Stocks set to snap back as Mnuchin says U.S. was ‘90% of the way there’ on China trade deal

Mnuchin tells CNBC ‘we were about 90% of the way there’ on China trade deal Stocks set to recover a portion of Tuesday’s losses Mueller says he will testify on his Russia interference report on July 17

U.S. stock-index futures attempted to claw back some of the previous day’s loss after a report from Treasury Secretary Steven Mnuchin suggested that a Sino-American trade deal wasn’t far from complete, supporting some modest appetite for buying on Wall Street.

Futures for the Dow Jones Industrial Average YMU19, +0.40% rose 100 points, or 0.4%, to 26,694, those for the S&P 500 ESU19, +0.45% advanced 11.45 points, or 0.4%, at 2,933, while Nasdaq-100 futures NQU19, +0.70% climbed 49.50 points, or 0.7%, to 7,678.50.

Mnuchin told CNBC that Beijing and Washington are nearing a deal on tariffs. “We were about 90% of the way there (with a deal) and I think there’s a path to complete this,” he told the financial network in Bahrain.

The treasury secretary said that he was “hopeful” that a deal could be struck as the market awaits a sideline conversation between President Donald Trump and Chinese President Xi Jinping at the Group of 20 gathering in Osaka, Japan, which kicks off on Friday.

Concerns about escalating trade tensions between the China and the U.S., the world’s largest economies, have fed a sense of rising uncertainty about the health of the global economy, at least partly contributing to central banks across the world signaling a willingness to reinstitute a fresh wave of economic stimulus just about 10 years after the 2008 financial crisis rocked financial markets world-wide, warranting a wave of easy-money programs by monetary policy makers.

On Tuesday, equity markets suffered one of the worst declines in about a month, led by a selloff in trade-sensitive informational technology shares, also

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The 6 Most Shorted Dow Stocks

It takes a certain kind of courage to short sell blue chips, such as the Dow Jones industrial average components. Short sellers are betting on these companies to fail, or at least for their share prices to fall handily. Plus, those sellers are responsible for paying the dividends on the stocks they short.

Maybe it is little wonder that only three of the 30 Dow stocks had notable short interest between May 31 and June 14; that is, more than 50 million shares short. In fact, just six of them had short interest of more than 35 million shares.

Yet the bull market is quite long in the tooth — now more than 10 years old — and concern about a coming recession remains as the trade war with China drags on. Investors may wonder then what the short sellers expect from some of the biggest, most well-respected names on Wall Street.

As of the June 14 settlement date, the most recently reported period, short sellers favored Pfizer Inc. (NYSE: PFE), Intel Corp. (NASDAQ: INTC) and Cisco Systems Inc. (NASDAQ: CSCO) above all other Dow stocks.

Pfizer
> Shares short: about 63.79 million
> Change from prior period: −8.0%
> Percentage of float: 1.1

After two periods of rising short interest ended five double-digit percentage declines in a row before that, short sellers have now taken another breather. The stock remains at the top spot on this list, though the latest figure is nowhere near the 156 million shares short back in January. At the daily average volume on the most recent settlement date, it would take about three days for Pfizer short sellers to cover their positions.

Pfizer announced this month the acquisition of Array BioPharma, and it has one of the highest paid CEOs. The shares ended the short interest

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Rachelle Loyear, Vice President, G4S Americas

Rachelle Loyear, Vice President, G4S Americas – NASDAQ News Today – EIN News

Trusted News Since 1995

A service for global professionals · Wednesday, June 26, 2019 · 489,086,731 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

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Asian Shares Mostly Lower Wednesday

In an early afternoon speech, Fed Chairman Jerome Powell noted that the economic outlook has become cloudier since early May amid uncertainty over trade and global growth. Earlier Tuesday, reports showed a decline in consumer confidence and more weakness in the housing market.

The S&P 500 index fell 27.97 points, or 1%, to 2,917.38. The Dow dropped 179.32 points, or 0.7%, to 26,548.22. The Nasdaq composite, which is heavily weighted with technology stocks, slid 120.98 points, or 1.5%, to 7,884.72.

The Russell 2000 index of smaller company stocks gave up 9.05 points, or 0.6%, to 1,521.04.

Trade policy remains the biggest source of uncertainty looming over the market. Investors are worried about the trade dispute between the U.S. and China and its potential impact on global economic growth and corporate profits.

