Page 592 of 1600

Re: THE DAILY NEWS

Posted: Mon Oct 26, 2020 1:40 p
by thelivyjr
City Journal - A publication of Manhattan Institute

"To Destroy America - As its Marxist pedigree makes clear, Black Lives Matter is committed to overthrowing our entire system."


Mike Gonzalez

September 1, 2020

The protests that sprang up in the wake of George Floyd’s killing in Minneapolis seemed like spontaneous outpourings of grief and anger.

They weren’t entirely.

Though many who joined their ranks may have been moved by outrage at the images of Floyd’s death, those operating behind the scenes have prepared for this moment for a long time.


Indeed, the leaders of the Black Lives Matter organizations fueling this summer’s disturbances were trained by self-described Marxist revolutionaries who have long used the plight of black Americans as justification for overthrowing America’s constitutional order.

They frankly admit that such “organizing” is the key to their goal of world revolution.

Our political leaders owe it to themselves and to their fellow Americans to understand this blueprint before rhetorically embracing, let alone implementing, the radical changes that the protesters and rioters are demanding.

The goal of upending the American system is, moreover, also evident among the consultants now conducting “anti-racism training” within major corporations and foundations.

These facilitators of anti-white struggle sessions disdain the capitalist system and seek its replacement — and the mainstream media cheers them on.


In a July New York Times article on the BLM movement, Douglas McAdams, professor emeritus at Stanford, wrote: “It looks, for all the world, like these protests are achieving what very few do: setting in motion a period of significant, sustained, and widespread social, political change."

"We appear to be experiencing a social change tipping point — that is as rare in society as it is potentially consequential.”

But who initiated this demand for change?

After the initial protests following Floyd’s death, public outrage was channeled — by trained activists working from a playbook — into manifestations that often grew riotous.

The Black Lives Matters Global Network and Movement for Black Lives organizations have been the nerve center of the protests.

They have been laying the groundwork for years, carefully cultivating a network of groups that could organize protests when the moment came and amplify the message through social media.

Consider the BLM Global Network.

The three women who thought up the BLM name in 2013, and then added the hashtag, later founded the global network.

They remain in charge.

As the New York Times Magazine explained, “while much of the nation’s attention drifted away from Black Lives Matter, organizers and activists weren’t dormant.”

One of the three founders, Alicia Garza, said that “the movement’s first generation of organizers has been working steadily to become savvier and even more strategic over the past seven years, and have been joined by motivated younger leaders.”

As the Times report elaborates, “One of the reasons there have been protests in so many places in the United States is the backing of organizations like Black Lives Matter.


"While the group isn’t necessarily directing each protest, it provides materials, guidance and a framework for new activists.”

Deva Woodly, a professor at the New School, told a Times reporter that, “those activists are taking to social media to quickly share protest details to a wide audience."

". . . These figures would make the recent protests the largest movement in the country’s history.”

Melina Abdullah, of BLM’s Los Angeles chapter, told an interviewer that the demonstrations in that city had been strategically planned: “We built kind of an organizing strategy that said, build black community [to] disrupt white supremacy.”

Their targets, she said, were the neighborhoods where “white affluent folks” lived.


“That’s one of the reasons the marches and the protests were in Beverly Hills.”

A Los Angeles Times story emphasizes the central role that the BLM organization played, saying: “The unprecedented size and scope of recent rallies speaks to how Black Lives Matter has transformed from a small but passionate movement into a cultural and political phenomenon.”

Weeks after Floyd was killed, BLM members were “continuing to channel their outrage and grief over his killing into a sustained mass campaign for profound social change."

"The group has political sway that would have seemed unimaginable just a few months ago.”

In a 2015 interview, Patrice Cullors, another of the three founders, said that she and Garza were “trained Marxists.”

Abdullah, of the Los Angeles BLM chapter, was born a red-diaper baby — “Raised in the 70s, in the picket lines of Oakland, by activist parents,” as the interviewer put it.

Her paternal grandfather was Gunter Reimann, a member of the German Communist Party.

