I Read The News So You Don’t Have To – Market News (Nov. 02, 2018)

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by ogordained

UNITED STATES

  • The ISM Manufacturing Purchasing Managers Index for October shows activity to be slowing slightly
    • New orders and export orders both slowed
      • A strong dollar is making our exports more expensive
  • Auto sales improved a smidge but rising interest rates may be a drag on future sales
  • Productivity growth remains below 2% but is slowly rising
  • Gains in wage growth are being offset by rising inflation
    • However, oil prices are moving lower – dragging inflation expectations down with them
  • Stock futures leaped at the potential for a new trade deal with China, signaling a strong start for Friday
  • The Federal Reserve Banks total assets are down $316bn since last year
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OTHER

  • Slowing iPhone sales sparked a selloff in Apple, dragging the stock down more than 6% and dragging the index lower with it
  • Semiconductor and Homebuilder shares made big moves up after being hammered in October
  • Gold is up big after the US dollar dipped slightly
  • UK factory activity is slowing
  • Canada’s monthly GDP growth was slightly higher than expected (Actual 2.5% | Expected 2.4%)
    • However, manufacturing growth is slowing
  • Iran will lose billions with the stroke of a pen on Sunday – The US will reimpose sanctions on their oil industry on November 4th.
    • The rial is already down 72% on the year
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CHINA

  • The yuan is SOARING on hopes of a trade deal with the US
  • Fujian Jinhua, a Chinese state-owned company, was charged by the US Department of Justice with the theft of secrets from Micron.
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