Car wrecks, motor shows & some markets driving in the red

By Alex Moffat. Published at Jan 18, 2019, in Market Wrap

Yesterday, I received a text from the United Australia Party, telling me that if elected, it would ban unsolicited texts.
The irony.

Meanwhile, the American reporting season continues, and last night we heard from Morgan Stanley, which reported a quarterly pre-tax operating profit of US$1.9 billion, down 25% on the previous corresponding period.

The result was negatively impacted by weaker bond trading revenue and slippage in its wealth management business. The company embarked on this latter item to steady revenue and earnings. The company’s shares fell around 5% on the result.

The car industry has several important shows each year, the most prominent being the Geneva, London and Detroit shows. These give car companies the chance to show off their concept cars, as well as debut new models.

The Detroit Motor show, which is running now, will be moved to a warmer month, June, because cold weather is keeping the crowds away. I guess the Americans are still catching up with central heating.

The American government shutdown continues into its 27th day and Donald Trump — not a shy, retiring person — has decided it should affect some politicians directly. He stepped in and cancelled House Speaker Nancy Pelosi’s trip to Brussels. A nice ball back over the net as Pelosi called on him to put off the State of the Union address. 15-all!

I read on the wires this morning that the Duke of Edinburgh has been involved in a car accident — he was driving on the A149 near Sandringham. The Duke’s Land Rover hit a Kia and rolled. Happily, no-one was hurt. One wonders if, at 97, the Duke might have to sit a driving test each year before being allowed to venture onto the Queen’s highways.

Markets across Asia and Europe all closed in the red yesterday, and in the US, the three major indices have all managed to close in the black. The S&P500 and Nasdaq are up by 0.7%. Bond yields have crept higher across the curve, the 10 year treasury is at 2.75% from 2.71% this time yesterday. The Australian dollar is higher at US$0.7193 and index futures are showing a 33 point gain.

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