Garza cut her organizing teeth as director of People Organized to Win Employment Rights (POWER), founded by Marxists Garth Ferguson, Patty Snitzler, Regina Douglas, Brian Russell, and Steve Williams.


To Williams we owe the concept of “transformative organizing,” which insists “that effective organizing for social change cannot simply be based on an apolitical and highly specific analysis of what is possible in the short term.”

Cullors trained for a decade as a radical organizer in the Labor/Community Strategy Center, established and run by Eric Mann, a former member of the Weather Underground, the 1960s radical faction identified by the FBI as a domestic terrorist group.

The “Weathermen” explained in their 1969 foundational statement that they were dedicated to “the destruction of U.S. imperialism and the achievement of classless world: world communism.”

The ties between the BLM Global Network and the Weathermen run deep.


National Review’s Andrew McCarthy revealed in a recent exposé that Weather Underground supporter Susan Rosenberg, whose 1984 sentence of 58 years in prison for possession “of 740 pounds of explosives, an Uzi submachine gun, an M-14 rifle, another rifle with a telescopic sight, a sawed-off shotgun, three 9-millimeter handguns in purses and boxes of ammunition” was commuted by President Bill Clinton, serves as vice chair of the board of directors of Thousand Currents — the radical, grantmaking institution that until July sponsored the BLM Global Network.

Rosenberg was also sought on federal charges that she aided the 1979 prison escape of Joanne Chesimard, a Communist now living in Cuba, and whom Cullors quotes approvingly in her book When They Call You a Terrorist.

(Since July, the Global Center has become “a project” of the Tides Center, another donor and supporter of the hard Left and its ideas).

Mann, who served 18 months in prison for assault and battery and disturbing the peace, remains committed to overthrowing the American system and achieving world revolution through organizing.

He calls his Strategy Center the “Harvard of Revolutionary graduate schools,” or “the University of Caracas Revolutionary Graduate School.”

The Center’s purpose, he told a seminar at the University of California, San Diego in 2008, is “to build an anti-racist, anti-imperialist, anti-fascist united front.”

Mann says that the Center must teach people to organize strategically because “people think they can join an organization, and go out, and change the most dictatorial country in the world by just showing up."

"We don’t think so."

"Organizing is a skill, is a vocation.”

During the Center’s “six-month, intensive training program,” classes offer a mix of theory — Mann’s wife teaches a class on “problems of imperialism, women’s studies, strategies and tactics” — with street activism, where students are held accountable.

“How many people did you organize?"

"How did it go?”

They also teach how to raise funds.

“If we’re going to build a revolution, you gotta ask people for money . . . the poor must pay for their own liberation, so we need to teach you to ask for money,” Mann told the students.

“I spend my time organizing mainly young people who want to be revolutionaries,” Mann said.

If you’re not in organizing, “your life is meaningless,” and you risk becoming a “bourgeois pig.”


The challenge for students, Mann told the class, was to ask themselves, “Am I making decisions to change the system?"

"Am I being tied to the masses?”

Universities serve as vital centers of recruitment and radicalization.

“The university,” Mann explained, “is the place where Mao Zedong was radicalized, where Lenin and Fidel were radicalized, where Che was radicalized."

"The concept of the radical middle class of the colonized people, or in my case the radical middle class of the privileged people, is a model of a certain type of revolutionary.”

The goal for students, he told his class, was to “Take this country away from the white settler state, take this country away from imperialism and have an anti-racist, anti-imperialist and anti-fascist revolution.”


In their 1969 declaration, You Don’t Need a Weatherman to Know Which Way the Wind Blows, Bill Ayers, Bernardine Dohrn, John Jacobs, and other revolutionary leaders of the Weather Underground spoke of black people not so much as the reason for their push to destroy American society and institute world Communism, but as a means to achieve their goals.

American blacks were considered a colonized subject of the United States, along with the people of Vietnam and Bolivia — another victim of U.S. imperialism.

Their liberation was secondary to the general struggle; seeking black liberation for its own sake was just a form of bourgeois nationalism.

