• RT @djtgallagher: FedEx picked a bad time to send Amazon packing. @TheRealLSL and I team up for a look at the shipping giant's latest stumb…
    WSJ Markets Wed 18 Sep 2019 18:11
  • Expectations of lower rates tend to boost gold, which struggles to compete with yield bearing assets when borrowing costs rise Link
    WSJ Markets Wed 18 Sep 2019 17:56

    Gold prices rose Wednesday, as investors geared up for the Federal Reserve to announce a rate cut at the end of its monetary policy meeting this afternoon.

    Gold for December delivery was recently up 0.2% at $1,516.20 a troy ounce on the Comex division of the New York Mercantile Exchange.

    Most investors believe the Federal Reserve will reduce...

  • Geopolitical tensions in the Middle East have helped increase demand for safer assets such as Treasurys. Supply pressures have also eased. Link
    WSJ Markets Wed 18 Sep 2019 17:36

    U.S. government bonds strengthened Wednesday ahead of the Federal Reserve’s afternoon interest-rate decision, pushing yields lower for the third straight session.

    In recent trading, the yield on the benchmark 10-year U.S. Treasury note was 1.754%, according to Tradeweb, compared with 1.805% Tuesday.

  • RT @lizrhoffman: Repo funding isn't as vital to the financial system as it was before the 2008 crisis, but the five biggest bank brokerages…
    WSJ Markets Wed 18 Sep 2019 17:21
  • Wall Street by the Charts: Grocers' margins have been under pressure, signaling higher food prices ahead Link
    WSJ Markets Wed 18 Sep 2019 16:40

    To receive the Daily Shot newsletter in your inbox, please sign up at our Email Center. Previous issues of the Daily Shot are available online at DailyShotWSJ.com. Have questions, feedback or comments? Contact author Lev.Borodovsky@DowJones.com. Twitter: @SoberLook The Daily Shot: 18-Sep-19 • The United States • Canada • The United Kingdom • The Eurozone • […]

  • Cheaper borrowing costs have prompted a wave of refinancing activity that may help consumer spending, but otherwise has had little impact on U.S. households Link
    WSJ Markets Wed 18 Sep 2019 16:15

    WASHINGTON—Consumers’ borrowing costs have drifted lower since the Federal Reserve cut interest rates in July, fueling a wave of mortgage refinancing and helping to support household spending despite deepening economic uncertainty.

    Mortgage rates in the U.S. touched a nearly three-year low in recent weeks. The average rate on a 30-year, fixed-rate mortgage for a typical borrower wielding excellent credit and a 20% down payment fell to 3.56% last week from 3.75% in the week before the Fed’s July 30-31 policy meeting, according to Freddie Mac .

  • What is the safest way to store digital currencies? The answer could decide the biggest winners in a multibillion-dollar race: Link
    WSJ Markets Wed 18 Sep 2019 15:35

    What is the safest way to store digital currencies?

    The answer to that question could decide the biggest winners in a multibillion-dollar race to determine what companies will be the leading custodians of cryptocurrencies, which are increasingly being used by money managers and other institutions for themselves or their clients.

    As with traditional...

  • Banks rushed to bid for $80 billion in funding in the second day of Fed intervention into the harried short-term money markets Link
    WSJ Markets Wed 18 Sep 2019 15:15

    Banks bid for $80.05 billion in funding in the auction—$5 billion above the maximum amount offered by the Fed. Tuesday’s auction, the first in a decade, saw banks take $53 billion of the $75 billion on offer. Overnight rates remained elevated before Wednesday’s auction at about 2.8%. Soon after, it dropped to 2.6%.

    The tumult in U.S. overnight money markets is adding to investors’ hopes that the Federal Reserve might cut rates faster than expected in coming months or restart bond buying to boost the amount of money in the financial system.

    A loosening of monetary policy could alleviate the strains that caused overnight lending rates to spike as high as 10% Tuesday. The Fed is set to conclude a two-day policy meeting Wednesday, after which it is expected to cut its benchmark interest rate by a quarter-percentage point.

    The high short-term U.S. rates and lower rates elsewhere have put foreign investors off buying Treasurys as it becomes increasingly less...

