S&P 500 ended the week with a loss of 1.0%, while the tech-heavy Nasdaq Composite dropped 2.6%. The Dow Jones Industrial Average showed relative strength, but still finished lower by 0.2%. Oil prices rallied in anticipation of the storm disrupting crude production, but gave back all of those gains after the storm turned out to be less damaging than feared. Oil prices then fell further on Thursday when the EIA's weekly inventory report showed a 4.3 million barrel drop in crude stockpiles, but a 1.8 million barrel jump in inventories of gasoline. In total, WTI crude futures lost 2.9% this week, settling Friday at $67.76/bbl, and the oil-sensitive energy sector lost 2.3%. U.S.-China trade tensions resurfaced at the tail end of the week, as many thought the White House would impose tariffs on $200 billion worth of Chinese goods on Thursday at midnight following the end of a public comment period. That didn't happen, but President Trump did raise the stakes on Friday, saying that he's got another tranche of tariffs on $267 billion of Chinese goods "ready to go" if Beijing retaliates to the $200 billion tranche. As for the Fed, Friday's jobs report virtually locked in a September rate hike and increased the chances of a December rate hike to 79.8% from 72.8% on Thursday.
Macro :
- China Aug. Trade Surplus Against U.S. $31.05B (China Aug. exports to U.S. was $44.3851b and imports from U.S. was $13.3302b)
- Greece to Provide EU w. Plan to Avoid Pension Cuts: Tsipras
- Hedge Fund Balyasny Hires Chris Chesney as COO of Macro Business
- Le Maire: France to Propose Sunset Clause for Digital Tax
- Trump Says Days of U.S. Being Ripped Off By Other Nations Over
- Middle East Luxury Spending the Next Oil Rush for Premium Brands
Keep an eye on :
- AF FP : Air France KLM CEO To Get EU4.5M If Forced to Leave
- AZA IM : Italy Could Seek EasyJet or Delta Deal for Alitalia: Repubblica
- BABA US : *ALIBABA SHARES FALL 1.4% ON REPORT CHAIRMAN JACK MA TO RETIRE
- AAPL US : Trump Urges Apple to Make Products in U.S. Instead of China
- Aston Marti IPO : Aston Martin May Name Penny Hughes as Chair Before IPO: Sky News
- BBVA SM : BBVA Mexico Unit to Cut About 1,500 Jobs, EL Economista Reports
- CBS US : CBS Is Said to Be Close to Cutting Ties With Moonves: CNBC
- DTE GY : German Minister Wants to Keep Deutsche Telekom Stake: FAS
- ENI IM : Eni Says It Reached Zohr Field Production Target
- FCA IM : Brazil Jeep Output Stopped on Demand, Maintenance: Fiat Chrysler
- FCT IM : Fincantieri-STX Success is a Priority: France’s Le Maire
- G IM : Galateri Says He’s Not Worried About Takeovers: Radiocor
- GSK LN : Glaxo’s Mepolizumab Needs More Clinical Data for FDA Approval
- INTC US : *INTEL SAYS PROPOSED U.S. TARIFFS WOULD `STIFLE' 5G GROWTH: RTRS
- LDO IM : Leonardo CEO: Helicopters Division Performing Very Well
- VOW3 GY : More Former VW Managers Claim Unfair Dismissal: Handelsblatt
- WTW US : *WEIGHT WATCHERS GAINS 4.3% POST-MARKET ON S&P MIDCAP INCLUSION
- ZAL GY : Zalando Founders Don’t Plan to Sell Shares: BamS