Europe markets close mixed as ECB strikes a dovish tone

The pan-European Stoxx 600 closed provisionally just below the flatline, with sectors and major bourses in mixed territory. European stocks closed mixed Thursday as the European Central Bank revised its forward guidance in its latest policy decision. The ECB announced that it would delay its first post-crisis interest rate hike until at least the middle of next year, while announcing generous terms on a new batch of long-term loans for banks. In a statement, the ECB said it would hold its key po


The pan-European Stoxx 600 closed provisionally just below the flatline, with sectors and major bourses in mixed territory. European stocks closed mixed Thursday as the European Central Bank revised its forward guidance in its latest policy decision. The ECB announced that it would delay its first post-crisis interest rate hike until at least the middle of next year, while announcing generous terms on a new batch of long-term loans for banks. In a statement, the ECB said it would hold its key po
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Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: elliot smith alexandra gibbs, elliot smith, alexandra gibbs
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Europe markets close mixed as ECB strikes a dovish tone

The pan-European Stoxx 600 closed provisionally just below the flatline, with sectors and major bourses in mixed territory.

European stocks closed mixed Thursday as the European Central Bank revised its forward guidance in its latest policy decision.

The ECB announced that it would delay its first post-crisis interest rate hike until at least the middle of next year, while announcing generous terms on a new batch of long-term loans for banks.

In a statement, the ECB said it would hold its key policy rate at the current -0.4% and continue to reinvest in maturing bonds in its 2.6 trillion euro ($2.9 trillion) debt portfolio. The central bank also announced it will pay lenders an interest rate of up to 0.3% to borrow. The euro rose to a day’s high on the news.

“The prolonged presence of uncertainties related to geopolitical factors, the rising threat of protectionism and vulnerabilities in emerging markets is leaving its mark on economic sentiment,” ECB President Mario Draghi said, as he addressed reporters during a news conference in Vilnius, Lithuania.

“Looking ahead, the governing council is determined to act in case of adverse contingencies.”


Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: elliot smith alexandra gibbs, elliot smith, alexandra gibbs
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Stocks need to drop at least 10% before Trump changes harsh trade tone: Raymond James

Stocks are going to have to fall a lot more before President Donald Trump eases off his tough rhetoric on U.S.-China trade, said Ed Mills, Washington policy analyst at Raymond James. Trade tensions between China and the U.S. reemerged last week after Trump hiked tariffs on $200 billion worth of Chinese imports. The president also raised the possibility of slapping tariffs on an additional $325 billion worth of Chinese products. Trump’s move led China to retaliate by announcing higher tariffs on


Stocks are going to have to fall a lot more before President Donald Trump eases off his tough rhetoric on U.S.-China trade, said Ed Mills, Washington policy analyst at Raymond James. Trade tensions between China and the U.S. reemerged last week after Trump hiked tariffs on $200 billion worth of Chinese imports. The president also raised the possibility of slapping tariffs on an additional $325 billion worth of Chinese products. Trump’s move led China to retaliate by announcing higher tariffs on
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Stocks need to drop at least 10% before Trump changes harsh trade tone: Raymond James

President Donald Trump speaks at an event honoring the Wounded Warrior Project Soldier Ride in the East Room of the White House in Washington, DC on April 18, 2019.

Stocks are going to have to fall a lot more before President Donald Trump eases off his tough rhetoric on U.S.-China trade, said Ed Mills, Washington policy analyst at Raymond James.

Mills wrote in a note to clients Tuesday that equities would have to experience a correction of at least 10% “before Trump starts talking up the prospects of a G20-timed deal.” Trump and his Chinese counterpart, Xi Jinping, are expected to meet at next month’s G-20 summit.

“In the meantime, we expect threats of escalation by both sides in an effort to build negotiating leverage ahead of the G20 meetings,” Mills said. “While there is some hope for continued talks, longer-term expectations are being downgraded on the ability to strike a meaningful deal unless political calculations see a significant directional change over the next couple months.”