  • CalSavers violates the federal law that governs 401(k)-style plans, the Justice Department said in a brief filed in federal court Link
    WSJ Markets Wed 18 Sep 2019 14:55

    The U.S. Department of Justice is backing a lawsuit that seeks to invalidate California’s state retirement plan, taking aim at the growing number of states sponsoring retirement savings plans for people who lack access to one at work.

    In a brief filed in federal court on Sept. 13, the agency argues that California’s program, called CalSavers, violates the federal Employee Retirement Income Security Act of 1974, which governs 401(k)-style plans. Among other things, the Justice Department argues that state-sponsored plans would...

  • Banks rush to bid in second day of Fed intervention amid a short-term funding crunch Link
    WSJ Markets Wed 18 Sep 2019 14:45

    Banks bid for $80.05 billion in funding in the auction—$5 billion above the maximum amount offered by the Fed. Tuesday’s auction, the first in a decade, saw banks take $53 billion of the $75 billion on offer. Overnight rates remained elevated before Wednesday’s auction at about 2.8%. Soon after, it dropped to 2.6%.

    The tumult in U.S. overnight money markets is adding to investors’ hopes that the Federal Reserve might cut rates faster than expected in coming months or restart bond buying to boost the amount of money in the financial system.

    A loosening of monetary policy could alleviate the strains that caused overnight lending rates to spike as high as 10% Tuesday. The Fed is set to conclude a two-day policy meeting Wednesday, after which it is expected to cut its benchmark interest rate by a quarter-percentage point.

    The high short-term U.S. rates and lower rates elsewhere have put foreign investors off buying Treasurys as it becomes increasingly less...

  • Exchanges are challenging high-speed traders in the battle for mom-and-pop investors’ stock orders Link
    WSJ Markets Wed 18 Sep 2019 14:30

    Exchanges are challenging high-speed traders in the battle for mom-and-pop investors’ stock orders, looking to gain market share in the fiercely competitive business of U.S. equities trading.

    Two exchanges have moved this year to introduce new features aimed at winning a greater share of individual investors’ trades. Exchanges covet that business because their other customers—such as hedge funds and asset managers—tend to get better prices when trading with individuals.

    ...
  • RT @WSJ: Here’s what we’re watching in the markets today, with @AChilkoti #WSJWhatsNow https://t.co/wIXtgheFBP
    WSJ Markets Wed 18 Sep 2019 14:25
  • Looser monetary policy by the Fed could alleviate the strains that caused overnight lending rates to spike as high as 10% Tuesday Link
    WSJ Markets Wed 18 Sep 2019 13:55

    The high short-term U.S. rates and lower rates elsewhere have put foreign investors off buying Treasurys as it becomes increasingly less profitable to fund longer-term U.S. government bonds with short-term borrowing.

    “A series of sharper than priced in rate cuts from the Fed will bring down the front end of the yield curve [cut short-term yields] and encourage foreign buyers back in,” said Guy LeBas, chief fixed-income strategist at Janney Capital Management, in Philadelphia.

    Foreign buyers with lots of dollars at hand, such as non-U.S. lenders and central banks, have also stopped buying Treasurys because they can put unlimited amounts of cash into the Federal Reserve’s foreign repo program. This facility is an ultrasafe haven for funds—paying the same as overnight repo—and has been absorbing foreign-owned dollars like “a supermassive black hole,” Zoltan Pozsar, a money-market strategist at Credit Suisse Group , said in August.

    Cutting interest rates more...

  • RT @AaronBack: Key point here from @PaulJDavies : Fed may have been wrong how much spare reserves there are in the system: https://t.co/t…
    WSJ Markets Wed 18 Sep 2019 13:45
  • Heard on the Street: General Motors is under intense pressure to show it can cruise through the next downturn without too much damage Link
    WSJ Markets Wed 18 Sep 2019 12:45

    Following its bankruptcy and government bailout in 2009, General Motors is under intense pressure to show it can cruise through the next downturn without too much damage. Only then can the largest U.S. auto maker expect a better stock-market valuation.

    This uncomfortable truth is the backdrop to the United Automobile Workers strike at GM, which entered its third day Wednesday. Many of the UAW demands seem reasonable, particularly for temporary and other workers who don’t enjoy the same perks as Old Timers. But that is no basis for an agreement. GM’s credibility with investors depends on it maintaining as flexible a cost base as possible.

