.80 points or 0.75% at 8202.53. The high reached 8228.598. The low extended to 8160.56
  • The Dow rose 76 points or 0.29% at 26860.20. The high reached 26983.45 The low extended to 26813.11.
Some winners today:
  • Tesla, +3.85%
  • Micron, +3.75%
  • Beyond Meat, +3.61%
  • General Mills, +2.27%
  • AMD, +1.93%
  • Facebook, +1.77%
  • Nvidia, +1.75%
  • Chevron, +1.69%
  • Pfizer,+1.57%
  • Intuit, +1.53%
  • Alphabet, +1.48%
  • Amazon, +1.46%
  • Exxon Mobil,+1.43%
  • Cisco, +1.40%
  • Disney, +1.34%
  • Microsoft, +1.02%
 Some losers today included:
  • QUALCOMM, -2.86%
  • Target, -2.22%
  • Daimler, -1.57%
  • Deere and Company, -1.56%
  • Charles Schwab, -1.56%
  • Wells Fargo, -1.44%
  • Slack, -1.28%
  • Caterpillar, -1.22%
  • Bank of America, -1.16%
  • Morgan Stanley, -1.10%
  • Goldman Sachs, – 0.87%
  • Citigroup, -0.61%
  • PNC financial, -0.58%
  • Home Depot, -0.58%
  • Twitter, -0.52%

European major indices close with modest declines

  
Analysis, Global Indices

UK’s FTSE unchanged

The major European stock indices are closing with modest declines.
The provisional closes are showing:
  • German DAX, -0.5%
  • UK’s FTSE, unchanged
  • France’s CAC, -0.1%
  • Spain’s Ibex, -0.2%
  • Italy’s FTSE MIB bucked the trend moving up by 0.73%
  • Portugal’s PSI 20 unchanged
In the benchmark 10 year note sector, yields are mostly higher. France’s 10 year toyed with the idea of moving back to the positive side, rising to 0.022%, but has backed off and trades at -0.015%.  German 10 year traded as low as -0.34% and as high as -0.281% and is currently trading at -0.306%
 UK's FTSE unchanged

DOE crude oil inventories for July 5 week -9499K vs -2900k estimate

  
Analysis, Crude

DOE crude oil inventories for July 5 week.

  • crude oil inventories -9499K vs -2900K estimate
  • gasoline inventories -1455K vs -2000K estimate
  • Cushing inventories -310K vs 652K last week
  • Distillates inventories 3729K vs 800 K estimate
The private data also showed a large draw last night
WTI crude oil inventories
Crude oil is trading up $1.72 or 2.96% at $59.53. The high today reach $59.80 while the low percentage of $58.35

US statement to IAEA: US remains open to talks with Iran without preconditions

  
  Analysis

US continues to squeeze Iran with sanctions

The US statement to the UN nuclear watchdog board meeting says:
  • Iran’s expansion of nuclear program is attempt to extort payments from the international community
  • brinkmanship and extortion tactics will not bring Iran sanctions relief
  • the path the regime is now on will only deepen its international isolation and raise the dangers it faces
  • US remains open to talks with Iran without preconditions, offering possibility of a full normalization of relations
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