Trade tensions between China and the U.S. reemerged last week after Trump hiked tariffs on $200 billion worth of Chinese imports. The president also raised the possibility of slapping tariffs on an additional $325 billion worth of Chinese products.

Stocks have fallen sharply since Trump first threatened to raise levies on Chinese goods on May 5. The S&P 500 and Dow Jones Industrial Average are both down more than 4% in that time period while the Nasdaq Composite has shed 6.3%.

Trump’s move led China to retaliate by announcing higher tariffs on $60 billion worth of U.S. products on Monday. Those tariffs, China said, will take effect on June 1. That announcement sent the Dow and S&P 500 to their worst daily performance since Jan. 3, while the Nasdaq logged in its biggest one-day loss since December.

Trump doubled down on his tough stance on Tuesday. In a series of tweets, he said the U.S. is “in a much better position now than any deal we could have made,” adding that “billions of dollars” are coming back to the U.S., “where they belong.”

“We are likely to see a renewed period of volatility spurred by negative headlines and market reactions after the latest rounds of tariff escalation by the U.S. and China,” Mills says.

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Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: fred imbert
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Tim Cook says the improved tone in trade talks is boosting Apple’s China business

Luxury home sales see biggest slump in nearly a decadeThe nation’s priciest properties are in far less demand this year, and that is taking a toll on their value. Sales of homes listed at $2 million and above fell 16% in the…Real Estateread more


Luxury home sales see biggest slump in nearly a decadeThe nation’s priciest properties are in far less demand this year, and that is taking a toll on their value. Sales of homes listed at $2 million and above fell 16% in the…Real Estateread more
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Tim Cook says the improved tone in trade talks is boosting Apple's China business

Luxury home sales see biggest slump in nearly a decade

The nation’s priciest properties are in far less demand this year, and that is taking a toll on their value. Sales of homes listed at $2 million and above fell 16% in the…

Real Estate

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Tim Cook says the improved tone in trade talks is boosting Apple’s China business

Apple CEO Tim Cook said the company’s prospects in China have significantly improved in just three months and it’s in part because of the Trump administration’s progress with the country in trade talks. That affects consumer confidence in a positive way,” Cook told CNBC’s Josh Lipton in an interview. On the company’s first-quarter earnings call Tuesday, Cook cited the improved trade talks, a China tax cut and iPhone trade-in and financing programs for a turnaround in the country. “There’s an imp


Apple CEO Tim Cook said the company’s prospects in China have significantly improved in just three months and it’s in part because of the Trump administration’s progress with the country in trade talks. That affects consumer confidence in a positive way,” Cook told CNBC’s Josh Lipton in an interview. On the company’s first-quarter earnings call Tuesday, Cook cited the improved trade talks, a China tax cut and iPhone trade-in and financing programs for a turnaround in the country. “There’s an imp
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Tim Cook says the improved tone in trade talks is boosting Apple's China business

The Apple logo is seen on the window at an Apple Store on January 7, 2019 in Beijing, China.

Apple CEO Tim Cook said the company’s prospects in China have significantly improved in just three months and it’s in part because of the Trump administration’s progress with the country in trade talks.

“I believe that the trade relationship — I don’t mean the tariff, I mean the tone — is much better today than it was in the November-December time frame. That affects consumer confidence in a positive way,” Cook told CNBC’s Josh Lipton in an interview.

On the company’s first-quarter earnings call Tuesday, Cook cited the improved trade talks, a China tax cut and iPhone trade-in and financing programs for a turnaround in the country.

“There’s an improved trade dialogue between the U.S. and China, and from our point of view, this has affected consumer confidence on the ground there in a positive way. And so I think it’s a set of all of these things, and we certainly feel a lot better than we did 90 days ago,” the CEO said on the call.

In January, Apple shares dropped the most in 6 years after it slashed its revenue guidance, citing slowing iPhone sales in China. On Tuesday, the company said third-quarter revenue may be as high as $54.5 billion partly because of improved performance in China. That’s higher than a $51.94 billion consensus analyst estimate for the quarter currently, according to Refinitiv.

