Oil falls after Trump downplays optimistic China trade reports

Oil falls after Trump downplays optimistic China trade reports

A still-strong job market, interest-rate cuts by the Federal Reserve and better corporate earnings in the summer than analysts expected have all contributed to the almost 9% leap for the S&P 500 since late August.

The stock market's recent move to record highs comes in part because of improving sentiment around U.S. -China trade talks again rose to the fore following comments by President Donald Trump, while a jump in Boeing shares helped the Dow Jones Industrial Average eke out a slim gain.

A new report by the United Nations reveals that the multi-billion dollar trade war between Washington and Beijing cut Chinese exports to the USA by $35 billion in the first half of 2019, and led to losses for both countries' economies, with U.S. losses largely related to higher prices for consumers.

"The market is myopically focused on the next minute", said Michael Liss, senior portfolio manager at American Century Investments.

"Nevertheless, for as long as Beijing gives Hong Kong latitude to deal with the protests, it is likely the unrest will only have an isolated impact on financial markets", said NAB economist Tapas Strickland. This sent the oil market down on Monday, as participants fret about the implications for global trade, economic growth, and, as a result, global oil demand growth.

KEEPING SCORE: The S&P 500 was down 0.2%, as of 2:45 p.m.

Trading was closed in the Treasury bond market in observance of Veterans Day.

Thousands gather to celebrate Japan's Naruhito enthronement
The parade wraps up Naruhito's official succession events, though he'll perform a highly religious imperial rite later this week. Selfie sticks, bottles and banners - and even shouting - are not allowed inside the restricted zone.

The Dow rose 10.25 points or 0.04% to 27691.49. Most investors expect the Fed to keep interest rates on hold for now after cutting them three times since the summer.

Auto sales in China fell for a 16th consecutive month in October, with the number of new energy vehicles sold contracting for the fourth month in a row, data showed on Monday.

Earnings season is close to complete, and almost 90% of the companies in the S&P 500 have reported their profits for the July-through-September quarter, according to FactSet.

Walgreens Boots Alliance Inc WBA.O shares gained 5.1% after Bloomberg reported that KKR & Co KKR.N had formally approached the drugstore giant for what could be the biggest-ever leveraged buyout. The Cling Seng index fell two.6% following a police officer shot and wounded a protester.

Elsewhere in Asia, the Shanghai Composite index declined 1.8 per cent to 2,909.97, while Japan's Nikkei 225 index lost 0.3 per cent to 23,331.84.

European markets were mixed.

Brent for January delivery fell 20 cents to $62.31 on the London-based ICE Futures Europe Exchange.

Related News:

  • Hong Kong leader refuses to accept demands

    Hong Kong leader refuses to accept demands

    It is five months since over 1 million Hong Kong people took to the streets demanding a proposed extradition bill was scrapped. In two earlier live-fire incidents, riot police had fired shots after they came under attack from groups of teenagers.
    Liverpool beat Man City to open up eight-point Premier League lead

    Liverpool beat Man City to open up eight-point Premier League lead

    Alexander-Arnold admitted the ball had struck his arm but said it had hit City midfielder Bernardo Silva's arm first. Then after that we will see how the situation is and use that situation.
    Colts QB Jacoby Brissett downgraded to out vs. Dolphins

    Colts QB Jacoby Brissett downgraded to out vs. Dolphins

    INDIANAPOLIS-The good news from the Colts complex Wednesday was that quarterback Jacoby Brissett took part in practice. The veteran has completed 64.8% of his passes for 1,649 yards with 14 touchdowns and just three interceptions.
  • Canadian Dollar: Loonie Sinks on Weak Jobs Report, Housing

    Canadian Dollar: Loonie Sinks on Weak Jobs Report, Housing

    The Canadian dollar dropped on the report, falling 0.4% to C$1.3231 per US dollar at 3:22 p.m.in Toronto trading. Wages for permanent employees rose by 4.4%, according to the nation's number crunchers.
    Brother of MSU basketball player Cassius Winston killed by train, sources say

    Brother of MSU basketball player Cassius Winston killed by train, sources say

    It is unknown if Cassius will play with Michigan State, now ranked No. 1 in college basketball, on Sunday night. Michigan State faced Albion in an October 29 exhibition game in which both Cassius and Khy Winston played.
    Hatton holds nerve in 'surreal' six-way Turkish Open play-off

    Hatton holds nerve in 'surreal' six-way Turkish Open play-off

    The Englishman left a good look at birdie after his third as Schwab chipped his past the pin and into the opposite fringe. Pepperell was officially disqualified for "failure to complete a hole", and he could face an additional fine.
  • Whistleblower Q&A Offer Still Awaiting An Official 'No' From Republicans

    Rand Paul (R-KY) and Lindsey Graham (R-SC), have called on Democrats to reveal the Ukrainian whistleblower's identity. Will Hurd, R-Texas, said the impeachment inquiry "has been a partisan exercise from the very beginning".
    The attractive  Child Actress Laurel Griggs passed away at 13

    The attractive Child Actress Laurel Griggs passed away at 13

    Laurel Griggs He died on November 5 in New York City after suffering a massive asthma attack , his family said The New York Post . Her grandfather David Rivlin said that Laurel Griggs had some big plans for her future and that acting was a childhood dream.
    Solskjaer hails Man United after ‘exhilarating’ Brighton win

