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Post by thelivyjr » Sat Nov 30, 2019 1:40 p


"Republican running to challenge Rep. Ilhan Omar has Twitter account permanently suspended"

By Kate Sullivan, CNN

30 NOVEMBER 2019

A Republican candidate running to challenge Democratic Rep. Ilhan Omar of Minnesota had her Twitter account permanently suspended for repeated violations of Twitter rules, according to a Twitter spokesperson.

Danielle Stella says she was banned for a tweet in which she spread a baseless claim about Omar and said if the claim is true, Omar should be tried for treason and hanged, according to a post to her Facebook account.

Two Twitter accounts of Stella's have been suspended, her campaign confirmed to CNN.

Omar has been a frequent target of smears and attacks by President Donald Trump and his supporters.

In April, Omar said she experienced an increase in death threats after Trump tweeted about a speech she had given the month before.

"This just shows how far the Republican Party has fallen under Trump."

"Their campaign strategy is just threats, disinformation and smears against their opponents and the people will continue to reject it," Omar said in a statement.

The Minnesota freshman was elected last year and is the first Somali-American member of Congress, and she and Democratic Rep. Rashida Tlaib of Michigan are the first two Muslim women ever elected to Congress.

Omar has been at the center of numerous controversies since being sworn into Congress, including making comments criticizing US support for Israel that were seen as invoking anti-Semitic tropes and stereotypes.

In a statement to CNN, Stella strongly criticized Twitter for the suspension and its policies.

Twitter has come under fire from critics who say tweets from politicians, including Trump, often violate its rules against bullying, dehumanization and threatening harm but are not taken down.

Twitter announced in June that they would not always remove tweets from world leaders, which break its rules when Twitter decides they are in the "public interest."

The company said then that they plan to place disclaimers on tweets that they decide to leave up.

The company provided a list of criteria that would inform this decision, including "Whether preserving a Tweet will allow others to hold the government official, candidate for public office, or appointee accountable for their statements."

Stella, who is not the only Republican looking to unseat Omar, describes herself as a special education needs professional.

She writes on her campaign website that "as a result of the lack of honorable representation for Minnesota's 5th congressional district, I believe it is my duty and privilege to stand up and speak for the forgotten American citizens in the District and throughout the state."

Omar came to the US more than two decades ago as a refugee and became an American citizen in 2000 at the age of 17, according to The New York Times.

She ran with the support of the Justice Democrats, the same progressive group that helped bring New York Rep. Alexandria Ocasio-Cortez into politics, and is a proponent of Medicare for All, abolishing ICE, tuition-free college and raising the minimum wage to $15 an hour. ... li=BBnb7Kz

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Post by thelivyjr » Sat Nov 30, 2019 1:40 p


"Thanksgiving weather: More rain, snow and gusty winds to hit during weekend travel rush"

By Faith Karimi and Dakin Andone, CNN

30 NOVEMBER 2019

Millions of holiday travelers will be met with rain, snow or a messy mix of both this weekend as a winter storm moves through the Midwest and into the Northeast.

More than 40 million people from California to Maine were under winter weather alerts Saturday morning, said CNN meteorologist Haley Brink.

The winter storm, located over the central US at that time, brought with it heavy snow to the northern Plains and Midwest, Brink said.

She added, high wind warnings and wind advisories cover 20 million people from New Mexico to Nebraska where winds could gust up to 85 mph.

The storm is expected to shift to the Northeast on Sunday, Brink said, bringing heavy snow to the interior of New England and a wintry mix and rain to coastal cities.

New York City is forecast to receive up to 4 inches of snow mixed with rain into Monday, Brink said.

Boston could see 6 to 8 inches of snow through Tuesday morning.

That eastward movement means snow, ice and powerful winds will impact post-Thanksgiving travel on Sunday and Monday, the National Weather Service warned.

As of Saturday afternoon, almost 600 flights had been canceled and more than 9,600 delayed in the US, according to FlightAware.

Ahead of the anticipated winter weather, airlines like American and Delta have started issuing waivers for eligible travelers if they need to change or cancel their travel plans.