The shares are up more than 5% in premarket trading Wednesday.

The White House chief of staff Mick Mulvaney said on Tuesday that a trade agreement could be announced with Beijing in the next two weeks.

— With reporting by Kif Leswing


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Investors may think the market is reaching a top, but I’m not buying it, Jim Cramer says

The rally has gone on so long that it’s reasonable to think the market could soon hit a ceiling, CNBC’s Jim Cramer said Tuesday. Cramer, however, is not convinced that the market is reaching a peak, even though all three major U.S. indexes declined during the session about 0.60%. Still, he considered the main reasons investors and analysts say an end to the climb is near. “I want to vaccinate you against these vociferous top callers by laying out the ten best reasons why the market actually migh


The rally has gone on so long that it’s reasonable to think the market could soon hit a ceiling, CNBC’s Jim Cramer said Tuesday. Cramer, however, is not convinced that the market is reaching a peak, even though all three major U.S. indexes declined during the session about 0.60%. Still, he considered the main reasons investors and analysts say an end to the climb is near. “I want to vaccinate you against these vociferous top callers by laying out the ten best reasons why the market actually migh
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Investors may think the market is reaching a top, but I'm not buying it, Jim Cramer says

The rally has gone on so long that it’s reasonable to think the market could soon hit a ceiling, CNBC’s Jim Cramer said Tuesday.

Cramer, however, is not convinced that the market is reaching a peak, even though all three major U.S. indexes declined during the session about 0.60%.

Still, he considered the main reasons investors and analysts say an end to the climb is near.

“I want to vaccinate you against these vociferous top callers by laying out the ten best reasons why the market actually might be peaking,” the “Mad Money” host said. “I’m just trying to ensure that you’ll be prepared when you hear pundits and portfolio managers make these same arguments, but they’re going to do so in a more emphatic and, yes, hysterical way and tone.”


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Trade war headlines could get much worse before they get better as the US looks to Europe

He said it will be important to see a positive tone after the meeting, as none of the other sessions have been downbeat. Economists believe the U.S. and China will ultimately come together because the trade war is hurting both countries. November trade data showed the U.S. trade deficit narrowed sharply. “I do think trade matters … when you start to affect the U.S. and China, you’re by definition talking about a global phenomena. “We think China has shown some willingness to make some concessi


He said it will be important to see a positive tone after the meeting, as none of the other sessions have been downbeat. Economists believe the U.S. and China will ultimately come together because the trade war is hurting both countries. November trade data showed the U.S. trade deficit narrowed sharply. “I do think trade matters … when you start to affect the U.S. and China, you’re by definition talking about a global phenomena. “We think China has shown some willingness to make some concessi
Trade war headlines could get much worse before they get better as the US looks to Europe Cached Page below :
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Keywords: news, cnbc, companies, war, big, trade, tariffs, positive, think, looks, europe, worse, better, china, rojas, going, tone, headlines, theres


Trade war headlines could get much worse before they get better as the US looks to Europe

“Next week is a very big week. Lighthizer is clearly a hawk,” said Tom Block, Washington strategist at Fundstrat. He said it will be important to see a positive tone after the meeting, as none of the other sessions have been downbeat. “They gave a good cop, bad cop team going over there. It will be very important how that communique comes out after the meeting.”

Economists believe the U.S. and China will ultimately come together because the trade war is hurting both countries.

November trade data showed the U.S. trade deficit narrowed sharply. Both imports and exports declined but the drop-off in imports was larger.

“That showed a sharp drop in imports of 3.6 percent month on month. That’s a big drop. We also got trade data for Asian exports to the U.S. for December. Asian exports to the U.S. in December were down 10 percent,” said Carpenter. “I do think trade matters … when you start to affect the U.S. and China, you’re by definition talking about a global phenomena. The U.S. economy is big. The Chinese economy is big. Put them together, and it has to register on a global scale.”

Source: UBS

Block said there’s a fog of trade issues currently, and even though he expects a deal, the outcome with China is still uncertain. He also notes that the reworked trade agreement with Canada and Mexico is not adopted yet, with both Republicans and Democrats in Congress seeking changes.

