US MARKETS: Dow Set To Gain 100 Points At The Open


◊ U.S. Market Futures Today ◊


StockMarketNews.TodayU.S. stock index futures pointed to a higher open on Friday as optimism continues to drive year-end rally. Futures on the Dow Jones Industrial Average were up 96 points, pointing to a higher start of about 105 points. Futures on Nasdaq and S&P 500 traded higher too. The major averages are set to hit new all-time highs.

The tech-heavy Nasdaq topped the 9,000 mark for the first time Thursday, lifted by a jump in Amazon shares on a record holiday shopping season. The S&P 500, up already 29.2% in 2019, is inches away from reaching historic proportions. The benchmark will post its best year since 1997 if it ends this year up more than 29.6%.

News flow remains relatively quiet, but stocks are extending their melt-up price action into the final days of 2019,” Adam Crisafulli, founder of Vital Knowledge, said in a note on Friday.

Investors are embracing riskier assets ever since the U.S. and China announced they have reached a phase one trade agreement earlier this month. The two sides are in the middle of translating and formalizing the deal. President Donald Trump said Tuesday there will ultimately be a signing ceremony with Chinese leader Xi Jinping, adding a quicker signing will happen soon.

Data overnight showed a solid rebound for industrial profits in China, further boosting sentiment.

Friday marks day three of the so-called Santa Claus rally period, which is historically beneficial for stocks. Since 1950, the S&P 500 has rallied an average of 1.3% during the final five trading days of the year and the first two sessions of the new year, according to the Stock Trader’s Almanac.

No economic data and earnings are scheduled for Friday.




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Gucci Sales Dropped in U.S.


◊ Gucci Stock News ◊


Gucci lost the top spot among luxury companies for social media engagement in March, according to Tribe Dynamics, and in July it reported its first quarterly drop in North American sales since early 2016.

The retreat shows how luxury companies that thrive on Instagram and other social-media outlets can just as quickly stumble because of them. Such platforms have become the lifeblood of the attention-seeking fashion business, a marketing strategy that Gucci built around its star designer Alessandro Michele.


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Mr. Michele’s flashy designs grabbed the attention of social media influencers and hip-hop artists who set the streetwear trends that dominate the fashion industry. His fashion shows—including one last year in Milan where models strutted down the runway holding realistic replicas of their own heads—went viral. Mr. Michele’s next show is set for Sept. 22 during Milan fashion week.

The tide of social media praise turned against Gucci after the $890 sweater. Gucci pulled the sweater, apologized and hired a chief diversity officer, but the brand took a beating on social media. Celebrities posted videos of themselves burning Gucci products and called for boycotts, including rapper T.I., who on Instagram declared himself “a 7 figure/yr customer & long time supporter” of Gucci.


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Now, some in the fashion industry are questioning whether Gucci and its designer have peaked.

“As innovative as Alessandro is, his style is becoming a little bit stagnant,” said Nicole Fischelis, who held positions as fashion director and creative director at Saks Fifth Avenue and Macy’s before starting her own consulting firm.

Gucci declined to comment and didn’t make Mr. Michele available. Its parent company, Kering SA, noted that Gucci was the hottest fashion brand in the Lyst Index’s most recent quarterly ranking and is the most searched brand on The RealReal , a luxury resale site.

Gucci, which sells everything from $300 wallets to $1,590 sneakers and $5,000 dresses, is particularly susceptible to social media highs and lows because of its large base of younger customers. Morgan Stanley estimates that more than two-thirds of Gucci sales comes from millennials.

Gucci dialed back U.S. marketing last quarter rather than draw more attention to itself in the middle of the blackface maelstrom, Jean-Marc Duplaix, chief financial officer at Kering, said in July. Gucci contributes about 60% of Kering’s revenue and 80% of profit.

“We wanted to assess the evolution of the U.S. market, the reaction of the consumers after the issue we had in the U.S.,” Mr. Duplaix said, adding that Gucci is readying a marketing push in the U.S. later this year. Kering’s shares are down about 10% since reporting the 2% decline in North American sales in late July.