American Airlines issued waivers for passengers traveling Sunday and Monday on flights to and from New York's John F. Kennedy and LaGuardia airports as well as Newark and the airline's hub in Philadelphia.

Other cities in the American Airlines announcement include Boston, Buffalo, Pittsburgh and Toronto, Canada.

Delta Airlines announced weather waivers for 16 cities in the Upper Midwest on Saturday, and 22 cities in the Northeast for Sunday and Monday, including airports in Boston and the New York area.

Travel impacts are likely Sunday afternoon and Monday, the National Weather Service tweeted.

Of special concern is Sunday, which is expected to be the busiest travel day ever for the US airline industry, with an anticipated 3.1 million passengers, according to Airlines for America, an airline trade organization.

A record 31.6 million passengers were forecast to travel on US airlines during the Thanksgiving holiday period, up 3.7% from last year.

Another storm that affected the Northeast this week has now pushed into the Atlantic Ocean, Brink said.

West Coast will see impacts, too

A new storm system is expected to come ashore in California later Saturday, Brink said, bringing feet of snow to the California mountains and heavy rain to the coasts and valleys.

Widespread rainfall totals of 2 to 4 inches are forecast across the region, she said, but some localized areas could see more than 5 inches of rain through the weekend.

Areas at around 2,000 feet will begin to see snow Saturday.

On Sunday, residents at higher elevations are expected to receive snow, too.

Around 2 to 3 feet of snow is forecast, with higher amounts possible in localized areas. ... li=BBnb7Kz

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Post by thelivyjr » Sun Dec 01, 2019 1:40 p

IPCC special report on global warming of 1.5 degrees Celsius October 8th 2018

Chapter 4

Executive Summary

Limiting warming to 1.5°C above pre-industrial levels would require transformative systemic change, integrated with sustainable development.

Such change would require the upscaling and acceleration of the implementation of far-reaching, multilevel and cross-sectoral climate mitigation and addressing barriers.

Such systemic change would need to be linked to complementary adaptation actions, including transformational adaptation, especially for pathways that temporarily overshoot 1.5°C,

Current national pledges on mitigation and adaptation are not enough to stay below the Paris Agreement temperature limits and achieve its adaptation goals.

While transitions in energy efficiency, carbon intensity of fuels, electrification and land-use change are underway in various countries, limiting warming to 1.5°C will require a greater scale and pace of change to transform energy, land, urban and industrial systems globally.

To strengthen the global response, almost all countries would need to significantly raise their level of ambition.

Implementation of this raised ambition would require enhanced institutional capabilities in all countries, including building the capability to utilize indigenous and local knowledge.

In developing countries and for poor and vulnerable people, implementing the response would require financial, technological and other forms of support to build capacity, for which additional local, national and international resources would need to be mobilized.

However, public, financial, institutional and innovation capabilities currently fall short of implementing far-reaching measures at scale in all countries.


"John Kerry Launches Star-Studded Climate Coalition"

Lisa Friedman


WASHINGTON — John Kerry, the former senator and secretary of state, has formed a new bipartisan coalition of world leaders, military brass and Hollywood celebrities to push for public action to combat climate change.

The name, World War Zero, is supposed to evoke both the national security threat posed by the earth’s warming and the type of wartime mobilization that Mr. Kerry argued would be needed to stop the rise in carbon emissions before 2050.

The star-studded group is supposed to win over those skeptical of the policies that would be needed to accomplish that.

Former presidents Bill Clinton and Jimmy Carter are part of the effort.

Moderate Republican lawmakers like Arnold Schwarzenegger, the former governor of California, and John Kasich, the former governor of Ohio, are on the list.

Stars like Leonardo DiCaprio, Sting and Ashton Kutcher round out the roster of more than 60 founding members.

Their goal is to hold more than 10 million “climate conversations” in the coming year with Americans across the political spectrum.

With a starting budget of $500,000, Mr. Kerry said, he and other coalition members intend to hold town meetings across the country starting in January.

Members will head to battleground states key to the 2020 election, but also to military bases where climate discussions are rare and to economically depressed areas that members say could benefit from clean energy jobs.