“There’s bilateral negotiations going on with Japan. … There’s negotiations going on with the EU. There’s a lot of moving pieces on trade, and [Trump] set up, with his bluster, a lot of key points coming up, and I don’t think anyone knows where they’re going. There’s a lot of murkiness with the whole trade picture,” said Block.

Strategists expect if the Commerce Department does move on auto tariffs, the administration would wait to respond until after it has a deal with China.

“We think China has shown some willingness to make some concessions,” said Citigroup economist Cesar Rojas. “For example, on IP protection, in a different forum, the government has pledged more strict protection. … There has also been some news suggesting they will push for legislation on core technology theft.”

Rojas said the sticking point will be in the details and whether China follows through and whether the U.S. can be satisfied with enforcement.

“If there is a positive tone, then our expectation is there could be a roll over of the deadline in recognition of progress in the negotiations, and therefore the trade representative would move forward. If the tone is not positive then that would hint at the potential escalation, but still we are about two more weeks ahead of that deadline,” Rojas said.

If the Commerce Department proposes tariffs on European autos, it would not be a surprise, given Trump’s criticism of German luxury vehicles in the U.S. despite the fact that BMW and Daimler are also U.S. manufacturers.

“We expect the report will recommend tariffs,” said Rojas. “The administration is likely to push for trade talks. … What we’re seeing are signs of a slowdown in the European economy … to come up with this threat of additional tariffs when they were relatively weak gives the U.S. additional leverage.”


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Business elite at Davos strike somber tone this year: ‘Everybody’s a little depressed’

Fresh off one off Wall Street’s calmest years in modern memory, the head of the globe’s largest hedge fund raved about the state of the economy at the 2018 World Economic Forum. … We’re going to be inundated with cash,” he added at the time from his seat on CNBC’s set. “If you’re holding cash, you’re going to feel pretty stupid.” President Donald Trump’s historic Tax Cuts and Jobs Act had pacified economic fears stemming from trade protectionism and tough immigration policy. This year in Davos


Fresh off one off Wall Street’s calmest years in modern memory, the head of the globe’s largest hedge fund raved about the state of the economy at the 2018 World Economic Forum. … We’re going to be inundated with cash,” he added at the time from his seat on CNBC’s set. “If you’re holding cash, you’re going to feel pretty stupid.” President Donald Trump’s historic Tax Cuts and Jobs Act had pacified economic fears stemming from trade protectionism and tough immigration policy. This year in Davos
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Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: thomas franck, adam galica
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Business elite at Davos strike somber tone this year: 'Everybody's a little depressed'

Fresh off one off Wall Street’s calmest years in modern memory, the head of the globe’s largest hedge fund raved about the state of the economy at the 2018 World Economic Forum.

“We are in this Goldilocks period right now. Inflation isn’t a problem. Growth is good, everything is pretty good with a big jolt of stimulation coming from changes in tax laws,” Bridgewater Associates founder Ray Dalio said in Davos, Switzerland.

“There is a lot of cash on the sidelines. … We’re going to be inundated with cash,” he added at the time from his seat on CNBC’s set. “If you’re holding cash, you’re going to feel pretty stupid.”

He wasn’t the only corporate leader touting a rosy outlook one year ago at Davos. President Donald Trump’s historic Tax Cuts and Jobs Act had pacified economic fears stemming from trade protectionism and tough immigration policy. The then CEO of Goldman Sachs, Lloyd Blankfein, talked about “animal spirits” being unleashed because of it.

But in the following weeks, the stock market plunged into a correction and the S&P 500 would go on to post its worst year in a decade.

This year in Davos, the sentiment of the business elite may have swung too far the other way, to much too negative given the current state of affairs.

“Everybody’s skittish, you talk to enough people and you express your skittishness, and it echoes and it just keeps compounding,” Morgan Stanley’s chief executive, James Gorman, who’s led the bank since 2010, told CNBC on Thursday. “By the third day everybody’s a little depressed, and I spoke at a dinner we hosted last night with a bunch of CEOs and clients and I said I don’t get it, I mean I don’t get it, we’re not living in a depressing economic world at the moment,” he added.

