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JPMC the large US investment bank has been fined $920m for 'spoofing' (market manipulation) the mrkts in metal futures and treasury securities.
Spoofing is used by dishonest traders to give the impression there is demand through millisecond trades when there is none as these are cancelled almost immediately giving a wholly misleading view. Its 'win-win' for them. JPMC stock put on 21c after hours.
Banks usually see their stock go up after trader skullduggery. This is the Bank who have a 60p price target on RR. That values the company at less than my corner shop. The fine is derisory for JPMC made $4.7bn in net income to June. Cheating the mrkts is fine especially if committed by a large well known Bank who come under the 'too big to fail' category.
Palm oil is facing strong headwinds in its bid to replace fossil fuel as an energy source. Diesel (gasoil) prices have tanked 45% ytd sending its discount to palm to its highest since 2011. Palm oil is c.$350 a ton more expensive than gasoil and has more than doubled this year at one time stretching the disc to $400.
President Joko is committed to maintain the B30 mandate which will inevitably fall on palm companies paying more in levies etc.. Other Govts are balking at the large subsidies to fund the biodiesel program which currently is hugely uneconomic.
Something will have to give. Cpo prices are falling back from recent $800 highs which are out of whack v crude at $41. Noone is expecting crude to revisit $60 anytime soon, so i would not be surprised to see palm struggling to stay above $700 especially if the pandemic last through 2021 without an effective vaccine.
Next announcements from palm companies are:
Nov '20 Anglo Q3 nos.
Jan '21 Mpe crop & output
Feb '21 Rea trading update.
DJ -131 (27,453)
SP -16 (3335)
NS -32 (11,085)
R2 -6 (1505)
Amaz $3150 -24
Apple $114 -1
Boeing $164 -5
Exxon $34 -1
Msoft $208 -2
United $35 -1
Zoom $466 -21
A nothing day on US markets as the indices moved from small losses to gains throughout the session. The 500 looks to post a near 5% decline in Sept its worst result since 2011. Its estimated that 20% of the equity mrkt is sitting in cash.
Talk was of the up'coming Biden, Trump debate in Cleveland which is expected to be low on factual news, high on bad tempered points scoring and that's exactly how it turned out, two elderly white men shouting at each other. Plus ca change.
Nos: Oil $41.17. Vix 26.
Gold $1890. Copper $3.000.
Palm $748. $1•285. €1•095.
IDR 14,895. MSCI(W) 563.
FF -7. DF +35.
UK 446,156 (42,072)*
Indonesia 282,724 (10601)•
* 7143 cases
* 71 deaths
• 4106 cases
• 128 deaths
- 33•8m cases
- 1•01m deaths
- 25•1m recovered
DJ +410 (27,584)
SP +53 (3352)
NS +204 (11,118)
R2 +35 (1510)
Amaz $3190 +95
Apple $115 +3
Boeing $166 +15
Goldman $200 +5
Msoft $211 +3
Nflix $492 +9
United $36 +2
Zoom $490 -7
Nos: Oil $42.69. Vix 26.
Gold $1889. Copper $2.989.
Palm $764. $1•286. €1•101.
IDR 14,907. MSCI(W) 564.
FF +10. DF +97.
UK 439,013 (42,001)*
Indonesia 278,618 (10,473)•
* 4044 cases
* 12 deaths
• 3405 cases
• 85 deaths
Just goes to prove good results mean diddly...kinda knew that anyways. Don't expect the sp (59) to reach 70 by year end as the occasional small lot seller keeps the price bouncing in a wide 10% band. Not sure who benefits as very few buyers pick up loose stock and the spread is a disincentive to even the casual passer by.
The jobber boys cant make a living off non performers like REA and seem reluctant to encourage more volumes.
Thats Ok by me. I rarely ever see a consistent rise in sp's...oops hang on, I remember one 40 years, blimey was it that long ago ffs?....Trafalgar House, thanks Mr Broakes! I'm resigned to parking here till year end results sometime in 2021. I cannot wait that long for if my forecast upside
(12p) proves correct will be a damp squib in cash terms as 13% if that will be eaten up by costs. Late news some small Director buys had no bearing on sp which hasn't been over 58 bid c'ept on a fleeting occasion or two.
Could be a sign of the times and for the lth not worth bothering with. I'd go along with that in the medium term having no need to cash out even at a small loss, so I'll stick around to be o'rnery in the hope something out of the ordinary occurs like reducing the spread to 1.
A mixed start to wk40 trading, after Friday's rise on Wall though the MSCI Asia-Pacific is just above a 2 month low (544). Profits at Chinese industrial companies grew for the 4th straight month to August priced in on the SHCOMP.
Nevertheless covid clouds, infection spikes, global recovery hopes and Trump v Biden debate on Tuesday continue to be causes for concern.
Trump will have to rebut news of his alleged non payment of tax very conveniently surfacing in time for Tuesdays debate. He denies the allegations printed in the NY Times, saying it's old fake news.
At 1:00pm JST
Nos: Oil $41.67. Vix 26.
Gold $1865. Copper $2.984.
Palm $762. $1.277.€1.097.
IDR 14,913. MSCI(W) 555.
FF +74. DF +132.
