Dow added 8, decliners ahead of advancers & NAZ slumped a big 72. The MLP index was fictionally higher to 281 & the REIT index dropped 3 to the 258s. Junk bond funds crawled higher & Treasuries were off a tad. Oil rose in the 69s (more below) & gold gained 7 to 1208.
AMJ (Alerian MLP Index tracking fund)
Global oil prices edged up from early losses despite assurances from DC that Saudi Arabia, Russia & the US can raise output fast enough to offset falling supplies from Iran & elsewhere. Energy Secretary Rick Perry said on Fri that he does not foresee any price spikes & that the countries, the world's top 3 oil producers, can between them raise global output in the next 18 months. Brent crude oil futures gained 68¢ to $78.77 per barrel, reversing a 0.2% loss earlier in the session. West Texas Intermediate (WTI) futures rose 47¢ to $69.46 a barrel after posting a drop of 20¢ earlier in the trading session. Iran's oil exports are falling as more buyers, including its 2nd-largest buyer India, cut imports ahead of US sanctions that will be re-imposed in Nov. The US aims to cut Iran oil exports down to zero to force Tehran to re-negotiate a nuclear deal. Iran's OPEC governor said that Saudi Arabia &d Russia have taken the oil market "hostage" & accused other producers of turning OPEC into a US tool. Iran is the 3rd-largest producer among the members of OPEC. Trading remained choppy amid an unresolved trade war between the US & China. Pres Trump is likely to announce new tariffs on about $200B on Chinese imports as early as today. The escalating trade row is raising concerns about the potential for slower growth in oil consumption, offsetting supply concerns stemming from the upcoming US sanctions on Iran over its nuclear program. Also weighing on oil prices, US drillers added 2 oil rigs in the latest week, bringing the total count up to 749, the highest since Sep.
Oil prices rise as supply concerns outweigh US output assurances
There are more questions about the big name tech companies by those guys in DC. Some feel these companies have gained too much power which can lead to abuses. More hearings are on the way. Meanwhile trade talks are going nowhere, making traders nervous. So far selling in tech stocks has not dragged the overall market lower, at least so far.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 69.50 | +0.51 | +0.7% |
| GC=F | Gold | 1,206.80 | +5.70 | +0.5% |
Faced with fresh threats of tariffs from DC, China is considering declining the Trump administration's
offer of trade talks later this month. The White House
plans to announce within the next few days tariffs on as much as $200B in Chinese goods in a
move designed to further squeeze Beijing before another round of
negotiations proposed by the US. The pressure tactics, however, aren't
sitting well with Beijing, which has repeatedly said it wouldn't
negotiate under threat. "China never said it
doesn't want to negotiate with the U.S.," Yang Weimin, a former senior
economic adviser to President Xi Jinping, said. "But the U.S.
side has to show sincerity" toward resolving the trade dispute. Added a
current senior official who advises the leadership on foreign-policy
matters: "China is not going to negotiate with a gun pointed to its
head." In response to the pressure from DC, some
Chinese officials involved in advising the leadership are proposing to
step up the trade fight a notch by restricting China's sales of
materials, equipment & other parts key to US manufacturers' supply
chain. Such restrictions could even apply to Apple (AAPL), a Dow & NAZ stock. China
can adopt "export restraints" as a way to hit back at the US in
addition to retaliatory tariffs, former Finance Minister Lou Jiwei told a
gathering of Chinese & American academics and business execs yesterday.
China weighs skipping trade talks after U.S. tariff threat
Global oil prices edged up from early losses despite assurances from DC that Saudi Arabia, Russia & the US can raise output fast enough to offset falling supplies from Iran & elsewhere. Energy Secretary Rick Perry said on Fri that he does not foresee any price spikes & that the countries, the world's top 3 oil producers, can between them raise global output in the next 18 months. Brent crude oil futures gained 68¢ to $78.77 per barrel, reversing a 0.2% loss earlier in the session. West Texas Intermediate (WTI) futures rose 47¢ to $69.46 a barrel after posting a drop of 20¢ earlier in the trading session. Iran's oil exports are falling as more buyers, including its 2nd-largest buyer India, cut imports ahead of US sanctions that will be re-imposed in Nov. The US aims to cut Iran oil exports down to zero to force Tehran to re-negotiate a nuclear deal. Iran's OPEC governor said that Saudi Arabia &d Russia have taken the oil market "hostage" & accused other producers of turning OPEC into a US tool. Iran is the 3rd-largest producer among the members of OPEC. Trading remained choppy amid an unresolved trade war between the US & China. Pres Trump is likely to announce new tariffs on about $200B on Chinese imports as early as today. The escalating trade row is raising concerns about the potential for slower growth in oil consumption, offsetting supply concerns stemming from the upcoming US sanctions on Iran over its nuclear program. Also weighing on oil prices, US drillers added 2 oil rigs in the latest week, bringing the total count up to 749, the highest since Sep.
Oil prices rise as supply concerns outweigh US output assurances
There are more questions about the big name tech companies by those guys in DC. Some feel these companies have gained too much power which can lead to abuses. More hearings are on the way. Meanwhile trade talks are going nowhere, making traders nervous. So far selling in tech stocks has not dragged the overall market lower, at least so far.
Dow Jones Industrials
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