I Read The News So You Don’t Have To – Market News (November 27, 2018)

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by ogordained

UNITED STATES

  • GM is laying off 14,300 employees and closing seven factories
    • The car industry is changing, all the top selling sedans in America are Japanese (Camry, Civic, Accord, Corolla, Altima, and Sentry)
    • US auto factories have extra capacity in excess of 3.2 million vehicles, meaning more factory closures are likely
    • Ford will be cutting back production to just two vehicles, the Mustang and the Focus Active
    • Tariffs have also weighed heavy on the industry, contributing $700million in excess steel costs to GM alone
  • The Dallas Fed Manufacturing Report came in weaker than anticipated (Expected 24.5 | Actual 17.6)
    • The Index of Hours Worked in Texas is down sharply as well
    • Things appear to be slowing down in Texas
  • On the flip side, the Chicago Fed’s National Activity Index shows things picking up at the national level
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OTHER

  • George Soros will close his Open Society Foundation offices in Turkey after Turkey’s president accused “the famous Hungarian Jew Soros” of dividing and destroying nations
  • Shell and Eni are at the center of a bribery scandal in Niger. The companies were found to have been given favorable treatment to explore in the Niger Delta
  • Mexican markets are at their lowest levels since 2014
  • Saudi Arabia is pumping record amounts of oil despite already low prices 
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CHINA

  • Goldman Sach’s China Activity Index continues its descent
  • Demand for new automobiles has fallen steadily
  • China has dropped imports of US crude oil to zero
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