  • RT @GRogow: It happened! Index funds now a bigger market force than active management. AND if you buy stocks, examining financials, supply…
    WSJ Markets Wed 18 Sep 2019 12:40
  • RT @Spencerjakab: Yes, Aramco’s IPO will be risky. So is any energy stock, it’s just a matter of degree, and there will be plenty of buyers…
    WSJ Markets Wed 18 Sep 2019 12:35
  • RT @WSJheard: Sony vs. Third Point: If this is what failure looks like, activist investors should fail more often, says @jackycwong https:…
    WSJ Markets Wed 18 Sep 2019 12:35
  • The attack on Aramco’s facilities delayed its IPO but shouldn’t make it impossible if the seller and buyers are ready to price in new risks. Link
    WSJ Markets Wed 18 Sep 2019 12:30

    This week’s drama in oil markets serves as a reminder that business is all about taking calculated risks—particularly the energy business.

    What is true for Saudi Arabian Oil Co., or Aramco, also holds true for a supermajor such as Exxon Mobil. The relative assessment of those companies’ riskiness shifted after the former was the target of the weekend’s attacks knocking more than half of its production offline.

    Saudi...

  • RT @srussolillo: This is pretty amazing: Funds that track broad U.S. equity indexes hit $4.27 trillion in assets as of Aug. 31, according t…
    WSJ Markets Wed 18 Sep 2019 12:25
  • Heard on the Street: Sony vs. Third Point—If this is what failure looks like, activist investors should fail more often Link
    WSJ Markets Wed 18 Sep 2019 12:15

    Activist investor Daniel Loeb is facing another setback at Sony. But if this is what failure looks like, he should try to fail more often.

    The Japanese conglomerate on Tuesday rejected a request from Third Point, a New York-based hedge fund run by Mr. Loeb, to spin off its semiconductor unit. In June, the fund said it had invested $1.5 billion in Sony and called for a breakup, arguing that the company’s semiconductor business, which makes image sensors for smartphones including Apple’s iPhones, has little to do with its games...

  • Markets will seek clues on outlook for further reductions in new projections and at Fed Chairman Jerome Powell’s press conference Link
    WSJ Markets Wed 18 Sep 2019 12:10

    The Federal Reserve is likely to cut its short-term benchmark rate by one quarter percentage point to a range between 1.75% and 2% at the conclusion of its two-day meeting on Wednesday. The big question is what kind of clues the central bank offers about any more rate reductions.

    Hints could be provided in the Fed’s new policy statement and economic projections, to be released at 2 p.m. EDT, and at Chairman Jerome Powell ’s press conference at 2:30 p.m. Here’s what to watch:

    The Outlook

  • Analysis: With supply disrupted and labor markets tight, don’t give inflation up for dead Link
    WSJ Markets Wed 18 Sep 2019 11:55

    Some are idiosyncratic and acute, like the grounding of Boeing Co. ’s 737 MAX airliner—which is nudging up airfares—or an outbreak of African swine fever that has sent Chinese pork prices soaring. Others are more systemic and slower moving: A retreat from globalization is raising trade barriers; resistance to immigration could aggravate labor shortages in aging countries such as the U.S.; and geopolitical threats hang over the oil market.

    By restricting the supply of a vital product or input, such shocks can undermine economic growth, push up inflation, or both.

    Right now, investors and economists see these supply shocks as a threat to growth, but not inflation. That’s understandable: Recession risks have been uncomfortably high and inflation has been too low for the Federal Reserve’s comfort.

    Nonetheless, after a puzzling slide in the spring, inflation excluding food and energy in the past few months has bounced back to around 2%. The U.S. shows no sign...

  • Do you pay your phone or cable bill on time? Soon, doing so could help you get a loan. Link
    WSJ Markets Wed 18 Sep 2019 11:50

    Equifax Inc. will soon give consumers the option to let lenders review their electric, phone and cable payment information, the latest move aimed at providing lenders more data to determine whether to approve loan applicants.

    Equifax, one of the largest U.S. credit-reporting firms, is partnering with Urjanet Inc., a data aggregator that receives payment information from roughly 6,500 utility, phone and other companies. By around early next year, banks and other lenders will be able to ask consumers if they want to supplement...

  • Brent crude slides, following days of sharp swings after an attack on production facilities in Saudi Arabia Link
    WSJ Markets Wed 18 Sep 2019 11:45
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