“No black self-determination could be won which would not result in a victory for the international revolution as a whole,” the document affirmed.

These are the ideological sources for what could be the largest radical movement in American history — one that could lead to real policy changes.

One component is street pressure, driven by the likes of Mann and Cullors.

Another takes place in plusher environments, such as Fortune 500 companies or the halls of Congress.


Consultants like White Fragility author Robin DiAngelo told 184 Democratic legislators in a conference call in June that their policies hurt black lives.

DiAngelo told The New York Times that “capitalism is so bound up with racism."

"… [it] is dependent on inequality, on an underclass."

"If the model is profit over everything, you’re not going to look at your policies to see what is most racially equitable.”

Up to now, the American system has resisted socialism by offering prosperity and opportunity.

Our politicians today need to understand what they’re facing from the BLM movement and what is at stake.

The “white settler state” of Eric Mann’s fevered mind is in reality the American constitutional order.

The imperialism that Mann, Rosenberg, DiAngelo, and others imagine is the American free-market system that has been the most successful weapon against poverty ever devised.

Political leaders of either party feeling pressured to adopt BLM policies or even just mouth the rhetoric should spend some time examining the movement’s intellectual sources — and its political goals.

Mike Gonzalez is the Angeles T. Arredondo senior fellow on E Pluribus Unum at The Heritage Foundation. He is the author of the new book The Plot to Change America: How Identity Politics is Dividing the Land of the Free.

City Journal is a publication of the Manhattan Institute for Policy Research (MI), a leading free-market think tank.

https://www.city-journal.org/marxist-re ... ves-matter

Re: THE DAILY NEWS

Posted: Mon Oct 26, 2020 1:40 p
by thelivyjr
THE NEW YORK POST

"Kamala Harris blasted for praising BLM as ‘essential’ and ‘brilliant’ amid violence"


By Eileen AJ Connelly

September 26, 2020 | 3:30pm

Kamala Harris praised the “brilliance” and “impact” of Black Lives Matters protests, deeming them “necessary” in comments that led some on social media to slam her as “insane.”

“Nothing that we have achieved that has been about progress, in particular around civil rights, has come without a fight, and so I always am going to interpret these protests as an essential component of evolution in our country — as an essential component or mark of a real democracy,” the California senator said during an interview held as part of the NAACP’s national convention Friday, which was held virtually because of the coronavirus pandemic.

Protests were “necessary,” the Democratic candidate for Vice President said, as “the people’s voices must be heard, and it is often the people who must speak to get their government to do what it is supposed to do, but may not do naturally unless the people speak loudly — and obviously peacefully.”


Harris also praised the “brilliance” and “impact” of Black Lives Matter, without criticizing the ongoing violence at rallies held in the organization’s name in cities across the country, nor the shooting of two police officers in Louisville.

“I actually believe that ‘Black Lives Matter’ has been the most significant agent for change within the criminal justice system,” the former California Attorney General said.

Critics slammed her support for the group, whose co-founder described herself as a “trained Marxist” in 2015.

Many suggested she was supporting riots, violence and intimidation.

GOP operative Arthur Schwartz posted a clip of the interview video with the comment, “Unmoved by the violence in our streets and the brutal attacks on our police officers, Kamala Harris says the ‘protests’ are essential for our ‘evolution’ as a country.”

Others on Twitter slammed Harris as “insane,” and said she should ask the business owners whose shops have been destroyed if they “feel evolved.”

‘I’d like to publicly thank Kamala Harris for telling Americans that the protests (aka riots) need to continue … and hold her personally responsible for the violence and the medical bills … and yes, the deaths, too,” tweeted Christian author Daniel Bobinski.

“I lay this at the feet of Congressional Democrats,” he added.

Voters should remember her comments “when you see cities on fire and people attacked,” tweeted Robby Starbuck, a Cuban-American director and producer.

https://nypost.com/2020/09/26/kamala-ha ... -violence/

Re: THE DAILY NEWS

Posted: Mon Oct 26, 2020 1:40 p
by thelivyjr
RIGZONE

"Dark Monday Hits Oil Market"


by Andreas Exarheas, Rigzone Staff

Monday, October 26, 2020

It’s a dark Monday in the oil market.

