APR
25

Dow hugs the flat line as Caterpillar’s stock declines

U.S. stocks struggled for direction amid another busy day for corporate earnings, which featured mixed results from industrial heavyweights Caterpillar and Boeing.

The S&P 500 (^GSPC) was little changed as of 12:33 p.m. ET, slipping 0.04%, or 1.15 points. The Dow (^DJI) fell 0.04%, or 8.12 points, while the Nasdaq (^IXIC) rose 0.02%, or 1.68 points.

On Tuesday, both the S&P 500 and Nasdaq posted record closing highs, while the Dow came within 1% of an all-time record close, on the heels of stronger-than-expected results from consumer and tech names including Coca-Cola (KO) and Twitter (TWTR).

Wednesday morning, quarterly results from Boeing and Caterpillar took centerstage, with a more than 3% decline in the latter’s stock weighing on the Dow. After the closing bell, tech names including Microsoft (MSFT), Facebook (FB), PayPay (PYPL) and Tesla (TSLA) report results.

Industrial earnings
Boeing (BA) Wednesday morning missed consensus estimates for quarterly earnings and said it would be placing a halt on issuing new guidance. Core earnings per share totaled $3.16 for the quarter, missing consensus estimates by 9 cents, while revenues of $22.9 billion were in-line with expectations. This comes in the wake of two deadly crashes involving the company’s 737 Max-8 aircraft, which spurred individual airlines and governments across the globe to ground the planes as ongoing investigations into the causes of the crashes take place.

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APR
24

Saudi Arabia Leading $1 Trillion Investment in Middle East and North Africa

Saudi Arabia Leading $1 Trillion Investment in Middle East and North Africa - MarketPulseMarketPulse

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The energy sector in the Middle East and North Africa will amass almost $1 trillion in investment over the next five years, as countries build out energy capabilities and pivot to renewables, according to new research.

The Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank with around $7 billion in total assets, provides an annual estimate for both planned and committed investments for 2019 to 2023.



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APR
24

GS Forecasts Apple to Sell Fewer iPhones

GS Forecasts Apple to Sell Fewer iPhones - MarketPulseMarketPulse

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Goldman Sachs underscored its lukewarm thesis on Apple and said it believes the company will ship fewer iPhones in late 2019 than the 67 million the rest of Wall Street expects.

Analyst Rod Hall reiterated his neutral rating Tuesday, telling clients that it’s increasingly likely that Apple falls short of unit sales and average selling price estimates later this year.



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APR
24

Stocks Lower After Mixed Earnings

Stocks Lower After Mixed Earnings - MarketPulseMarketPulse

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U.S. stocks pulled back slightly on Wednesday after a record-setting rally in the prior session, as investors digested a batch of mixed earnings reports.

The S&P 500 is just 0.3% away from an intra-day record high of 2,940.91 hit on Sept. 21 after surging about 17% this year, helped by a dovish Federal Reserve, hopes of a U.S.-China trade resolution and a largely upbeat earnings season.



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APR
24

Caterpillar Falls as Asian Construction Equipment Sales Lower

Caterpillar Falls as Asian Construction Equipment Sales Lower - MarketPulseMarketPulse

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Caterpillar Inc spooked investors for a second straight quarter on Wednesday with a 4 percent drop in Asia-Pacific construction equipment sales that pointed to more weakness in China, its key growth market.

Shares of the heavy-duty equipment maker, a bellwether for economic activity whose results often influence global stock market sentiment, fell more than 2 percent, overturning an initial rise due to overall results that were flattered by a tax gain.



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APR
24

BOC keeps rates on hold; abandons bias for higher rates

The Bank of Canada kept the benchmark overnight rate steady at 1.75%, its fourth consecutive hold.  The USD/CAD surged 0.6% following the abandoning of higher interest rates.

Statement:

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.

Global economic growth has slowed by more than the Bank forecast in its January Monetary Policy Report (MPR). Ongoing uncertainty related to trade conflicts has undermined business sentiment and activity, contributing to a synchronous slowdown across many countries. In response, many central banks have signalled a slower pace of monetary policy normalization. Financial conditions and market sentiment have improved as a result, pushing up prices for oil and other commodities.

Global economic activity is expected to pick up during 2019 and average 3 ¼ per cent over the projection period, supported by accommodative financial conditions and as a number of temporary factors weighing on growth fade. This is roughly in line with the global economy’s potential and a modest downgrade to the Bank’s January projection.

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APR
24

Dollar continues march higher as the stock rally pauses

The dollar continues to march on higher, while global yields fell as markets await the next wrath of earnings.  The S&P 500 and Nasdaq both closed above their prior record high closes yesterday and investors are continuing to run to stocks as the Fed appears on hold for the foreseeable future, possibly deep into 2020.

USD – Six-week rally as euro data continues to disappoint

AUD – Dismal inflation increases rate cut bets

Earnings – Boeing and Caterpillar grind higher  

Oil – Lower ahead of inventory data

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APR
24

European update – US earnings fail to lift stocks

European update – US earnings fail to lift stocks - MarketPulseMarketPulse

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Market bounce quickly fades after encouraging earnings

We’re seeing another mixed session in Europe on Wednesday, with stocks here and in Asia clearly not encouraged by the earnings reports in the US that prompted a record close in the S&P 500 and NASDAQ.

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APR
24

Dollar remains the dominant force

Wednesday April 24: Five things the markets are talking about

European and Asian equites are/have been under pressure this Wednesday morning, while U.S stocks are pointing to a nondescript open, one day after a new registered record close. U.S Treasuries are climbing, and the dollar is slowly extending its rally to a six-week high.

Note: Both the S&P 500 index and the Nasdaq posted record closing highs yesterday after a plethora of better-than-expected earnings reports eased investor concerns about a U.S economic slowdown.

Elsewhere, sterling is coming under renewed pressure as U.K PM Theresa May is expected to push hard to get some sort of a Brexit deal through Parliament by the end of this month, while emerging-market and oil pegged currencies are on the back foot after a few sessions of gains.

On the Sino-U.S trade front, Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin announced yesterday that they will travel to Beijing for trade talks beginning on April 30.

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APR
24

Government debt down to 85.1% of GDP in euro area

At the end of the fourth quarter of 2018, the government debt to GDP ratio in the euro area (EA19) stood at 85.1%, compared with 86.4% at the end of the third quarter of 2018. In the EU28, the ratio decreased from 81.0% to 80.0%. Compared with the fourth quarter of 2017, the government debt to GDP ratio fell in both the euro area (from 87.1% to 85.1%) and the EU28 (from 81.7% to 80.0%).

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