Morning Reads
- WTO Sees Sharp Slowdown
- Serbia’s Central Bank Raises Benchmark Rate to 4%
- In Global Slowdown, China Holds Sway Over Countries’ Fates
- In Rebuke to West, OPEC and Russia
- OPEC Move Shows the Limits
- U.S. Gasoline Prices Are Climbing Again and May Get Worse
- U.S. Looks to Ease Venezuela Sanctions
- A Strong Dollar Is Wreaking Havoc
- Credit Suisse Weighs Outside Investor for Investment Bank Spinoff
- Elon Musk’s Renewed Twitter Bid
- Ford Races to Win Over Pickup Fans With Electrified F-150
- Hello, Fellow Car. We’ve Got a Problem. Let’s Talk.
- Even After $100 Billion, Self-Driving Cars Are Going Nowhere
- Peloton to Cut 500 More Jobs in Effort to Save the Company
- How Macy’s Has Avoided—So Far—the Inventory Pileup
- Secretive Chip Startup May Help Huawei Circumvent US Sanctions
- How YouTube Created the Attention Economy
Options
Futures
PREMIUM
PREPPER
- Key factors driving the futures market:
- Festering concern that the market has gotten ahead of itself thinking about a Fed policy pivot
- Resistance at 3,800 level for S&P 500
- Increased geopolitical tension following OPEC+ move to cut oil production by 2 mln barrels per day starting in November
- Atlanta Fed President Bostic (non-FOMC voter) sees getting fed funds rate to 4.00-4.50% by year end, then pausing, but says "not so fast" on market's idea of a rate cut in 2023, according to Bloomberg
- Goldman Sachs raises year-end Brent crude forecast by $10 to $110 following OPEC+ production cut
- Fitch affirms UK's AA- rating but cuts outlook to Negative from Stable
- Shell (SHEL) drops 5.4% on weaker Q3 profit outlook attributed to reduced chemical and oil refining margins and weaker natural gas trading
- Elon Musk and Twitter (TWTR) are still negotiating terms to close their deal, according to The Wall Street Journal
- Germany's August Factory Orders -2.4% m/m (expected -0.7%; last 1.9%)
- Brokerage research calls of note:
- Upgrades: CS, GPI, VZ, WLK, PINS, RPM, SAH, STLD, TTWO, FTI, RIG
- Downgrades: MT, AN, BTRS, EQR, FICO, FCX, RS, SI
- WTI crude futures -0.5% to $87.34/bbl; nat gas futures +1.8% to $7.05/mmbtu; copper futures +0.2% to $3.50/lb.
- 2-yr note yield +2 bps to 4.15% and 10-yr note yield unch at 3.76%