That’s what Rystad Energy’s head of oil markets Bjornar Tonhaugen said in a statement sent to Rigzone on Monday, adding that traders are “finally” pricing in Covid-19’s second wave as the pandemic’s infections break daily records in many countries across the globe.

“The latest infection numbers from the U.S. and France, among other nations, are rising by wide margins and restrictions and lockdowns are reinstated globally,” Tonhaugen said in the statement.


“We have long warned that a ‘second wave’ of strict coronavirus restriction measures could be re-imposed, and it’s now happening for real,” he added.

Tonhaugen noted that the curfew announced in Spain and the partial lockdown in Italy threatens to reduce the countries’ 600,000 barrel per day (bpd) and 650,000 bpd road fuel demand, as well as further cut the countries’ flight count.

“Moreover, the U.S. Covid-case count has risen to a new record just one week before the elections, creating further uncertainty,” Tonhaugen said.

“Tighter Covid-19 restrictions could come should there be a change of power,” he added.

In the statement, Tonhaugen highlighted that waiting for a vaccine sometime next year won’t save oil demand in the near term and warned that the market is “increasingly scared”.

The price of Brent Crude oil dropped below $41 per barrel on Monday.

The price of West Texas Intermediate oil dropped below $39 per barrel.

Globally, as of October 26, 10.15am CET, there have been 42,745,212 confirmed cases of Covid-19, with 1,150,961 deaths, according to the latest figures from the World Health Organization (WHO).

The number of global cases has increased consecutively week on week since September 14, WHO figures show.

Global deaths increased by 7.47 percent last week but fell by 7.33 percent in the week before, WHO data outlines.

To contact the author, email andreas.exarheas@rigzone.com

https://www.rigzone.com/news/dark_monda ... 7-article/

Re: THE DAILY NEWS

Posted: Mon Oct 26, 2020 1:40 p
by thelivyjr
REUTERS Bonds News

"TREASURIES - Yield curve flatter on coronavirus, stimulus concerns"


By Ross Kerber

October 26, 20202:29 PM

Oct 26 (Reuters) - Longer-term U.S. Treasury yields fell on Monday as investors sold stocks amid a fast-rising case count in the COVID-19 pandemic and as stimulus talks in Washington dragged on.

The benchmark 10-year yield was down 4.3 basis points in afternoon trading at 0.7977%, well below its four-month high reached on Friday.

New coronavirus infections touched record levels in the United States recently, with El Paso, Texas, asking citizens to stay at home for the next two weeks, while in Europe, Italy and Spain imposed new restrictions.

Equity markets fell and the Dow was on track for its worst day in more than seven weeks.

Traders worry additional lockdowns will slow economies, a story the U.S. Treasury market seemed to ignore for much of October, said Jim Barnes, director of fixed income for Bryn Mawr Trust.

In addition. investors had hoped for a stimulus deal between Republicans and Democrats that would prop up prices, but that seemed little closer as of Monday.

"The market has been having a hard time looking beyond the short-term disagreements" in Washington, Barnes said.

Jim Vogel, interest rate strategist for FHN Financial, said another factor in Monday's trading was the difficulty of predicting which party will control the U.S. Senate after the Nov. 3 elections.

"There's enough uncertainty with regards to how the Senate elections come out, it's easier to wait rather than sell Treasuries on the expectation of a certain outcome," Vogel said.

Democratic control, coupled with a predicted win for the party's presidential candidate Joe Biden, is generally expected to send markets higher on the expectation of an end to Washington gridlock, he said.

In a research note on Monday analysts for top asset manager BlackRock Inc wrote they had downgraded U.S. Treasuries and upgraded their inflation-linked counterparts ahead of the election, citing a growing likelihood of fiscal expansion that would occur should Democrats win both the White House and the U.S. Senate.

