Dow fell 45, decliners over advancers 4-3 & NAZ lost 24. The MLP index dropped 1+ to the 246s & the REIT index sank 3+ to the 322s. Junk bond funds went up & Treasuries inched higher. Oil was off pennies to the 67s & gold gained 5 to 1347.
AMJ (Alerian MLP Index tracking fund)
Members of an 11-nation Asia-Pacific trade pact said today they opposed any renegotiation of the deal to accommodate the US should it decide to rejoin at a later date. Ministers from Japan, Australia & Malaysia welcomed Pres Trump directing officials to explore returning to the Trans-Pacific Partnership, a pact he withdrew from shortly after coming to office. But they also cautioned against making any significant changes. "We welcome the U.S. coming back to the table but I don’t see any wholesale appetite for any material re-negotiation of the TPP-11,” Australia Trade Minister Steven Ciobo said today. Toshimitsu Motegi, Japan's minister in charge of TPP, also said it would be difficult to change the deal, calling it a "balanced one, like fine glassware." Malaysia's Intl Trade & Industry Minister Mustapa Mohamed echoed these remarks, saying that renegotiation would "alter the balance of benefits for parties.” Last night, Trump tweeted that the US "would only join TPP if the deal were substantially better than the deal offered to Pres. Obama. We already have BILATERAL deals with six of the eleven nations in TPP, and are working to make a deal with the biggest of those nations, Japan, who has hit us hard on trade for years!" Yesterday he also expressed optimism about a deal with China, a week after escalating tensions with his threat to impose tariffs on an additional $100B in Chinese products. He added that the 2 countries ultimately may end up levying no new tariffs on each other. “Now we’re really negotiating and I think they’re going to treat us really fairly,” Trump said. “I think they want to.” Commerce Secr Wilbur Ross later said the administration needs to see concrete actions from China to reach a deal. The remarks were another conciliatory signal from the administration following tit-for-tat tariffs proposals from the world's largest 2 economies that rattled markets. Trump also indicated that talks are progressing toward successful renegotiation of the North American Free Trade Agreement.
TPP Nations Welcome Trump’s Interest, Don’t Want Renegotiation
US job openings pulled back in Feb & Jan's figure was revised lower, Labor Dept data showed. Vacancies fell by 176K to 6.05M from 6.23M in Jan, according to the Job Openings & Labor Turnover Survey (JOLTS). That compared with the estimate for 6.02M openings. The Jan figure was previously reported as 6.31M.
OPEC is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation, the International Energy Agency (IEA) said. Less than 10% of the surplus in oil inventories remains, as OPEC & its partners have cut production by even more than they intended while world demand soars, said the agency. As Venezuela's unraveling economy hits its oil production, unplanned losses among the alliance exceed the cut pledged by OPEC's biggest member, Saudi Arabia. Since the start of last year, OPEC & Russia have been spearheading an effort by oil producers to offset the surplus unleashed by US shale drillers. Oil futures climbed to a 3-year high in NY, moving toward $70 a barrel, as political tensions in the Middle East threaten to strain supplies even further. “It is not for us to declare on behalf” of OPEC “that it is ‘mission accomplished,’ but if our outlook is accurate, it certainly looks very much like it,” the IEA said in its monthly report. The agency advises most of the world's major economies on energy policy. Oil inventories in developed nations are just 30M barrels above their 5-year average, the measure that OPEC is using to gauge whether markets are balanced, the IEA said. That's down from more than 300M barrels when the group started its cuts. Global inventories are on track to shrink by 600K barrels a day from this qtr thru to the end of the year. As a result, data released in the “next month or two” could show stockpiles have dropped below the 5-year average. Nonetheless, as OPEC gets closer to its goal, Saudi Arabia is increasingly eager to revise the target, arguing that the cuts need to continue to ensure markets have properly rebalanced. The producers have examined alternative metrics that filter out excessively-high stockpiles seen in recent years. While OPEC members agreed to reduce output by about 1.2M barrels a day, their actual cut last month was more than 60% bigger. The group's 14 members pumped 31.83M barrels a day in Mar, the lowest in almost 3 years. The 24 members bound by the wider accord have now cut output by almost 2.4M barrels a day, more than their combined pledge of 1.8M barrels, the IEA said. The agency kept its forecasts for global supply and demand in 2018 unchanged from last month's report.