Gucci Stock News

The company also has said shifts in tourism flows—more Americans traveling and shopping abroad and fewer Europeans and Asians visiting the U.S.—contributed to the drop in North American sales. The region accounts for 20% of Gucci’s sales.

The Gucci brand is closely associated with American hip-hop culture, which sets the streetwear trends. “Gucci Gang,” a single by teenage rapper Lil Pump, who repeats the brand name dozens of times during the song, has almost a billion views on YouTube and hit no. 3 on U.S. charts when released in 2017.

Gucci’s earned media value fell by a third in March from the previous month to $30.7 million. Chanel, which had an earned media value of $33.8 million in March, held the top spot again in April, lost it in May to Gucci and then won it back again in June with the two companies almost tied.

The drop in Gucci’s North American sales comes on the heels of four quarters of declining growth and tracks the brand’s waning social media strength. Gucci in September 2017 hit an earned media value of $82.5 million, triple the $27 million it reached in July of this year, according to Tribe Dynamics. In the September 2017 quarter, Gucci sales rose 49% in North America.


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Gucci is far from the only brand to stumble on social media, especially when it comes to race and other hot-button issues. Prada pulled from shelves a monkey keychain that was called out as racially insensitive, saying, “The resemblance of the products to blackface was by no means intentional, but we recognize that this does not excuse the damage they have caused.” Versace, meanwhile, has apologized for releasing a T-shirt that identified Hong Kong and Macau as separate from China.



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Kering SA Company Profile: Kering SA is a France-based company engaged in the fashion industry. It develops an ensemble of houses in fashion, leather goods, jewelry and watches through a portfolio of such brands as Gucci, Bottega Veneta, Saint Laurent, Balenciaga, Alexander McQueen, Stella McCartney, Christopher Kane, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Girard-Perregaux and Ulysse Nardin.

In addition, the Company offers sport clothing and accessories through such brands as Puma, Volcom and Cobra. Kering SA operates worldwide.


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Stocks Drop As Trade Battle Intensifies


> Stocks Drop - Stock Market News Today <

U.S. futures and global stocks started the week with sharp declines and the yuan depreciated to a new low as President Trump’s threat to impose more tariffs on Chinese goods continued to rattle investors. The Stoxx Europe 600 was down 1.9%, led by losses in the basic resources sector, which dropped more than 3%.

“Trump escalating the rhetoric and tariffs puts pressure back on the Fed to do another rate cut,” said Christopher Peel, chief investment officer at Tavistock Wealth. In the U.S., S&P 500 futures were down 1.5%. Futures don’t necessarily predict moves after the opening bell.

Government-bond yields continued to plumb new depths Monday on concerns about the global economy being hit by the U.S.-China trade conflict. The German 10-year bund yield reached a record low at minus 0.573%, and was recently at minus 0.552%. The U.K 10-year gilt hit an intraday record low yield of 0.492%, but has since recovered slightly to 0.506%.

U.S. 10-year Treasurys yields fell to 1.783%, from 1.864% Friday. Bond yields and prices move in opposite directions. Stocks across Asia fell and the Chinese yuan depreciated to a new low in offshore trading, following the escalation in the U.S.-China trade dispute and amid widespread protests in Hong Kong.

Japan’s Nikkei fell 1.7% and Korea’s Kospi dropped 2.6%, while the yuan weakened beyond the psychologically important 7-per-dollar level, falling as much as 1.9% to 7.1087 per dollar in Hong Kong in early trading.

China’s central bank said Monday the yuan’s decline was a result of trade protectionism and higher tariffs on Chinese goods. The People’s Bank of China said the yuan remains stable and strong against a trade-weighted basket of currencies and that the bank has the ability to keep it at a “reasonable equilibrium.” It also said it would crack down on short-term speculation in the yuan.


 


Hong Kong’s Hang Seng Index fell nearly 3%, as a citywide strike disrupted the airport and subway services. It followed a ninth weekend of protests against a controversial extradition bill and China’s growing influence on the city. In a speech Monday, Hong Kong’s leader Carrie Lam said society has become dangerous and unstable. The city’s stock market has fallen 9% in the past few weeks as the protests dent business sentiment and weigh on economic growth.

