Wall Street Breakfast June 13: Oil Bounces On Tanker 'Incident'


Good morning today is Thursday, June thirteenth. You're listening to seeking alpha the leader in market news and analysis, I'm Steve Brown. And this is Wall Street breakfast. Subscribe to this podcast on Google play apple podcasts. I tunes soundcloud Stitcher or Spotify. Wall Street breakfast is presented by Invesco, everyday Invesco. We bring together ideas with technology data with inspiration and investors with solutions. Let's invest in greater possibilities together. Find out more at Invesco dot com slash together. Our top stories today. Oil bounces on tanker incident futures rebound and deficit on watch or not. Leading today's news, the last few sessions oil prices have been flashing red as they neared the fifty dollar level. But attacks onto oil tankers off the coast of Iran early Thursday, have sparked a sudden turnaround, WTI futures are now ahead by three percent to fifty dollars and sixty six cents per barrel. While Brent contracts jumped three point one percent to sixty one dollars and eighty two cents per barrel, frontline said one of its vessels front. Al-tair was on fire while the other ship the coca courageous was damaged, but afloat the incident comes one month after four tankers were sabotaged in the Gulf of Oman off the eight or of Jarrah in an attack. The US linked to Iran. In other news, the oil price surge has given a boost to US stock index futures which were in the red overnight before attacks onto tankers off the coast of Iran. Dow futures are indicating a positive open of seventy points. While futures on the s&p, NASDAQ were point four percent and point eight percent higher respectively. Also boosting sentiment. President Trump declined to set a deadline on living new tariffs on another three hundred and twenty five billion dollars of Chinese goods while data yesterday showed the nation's inflation was weaker than expected, boosting chances of fed rate cut. The US government racked up a deficit of two hundred eight billion dollars in may as it received two hundred thirty two billion dollars, but spent four hundred and forty billion during the month, according to the monthly treasury statement that means for the first time in US history, the federal government spent more than three trillion dollars in the first eight months of the fiscal year. The deficits rise follows the 2017 GOP tax act, which the CBO project would add some one point nine trillion to the debt over a decade as well as bipartisan plans to increase spending on both the defense and domestic sides of the ledger. Following its record twenty five billion. Dollar float in New York in twenty fourteen. Alibaba has filed confidentially for follow on listing in Hong Kong. Bloomberg reports the move which could raise another twenty billion would provide Alibaba with additional capital to fund its new initiatives like cloud computing. And he must supermarkets. It will also get mainland investors, their first direct access to one of China's biggest success stories via the stock connect trading link between Hong Kong, Shanghai and Shenzhen. The benchmark Hang Seng index slid as much as one point five percent on Thursday. The clothes back at the starting line, as thousands of protesters ready for more clashes with police over a plan to extradition law. The one month Heibo rate rose two point sixty three percent while three months, I've are hit two point fifty six percent surging to their highest level in more than a decade analysts also attributed soaring rates to seasonally strong demand for the Hong Kong dollar ahead of upcoming corporate dividend payments and an expected raft of IPO's in the city. Upping his criticism of Nord Stream two, which is being led by Gazprom. President Trump said he's looking at sanctions to block the new seven hundred sixty mile natural gas pipeline that would leave Germany captive to Russia eastern European Nordic, and Baltic Sea countries see the project as increasing Moscow's economic grip on Europe, but many politicians in energy companies in Germany supported because the country needs steady gas supplies. As it seeks to win itself off a coal nuclear power. French finance minister, Bruno Lemaire will meet Renault chairman, John Dominic scenario with the ladder still furious over the government's interference in what led to the collapse of merger talks with Chrysler ahead of the meeting. Lemaire said, FCA Renault merger remains quote, an interesting opportunity, but added he would tell scenario that strengthening the Renault Nissan. Alliance was the priority. The French state is Renault's biggest shareholder. Target is bringing it same day delivery option to the masses leveraging shipped a platform. It acquired for five hundred fifty million in two thousand seventeen instead of ninety nine dollars annual membership shoppers in forty seven states across the country will have the option to get online items delivered the same day by paying a flat fee of nine dollars ninety nine cents per order. It's the latest move in an ongoing and heated delivery war both WalMart, and Amazon recently announced next day, delivery options with WalMart promising to reach roughly seventy five percent of American consumers by the end of nineteen. Part of an ongoing push into the video game industry. Netflix will release a mobile game in twenty twenty based on the hit original series, stranger, things the game will be in the style of a nineteen eighty Saturday morning cartoon and will integrate Google maps, so players, can quote explore the upside down hidden around them in their Staley travels and work with Bela fans to fight back. It's emerging evils the company made the announcement at the three gaming conference, but made no reference to a rumored expansion into video game streaming. Colorado has now generated more than one billion dollars in total state revenue from the marijuana industry. Another milestone for the state that legalized cannabis in twenty fourteen quote, it's going very well, it's creating tens of thousands of jobs, tax revenue for the state filling up buildings for landlords, and reducing crime. Governor Jared polis said in may hot sales contribute to the state, general reserve fund, as well as education and health care, including mental health services, and youth drug parental programs. Illinois only recently became the eleventh US state to approve cannabis for recreational adult use. As of six twenty m today. US futures crude oil, and gold are all slightly up on today's economic calendar. Initial jobless claims are out at eight thirty A M eastern time. That concludes today's Wall Street breakfast. Thank you for listening Wall Street. Breakfast is presented by Invesco everyday at Invesco. We bring together ideas with technology data with inspiration and investors with solutions. Let's invest in greater possibilities together. Find out more at Invesco dot com slash together for the best investment analysis, and news on the web, go to seeking off dot com. Subscribe to this podcast on Google play apple podcasts. I tunes soundcloud Stitcher or Spotify. You can sign up for our other podcasts essays for F as the marketplace roundtable podcast, the cannabis investing podcast and behind the idea on those platforms as well. The latest cannabis investing podcasts looks at how the cannabis alcoholic beverage industries are. On a collision course while the latest marketplace roundtable podcast looks at apple in the new chip paradigm have a wonderful day.

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