“We’re going to try to reach millions of people, Americans and people in other parts of the world, in order to mobilize an army of people who are going to demand action now on climate change sufficient to meet the challenge,” Mr. Kerry said in an interview.

The launch of the new group on Sunday comes as diplomats gather in Madrid on Monday for global climate negotiations aimed at strengthening the 2015 Paris Agreement, from which President Trump has vowed to withdraw next year.

Earlier this week the United Nations found that the world’s richest countries, responsible for emitting more than three-fourths of planet-warming pollution, are not doing enough to keep Earth’s temperature from rising to dangerously high levels.

Net carbon emissions from the two largest polluters, the United States and China, are expanding.

Sarah Matthews, a spokeswoman for Mr. Trump’s re-election campaign, said in a statement that the administration “continues to advance realistic solutions to reduce emissions while unleashing American energy like never before.”

Asked to comment on the new bipartisan group, she also criticized efforts to force the United States to cut emissions, arguing “the largest emitters like China and India won’t do the same.”

Mr. Schwarzenegger in an interview this week dismissed as “bogus” the Trump administration’s argument that China must do more to curb emissions before the United States acts.

“I always say to myself, what is happening here?"

"America never ever in its history has said, ‘Let some other country do something first.’"

"We should lead,” he said.

Mr. Kerry said while individual members might personally promote specific climate policy proposals, like a tax on carbon dioxide pollution, or the Green New Deal, the coalition is not aimed at promoting any particular plan.

“We’re not going to be divided going down a rabbit hole for one plan or another,” he said.

The Green New Deal envisions addressing climate change and income inequality in tandem, with a federal job guarantee and federal mandates like ensuring the country’s power and electricity systems run entirely on renewable energy by 2030.

The Sunrise Movement, a climate activist group that promotes the Green New Deal, has been critical of global warming efforts that do not embrace that vision, but its leaders held their fire on Mr. Kerry’s group.

Some members of Mr. Kerry’s coalition hold positions that many in the environmental movement oppose, like support for natural gas as a transition fuel from coal.

Combustion of natural gas emits about half as much carbon dioxide as coal and 30 percent less than oil, and its expansion is widely credited for helping the United States curb emissions in the past decade.

It also produces methane, a fast-acting greenhouse gas with enormous short-term impacts on the climate.

United Nations scientists have said the world needs to cut carbon emissions in half by 2030, and must eliminate them by 2050 to limit warming to relatively safe levels.

To do that, the United States would need to phase out all fossil fuels, including gas, as rapidly as possible.

Mr. Kasich said in an interview that he believed in finding a consensus among Americans to tackle climate change, and saw a solution in both putting a price on carbon and increasing the research, development and deployment of renewable energy.

He also said natural gas would continue to play a part, especially gas produced by hydraulic fracturing, or “fracking,” which has brought jobs to his state.

“If I’ve got to sign up to be an anti-fracker, count me out,” Mr. Kasich said.

Katie Eder, founder of The Future Coalition, a network for youth-led organizations that helped organize climate strikes around the country in September, supports the Green New Deal and is a member of Mr. Kerry’s coalition.

She said people who cared about climate change needed to look past their differences.

“While I may be disagreeing with some of the things that other folks involved in World War Zero believe, that doesn’t mean we can’t work together,” she said.

“Collaboration is our key to survival.”

For more climate news sign up for the Climate Fwd: newsletter or follow @NYTClimate on Twitter. ... li=BBnb7Kz

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Post by thelivyjr » Mon Dec 02, 2019 1:40 p


"Intelligence Committee to begin circulating draft Ukraine report Monday"

By Melanie Zanona and Kyle Cheney


Members of the House Intelligence Committee will begin reviewing a report Monday on the panel's investigation of President Donald Trump's efforts to press Ukraine to investigate his Democratic adversaries, a crucial step in the House's fast-moving impeachment inquiry.

Lawmakers on the panel will get a 24-hour review period, according to internal guidance sent to committee members and obtained by POLITICO.

On Tuesday, the panel is expected to approve the findings — likely on a party-line vote — teeing it up for consideration by the Judiciary Committee, which is in turn expected to draft and consider articles of impeachment in the coming weeks.