The declines in Asian stock markets came after U.S. stocks capped their worst week in months following Mr. Trump’s threats to extend tariffs to essentially all Chinese imports. That came shortly after the Federal Reserve lowered interest rates for the first time since 2008. Investors interpreted the rate cut as a pre-emptive move to counter slowing global growth and the worsening trade spat.

The U.S. dollar slipped, with the WSJ Dollar Index, which measures the dollar against a basket of currencies, down 0.1%.

While escalating trade tensions have lifted the dollar against currencies most exposed to trade with China, such as Australia, it has weakened slightly against most G-10 currencies, as market expectations of a Fed rate cut have increased, said Derek Halpenny, EMEA head of global markets at MUFG Bank.

The British pound, meanwhile, was down 0.6% against the euro to EUR1.0870. This was because of U.K. news reports suggesting an “increased chance of an election that spans the 31 October Brexit deadline,” Mr. Halpenny said.

Investors were awaiting U.S. nonmanufacturing index data for July, which will give an indication of activity in the services sector. Economists surveyed by The Wall Street Journal expect that the index increased slightly to 55.7 in July.

In commodities, U.S. oil prices fell, with West Texas Intermediate crude down 1.3% to $54.96 a barrel. Gold gained 1%.




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U.S. Stock Index Futures Were Little Changed Early Wednesday As Uncertainties Linger Over Brexit And Boeing


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Today’s Stock Market News — U.S. stock index futures were little changed early Wednesday as investors continued to monitor political and economic uncertainties across the globe. At 6:30 a.m. ET, Dow futures implied an open of less than 5 points. Futures on S&P 500 and Nasdaq were also relatively flat.

U.S. stocks have been under pressure after Boeing posted another sharp decline amid worries over the safety of one of its most popular airplanes. Boeing shares fell more than 6 percent on Tuesday after several countries, including China, the European Union and Indonesia, grounded all flights involving the 737 Max model.

The plane has been involved in two deadly crashes in less than six months, including one on Sunday. Edward Jones also downgraded the stock to hold from buy, citing a possible “delay in orders” after the Ethiopian Airlines crash.


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Meanwhile, investor attention is firmly focused on the fallout from the U.K.’s decision to reject its Brexit deal with the EU on Tuesday evening. The agreement was rejected by 149 votes after 242 MPs voted for the deal and 391 MPs voted against it.

British MPs will now vote on Wednesday on whether to leave the EU without a deal. If they reject that option, as expected, MPs will then get to vote on Thursday on whether to request a delayed departure from the EU.

Back in the U.S., a slew of data are expected on Wednesday. Durable goods orders and producer price index numbers are due at 8:30 a.m. ET, followed by construction spending data at 10 a.m. ET.

On the earnings front, Cloudera and MongoDB are set to report numbers after the bell.


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U.S. Stocks Rose After Five Straight Sessions Of Declines On Monday Boosted By Technology Stocks


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Today’s Stock Market News — U.S. stocks rose after five straight sessions of declines on Monday boosted by technology stocks. Boeing Co, the best performing Dow component this year by a wide margin, dropped 6.7 percent after many airlines grounded the company’s new 737 MAX 8 passenger jet.

Helping markets gain ground was the heavyweight Dow component’s stock bouncing off its session lows, while the Dow Jones Airlines index reversed course to trade 0.34 percent higher. Today the big news is Boeing and the rest of the market is bouncing off the five straight down days we had last week,” said Keith Gangl, chartered financial analyst and portfolio manager at Gradient Investments in Arden Hills, Minnesota.

“The markets have been really strong this year and people are expecting that to continue throughout 2019.”

The S&P 500 index fell 2.2 percent last week, its biggest decline since Wall Street tumbled at the end of 2018, weighed by fears of a slowing economy after data showed U.S. job growth almost stalled in February, China’s exports fell and as the European Central Bank slashed growth forecasts for the region.

