Dow lost 21 decliners ahead of advancers 5-4 & NAZ was up 3. The MLP index rose pocket change but the REIT index slipped 1+ to 271. Junk bond funds gained & Treasuries retreated. Oil
advanced to a 14-month high after US inventories tumbled for a 2nd week, bolstering speculation that a glut in the central
part of the country is dissipating. Gold edged higher.
AMJ (Alerian MLP Index tracking fund)
Photo: Bloomberg
China exports & imports unexpectedly declined in Jun, underscoring the severity of the slowdown as Premier Li Keqiang reins in credit growth. Overseas shipments fell 3.1% from a year earlier, the most since the global financial crisis, according to the General Administration of Customs. The estimate called for a 3.7%. Imports dropped 0.7%, while the projection was for a 6% increase. Exports to the US & EU declined for a 4th straight month while the drop in imports resulted in part from falling commodity prices. Weaker global & domestic demand, highlighted by China’s biggest shipyard outside state control seeking a gov bailout, increases pressure on Li to support growth that’s at risk of sliding to the weakest since 1990 (even as he vows to press on with restructuring the economy). The trade surplus was $27.1B, compared with the estimate of $27.8B. Exports rose 1% in May from a year earlier, while imports fell 0.3%.
Wholesale Inventories Unexpectedly Drop as U.S. Sales Surge
Photo: Bloomberg
Apple violated antitrust law by engaging in a scheme to fix the prices of electronic books, a federal judge ruled. A trial was ordered on what damages AAPL should pay for the violation. “The plaintiffs have shown that Apple conspired to raise the retail price of e-books and that they are entitled to injunctive relief,” Judge Denise Cote said. The US sued AAPL & 5 publishers last year, claiming they pushed publishers to sign agreements letting it sell digital copies of their books under what’s known as the agency model. Under that model, publishers, & not retailers, set prices for each book, with AAPL getting 30%. AAPL was the last defendant after the other publishers avoided trial by settling. The stock was up fractionally.
Apple Found to Violate Antitrust Law on E-Books, Will Face Damages Trial
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.04% | |
U.S. 2-year |
0.37% | |
U.S. 10-year |
2.65% |
| CLQ13.NYM | ...Crude Oil Aug 13 | ...105.35 |  ...1.82 | (1.8%) |
| GCN13.CMX... | Gold Jul 13... | 1,252.70 | ...6.80 | (0.6%) |
Photo: Bloomberg
China exports & imports unexpectedly declined in Jun, underscoring the severity of the slowdown as Premier Li Keqiang reins in credit growth. Overseas shipments fell 3.1% from a year earlier, the most since the global financial crisis, according to the General Administration of Customs. The estimate called for a 3.7%. Imports dropped 0.7%, while the projection was for a 6% increase. Exports to the US & EU declined for a 4th straight month while the drop in imports resulted in part from falling commodity prices. Weaker global & domestic demand, highlighted by China’s biggest shipyard outside state control seeking a gov bailout, increases pressure on Li to support growth that’s at risk of sliding to the weakest since 1990 (even as he vows to press on with restructuring the economy). The trade surplus was $27.1B, compared with the estimate of $27.8B. Exports rose 1% in May from a year earlier, while imports fell 0.3%.
US wholesalers cut back on restocking in May even as sales rose, indicating economic growth could pick up later this year as they rebuild their stockpiles. The Commerce Dept says wholesale stockpiles shrank 0.5%
in May, the most in 20 months, following a 0.1% decline in
Apr, which was revised lower. Sales jumped 1.6% in May & 0.7% in Apr. A reduction in stockpiles could lead to reduced growth
forecasts for Q2. But the steady gain in sales
suggests companies will have to order more goods in the coming months to
restock their shelves which could boost factory production & drive
more economic growth. Wholesale stockpiles totaled $501B in May, 3.3% higher than a year ago.
Wholesale Inventories Unexpectedly Drop as U.S. Sales Surge
Photo: Bloomberg
Apple violated antitrust law by engaging in a scheme to fix the prices of electronic books, a federal judge ruled. A trial was ordered on what damages AAPL should pay for the violation. “The plaintiffs have shown that Apple conspired to raise the retail price of e-books and that they are entitled to injunctive relief,” Judge Denise Cote said. The US sued AAPL & 5 publishers last year, claiming they pushed publishers to sign agreements letting it sell digital copies of their books under what’s known as the agency model. Under that model, publishers, & not retailers, set prices for each book, with AAPL getting 30%. AAPL was the last defendant after the other publishers avoided trial by settling. The stock was up fractionally.
Apple Found to Violate Antitrust Law on E-Books, Will Face Damages Trial
Apple (AAPL)
This is a sleepy day, good day to catch a nap. Very little is going ahead of earnings from the big banks. But the slowdown in China & recession in Europe are 2 major headaches the markets are largely ignoring. Then there's the US economy which is lumbering along with only mediocre growth. Big Ben will speak later today & everybody is anxious to hear what he says.
Dow Jones Industrials
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