Intelligence Committee Chairman Adam Schiff had indicated in a letter to colleagues earlier this week that a report would be coming "soon" from his committee but had not provided a specific timeframe.

Schiff had also indicated that his committee was still open to receiving new witnesses or testimony as it began to draft the report, but it’s unclear if any new information has become available since lawmakers departed for a one-week Thanksgiving recess.

The Ukraine report is expected to make up the core of Democrats’ likely articles of impeachment against Trump.

Lawmakers leading the inquiry have suggested Trump could face an article alleging abuse of power for withholding military aid and a White House meeting from Ukraine while Trump and his allies pressured the country’s new president to investigate Democrats.

The House has been moving quickly to investigate Trump since Speaker Nancy Pelosi announced the impeachment inquiry on Sept. 24.

Democratic leaders, including Pelosi, have refused to assign a public end date to their investigation but many lawmakers have said privately they hope to wrap up by the end of the year.

The House Judiciary Committee is slated to hold its first impeachment hearing on Wednesday, with a panel of constitutional experts explaining exactly what constitutes an impeachable offense, including defining the nebulous “high crime and misdemeanor” term specified in the Constitution.

Trump’s counsel has also been invited to attend and participate in the hearing.

House Judiciary Committee Chairman Jerry Nadler (D-N.Y.) gave Trump until Dec. 6 to indicate whether he planned to participate but the White House has yet to do so.

Senior Judiciary aides would not elaborate on other potential impeachment hearings.

But Democratic lawmakers and aides say the committee is expected to have at least one more hearing, likely the second week of December, in which Democrats will present their case against Trump.

The committee is then expected to draft and vote on articles of impeachment, teeing up a full House vote before the Christmas recess.

Lawmakers on the committee spent the weekend sparring over the makeup of that panel of constitutional experts, with the committee’s top Republican, Rep. Doug Collins (R-Ga.), requesting that it include an equal number of witnesses favorable to the Democratic and Republican perspective.

He said such a balance would be a “small concession” toward bipartisanship, and he noted that a similar panel during the Clinton impeachment process was much larger.

Trump has made clear he intends to portray the hearings as a partisan distraction from more urgent work of the nation.

He tweeted Saturday about flying to London next week for a NATO summit, chiding Democrats for holding their first hearing “on same dates as NATO.”

Since the announcement of the inquiry, House impeachment investigators have collected hundreds of hours of closed-door depositions and public testimonies from 17 current and former officials on Trump’s efforts to pressure Ukraine to open investigations that could help his reelection campaign.

Though it’s unclear precisely what the report will find, Democrats leading the inquiry have throughout the process suggested that what’s already publicly known has been sufficient to prove Trump violated his oath of office.

A transcript of a July call between Trump and Ukraine’s recently elected president Volodymyr Zelensky — released in September by the White House — is the centerpiece of their evidence.

On the call, Trump asks Zelensky to investigate former vice president Joe Biden.

Democrats have spent recent weeks privately debating which allegations against Trump to include in articles of impeachment they are expected to draft.

Senior Democrats have said they want to keep the inquiry focused on the Ukraine scandal.

But other Democrats, including several on the Judiciary Committee, have pushed back, arguing that they should expand their investigation to include the obstruction of justice allegations detailed in special counsel Robert Mueller’s report and other alleged misdeeds committed by the president. ... li=BBnb7Kz

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Post by thelivyjr » Mon Dec 02, 2019 1:40 p


"Oil prices get a boost from upbeat China data and talk of deeper OPEC output cuts"

By Myra P. Saefong and William Watts

Published: Dec 2, 2019 3:22 p.m. ET

Oil futures settled higher on Monday, buoyed after signs of a rebound in manufacturing activity in China as well as the potential for OPEC and its allies to agree on deeper production cuts when they meet later this week.

“Trade war headlines have been the main driver of the energy markets, but since late last week, OPEC+ policy expectations, economic data, and inventory/production releases have all reemerged as market moving influences,” said Tyler Richey, co-editor at Sevens Report Research.

West Texas Intermediate crude for January delivery rose 79 cents, or 1.4%, to settle at $55.96 a barrel on the New York Mercantile Exchange, while February Brent crude, the global benchmark, advanced 43 cents, or 0.7%, to $60.92 a barrel on ICE Futures Europe.