Presidents Donald Trump and Xi Jinping will meet this week at the G-20. The world’s two largest economies spent much of the current quarter escalating their trade war and giving global markets jitters over prospects for economic growth.

“To a large extent, any further deterioration in trade relations is expected to guide expectations here so the focus remains up ahead with the G-20,” said Jingyi Pan, market strategist at IG in Singapore.

ENERGY:

Benchmark crude oil rose $1.22 to $59.05 a barrel, amid worries about tensions in the Middle East, centered around concerns about Iran, and industry data that showed a decrease in U.S. crude oil inventories. It fell 7 cents to settle at $57.83 a barrel Tuesday. Brent crude oil, the international standard, rose $1.05 to $65.33 a barrel.

CURRENCIES:

The dollar rose slightly to 107.39 Japanese yen from 107.03 yen on Tuesday. The euro weakened to $1.1360 from $1.1381.

(CZ)

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Kuwaiti stocks could receive $5 bln of inflows after upgrades – CMA

KUWAIT, June 26 (Reuters) – Kuwaiti stocks could attract inflows of around $5 billion after global index-providers such as MSCI decided to upgrade the market to emerging market status, said Othman al-Essa, vice chairman of Kuwait’s Capital Market Authority’s Board.

MSCI said on Tuesday it would upgrade Kuwaiti equities to its main emerging markets index in 2020, a move that could trigger billions of dollars of inflows from passive funds.

Kuwait’s stock market joined the FTSE Russell emerging market index last year and this year will be added to S&P Dow Jones Indices’ Global Benchmark Indices with an emerging market classification. (Reporting by Ahmed Hagagy; Writing by Saeed Azhar, editing by Davide Barbuscia)

Our Standards:The Thomson Reuters Trust Principles.

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Parents of YouTube child stars say proposed safety protections could cost them money

Changes that YouTube is considering to protect children aren’t going over too well with some parents whose kids star in the site’s videos.

YouTube is considering moving all content that stars children to YouTube Kids, an app that Google GOOGL, -2.61% GOOG, -2.61%   which owns YouTube — created in 2015. The possible move is partly a response to the Federal Trade Commission (FTC) investigation into Google over concerns that YouTube exposed kids under the age of 13 to inappropriate videos and illegally collected data from them, the Wall Street Journal reported.

Parents of child stars consider leaving YouTube

Some parents of child YouTube stars worry that moving children’s content off the main site could dramatically decrease the revenue they make on their videos.

Creators on YouTube’s main platform typically earn between $1,000 and $5,000 in ad revenue per one million views on their videos. YouTube has nearly 2 billion monthly users, the company says, and is the second most popular website in the world, behind only Google. YouTubers with upwards of 1,000 subscribers and 4,000 watch hours in the past 12 months have the ability to link Google Adsense to their account, which allows them to monetize their content.

‘It’s not a viable business model for those of us creating good, family-friendly content. The revenue generated currently from views on the YouTube Kids app is very low.’

— father of YouTube child stars Gabe and Garrett

YouTubers get paid when someone clicks on an ad in one of their videos or watches any one of their videos for longer than 30 seconds. Creators can earn more money through brand-sponsored videos. YouTube Kids has approximately 11 million weekly users. With fewer users, YouTube Kids attracts fewer advertisers and brings in less ad revenue for creators than YouTube’s main

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US stocks down – 25-06-19

NEW YORK, JUNE 26, ARMENPRESS. USA main indexes values for 25 June:“Armenpress” reports the value of Dow Jones down by 0.67% to 26548.22 points, S&P 500 down by 0.95% to 2917.38 points, Nasdaq down by 1.51% to 7884.72 points.The Dow Jones Industrial Average is one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow. It measures the daily stock price movements of 30 large, publicly-owned U.S. companies.S&P 500 measures the performance of 500 widely held common stocks of large-cap U.S. companies.NASDAQ measures a number of indices reflecting the reaction of USA’s high tech markets and business environments on the country’s political and economic developments which have an impact on high tech markets.

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Shocker: The S&P 500 is underperforming the market

You constantly hear a drumbeat in the mainstream media: “Beat the market! Beat the market!”

But what if even the S&P 500 SPX, -0.95% one of the most widely followed benchmarks in the U.S., isn’t beating the market?