Still, the benchmark index is now about 6 percent away from its record high hit on Sept. 20. All the major S&P sectors were trading higher, led by gains in the high-growth technology sector, which was up 1.81 percent.

Apple Inc rose 3.1 percent and was the biggest boost to the benchmark S&P 500 and Nasdaq indexes after Bank of America Merrill Lynch upgraded the iPhone maker’s shares to “buy” from “neutral”.

Other marquee names also gained — Microsoft Corp, Facebook Inc and Amazon.com Inc gained between 1.2 percent and 2.3 percent. Instinet upgraded social media giant Facebook to “buy” from “neutral”.


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At 11:10 a.m. ET the Dow Jones Industrial Average was up 112.41 points, or 0.44 percent, at 25,562.65, the S&P 500 was up 29.18 points, or 1.06 percent, at 2,772.25 and the Nasdaq Composite was up 109.13 points, or 1.47 percent, at 7,517.27.

The energy sector jumped 1.4 percent after crude prices rose as Saudi stood by OPEC-led supply cuts and a report showed a fall in U.S. drilling activity. Oil majors Exxon Mobil Corp and Chevron Corp rose about 1.4 percent each.

In other news, President Donald Trump will ask lawmakers to hike spending for the military and the wall he wants to build on the U.S.-Mexico border and slash other programs in his 2020 budget. The Republican president’s proposal, slated for release at 11:30 a.m. (15:30 GMT), is expected to be rejected by Congress.

Advancing issues outnumbered decliners for a 2.81-to-1 ratio on the NYSE and a 2.62-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and one new low, while the Nasdaq recorded 36 new highs and 22 new lows.


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Stock Market News: Top 5 Things to Know in The Market Today – Monday 2018/10/29


Stock Market News Today



1. Wall Street Points to Tentative Rebound After Last Week’s Rout

U.S. stock futures pointed to a positive start to the trading week, with the major indices edging higher, as investors turned their focus to the latest batch of corporate earnings. About a quarter of S&P 500 companies report in what will be the last big week for third-quarter earnings on Wall Street, with results from Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) highlighting the schedule.

Mon: $MDLZ
Tues: $FB $EBAY $BIDU $GE $MA $KO $UAA $PFE
Wed: $GM $S $YUM
Thurs: $AAPL $SBUX $TEVA $SPOT $DDD
Fri: $BABA $XOM

At 5:45AM ET, the blue-chip Dow futures were up 50 points, or about 0.2%, the S&P 500 futures added 8 points, or around 0.3%, while the tech-heavy Nasdaq 100 futures indicated a gain of 55 points, or roughly 0.8%. Stocks fell sharply on Friday as investors slogged through another volatile session on Wall Street, which saw the S&P 500 end at its lowest level since early May, flirting with correction territory.

Elsewhere, in Europe, the region’s major bourses were broadly higher, with HSBC shares pacing the financial sector, even as political risks in Germany, Italy and the UK continue to weigh on sentiment. Earlier, Asian stock markets gave up most of their morning gains to end mixed, as major Chinese indexes fell more than 2% each by the end of the session.


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2. IBM Acquires Red Hat For $34B

IBM (NYSE:IBM) is acquiring Red Hat (NYSE:RHT), a major distributor of open-source software and technology, in a deal valued around $34 billion, as it seeks to diversify its technology hardware and consulting business into higher-margin products and services. According to a joint statement released Sunday, IBM, which has a market capitalization of $114 billion, will pay $190 per share in cash for Red Hat, a 63% premium to Friday’s closing share price of $116.68. The acquisition is by far IBM’s largest deal ever, and the third-biggest in the history of U.S. tech.

The open source, enterprise software maker will become a unit of IBM’s Hybrid Cloud division, with Red Hat CEO Jim Whitehurst joining IBM’s senior management team and reporting to CEO Ginni Rometty.

3. Dollar Holds Near 10-Week High

Away from equities, the dollar was broadly higher against a basket of the other major currencies, holding close to Friday’s 10-week highs.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged up 0.2% to 96.33, not far from the 10-week peak of 96.62 set on Friday. Elsewhere in currencies, the euro was a touch lower, as German Chancellor Angela Merkel faced calls from her own conservatives to cede the party’s leadership, further eroding her authority after painful losses in a regional election.