Oil rose alongside equity markets in Asia after data showed a pickup in manufacturing activity in China.

The Caixin manufacturing purchasing managers index rose to 51.8 in November from 51.7 in October, Caixin Media Co. and research firm Markit said Monday — with the reading remained above the 50 level that separates expansion from contraction.

Earlier, China’s official manufacturing PMI reading moved back into expansion activity, rising to 50.2 in November from 49.3, according to the country’s National Bureau of Statistics, marking the first reading above 50 for the index since April.

In the U.S. however, the Institute for Supply Management said its manufacturing index sank to 48.1% in November from 48.3% in October.

That downbeat data dulled some of the earlier enthusiasm for energy demand fed by the Chinese economic data, while also pulling the Dow Jones Industrial Average lower by more than 200 points.

Meanwhile, developments around meetings of members of the Organization of the Petroleum Exporting Countries, or OPEC, and its allies on Thursday and Friday was expected to set the tone for markets this week.

Crude was finding support after remarks by Iraq’s oil minister over the weekend signaled that OPEC and its allies, known as OPEC+, would consider deepening cuts by 400,000 barrels a day to 1.6 million barrels.

“This differs from expectations last week, where there was a growing consensus that we would only see an extension to the deal, rather than deeper cuts as well,” said Warren Patterson, head of commodities strategy at ING, in a note.

“Cuts of this magnitude, along with full compliance, would do a good job in reducing the expected surplus over 1Q20, however, would still fall short of erasing it completely.”

For now, however, the oil market is “remaining cautious and the price action suggests that further cuts are rather unlikely in the near-term — however, an extension of current policy into mid-2020, is,” said Richey.

“With these expectations in mind, it is reasonable to anticipate a modest rally into the meetings later this week followed by a classic ‘sell the news’ reaction,” he said.

In other energy trade, January gasoline fell 1.1% to $1.5733 a gallon, while January heating oil gained 0.4% to $1.886 a gallon.

January natural-gas futures added 2.1% at $2.329 per million British thermal units. ... latestnews

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Post by thelivyjr » Mon Dec 02, 2019 1:40 p


"Treasury yields end higher following weak manufacturing data, trade tensions"

By William Watts and Joy Wiltermuth

Published: Dec 2, 2019 4:11 p.m. ET

Treasury yields climbed Monday, after surprisingly weak data pointed to continued woes for U.S. manufacturers and President Trump ratcheted up trade tensions.

The yield on the 10-year Treasury note rose 5.7 basis points to 1.835%, its largest one-day increase since Nov. 7, while the 2-year Treasury yield added 1.2 basis points at 1.614%.

The 30-year Treasury bond yield rose 7.6 basis points to 2.283%, also its biggest single-day yield jump since Nov. 7, according to Dow Jones Market Data.

While the yield on the benchmark 10-year note briefly hit a session high of 1.855%, the return on government debt pared back its gain in afternoon action, according to FactSet.

Yields and debt prices move in opposite directions.

Treasurys appeared to find some underlying support on haven-related buying after the Institute for Supply Management said its manufacturing index fell to 48.1% in November from 48.3% in October, defying expectations for a rise to 49.2%.

Readings below 50% indicate a contraction in activity.

Risk-averse trade also led the Dow Jones Industrial Average to shed more than 200 points and extended a second session of losses for the major U.S. stock indexes.

“All in all, this should take some wind out of the sails of the argument that the U.S. economy is accelerating going into the end of the year,” said Jon Hill, rates analyst at BMO Capital Markets, in a note.

“This raises the stakes for the nonmanufacturing and [nonfarm payrolls] figures later this week, though we’re highly doubtful even underwhelming reads would be sufficient to goad the FOMC into cutting rates in just nine days” when Fed policy makers meet Dec. 10-11.

On the trade front, President Trump accused Brazil and Argentina of “presiding over a massive devaluation of their currencies, which is not good for our farmers,” in a tweet, that said effective immediately, “I will restore Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries.”