You may not think such a thing is possible. But the truth is that the S&P 500 is not “the market.” For one thing, it isn’t merely a cross-section of all listed stocks in the U.S. Nor does it simply select the 500 largest U.S. companies, as many people assume.

Instead, the 500 stocks in the index are determined by the Standard & Poor’s Index Committee. That’s a group of financial executives—including S&P employees, Wall Street Journal editors, and others—who write specific inclusion rules.

As shown in the accompanying graph, the S&P 500, including dividends, has been underperforming the so-called Total Market Index for over 18½ years. The total market in the U.S. consists of approximately 3,600 listed companies: large-cap, microcap, and everything in between.

As we’re constantly reminded by financial disclaimers and corporate prospectuses, you can’t directly buy an index. For this reason, the accompanying graph plots specific mutual funds that any investor could have easily purchased. For instance, the Vanguard Group has operated since Nov. 13, 2000, two trackers that serve our purpose here: the Vanguard 500 Index Fund VFIAX, -0.95% which follows the S&P 500, and the Total Stock Market Index Fund VTSAX, -0.93% which holds shares of approximately 3,600 companies. The company also offers equivalent ETFs: VOO VOO, -0.99%  since 2010 and VTI VTI, -0.95%  since 2001.

Using the prices of actual mutual funds automatically adjusts the graph, deducting the annual expense ratios that each fund collected along the way.

As MarketWatch columnist Mark Hulbert has written many times, it takes “at least 15 years” for a

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Buoyed up by upgrading, Kuwait stock exchange rings opening bell

(MENAFN – Kuwait News Agency (KUNA)) KUWAIT, June 26 (KUNA) — Kuwait’s stock exchange, known as Boursa Kuwait, rang the opening bell on Wednesday, marking being upgraded by Morgan Stanley (MSCI) as part of its main index of emergency markets.
Morgan Stanley (MSCI) announced on Tuesday upgrading of Boursa Kuwait as part of its main index of the emerging markets as of May 2020.
This is the third promotion of Boursa Kuwait after two similar steps taken by Britain’s FTSE Russell and Standard and Poor’s Dow Jones for international indices.
The forthcoming upgrading is expected to lure inflow of idle funds estimated at USD 2.8 billion.
The rise of Boursa Kuwait to the emerging markets began in 2017, when FTSE announced Kuwait’s promotion to man secondary indices of its index. (end)
mka.ysa.mt

MENAFN2606201900710000ID1098686379

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Oil prices climb on reports of falling U.S. supplies

Oil prices climbed Wednesday on indications of falling U.S. crude supplies, with a key industry report due later.

August West Texas Intermediate crude CLQ19, +1.71% rose $1.27, or 2.2%, to $59.09 a barrel, after falling fractionally on Tuesday. The contract wrapped up trading Monday at $57.90, the highest front-month contract finish since May 29, according to Dow Jones Market Data. Prices rose 8.8% for last week, the biggest weekly percentage climb since the week ended Dec. 2, 2016.

International benchmark August Brent crude BRNQ19, +1.14% gained 90 cents, or 1.4%, to $66.05 a barrel. Brent rose 0.3% to $65.05 on Tuesday. Last Friday, the contract saw its highest close—at $65.20—since May 30 and gained more than 5% last week.

Late Tuesday, the American Petroleum Institute reported a 7.5 million-barrel drop in U.S. crude supplies for the week ended June 21, according to sources. It also reported a stockpile decline of 3.2 million barrels in gasoline, and a 160,000 barrels gain in distillate supplies.

The API data come ahead of Energy Information Administration supply data due later on Wednesday. The EIA data are expected to show crude inventories fell by 2.8 million barrels last week, according to a survey of analysts conducted by S&P Global Platts.

July gasoline RBN19, +3.03%  jumped 3.9% to $1.954 a gallon after that report. July natural gas NGN19, -0.39%  fell 0.4% to $2.299 per million British thermal units. July natural gas NGN19, -0.39%  fell 0.4% to $2.299 per million British thermal units.

Analysts at Citigroup said they “remain bullish oil in the near-term for fundamental and financial reasons, with $78 Brent on the horizon,” in a note to clients on Wednesday. “Inventories look to be falling briskly, OPEC+ is keeping production cuts in place perhaps into 2020, and geopolitical risk is high,” they said.

The Organization

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