Asked on Tuesday by CNBC’s Andrew Ross Sorkin whether he sees any trouble ahead, Bridgewater’s Dalio reversed his tune from the year prior, and warned of a “significant risk” of a U.S. recession in 2020.

“It’s going to be globally a slow up. It’s not just the United States; it’s Europe; and it’s China and Japan,” the billionaire investment titan said. “Where we are in the later [economic] cycle and the inability of central banks to ease as much, that’s the cauldron that will define 2019 and 2020.”

David Solomon, who succeeded Blankfein as Goldman’s chief executive in October, also offered a chilly forecast and said he sees the chances of a recession rising steadily over the coming years.


Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: thomas franck, adam galica
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Gold prices rise as Fed rate tone weakens dollar

Spot gold rose 0.4 percent to $1,290.84 per ounce as at 0310 GMT, heading for a fourth straight weekly gain. U.S. gold futures were up 0.3 percent at $1,290.8 per ounce. “The weaker dollar and a more dovish Fed are the two most alluring factors for gold,” said Stephen Innes, APAC trading head at OANDA. “The (gold) market is holding back a little as they are concerned the equity market could rally significantly on trade war truce,” Innes said. Palladium 0.4 percent to $1,326.75 per ounce, and was


Spot gold rose 0.4 percent to $1,290.84 per ounce as at 0310 GMT, heading for a fourth straight weekly gain. U.S. gold futures were up 0.3 percent at $1,290.8 per ounce. “The weaker dollar and a more dovish Fed are the two most alluring factors for gold,” said Stephen Innes, APAC trading head at OANDA. “The (gold) market is holding back a little as they are concerned the equity market could rally significantly on trade war truce,” Innes said. Palladium 0.4 percent to $1,326.75 per ounce, and was
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Gold prices rise as Fed rate tone weakens dollar

Gold prices climbed on Friday as the dollar fell back on expectations the U.S. central bank may pause interest rates hikes if the U.S. economy slows this year, while investors awaited news on progress in the Sino-U.S. trade talks.

Spot gold rose 0.4 percent to $1,290.84 per ounce as at 0310 GMT, heading for a fourth straight weekly gain. The yellow metal is up 0.4 percent so far this week.

U.S. gold futures were up 0.3 percent at $1,290.8 per ounce.

“The weaker dollar and a more dovish Fed are the two most alluring factors for gold,” said Stephen Innes, APAC trading head at OANDA.

“There are concerns for the U.S. economy to slow down, perhaps towards the end of 2019 and into 2020, so the markets are pricing rate cuts.”

The dollar slipped against other major currencies, after having rebounded from three-month lows on Thursday following Federal Reserve Chairman Jerome Powell’s comment which suggested the central bank is not done tightening monetary policy just yet.

A partial U.S. government shutdown extended into its 20th day and provided little comfort to the U.S. currency, after President Donald Trump threatened on Thursday to use emergency powers to bypass U.S. Congress to pay for a wall on the U.S.-Mexico border.

“The (gold) market is holding back a little as they are concerned the equity market could rally significantly on trade war truce,” Innes said.

Asian equities inched up to one-month highs, but the rally’s momentum slowed partly as investors sought more clarity on whether the United States and China could make headways on their talks on trade as well as intellectual property rights.

“Dilemma over the U.S.-Sino trade dispute is still raising eyebrows and needs clarity,” said Sugandha Sachdeva, vice-president – metals, energy and currency research, Religare Broking Ltd.

“Once trade issues are resolved, the dollar is likely to remain suppressed, losing its appeal as a safe haven…Gold on the other hand would stand to benefit.”

Also aiding gold’s upward trend are concerns of weakening global growth, further emphasized by somber data out of Switzerland and France on Thursday.