Commerce Secretary Wilbur Ross also said Monday that President Trump is prepared to levy more duties on Chinese goods in the absence of a trade deal, as the clock ticks toward the Dec. 15 deadline for placing 15% tariffs on consumer good from China.

All that put a dent on optimism sparked earlier in the session about the potential for an end to a global slowdown in manufacturing.

The Caixin manufacturing purchasing managers index rose to 51.8 in November from 51.7 in October, Caixin Media Co. and research firm Markit said Monday — with the reading remaining above the 50 level that separates expansion from contraction.

Earlier, China’s official manufacturing PMI reading moved back into expansion activity, rising to 50.2 in November from 49.3, according to the country’s National Bureau of Statistics, marking the first reading above 50 for the index since April.

“Speculation that global manufacturing might be over the worst of the downturn is lifting bond yields and, we can add to this the move from easing to stability among major central banks such as the Fed” and European Central Bank, said Steve Barrow, head of G-10 strategy at Standard Bank, in a Monday note.

Barrow, however, cautioned that it might be premature to signal the global all-clear after a bout of trade-related weakness over the past couple of years.

PMI readings across many countries remain near the mid-40s, which appears to be a “natural base,” he said, ahead of the U.S. ISM data.

“While it is still gratifying that PMI surveys might have stopped falling at this ‘natural’ base, rather than weaken towards the ‘crisis’ levels, there are ominous signs that the manufacturing weakness is still weighing on the — much bigger — service sector,” he wrote.

“Until services start to stabilize as well, we think it is unwise to believe that central banks have stopped easing or that bond yields are likely to shoot higher.”

Still, central banks likely have completed the bulk of the easing in store in the current “mini-cycle,” Barrow said, adding that bond yields are likely to edge higher over time as the global economy eventually rights itself. ... =investing

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Post by thelivyjr » Mon Dec 02, 2019 1:40 p


"Caixin also shows uptick in China's manufacturing"

By MarketWatch

Published: Dec 1, 2019 11:58 p.m. ET

BEIJING--A private gauge of China's factory activity showed an expansion for the fourth straight month in November, following a sharp rebound in an official gauge, indicating warming demand for Chinese goods.

The Caixin manufacturing purchasing managers index rose to 51.8 from 51.7 in October, Caixin Media Co. and research firm Markit said Monday.

The reading stayed above the 50 mark that separates expansion in activity from contraction.

A component measuring new export orders had the first back-to-back monthly increase for over a year-and-a-half, Caixin and Markit said in a statement.

Respondents cited a recovery in overall demand while the employment subindex also improved, said Zhengsheng Zhong, an economist at CEBM Group.

Despite the continued recovery in activity, "business confidence remained subdued, as concerns about policies and market conditions persisted, and their willingness to replenish stocks remained limited," Mr. Zhong said.

China last week held off from retaliating against the U.S. after President Trump signed a bill supporting Hong Kong's anti-Beijing protesters.

Officials of both sides said they were still confident they can sign a partial trade deal in the coming weeks.

China's official manufacturing PMI rose to 50.2 in November from 49.3 in October, the National Bureau of Statistics said Saturday.

It was the first time since April that this key gauge of manufacturing activity registered above the 50 mark.

In an article published Sunday, China central bank Gov. Yi Gang said China won't resort to "competitive" quantitative easing even if other major economies are approaching zero interest rates.

The country's economic growth remains within a reasonable range and inflation is relatively mild overall, Mr. Yi wrote in an article published by the leading Communist Party theoretical journal Qiushi.

The Caixin PMI more closely tracks small, private manufacturers, while the official index focuses more on large, state-owned firms.

Many Chinese exporters are small and private firms.

The official PMI has a larger sample base, surveying 3,000 manufacturers nationwide, while Caixin polls 500 companies. ... 2019-12-01

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Post by thelivyjr » Mon Dec 02, 2019 1:40 p


"U.S. manufacturing sector slumps further in November: ISM"

By Greg Robb

Published: Dec 2, 2019 4:27 p.m. ET

The numbers:

The Institute for Supply Management said its manufacturing index sank to 48.1% in November from 48.3% in October.