The pound was also slightly lower against the greenback, as investors awaited the autumn budget statement from British Chancellor Philip Hammond.

4. Oil Prices Edge Lower

In commodities, oil prices were lower to start the week, as a slump in stock markets and concerns about slowing global growth clouded the fuel demand outlook.

U.S. West Texas Intermediate (WTI) crude futures were at $67.06 a barrel, down 54 cents, or 0.8%, from their last settlement. Front-month Brent crude oil futures were trading down 63 cents, or 0.8%, at $77.03 a barrel.

Losses were kept in check as looming U.S. sanctions on Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are widely expected to lead to a tighter market. The sanctions, due to come into force Nov. 4, are being reinstated after U.S. President Donald Trump pulled out of the Iran nuclear deal earlier this year.


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5. U.S. PCE Inflation Data

On the economic calendar, investors will get more data on the state of the U.S. consumer with personal income and spending data for September set for release at 8:30AM ET. Economists expect personal income to rise 0.4% over the prior month, while spending is forecast to gain 0.4%, according to estimates. The Fed’s preferred inflation metric, core personal consumption expenditures (PCE), is also set for release in the morning.

The consensus forecast is that the report will show that the core PCE price index inched up 0.1% last month. On an annualized basis, core PCE prices are expected to rise 2%.

The highlight of this week’s data releases will come Friday, when the U.S. Labor Department releases the nonfarm payrolls report for October.

US make it into the ranking of countries with the highest levels of government debt.

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Every year WEF releases its benchmark Global Competitiveness Report that takes a look 98 indicators across 140 countries to determine the overall ranking. Each indicator uses a scale from 0 to 100, to signify how close an economy is to the ideal state or “frontier” of competitiveness. Those indicators are then organised into 12 pillars, such as health, skills, financial system, infrastructure, and institutions.

In addition, WEF this year used a new methodology to fully capture the new emerging dynamics of what fuels the global economy, which means including some other indicators that were not included before, such as diversity, workers rights, re-skilling, and press freedom.

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One area WEF looks at are the financial health and risks of countries around the world. One way to test this is by looking at a country’s ability is to pay back debts without incurring further debt — the lower the debt-to-GDP ratio, the better.

By looking at data from the International Monetary Fund, World Economic Outlook Database, and staff reports, WEF collated its list of countries’ gross general government debt as a percentage of GDP. In the end, it ranked 137 countries by lowest debt-to-GDP ratio.

Hong Kong came first with 0.1%, which is hardly surprising because it’s now a special administrative region of China. The tiny nation of Brunei in second with 3.1% and European country Estonia came in third with 9.5%.


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However, if you go down to the bottom of the list, Japan comes up as the country with the highest level of government debt as percentage of GDP, with 239.2%. Greece came in second with 181.3% and Lebanon clocked 143.4%.

The US ranked 13th from the bottom of the list with 107.4% and the UK came in 21st from the bottom of the list 89.2%.

The Trump administration aims to step up trade talks with other countries, using its new pact with Canada and Mexico as a template to redefine rules on everything.


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The Trump administration aims to step up trade talks with other countries, using its new pact with Canada and Mexico as a template to redefine rules on everything from foreign exchange and labor markets to how U.S. partners do business with China. The U.S. will be less worried about running afoul of the World Trade Organization, a watchdog Washington helped create. Instead, it will focus more on using trade deals to confront what officials describe as “nonmarket” forces distorting world commerce.

And Washington will no longer see trade pacts as a way to foster global supply chains for its corporations. Instead, it will prioritize tougher standards for goods flowing into the U.S. in a bid to steer more manufacturing back home. The underlying principle, as Mr. Trump himself said in unveiling the North American accord this week, is that trade partners should consider it “a privilege for them to do business with us.” Access to the U.S. market will become increasingly contingent on countries adopting American rules and standards, from intellectual property protections to higher wages.