UK 434,969 (41,988)*
Indonesia 275,213 (10,386)•
* 5692 cases
* 17 deaths
• 3874 cases
• 78 deaths
1,002,389 global deaths.
The S&P 500 performance (peak to peak) during the last 6 major financial crashes (covid-19 on-going).
* 1929-1954 Great crash
Days duration 7256
* 1973-1980 Oil shock
Days duration 1899
* 1987-1989 Black Monday
Days duration 402
* 2000-2007 .com bubble
Days duration 1808
* 2013-2020 Financial crisis
Days duration 1379
* 2020- Covid-19
Days duration 117
UK 429,277 (41,971)*
Indonesia 271,339 (10,308)•
* 5951 cases
* 35 deaths
• 90 deaths
• 90 deaths
UK 423,326 (41,936)*
Indonesia 266,845 (10,218)•
* 6963 cases
* 34 deaths
• 4823 cases
• 113 deaths
Cpo recovered Thursdays losses gaining $22 on the day to close at c$773 and for Sept $777 ($548). Currently runs ytd at c.$689. REA volume on the week was just short of c.500,000 and closed at 59-63.
Other palm stocks on wk39, Anglo added 22, MPE down 45. The KLPI fell 97 and runs 9% down ytd.
DJ +359 (27,174)
SP +52 (3298)
NS +241 (10,914)
R2 +23 (1475)
A sustained rally from the early morning days low of 26,635 pushed the 30 to 27,174 (+359) led up by Boeing, Apple, UH and Msoft.
Investors piled into techs after the 331 slump on Wed leading to a wks rise for the Nsdq100. There were no changes to the economic or virus background.
Oil $41.85. Vix 28. Gold $1864.
Copper $2.978. Palm $773.
$1•297. €1•096. IDR 14,888.
Oh well, whose surprised that the sp is lower / on a par post the results? Are you? I'm not. I posited such an occurrence a few posts ago. Not saying I'm a clever dick, which I obviously am but hey,hey,hey, I call it as I see it.
Don't buy into the headline price, it means zilch, mind you sometimes the bid is in the cloud as well. Whatever any rise in the sp will make zero diff to the sub 20,000 holding of pis. At close you can sell for 59 which might pay for the Co admin costs.
As the lockdown gets worse, I rarely venture outside of my broom cupboard for fear of contacting a virus floating through the air, that's how you catch it, right?.....I'm kidding, you know that. I try and observe Govt guidelines but *uckf* me i'll draw the line at having to wear a mask in a Pub.
Evening all, a wks summary may appear shortly when I have recovered from a boozy lunch session and have calmed down.
A zillion on MS... not many recorded on Lse ( that's par for the course) and let's be fair does it make any difference at all? I dont think so, as most will be flipped for a 1/2p turn if lucky.
Perhaps its best one ignores 1million trades or 10 given the inaccuracy. One thing I'm certain off that vols either way has zero impact on sp appreciation . I know that's going against perceived wisdom, but I'll stick with it.
I could give you examples but would not be applicable here in this time or space. Scoreboard watching is best avoided!
Left pub...queuing outside Iceland.
I know to the dogs!
Walked into my local the last bastion of trad pub drinkers ( in my area) and was confronted by bar staff wearing bloody masks! FFS! I can walk in maskless but the staff have to wear one under Boris's Booze law!
I'm lost for words and that's a first...
I happened to walk past Iceland at 9:30am and the queues....well forget it!
Where is this country going?
A certain o..lie I invested in has just arranged a $300m unsecured 2025 bond at.....wait for it...9.25%
C on a bike what a terrible deal for shareholders and this co is positive cash flow, cash in Bank!
I hope REA if they have any spare loot at year end consider retiring some of the bonds which are costing us a bundle annually.
Ftse called better and Wall looking upwards. It's a Friday so vols tend to fall and REA no exception albeit trades have been better ahead of wks close.
Palm bouncing back from yesterdays $25 fall and looks to close ahead of last wks ytd average.
I have them!
Back in the 'good old days heh,heh,heh stock mrkt life was so much better, oops, easier I should have said as access to mrkt info was severely limited, ringing up your broker every hour was out of the question. You bght & forgot.
Chances are the stock you bght would only appear in the FT and few pis ever bght the FT, so checking sps was difficult. Did it worry me? Not really as I'd find a way once a week or month. Anyways my Dad told me to put my cert in the bottom drawer and forget about it. I wasn't that bothered. I am talking well pre Sid.
The American invasion and 'Big Bang' changed everything. Stock Broking was no longer the preserve of the upper classes and share ownership became available to everyone.
That of necessity led us to the 2000's, mobile phones, instant access to prices, buy, sells at a click, chat forums full of the unwashed and Social Media the curse of the 2020s
Call that progress? Yes in the vast majority of cases mobs have changed peoples lives for the better you just have to filter out all the doom 'n gloom merchants polluting the air waves. In my lifetime I would rate it man's greatest achievement outside of finding a cure for all diseases
ending poverty etc.. Can you in all honesty live without your mobile? I thought I could until I bght one!
JL. Have never seen anything like that, but seems all those trades now deleted ?
UK 416,363 (41,902)*
Indonesia 262,022 (10,105)•
* 6634 cases
* 40 deaths
• 4634 cases
• 128 deaths