Analytics, 01 October 2019
Daily comment Oct 2
Daily comment Oct 2
- Wall St opens lower on US recession fears caused by weak manufacturing data
- FB -1.3% on Libra partners’ concerns
- TSLA -1.2%, to start production in China this month
- UK is ready for “no-deal”: PM Johnson
- WTI -0.5%
Market movers:
- Facebook (-1.3%): Libra major partners, including Visa and Mastercard are reconsidering their involvement in cryptocurrency development amid regulatory concerns. (https://on.wsj.com/2otlJGm)
- Tesla (-1.2%): According to Reuters, the Co. is planning to start production in its Shanghai factory this month. (https://reut.rs/2mRzgXV)
- Stocks of online trading companies plunged after Charles Schwab and TD Ameritrade claimed their intentions to eliminate commissions on some trading operations. (https://cnb.cx/2oup0W3)
Macro:
- President Trump blamed Fed for the weak manufacturing data released yesterday. ISM factory index was 47.8, the lowest in 10 years, vs est. 50.5. (https://bloom.bg/2nNeIAn)
- PM Johnson presented his “final” Brexit plan at the Conservative Party conference, saying UK will exit on 31 Oct with or without a deal. (https://reut.rs/2oubO3k)
Commodities:
- WTI (-0.5%): US crude stockpiles fell 5.9mn bls last week: API.
- Ecuador will withdraw its OPEC membership in January 2020 in a move to increase oil revenue. (https://bloom.bg/2oqd8Ex)
- Oil export of OPEC Middle East members dropped 735k bpd m/m to ~14.8mn bpd in Sep. (https://bloom.bg/2nP1SSe)
- Russia exceeded OPEC production limits by 60k bpd in Sep. (Bloomberg)
Coming up:
- On Fri (10/4): Fed Chairman Powell speech is at 2:00 PM (EST).