The administration is still honing a precise strategy for how the new pact—rebranded the U.S.-Mexico-Canada Agreement—will apply to other trade partners. The next big tests will be Japan and the European Union, which both recently started talks with the Trump administration on new trade deals, and the U.K. and the Philippines, which are expected to do so shortly.

Whether the Trump team can replicate the new pact’s terms elsewhere is unclear. The White House had unusual leverage over Canada and Mexico with its threats to blow up a quarter-century-old pact that their economies had come to depend on. The EU and Japan have no such existing trade pacts with the U.S., so have less to lose. Indeed, they see their own burgeoning free-trade-zones—an EU-Japan pact that doesn’t include the U.S. and the 11-nation Trans-Pacific Partnership from which Mr. Trump withdrew the U.S., both taking effect next year —as giving them leverage by putting U.S. exporters at a disadvantage.

“The U.S. is showing a power play,” said Andre Sapir, a former EU economic adviser, now at the Bruegel think tank in Brussels. “I don’t think Europe will want to enter into such an agreement—it would want to have balanced agreement.” Japan and Germany, the largest auto exporters to the U.S. after Canada and Mexico, are bracing for U.S. demands for quotas as the price of avoiding 25% vehicle tariffs that Mr. Trump has threatened to impose in the name of national security.

Canada and Mexico accepted caps to fend off those penalties, an arrangement reminiscent of the 1980s “voluntary export restraints” the U.S. extracted from Tokyo before the WTO was created and banned the practice. Japan is also worried about the North American pact’s provision aimed at punishing “currency manipulation,” a first in a trade agreement. The U.S. has frequently accused Japan of distorting foreign exchange markets to boost exports. Tokyo has long fended off demands for trade penalties tied to such charges.

The U.S.-Mexico-Canada deal could complicate Britain’s emerging strategy for crafting its own independent commercial diplomacy once it breaks from the EU. Britain hopes to achieve separate free-trade pacts with both the U.S. and China.

U.S. Stocks Open Higher on Central Bankers’ Upbeat Views.The Dow Jones Industrial Average and S&P 500 were on track to make a run at fresh records.


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The Dow industrials added 113 points, or 0.4%, to 26887 shortly after the opening bell, coming off a fourth consecutive session of gains and an all-time high a day earlier. The S&P 500 and tech-heavy Nasdaq Composite were both up 0.4%.

Stocks have gotten a boost this week after the U.S. and Canada reached a compromise on trade policy, leading some investors to anticipate further trade deals ahead with China. Despite worries that tariffs could slow the global economy, steady U.S. growth and earnings figures have boosted stock indexes throughout the year.

A number of Federal Reserve officials have delivered upbeat comments about the U.S. economy this week, reinforcing the view that inflation remains steady but not so strong that the central bank needs to hasten its pace of interest-rate increases. Some investors expect that backdrop to continue lifting stocks later in the year. “The U.S. economy is firing on all cylinders,” Federal Reserve Bank of Chicago President Charles Evans said Wednesday during a lecture in London.

Analysts were looking ahead to Friday’s jobs report for the latest update on U.S. hiring and wage growth. Wednesday data showed the U.S. private sector added 230,000 jobs in September, more than economists were expecting, with midsize businesses and the service sector continuing to dominate those gains.

Investors were also debating whether Amazon.com ’s recent decision to increase its minimum wage to $15 next month could cause labor-cost pressure at other companies. Still, many analysts say inflation increases should remain gradual moving forward, barring an unexpected trade setback or spike in oil prices.

Energy stocks drove gains in Europe as oil prices held near four-year highs.


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Energy stocks drove gains in Europe as oil prices held near four-year highs. U.S. futures and the Canadian dollar pushed higher at the start of the final quarter after the U.S. and Canada reached a last-minute deal late Sunday night to revise the North American Free Trade Agreement. The Canadian dollar rose 0.5% against the U.S. dollar to its highest level since May, while the Mexican peso climbed 0.9%. The WSJ Dollar Index, which measures the buck against a basket of 16 others, rose 0.1%.