"This electoral outcome would bring forward the market pricing of the higher inflation regime that we were already reflecting in our strategic asset views," BlackRock
wrote.

A closely watched part of the U.S. Treasury yield curve, measuring the gap between yields on two- and 10-year Treasury notes seen as an indicator of economic expectations, was at 65 basis points, about 4 basis points lower than Friday's close.

The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down less than a basis point at 0.1494% in afternoon trading.

https://www.reuters.com/article/usa-bon ... SL1N2HH1MP

Re: THE DAILY NEWS

Posted: Mon Oct 26, 2020 1:40 p
by thelivyjr
REUTERS

"Stocks slide on surging COVID-19 cases, stimulus doubts; dollar rises"


By Rodrigo Campos

October 26, 2020

NEW YORK (Reuters) - Stocks across the globe posted their biggest decline in a month on Monday as surging coronavirus cases in Europe and the United States clouded the world economic outlook, giving the U.S. dollar a safe-haven boost.

The United States, Russia and France set new daily records for coronavirus infections as a resurgence of the virus swelled across parts of the Northern Hemisphere, forcing some countries to impose new curbs.

The spreading pandemic, along with lack of progress on a U.S. stimulus package and caution ahead of the Nov. 3 U.S. presidential election, dragged down the MSCI world equity index.

“It’s almost entirely COVID-related."

"We thought all along that the most important factor for the market, good or bad, is COVID and it’s bad (today) because cases are rising,” said Christopher Grisanti, chief equity strategist at Mai Capital Management in Cleveland.

“The administration has come out and said it does not want to slow down the economy, yet as cases rise they may not have a choice."

"So the administration is in a difficult position.”

The Dow Jones Industrial Average fell 650.19 points, or 2.29%, to 27,685.38, the S&P 500 lost 64.42 points, or 1.86%, to 3,400.97 and the Nasdaq Composite dropped 189.35 points, or 1.64%, to 11,358.94.

The pan-European STOXX 600 index lost 1.81% and MSCI's gauge of stocks across the globe shed 1.52%.

MSCI’s gauge of stocks globally hit a record high in September and brushed against it earlier this month.

Emerging market stocks lost 0.51%.

Japan's Nikkei futures fell 0.57%.

Sentiment was also hit by a survey showing German business morale fell in October for the first time in six months.

As markets increasingly price in the likelihood of a Democratic president and Congress which would likely result in a rise in government spending and borrowing, U.S. 10-year Treasury yields hit their highest since early June last week at 0.872%.

“We have raised the probability of a Democratic sweep, already our base case, from 40% to just over 50% and have increased our expectation of (Democratic presidential candidate) Joe Biden to win from 65% to 75%,” NatWest Markets analysts said.

“We see steeper U.S. yield curves and a weaker USD as likely to prevail in our base case.”

Benchmark 10-year notes last rose 11/32 in price to yield 0.8044%, from 0.841% late on Friday.

BlackRock Inc, the world's largest asset manager, on Monday downgraded U.S. Treasuries and upgraded their inflation-linked peers ahead of the U.S. election.

Despite encouraging news about a COVID-19 vaccine out of Oxford, surging coronavirus cases sent investors to the safety of the dollar.

“Skittish investors are scooping up the greenback as virus cases accelerate around the world, stimulus talks in Washington remain in limbo, and trepidation is on the rise ahead of America’s presidential election,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.

The dollar index rose 0.286%, with the euro down 0.45% to $1.1806.

The Japanese yen weakened 0.09% versus the greenback at 104.84 per dollar, while sterling was last trading at $1.3021, down 0.15% on the day.

In commodity markets, spot gold added 0.1% to $1,902.02 an ounce.

Silver fell 1.16% to $24.29.

Oil prices extended last week’s losses.

OPEC’s secretary general said an oil market recovery may take longer than hoped as coronavirus infections rise worldwide, and OPEC and its allies would “stay the course” in balancing the market.

U.S. crude fell 3.21% to $38.57 per barrel and Brent was at $40.46, down 3.14% on the day.