OPEC Near ‘Mission Accomplished’ as Oil Glut Vanishes, IEA Says
Bank stocks started strong today, then selling began. Trade talks are beginning & they will produce many bumps before new rules are settled on. Dow, while up for the week, is down about 150 from the opening. Not encouraging for the PM.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 67.29 | +0.22 | +0.3% |
| GC=F | Gold | 1,346.70 | +4.80 | +0.4% |
Members of an 11-nation Asia-Pacific trade pact said today they opposed any renegotiation of the deal to accommodate the US should it decide to rejoin at a later date. Ministers from Japan, Australia & Malaysia welcomed Pres Trump directing officials to explore returning to the Trans-Pacific Partnership, a pact he withdrew from shortly after coming to office. But they also cautioned against making any significant changes. "We welcome the U.S. coming back to the table but I don’t see any wholesale appetite for any material re-negotiation of the TPP-11,” Australia Trade Minister Steven Ciobo said today. Toshimitsu Motegi, Japan's minister in charge of TPP, also said it would be difficult to change the deal, calling it a "balanced one, like fine glassware." Malaysia's Intl Trade & Industry Minister Mustapa Mohamed echoed these remarks, saying that renegotiation would "alter the balance of benefits for parties.” Last night, Trump tweeted that the US "would only join TPP if the deal were substantially better than the deal offered to Pres. Obama. We already have BILATERAL deals with six of the eleven nations in TPP, and are working to make a deal with the biggest of those nations, Japan, who has hit us hard on trade for years!" Yesterday he also expressed optimism about a deal with China, a week after escalating tensions with his threat to impose tariffs on an additional $100B in Chinese products. He added that the 2 countries ultimately may end up levying no new tariffs on each other. “Now we’re really negotiating and I think they’re going to treat us really fairly,” Trump said. “I think they want to.” Commerce Secr Wilbur Ross later said the administration needs to see concrete actions from China to reach a deal. The remarks were another conciliatory signal from the administration following tit-for-tat tariffs proposals from the world's largest 2 economies that rattled markets. Trump also indicated that talks are progressing toward successful renegotiation of the North American Free Trade Agreement.
TPP Nations Welcome Trump’s Interest, Don’t Want Renegotiation
US job openings pulled back in Feb & Jan's figure was revised lower, Labor Dept data showed. Vacancies fell by 176K to 6.05M from 6.23M in Jan, according to the Job Openings & Labor Turnover Survey (JOLTS). That compared with the estimate for 6.02M openings. The Jan figure was previously reported as 6.31M.
Job Openings in U.S. Declined in February to 6.05 Million
OPEC is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation, the International Energy Agency (IEA) said. Less than 10% of the surplus in oil inventories remains, as OPEC & its partners have cut production by even more than they intended while world demand soars, said the agency. As Venezuela's unraveling economy hits its oil production, unplanned losses among the alliance exceed the cut pledged by OPEC's biggest member, Saudi Arabia. Since the start of last year, OPEC & Russia have been spearheading an effort by oil producers to offset the surplus unleashed by US shale drillers. Oil futures climbed to a 3-year high in NY, moving toward $70 a barrel, as political tensions in the Middle East threaten to strain supplies even further. “It is not for us to declare on behalf” of OPEC “that it is ‘mission accomplished,’ but if our outlook is accurate, it certainly looks very much like it,” the IEA said in its monthly report. The agency advises most of the world's major economies on energy policy. Oil inventories in developed nations are just 30M barrels above their 5-year average, the measure that OPEC is using to gauge whether markets are balanced, the IEA said. That's down from more than 300M barrels when the group started its cuts. Global inventories are on track to shrink by 600K barrels a day from this qtr thru to the end of the year. As a result, data released in the “next month or two” could show stockpiles have dropped below the 5-year average. Nonetheless, as OPEC gets closer to its goal, Saudi Arabia is increasingly eager to revise the target, arguing that the cuts need to continue to ensure markets have properly rebalanced. The producers have examined alternative metrics that filter out excessively-high stockpiles seen in recent years. While OPEC members agreed to reduce output by about 1.2M barrels a day, their actual cut last month was more than 60% bigger. The group's 14 members pumped 31.83M barrels a day in Mar, the lowest in almost 3 years. The 24 members bound by the wider accord have now cut output by almost 2.4M barrels a day, more than their combined pledge of 1.8M barrels, the IEA said. The agency kept its forecasts for global supply and demand in 2018 unchanged from last month's report.
OPEC Near ‘Mission Accomplished’ as Oil Glut Vanishes, IEA Says
Bank stocks started strong today, then selling began. Trade talks are beginning & they will produce many bumps before new rules are settled on. Dow, while up for the week, is down about 150 from the opening. Not encouraging for the PM.
Dow Jones Industrials
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