    Solskjaer hails Man United after ‘exhilarating’ Brighton win

    Two minutes later, the hosts doubled their lead thanks to an own goal from Davy Propper following a scramble in the box. We've got some big lads and are a threat at set-pieces - we do a lot of work on them and we got another goal.
  • Trump Pleased With Jeff Sessions Praise But Remains Uninvolved

    Trump Pleased With Jeff Sessions Praise But Remains Uninvolved

    Sessions declined to say if he had a conversation with the White House about the Alabama race and what Trump might say about it. Protest organizers raised nearly $8,000 to bring the balloon to Tuscaloosa on Saturday - almost double the required amount.
    Abraham scores again as Chelsea beat Palace

    Abraham scores again as Chelsea beat Palace

    Thus, soon we can see the Spaniard fading away from the top spot in the pecking order and giving way to James. Kepa Arrizabalaga in the Chelsea goal reacted well to get low and hold the slippery ball in heavy rain.
    Ohio State expecting Chase Young to get 4-game suspension

    Ohio State expecting Chase Young to get 4-game suspension

    Ohio State was merely a 42.5-point favorite by tipoff against Maryland, and easily covered with a 73-14 victory. In the same tweet , he said he paid the loan off in full, which was corroborated by his lawyer, Tim Nevius .


Most liked

Former Detroit Lions WR Charles Rogers Dies At Age 38
Former Michigan State teammate and National Football League tight end Chris Baker was among the first to share the news. Former NFL wide receiver for the Detroit Lions Charles Rogers has died, various reports are saying .

Meghan Markle shares rare throwback from her pre-Duchess days
The Duchess of Sussex wears a Stella McCartney coat at the Remembrance Sunday service. Both her posts about Meghan and the video have since been removed.

Winter Weather Travel Advisory in effect for area for Monday
It'll be even colder Tuesday and Wednesday with highs in the 20s and lows in the single digits and teens. System snow will be ongoing for especially northern areas in the morning, spreading southward.

LA Chargers edge Oakland Raiders in NFL
Raiders rookie defensive end Clelin Ferrell had a breakout game in the team's 26-24 victory over the Chargers on Thursday night . Gordon racked up 108 yards on 22 carries with a touchdown, and he caught one pass for an additional 25 yards on the night.

Apple co-founder says Apple Card algorithm gave wife lower credit limit
Among those surprised at the discrepancy is Steve Wozniak who reported that he was offered ten times the limit of his wife. The iPhone maker markets Apple Card on its website as a "new kind of credit card, created by Apple, not a bank".

Prince Harry hints at having second baby with Meghan Markle
The source said there was a view throughout the Royal Family that the couple were "in a fragile place". Royal-watchers have been keeping a close eye on developments of a royal rift.

Alibaba eyeing US$15bn Hong Kong listing
Major investment banks led by Morgan Stanley and Goldman Sachs are now jockeying for the most senior positions behind those two. If realised, the US$15 billion IPO would be the biggest since insurance giant AIA garnered US$20.5 billion in 2010.

Neil Jones confirms he will be returning to Strictly tonight
After being voted out, he said: "I'm mentally sharper, I feel able to deal with pressured situations - thanks to the dance offs". The celebrities are competing to get to Blackpool on this weekend's instalment of Strictly .

Lions QB Matthew Stafford OUT, Jeff Driskel to Start
ESPN reported Stafford's injury would keep him sidelined up to three weeks, though he was being considered week-to-week. Prior to his injury, Stafford maintained his career highs in passer rating (106.0) and QBR (73.1) this season.

Cincinnati Bengals' AJ Green suffers setback, out indefinitely
In recent weeks, he started to go through individual drills and was working toward being a full participant at practice. That's when you gotta back again off". "If that comes to a point where I can't play, that's what's supposed to happen".

Bala Box Office Day 2: Ayushmann Khurrana’s Film Grows HUGE On Saturday
Bala box office collection day 3: Actor Ayushmann Khurrana's Bala has shown stellar growth on it's second day at the theatres. Thanking his fans for all the support, Ayushmann shared a amusing picture and a heartfelt message for his fans.

In Memoir, Haley Alleges Some on Trump Team Urged Resistance
Haley said Tillerson and Kelly should've merely quit if they didn't like what Trump was doing. "And it was offensive". The men explained that they knew better than Trump, Haley said.

Marilyn Manson to Play Hip-Hop Music Festival Astroworld
Peep additional reactions by admirers beneath and let us know what you consider. A supply near the make-up mogul additionally denied that the pair is courting.

Cambodian opposition leader Kem Sokha calls for charges to be dropped
We are on the right track, ' Rainsy said on arrival at Kuala Lumpur International Airport in a message to supporters. Sam Rainsy's party had mounted an unexpectedly strong challenge to Hun Sen's party in the 2013 general election.

Cold front to bring arctic air, possible flakes Tuesday
It will bring January-like temperatures to some locations that are as much as 30 degrees colder than normal for this time of year. The Worcester area also has a chance of light snow Tuesday night with temperatures reaching around 15 degrees that night.