Reporting by Rodrigo Campos; additional reporting by Lewis Krauskopf and Gertrude Chavez-Dreyfuss in New York, Ross Gerber in Boston, Medha Singh in Bengaluru, and Tom Arnold in London; Editing by Mark Heinrich and Sandra Maler

https://www.reuters.com/article/global- ... SL1N2HH2BU

Re: THE DAILY NEWS

Posted: Mon Oct 26, 2020 1:40 p
by thelivyjr
CNN

"Stocks tumble as Covid-19 cases surge and stimulus is nowhere to be found"


By Anneken Tappe, CNN Business

Updated 4:43 PM ET, Mon October 26, 2020

New York (CNN Business)Wall Street took a dive on Monday as coronavirus, Washington intransigence and earnings weighed on the market.

All of this is creating a cocktail of uncertainty that the market doesn't like one bit.


US stocks sold off all day, from the opening to the closing bell, and the selloff just gathered pace during the trading session.

The Dow closed down 650 points, or 2.3%, after falling as many as 965 points at its low point.

All Dow stocks closed in the red except Apple, which eked out a .01% gain.

It was the Dow's worst day since September 3.

The S&P 500 -- the broadest measure of the US stock market -- closed down 1.9%, making it the index's worst day since late September.

The tech-heavy Nasdaq Composite, which had briefly bounced back from its lows in the morning, finished down 1.6%.

Energy, industrials and financials stocks are the among the worst performers of the day.

Those sectors that are more sensitive to the economy and the pace of the recovery felt more pain Monday, said said Eric Freedman, CIO at US Bank.

But there were losses across all sectors.

What's the deal with this selloff?

There's a lot for investors to grapple with: The election is only eight days away, Congress hasn't reached a deal on a new stimulus package and the first look at how the economy fared in the third quarter will be reported on Thursday.

Big Tech companies will report earnings this week as well, including Microsoft, Apple, Google, Facebook and Twitter.

While earnings will inject volatility in the tech sector, "on a more macro level, ongoing US stalemate over US fiscal stimulus and the rapidly spreading Covid-19 is going to determine the direction for the wider markets," said Fawad Razaqzada, market analyst at Think Markets, in a note.

The ever-slimming chance of a new stimulus package before next week's election isn't a new factor for the market.

And yet it has been a big driver of the action over the past weeks, even as nothing has really changed as a result of recent negotiations.

So what changed?

"I think the big difference this time around [is]...there's been a tremendous amount of hope baked into the market for quite a while, and we saw some things over this weekend that hit those assumptions hard," Brad McMillan, CIO of Commonwealth Financial Network, told CNN Business.

On Sunday the US hit a new record for average daily coronavirus cases.

And the passing of the weekend dimmed hopes of a new stimulus deal, which is unlikely to get the needed votes in the Senate as Election Day approaches.

Absent economic stimulus, the US recession could "double dip" -- a second wave of uncertainty and strife as coronavirus cases soar and businesses are forced to shut their doors.

The prospects of having to lock down again are scary for economists and investors alike.


In Europe, the virus is spreading so quickly again that governments have brought back various restrictions.

European markets finished in the red across the board.

How we got here

It's been a roller coaster year for stocks.

The three major indexes have rallied back -- helped by hopes over government spending -- after an ugly September, when tech stocks led a plunge nearly into correction territory.

The S&P is still about 5% above its late-September low, for example, even with Monday's selloff.

McMillan said Monday's downturn isn't investors selling out of sheer panic, but rather a healthy repricing that more accurately reflects the state of the many situations afoot.

"There's still a fair bit of cushion in prices even after today's selloff," he added.

https://www.cnn.com/2020/10/26/investin ... index.html

Re: THE DAILY NEWS

Posted: Tue Oct 27, 2020 1:40 p
by thelivyjr
REUTERS

"Oil rises 2% on U.S. Gulf shutdowns, outlook weak"


By Laura Sanicola

October 26, 2020

NEW YORK (Reuters) - Crude settled higher on Tuesday as companies shut down some U.S. Gulf of Mexico oil production ahead of an approaching storm, although surging coronavirus infections and rising Libyan supply limited gains.

