I Read The News So You Don’t Have To – Market News (Dec. 19, 2018)

by ogordained

 

UNITED STATES

  • Futures are pointing to a positive opening this morning amid progress on US-China trade talks
  • The Fed will make a statement at 2pm likely increasing rates for the fourth time
  • Elon Musk unveiled his Boring Co. underground tunnel and allowed guests to take rides
    • Another Musk project, SpaceX, is set to raise $500 million to help launch its internet-services business
  • Another day, another data breach and violation of privacy from Facebook has
    • 150 corporate partners enjoyed access to users information including private messages
  • A major criminal justice reform bill overwhelmingly passed in the Senate
    • It will Allow more inmates to serve time in house arrest instead of prison cells | Require prisoners be placed within 500 miles of family | Reduce the mandatory penalty from life to 25 years for a third conviction of certain drug offenses | Give judges more discretion in giving less than the mandatory minimum for certain low-level crimes.
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OTHER

  • Oil futures tumbled 7% — falling to their lowest level since July 2017 — down 40% since their October high
  • Copper fell sharply out of its wedge pattern– putting it on track for its worst year since 2015
  • Gold and gold miners have been flourishing
  • Argentina officially kicks off its fifth recession of the decade
  • German business sentiment continues to sour
  • Canadian auto sales are slowing and the currency is weakening
    • A revision to Canadian household debt revealed sharply higher levels over the past three years
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CHINA

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