Futures markets pointed to a 0.5% opening gain for the S&P 500 after the blue-chip index climbed over 7% in the third quarter, notching its best performance in almost five years, to rest just below record highs. The pending agreement will allow Canada to join an accord reached in late August between the U.S. and Mexico.

The Stoxx Europe 600 was up 0.2% in early trade, led by gains in energy stocks as oil prices held near the highest level in around four years. Markets in the Asia-Pacific region were mixed. Japan’s Nikkei Stock Average increased, while Australian and Korean indexes declined. Chinese markets were closed for a public holiday.

Investors have remained focused on trade tensions in recent weeks as the U.S. and China have ramped up tariffs against each others’ economies. Still, many have drawn comfort from the U.S. reaching agreements with other large trading partners in recent months including the European Union, Mexico and now Canada.

“The market is now done with the issue of Nafta,” Commerzbank strategists wrote in a note to clients Monday. A robust domestic economy and strong company earnings have also boosted U.S. stocks this year. Even so, investors are likely to remain focused on the continuing trade war between the U.S. and China, which has showed little sign of ending soon.

Mike Bell, global markets strategist at J.P. Morgan Asset Management, said he has been scaling down his equities positioning to neutral having been overweight for some time, and is plowing more money into U.S. Treasurys. “The primary reason in the near term [is] the continuing uncertainty around the ongoing trade negotiations,” he said. “In the more medium term, the risk is that we’re pretty late cycle in the U.S. now.”

In commodity markets, Brent crude oil prices continued to push higher to $83.09 a barrel, up 0.4% on the day. That helped push the Stoxx Europe 600 oil & gas subindex up 0.6%, taking gains for this sector to 20% over the past six months. Elsewhere in Europe, Italy’s FTSE MIB index rose 0.5%, regaining some of its footing after slumping 3.7% Friday on news that the country’s anti-establishment government had widened its budget-deficit target. Italian bonds remained under pressure, though, with 10-year yields rising nearly 0.1 percentage point relative to haven German bonds Monday, according to Tradeweb. Yields rise as prices fall.

In the Asia-Pacific region, the Nikkei Stock Average rose 0.5%, Australia’s S&P/ASX 200 fell 0.6% and Korea’s Kospi Index slipped 0.2%. In bond markets, the yield on the 10-year Treasury inched up to 3.071%, according to Tradeweb, from 3.055% on Friday.

Next financial crisis in the US could occur in 2020: JPMorgan While the duration of the next recession is unknown, the financial services firm has said it could see a US stock slide by about 20 percent.

Stock Market News Today
2018/09/16


JPMorgan Chase & Co Stock News

Next financial crisis in the US could occur in 2020: JPMorgan
While the duration of the next recession is unknown, the financial services firm has said it could see a US stock slide by about 20 percent. The next financial crisis in the US might happen in 2020, JPMorgan Chase & Co has said, according to a report by BloombergQuint.

While the next crisis might be less severe than the previous crisis, lower liquidity in the financial market could worsen the situation, the report cites JPMorgan as saying. The last financial crisis took place ten years ago after Lehman Brothers filed for bankruptcy protection on September 15, 2008.

While the duration of the next recession is unknown, the financial services firm has said the recession could see a US stock slide by about 20 percent.

Emerging-markets stocks might slide 48 percent, and emerging-markets currencies could take a 14.4 percent hit, JPMorgan said.

“Across assets, these projections look tame relative to what the GFC delivered and probably unalarming relative to the recession/crisis averages” of the past, JPMorgan strategists John Normand and Federico Manicardi wrote in the note, according to the report. JPMorgan’s model has made these predictions based on several factors — the length of the economic expansion, the potential duration of the next recession, the degree of leverage, asset-price valuations and the level of deregulation and financial innovation before the crisis.

A separate note from JPMorgan says there has been a movement from active asset management to passive asset management, the report adds.

This change has “eliminated a large pool of assets that would be standing ready to buy cheap public securities and backstop a market disruption,” Joyce Chang and Jan Loeys said in the note. A positive mentioned by Normand and Manicardi is that since assets in emerging markets have become cheaper, it could cushion declines from stock market peaks