SEVERE WX : Flood Warning View Alerts

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 11:48 AM
Updated: Nov 9, 2018 11:48 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.

Banking, finance and investments

Business, economy and trade

Financial markets and investing

Securities trading

Stock markets

Business and industry sectors

Commodity markets

Energy and utilities

Energy commodities

Oil and gas industry

Oil prices

Company activities and management

Company earnings

Economic indicators

Economy and economic indicators

Financial performance and reports

Financial results

Stock indexes

Continents and regions

Government organizations - US

North America

The Americas

The Fed

United States

US federal departments and agencies

US government independent agencies

Broadcasting industry

Companies

Digital and streaming video

Internet and WWW

Internet broadcasting

Media industry

Movie and video industry

Netflix Incorporated

Streaming media

Technology

UBS AG

Asia

Bear market

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%

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

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

Lafayette
Partly Cloudy
32° wxIcon
Hi: 41° Lo: 29°
Feels Like: 26°
Kokomo
Clear
27° wxIcon
Hi: 38° Lo: 27°
Feels Like: 17°
Rensselaer
Partly Cloudy
27° wxIcon
Hi: 37° Lo: 26°
Feels Like: 27°
Lafayette
Partly Cloudy
32° wxIcon
Hi: 38° Lo: 28°
Feels Like: 26°
Danville
Partly Cloudy
30° wxIcon
Hi: 39° Lo: 29°
Feels Like: 22°
Frankfort
Partly Cloudy
28° wxIcon
Hi: 40° Lo: 29°
Feels Like: 21°
Frankfort
Partly Cloudy
28° wxIcon
Hi: 39° Lo: 28°
Feels Like: 21°
Monticello
Partly Cloudy
27° wxIcon
Hi: 39° Lo: 28°
Feels Like: 21°
Monticello
Partly Cloudy
27° wxIcon
Hi: 39° Lo: 28°
Feels Like: 21°
Logansport
Partly Cloudy
27° wxIcon
Hi: 36° Lo: 26°
Feels Like: 27°
March comes in like a lamb...
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 661673

Reported Deaths: 12573
CountyCasesDeaths
Marion906391639
Lake48389876
Allen35806635
Hamilton32056396
St. Joseph29947512
Elkhart25376414
Vanderburgh21245378
Tippecanoe20000201
Johnson16336359
Porter15957270
Hendricks15813300
Clark11946181
Madison11741316
Vigo11595229
Monroe10328161
Delaware9836179
LaPorte9761196
Howard9055197
Kosciusko8561109
Bartholomew7448147
Warrick7412150
Hancock7404131
Floyd7200169
Wayne6631191
Grant6424157
Morgan6084125
Boone608288
Dubois5903111
Dearborn547067
Cass544399
Marshall5423104
Henry542093
Noble509078
Jackson464566
Shelby460290
Lawrence4180112
Gibson401281
Harrison399663
Clinton395453
Montgomery386783
DeKalb385178
Knox357285
Miami357263
Whitley349136
Huntington343976
Steuben338155
Wabash331176
Putnam329759
Ripley327061
Adams323149
Jasper315943
White297352
Jefferson294873
Daviess285396
Fayette271556
Decatur270888
Greene261280
Posey260831
Wells258274
Scott250350
Clay241044
LaGrange240870
Randolph225576
Spencer217130
Jennings215044
Washington211027
Sullivan203239
Fountain201442
Starke188051
Owen182153
Fulton178237
Jay177728
Carroll176518
Perry173235
Orange171250
Rush164722
Vermillion160442
Franklin159435
Tipton146341
Parke139216
Pike127632
Blackford120627
Pulaski106444
Newton96531
Brown94939
Benton91913
Crawford90613
Martin80114
Warren75814
Switzerland7537
Union67110
Ohio53311
Unassigned0431

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events