“Gold will likely approach the short term resistance of $1,310 per ounce, from where some profit-booking can be seen,” said Religare Broking’s Sachdeva, adding that near term support can be seen at $1,275 per ounce.

Spot gold is expected to retest a resistance at $1,299 per ounce, with a good chance of breaking above this level and rising further to $1,311, according to Reuters technical analyst Wang Tao.

Palladium 0.4 percent to $1,326.75 per ounce, and was up about 2 percent for the week.

Silver climbed 0.6 percent to $15.65. However, it was poised to snap three sessions of weekly gains.

Platinum was up 0.2 percent at $821.60 per ounce.


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Xi calls for China to ‘stay the course’: No one is in a position to dictate reform to us

Chinese President Xi Jinping addressed his nation Tuesday morning in Beijing to commemorate the 40th anniversary of China’s “reform and opening up” — and he struck a relatively defiant tone in response to international calls for changes to his country’s economy. His remarks focused on how China’s Communist Party guided the nation to its economic success and emphasized the country’s right to pursue its own path going forward. In an address that lasted nearly 1 1/2 hours, Xi did not mention trade


Chinese President Xi Jinping addressed his nation Tuesday morning in Beijing to commemorate the 40th anniversary of China’s “reform and opening up” — and he struck a relatively defiant tone in response to international calls for changes to his country’s economy. His remarks focused on how China’s Communist Party guided the nation to its economic success and emphasized the country’s right to pursue its own path going forward. In an address that lasted nearly 1 1/2 hours, Xi did not mention trade
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Xi calls for China to 'stay the course': No one is in a position to dictate reform to us

Chinese President Xi Jinping addressed his nation Tuesday morning in Beijing to commemorate the 40th anniversary of China’s “reform and opening up” — and he struck a relatively defiant tone in response to international calls for changes to his country’s economy.

His remarks focused on how China’s Communist Party guided the nation to its economic success and emphasized the country’s right to pursue its own path going forward. In an address that lasted nearly 1 1/2 hours, Xi did not mention trade tensions with the U.S. and made only passing reference to market-oriented reform goals that previous speeches have discussed in detail.

That idea of progress contrasts with other countries’ increasingly vocal demands for less state control and could have significant consequences for whether the U.S. reaches a trade deal with China by the end of its 90-day tariff ceasefire.


Company: cnbc, Activity: cnbc, Date: 2018-12-18  Authors: evelyn cheng, -xi jinping, president
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A Santa rally depends on Trump making trade truce and easier tone from Fed

Stocks bounced Monday and Tuesday, but a real year end rally may be elusive unless the market gets positive headlines from President Trump on trade and more dovish comments from the Fed. Now, if you’re long, you’re afraid it’s going to go down more, and if you’re short, you’ve done very well in a very short period of time.” Sohn said it’s possible the market could still rally in the historically strong month of December. Apple did muster a rally Monday,but it was slightly weaker Tuesday after Tr


Stocks bounced Monday and Tuesday, but a real year end rally may be elusive unless the market gets positive headlines from President Trump on trade and more dovish comments from the Fed. Now, if you’re long, you’re afraid it’s going to go down more, and if you’re short, you’ve done very well in a very short period of time.” Sohn said it’s possible the market could still rally in the historically strong month of December. Apple did muster a rally Monday,but it was slightly weaker Tuesday after Tr
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Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: patti domm, nicholas kamm, afp, getty images
Keywords: news, cnbc, companies, fact, stocks, making, fed, youre, depends, xi, bulls, market, easier, meeting, rally, tone, truce, trade, trump, santa


A Santa rally depends on Trump making trade truce and easier tone from Fed

Stocks bounced Monday and Tuesday, but a real year end rally may be elusive unless the market gets positive headlines from President Trump on trade and more dovish comments from the Fed.

Much market talk has focused on the upcoming Fed meeting Dec. 19, as well as the meeting between President Donald Trump and Chinese President Xi Jinping at the G-20 summit in Buenos Aires at the end of the week. But the market also risks being held back by the fact that the stocks have suffered so much technical damage in the selloff, the third-worst by this point in the fourth quarter in nearly 70 years.