Companies including BP, Chevron, Shell and Equinor ASA evacuated rigs or closed facilities.

So far producers have shut 16%, or 294,000 barrels per day (bpd) of oil output due to Zeta, which weakened to a tropical storm on Tuesday from a hurricane on Monday, the U.S. National Hurricane Center (NHC) said.

Brent crude closed up 75 cents, or 1.9%, at $41.21 per barrel by 1:22 EDT (1722 GMT).

U.S. oil gained $1.01 cents, or 2.6%, to $39.57.

Both contracts fell more than 3% on Monday.

The storm-induced bump in prices may be short-lived, however, with demand expected to weaken anew with coronavirus cases rising.

“We have a lot of weakness...no vaccine, no stimulus, and the very real possibility of a contested election in a couple days, and a stock market that won’t react positively to that,” said Bob Yawger, director of energy futures at Mizuho.

Libya’s production should rebound to 1 million bpd in coming weeks, complicating efforts by other OPEC members and allies to restrict output.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are planning to increase production by 2 million bpd from January after record output cuts this year.

That would cut overall reductions to 7.7 million bpd - still an enormous amount by the standards of major oil producers, but it may not be enough to offset weak demand.

Russian President Vladimir Putin, speaking last Thursday, did not rule out extending the cuts for longer.

“As the virus continues to spread, the odds of additional OPEC + production tends to diminish in helping to provide some balance to the market,” said Jim Ritterbusch, president of Ritterbusch and Associates.

The latest weekly U.S. oil inventory figures, due later on Tuesday and on Wednesday, are expected to show rising supplies.

Analysts polled by Reuters expect crude stocks to rise by about 1.1 million barrels.

Additional reporting by Alex Lawler, Aaron Sheldrick and Sonali Paul; Editing by David Gregorio, Marguerita Choy and Jason Neely

https://uk.reuters.com/article/global-o ... KL1N2HI07M

Re: THE DAILY NEWS

Posted: Tue Oct 27, 2020 1:40 p
by thelivyjr
CNBC

"10-year Treasury yield falls for a third straight day amid market volatility"


Yun Li @YunLi626, Sam Meredith @smeredith19

Published Tue, Oct 27 20205:40 AM EDT Updated Tue, Oct 27 20209:44 AM EDT

Treasury yields fell on Tuesday as investors flocked to safe bonds amid heightened volatility on Wall Street ahead of Election Day.

The yield on the benchmark 10-year Treasury note dipped to 0.791%, falling for a third straight session.

The 10-year rate dropped nearly 4 basis points on Monday amid a big sell-off in equities.

The yield on the 30-year Treasury bond was also down at 1.575%.

Yields move inversely to prices.

The decline came when market participants are increasingly concerned about the economic impact of an upsurge in coronavirus cases.

A wave of new Covid-19 infections around the world has prompted some countries to impose fresh restrictions as winter looms.

To date, more than 43.5 million people have contracted Covid-19 worldwide, with 1.16 million related deaths, according to data compiled by Johns Hopkins University.

On the data front, demand for durable goods surged more than expected in September with new orders rose 1.9% for the month, compared to the 0.4% expectation from a Dow Jones economists survey.

Consumer confidence for October, the Richmond Fed manufacturing survey for October and third-quarter housing vacancies are all scheduled to be released at 10:00 a.m., with Dallas Fed services to follow slightly later in the session.

The U.S. Treasury will auction $30 billion of 119-day bills, $30 billion of 42-day bills, and $54 billion of 2-year notes on Tuesday.

https://www.cnbc.com/2020/10/27/us-bond ... focus.html

Re: THE DAILY NEWS

Posted: Tue Oct 27, 2020 1:40 p
by thelivyjr
CNBC

"Dow futures fall 150 points as Wall Street grapples with rising Covid-19 cases, earnings"


Fred Imbert @foimbert

Published Tue, Oct 27 20206:00 PM EDT

U.S. stock futures fell on Tuesday night following a mixed session in which traders weighed a recent uptick in coronavirus infections.