Economists surveyed by MarketWatch had forecast the index would register a reading of 49.2%.

This is the fourth straight sub-50 reading.

Readings below 50% indicate business conditions are getting worse.

What happened:

The key new orders index dipped to 47.2 from 49.1 in October.

Orders haven’t been below this level since April 2009.

Inventories dropped to a 42-month low.

Employment dipped to 46.3.

A similar manufacturing survey by IHS Markit, meanwhile, registered 52.6 in November.

What is the ISM saying?

“Global trade remains the most significant cross-industry issue,” said Timothy Fiore, chair of the ISM’s manufacturing business survey committee.

Big picture:

Weak export growth and caution among business leaders is hitting the manufacturing sector hard.

There had been hope that manufacturing was stabilizing, but today’s data throw that theory into questions.

What are economists saying:

“In short, this is a soft report, and the fall in orders, if sustained, suggests the headline index could dip a bit further in December."

"A charitable interpretation — and one consistent with the recent improvement in China’s PMIs — is that the ISM is bouncing along the bottom."

"We’d be surprised to see a further significant decline, but the sector is stuck in a mild recession with little prospect of a real near-term revival,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Market reaction:

Stocks sank after the ISM report was released and never recovered, with the Dow Jones Industrial Average finishing down 260 points and the S&P 500 Index down 27 points. ... 2019-12-02

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Post by thelivyjr » Tue Dec 03, 2019 1:40 p


"Dow ends nearly 270 points lower on weak manufacturing data, trade concerns"

By Chris Matthews and Joy Wiltermuth

Published: Dec 2, 2019 4:33 p.m. ET

Major stock indexes saw their biggest one-day fall in nearly eight weeks on Monday, after U.S. manufacturing data showed a continued contraction in November and fresh trade jitters put investors on the defensive.

What are major indexes doing?

The Dow Jones Industrial Average fell 268.37 points, or 0.9%, to end at 27,783.04, while the S&P 500 index lost 27.11 points, or 0.8%, to finish at 3,113.87.

The Nasdaq Composite Index fell 97.48 points or 1.1%, closing at 8,567.99.

The losses were the sharpest one-day percentage and point drops for all three indexes since Oct. 8, according to Dow Jones Market Data.

Stocks also ended lower in an abbreviated session Friday following the Thanksgiving Day holiday, but posted solid November gains.

The Dow fell 112.59 points on Friday, or 0.4%, to end at 28,051.41, leaving it with a 3.7% monthly gain.

The S&P 500 declined 12.65 points, or 0.4%, to close at 3,140.98, booking a 3.4% monthly rise.

The Nasdaq Composite lost 39.70 points, or 0.5%, to end at 8,665.47, notching a 4.5% monthly gain.

What’s driving the market?

Stocks were pulled lower by a disappointing U.S. manufacturing survey that pointed to a fourth straight month of contraction for the sector, with the Institute for Supply Management’s purchasing manager’s index unexpectedly falling to 48.1% in November from 48.3% in October.

Economists polled by MarketWatch expected a reading of 49.2%.

Readings below 50% reflect business conditions worsening.

“The ISM report wasn’t encouraging, especially if you look at the new orders component,” said Shawn Cruz, manager of trader strategy at TD Ameritrade, in an interview.

“Construction also came in on the downside."

"This puts pressure on the other data points due this week, like the jobs numbers on Friday."

"Consumer sentiment will be another important data point on Friday.”

The data overshadowed a separate survey on U.S. manufacturing released by Markit on Monday, which showed the sector gaining steam, with a 52.6 reading, versus October’s 52.2.

Andrew Hunter, senior U.S. economist at Capital Economics, cautioned that manufacturing still wasn’t “out of the woods,” in a client note on Monday, and warned that conditions underlying manufacturing “remain unusually weak.”

Adding to the jitters are higher U.S. stock valuation levels, which Cruz warned can make “the market prone to sudden, fast corrections,” particularly if investors think the slowdown in manufacturing is accelerating, or there are concerns about the health of the consumer.

Investors also got a sharp reminder of the potential for negative trade headlines, with earlier stock gains erased after Trump accused Brazil and Argentina of “presiding over a massive devaluation of their currencies, which is not good for our farmers.”

