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Oil bear market; UBS dragged back; Netflix in Asia

1. Oil bears: US oil prices are under pressure again after falling into a bear market on Th...

Posted: Nov 9, 2018 10:48 AM
Updated: Nov 9, 2018 10:48 AM

1. Oil bears: US oil prices are under pressure again after falling into a bear market on Thursday.

US crude futures fell 1.4% to just above $60 per barrel early on Friday. They've slumped more than 20% since hitting a high of $76 on October 3. Global benchmark Brent crude followed suit on Friday, dropping 1.3% to under $70 per barrel and also entering bear market territory.

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Analysts blame the slump on a combination of factors. Investors are worried that a global economic slowdown will eat into demand for energy. The Trump administration's decision to waive temporarily the threat of punishment for some countries that continue buying oil from Iran has contributed to the slump.

Higher production in Texas and Saudi Arabia is adding even more pressure.

2. UBS lawsuit: Shares in UBS (UBS) dropped 3% on Friday, after the US Department of Justice filed a lawsuit against the Swiss bank over its sales of residential mortgage-backed securities (RMBS) in 2006-2007.

"Investors who bought RMBS from UBS suffered catastrophic losses, which not only caused direct harm to those investors, but also contributed to the financial crisis of 2008," United States Attorney Richard Donoghue said in a statement.

UBS said it will contest the claims made by the DoJ, which it said were "not supported by the facts or the law."

3. Netflix bets on Asia: Netflix (NFXL) is stepping up its game in Asia, where it has been lagging behind local competitors such as India's Hotstar, which is being bought by Disney (DIS) as part of the 21st Century Fox (FOXA) deal.

The streaming company announced 17 new original productions from Japan, Taiwan, Thailand, India and South Korea on Thursday. Nine will be in India.

Netflix said it believed the new content will resonate globally. "More than half of Asian content hours viewed on Netflix this year are viewed outside the region, so we have confidence that our upcoming slate of Asian productions will find fans in their home countries and abroad," said Ted Sarandos, chief content officer at Netflix.

4. Global market overview: US stock futures were pointing lower early on Friday after the Federal Reserve reinforced market expectations of a rate hike in December.

The Fed left rates on hold on Thursday, but its statement indicated policymakers believe the US economy is strong. The optimistic tone made investors believe a December hike is firmly in the cards.

"The [Fed] meeting ... has left the market with a 75% chance of a December hike priced in and that seems, if anything, a little low," noted Kit Juckes at Societe Generale.

European markets opened lower, following a negative session in Asia.

The Dow Jones industrial average was flat on Thursday. The S&P 500 declined 0.3%, and the Nasdaq lost 0.5%

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5. Earnings and economics: MoneyGram (MGI), Tribune Media (TRCO) and Rockwell Collins (COL) are set to report earnings before the opening bell on Friday.

US producer prices data will be published by the Bureau of Labor Statistics at 8:30 a.m. ET.

The University of Michigan preliminary consumer sentiment report for November will be released at 10 a.m. ET.

Latest UK GDP data showed the British economy grew 0.6% in the three months to the end of September, unchanged from the previous quarter.

Shares in Volkswagen (VLKAF) dropped 2.8% in Frankfurt after the carmaker said global sales of Volkswagen branded vehicles dropped 6.2% in October compared to the same month last year. The company partly blamed trade tensions between the United States and China, where its sales fell by almost 10%.

Markets Now newsletter: Get a global markets snapshot every afternoon. Sign up now!

6. Coming this week:

Friday — MoneyGram, Tribune Media, Rockwell Collins earnings; consumer sentiment data

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 488170

Reported Deaths: 6602
CountyCasesDeaths
Hennepin1012851589
Ramsey43273808
Dakota36543394
Anoka33430390
Washington22183261
Stearns18786202
St. Louis14866265
Scott13381107
Wright12580116
Olmsted1184890
Sherburne877174
Carver783241
Clay694587
Rice672291
Blue Earth599635
Kandiyohi580674
Crow Wing522782
Chisago501045
Otter Tail485570
Benton449290
Winona420049
Mower410031
Douglas393768
Goodhue388069
Nobles387147
Polk344663
McLeod340550
Beltrami338751
Morrison326247
Itasca314246
Becker313942
Lyon313844
Isanti308256
Steele303011
Carlton300249
Freeborn285824
Pine282616
Nicollet261541
Todd249230
Brown247237
Le Sueur237420
Mille Lacs229047
Cass221024
Waseca210117
Meeker208134
Martin190629
Wabasha18713
Roseau180917
Hubbard160741
Houston158114
Dodge15384
Renville151640
Redwood147127
Fillmore13908
Pennington137716
Chippewa136835
Cottonwood135920
Wadena131320
Faribault124517
Aitkin119233
Watonwan11798
Sibley117610
Rock116114
Kanabec108119
Pipestone101824
Yellow Medicine97717
Murray9538
Jackson94210
Swift87818
Pope8095
Marshall78415
Stevens7468
Lake74218
Clearwater71914
Lac qui Parle68616
Wilkin67711
Koochiching62111
Big Stone5163
Lincoln5122
Grant4918
Norman4788
Unassigned44768
Mahnomen4437
Kittson40921
Red Lake3615
Traverse3105
Lake of the Woods2221
Cook1180

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 336947

Reported Deaths: 5491
CountyCasesDeaths
Polk51993559
Linn19497317
Scott17149212
Black Hawk14956293
Woodbury13828214
Johnson1314875
Dubuque12444195
Dallas1021893
Pottawattamie9877146
Story963545
Warren514076
Clinton502184
Cerro Gordo500683
Webster495588
Sioux479869
Marshall464273
Des Moines427961
Muscatine425693
Buena Vista412637
Wapello4042110
Jasper387267
Plymouth368578
Lee354453
Marion341171
Jones285055
Henry279837
Bremer270255
Carroll266649
Crawford253535
Boone244030
Benton240854
Washington239247
Mahaska215746
Jackson209939
Dickinson204140
Tama202865
Kossuth198655
Delaware186140
Clay184425
Winneshiek183228
Fayette179235
Page177919
Buchanan177829
Wright174231
Hamilton173842
Cedar172723
Hardin169839
Harrison167670
Clayton160154
Butler159231
Mills148420
Floyd148141
Poweshiek148030
Cherokee146236
Lyon145541
Allamakee144148
Madison143018
Iowa140323
Hancock138030
Grundy132230
Winnebago130531
Calhoun129411
Cass129251
Jefferson128634
Appanoose123347
Louisa122444
Mitchell120540
Chickasaw119915
Union119131
Sac118718
Shelby117433
Emmet115440
Humboldt113725
Guthrie109628
Franklin109219
Palo Alto101321
Howard99522
Montgomery96936
Clarke95020
Keokuk92529
Monroe89828
Adair81529
Ida81532
Pocahontas80919
Davis76523
Monona76427
Greene73110
Lucas72121
Osceola68315
Worth6678
Unassigned6590
Taylor64112
Decatur5699
Fremont5599
Van Buren53718
Ringgold50620
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Wayne47121
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