Dow Jones Industrial Average futures traded 115 points lower, or 0.4%.

S&P 500 slid 0.5% and Nasdaq 100 futures dipped 0.3%.

The Dow fell more than 200 points during regular trading and the S&P 500 slipped 0.3%.

The Nasdaq Composite, meanwhile, advanced 0.6%.

Tuesday’s divergent market action came as names that would benefit from people staying at home — such as Amazon and Zoom Video — rose broadly while stocks dependent on the economy reopening declined.

Daily U.S. coronavirus cases have risen by a record average of 69,967 over the past week, data compiled by Johns Hopkins University showed.

Meanwhile, coronavirus-related hospitalizations are up 5% or more in 36 states, according to data from the Covid Tracking Project.

This uptick has led some countries to reinstate certain lockdown measures.

In the U.S., the state of Illinois has ordered Chicago to shut down indoor dining.

“Uncertainty about COVID-19-related mobility restrictions and US politics mean we should expect volatility to remain elevated for the balance of the year,” said Mark Haefele, chief investment officer for global wealth management at UBS, in a note.

“However, we continue to see upside over the medium term.”

“With ten vaccine candidates in late-stage trials globally, our central scenario is that restrictions can start to be lifted by 2Q21, helping corporate earnings recover to pre-pandemic highs by around the end of 2021,” he said.

Earnings

Wall Street also pored through the latest batch of corporate earnings for the previous quarter, including those of tech giant Microsoft.

Microsoft reported better-than-expected earnings and revenue for the previous quarter as sales from its cloud business grew sharply.

However, the stock dipped 0.3% in after-hours trading.

“Redmond is continuing to see strength in the field as more enterprises move to the cloud,” Wedbush analyst Dan Ives said in a note.

“This is a stark contrast to the earnings debacle we saw from mature software stalwart SAP earlier this week which highlights the clear winners and losers in this cloud shift with MSFT leading the way.”

First Solar also posted quarterly numbers that beat analyst expectations, sending its shares up about 10% after the bell.

Boeing, General Electric, UPS and Fiat Chrysler are among the companies set to report Wednesday before the bell.

https://www.cnbc.com/2020/10/27/stock-m ... -news.html

Re: THE DAILY NEWS

Posted: Wed Oct 28, 2020 1:40 p
by thelivyjr
SME

"Durable Goods Orders Rise on Transportation"


By Bill Koenig Senior Editor, SME Media

October 27, 2020

Durable goods orders increased in September on transportation equipment, the U.S. Commerce Department said today.

Orders rose 1.9 percent to $237.1 billion, the department said in a monthly report.

That was up from an adjusted $232.7 billion the month before.

September marked the fifth consecutive monthly increase as makers of durable goods have recovered from plant shutdowns earlier this year stemming from the novel coronavirus (COVID-19).

The transportation equipment category posted a gain of 4.1 percent to $76.8 billion in September.

The sector has had increases four of the five past months.

Within transportation, orders for motorized vehicles and parts rose 1.5 percent to $62.4 billion.

Orders for commercial aircraft totaled $1.8 billion after having been in negative territory in previous months due to canceled orders.

Defense aircraft orders slid 46 percent to $2.14 billion.

The auto industry resumed production in May following COVID-19 factory shutdowns.

Demand hasn’t reached pre-pandemic levels but automakers have worked at relatively stable levels.

Aerospace has been more volatile.

Demand for commercial airline flights remains down because of COVID-19.

Forecasts vary concerning when that will change.

Excluding transportation, durable goods orders gained 0.8 percent in September.

Excluding defense, orders increased 3.4 percent.

Among other durable goods categories, orders for primary metals gained 4 percent to $19.3 billion.

Orders for fabricated metal products rose 1.2 percent to $30.8 billion.

Orders for machinery declined 0.3 percent to $31.2 billion.

The report is based on a survey of about 3,100 companies.

https://www.sme.org/technologies/articl ... portation/