Trump tweeted that, effective immediately, “I will restore Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries.”

Commerce Secretary Wilbur Ross said Monday that President Trump is prepared to levy more duties on Chinese goods in the absence of a trade deal, as the clock ticks toward the Dec. 15 deadline for placing 15% tariffs on consumer good from China.

Meanwhile, China is insisting that U.S. tariffs be rolled back as part of any “phase one” trade deal, China’s state-run Global Times said Sunday.

And Axios reported Sunday that deal is unlikely to be agreed upon before late December, but that Trump is expected to hit pause on additional tariff hikes to keep negotiations alive.

U.S. stock indexes initially gained ground in premarket action Monday after data showed a pickup in manufacturing activity in China.

In other economic data, the government said construction spending fell 0.8% in October from a 0.3% decline in September.

Economists were expecting a 0.4% increase, according to a MarketWatch poll.

Which stocks are in focus?

Dow component Intel Corp.’s stock fell 0.6% Monday after it announced the completion of the sale of the majority of its smartphone modem business to Apple, a $1 billion deal announced July 25.

Shares of Wells Fargo & Co. dropped 1.5% Monday, after Raymond James analyst David Long cut his rating on the bank’s stock from to underperform from market perform.

McDermott International Inc. stock rallied 9.9%, after the energy-services company announced access to $350 million in financing and a forbearance agreement with some of its creditors. Inc. stock lost 1% as Cyber Monday got under way, one of the most important days of the year for the online retail giant.

Twinkie maker Hostess Brands stock gained 2.9% after the snack-food maker said it wanted to buy Voortman Cookies from Swander Pace Capital for $320 million (C$425 million) in cash.

Shares of Roku Inc. plunged 15% after Morgan Stanley analysts said stock of the TV-viewing platform looked too expensive and likely was head into reverse as competition from other steaming services and apps heats up.

Shares of Apache Corp. sank 12% after the firm gave an update on the status of a new offshore well, Maka Central #1, off the coast of Suriname, but provided no new information on site’s potential profitability.

How are other markets trading?

The yield on the 10-year U.S. Treasury note rose 5.7 basis points to 1.835%, its biggest one-day yield gain since Nov. 7, according to Dow Jones Market Data.

Yields and bond prices move in opposite directions.

In commodities markets, the price of West Texas Intermediate crude oil for January delivery rose 79 cents, or 1.4%, to settle at $55.96 a barrel on rising hopes for global growth.

The price of an ounce of gold for December delivery fell $3.80, or 0.3%, to $1,468.80 as demand for havens waned.

The U.S. dollar edged 0.4% lower, as measured by the ICE U.S. Dollar index, a gauge of the currency versus six major rivals.

In Asia, stocks closed mostly higher, with the China CSI 300 rising 0.1%, Japan’s Nikkei 225 adding 1% and Hong Kong’s Hang Seng Index gaining 0.4%.

European stocks traded mostly lower, reflected by the 1.5% decline for the Stoxx Europe 600.

William Watts contributed to this report. ... =investing

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Post by thelivyjr » Tue Dec 03, 2019 1:40 p


"READ: House Intelligence Committee releases Trump impeachment report"

by Zachary Halaschak

December 03, 2019 02:09 PM

Democrats on the House Intelligence Committee, led by Chairman Adam Schiff, released their report on impeachment proceedings against President Trump on Tuesday.

The report outlines the case for impeaching the president, whom they accuse of withholding almost $400 million in military assistance to Ukraine in exchange for investigations into the 2016 presidential election and his 2020 rival Joe Biden.

A July 25 phone call between Trump and Ukrainian President Volodymyr Zelensky was the catalyst behind the whistleblower complaint that sparked the impeachment effort.

The report comes after a number of witnesses were called to testify before the committee, including Ambassador to the European Union Gordon Sondland, former Ambassador to Ukraine Marie Yovanovitch, and special envoy Kurt Volker, among others.

Republicans released their own report on Monday that claimed the president did nothing wrong in withholding military aid.

They also argue that Trump did not attempt to obstruct House impeachment proceedings. ... ent-report

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