Trump added a new level of nervousness to the market when he said in a Wall Street Journal interview Monday that he would likely proceed with 25 percent tariffs on Chinese goods in January. But comments from top White House economic adviser Larry Kudlow Tuesday helped lift stocks, when he said the White House was in talks with China “at all levels” ahead of Trump’s meeting with Xi on Saturday.

“The frustration levels are rising, regardless of whether this correction goes deeper or morphs into something else, which we think it will, but it’s very much contingent on the outcome of both the Trump, Xi meeting later this week and the Fed in December,” said Julian Emanuel, chief equities and derivatives strategist at BTIG.

Emanuel said there could be a sharp sell off — as much as 14 percent from current levels — if there is no sign of progress on trade.

“Given the fact positioning is so light and people are so defensive, even if there’s a worst case outcome, the downside could be cushioned for now, but it tells a completely different tale for 2019 because a more protracted economic cold war means multiples have to come in,” he said.

Emanuel said the market is frustrating both bulls and bears. “The fact that you’ve had so many gaps in the tape in a sideways market over the past month really just shows the fear of the bulls, which has turned into both fear and frustration,” he said, noting bulls have been expecting a strong year-end rally.

“The bears are getting nervous about their positions as well,” he said. “The fact tech is trying to make a bottom makes everybody nervous…It’s the opposite of what we’ve seen when tech was the momentum darling in 2017, when people got nervous. Now, if you’re long, you’re afraid it’s going to go down more, and if you’re short, you’ve done very well in a very short period of time.”

Even if there is a bigger December bounce coming, unless the market’s internals begin to improve, the market could have a rough road in the beginning of the year. Strategists had expected a rally after the November mid-term elections, but instead there was just more selling that wiped out most of the market’s gains for the year.

Todd Sohn, technical analyst at Strategas. Sohn said it’s possible the market could still rally in the historically strong month of December.

Apple did muster a rally Monday,but it was slightly weaker Tuesday after Trump also said in the interview that he could put tariffs on iPhones. Apple is seen as a battleground stock, and bulls are hoping if it stems losses, the market can move higher.

“You could get a rally into the end of the year, but if the participation concerns don’t subside, that could present some problems for next year,” said Sohn. He said about half the stocks in the S&P 500 are no longer in an uptrend.

Sohn said, as of Monday, about half the stocks in the S&P 500 had their 50-day moving averages below their 200-day moving averages. When that happens, and the market is heading lower, it is seen as a negative trend.

Apple has corrected 27 percent, and shares of Amazon, Google and Facebook have also sold off. “The tough part will be [knowing whether] it’s the low or just an oversold bounce going into the seasonal period,” he said.

As for the major events that could move the market higher, strategists say there has been some improvement on China even if it is superficial, and the Fed needs to sound more cautious about raising rates.

“Investors are expecting at least some softening in the rhetoric between the U.S. and China. That will be a milestone,” said Michael Arone, chief investment strategist at State Street Global Advisors. “If there is an agreement to negotiate and an agreement to hold off on more tariffs, the market could have a strong rally. But if there are more threats and no signs of peace, stocks could see more selling.

Arone said Fed Chairman Jerome Powell could use his speech on Wednesday at the Economic Club of New York to relieve some market anxiety about the Fed. Powell is unlikely to indicate that the Fed will pause in its rate hiking, as some market pros expect, but he could undo some of the aggressive tone from his early October speech when he said the Fed was far from the neutral rate.

“They’re already starting to walk back some of this. I don’t think Powell’s intent in early October was to signal anything about the pace or direction of interest rate hikes, and I think the market overreacted,” Arone said.

He said stocks currently reflect little chance of a trade deal so there could be a bounce once it’s clear which way the meeting between Trump and Xi is going.


Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: patti domm, nicholas kamm, afp, getty images
Keywords: news, cnbc, companies, fact, stocks, making, fed, youre, depends, xi, bulls, market, easier, meeting, rally, tone, truce, trade, trump, santa


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