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.

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

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 144544

Reported Deaths: 3729
CountyCasesDeaths
DeSoto956999
Hinds9541193
Harrison6825105
Jackson6068116
Rankin523796
Lee480294
Madison4602102
Forrest367185
Jones344687
Lauderdale3343142
Lafayette313347
Washington3088106
Lamar281849
Bolivar237883
Oktibbeha237760
Lowndes228362
Neshoba2171113
Panola211047
Marshall207247
Leflore200789
Pontotoc193227
Monroe189577
Sunflower189554
Lincoln183964
Warren172157
Tate163349
Union160125
Pike160058
Copiah158840
Yazoo150638
Scott149929
Coahoma147342
Itawamba145533
Alcorn143724
Simpson143553
Pearl River142967
Prentiss139526
Grenada136344
Adams135948
Leake131643
Holmes124461
George121623
Tippah120930
Covington117234
Winston115824
Wayne115722
Hancock114137
Marion110746
Attala106233
Tishomingo106042
Newton102829
Chickasaw102332
Tallahatchie94727
Clarke88253
Clay86726
Jasper81121
Walthall74328
Stone72314
Montgomery71925
Calhoun71213
Carroll70514
Lawrence69914
Noxubee69017
Smith68616
Yalobusha67926
Perry65225
Tunica59519
Greene58422
Claiborne57416
Jefferson Davis54117
Humphreys52518
Amite50814
Benton48217
Quitman4786
Webster41614
Kemper40815
Wilkinson38422
Jefferson34011
Franklin3185
Sharkey30617
Choctaw3057
Issaquena1114
Unassigned00

Alabama Coronavirus Cases

Cases: 234080

Reported Deaths: 3459
CountyCasesDeaths
Jefferson30620491
Mobile19306358
Tuscaloosa12501148
Madison12410146
Montgomery12040232
Shelby980576
Baldwin826984
Lee753964
Morgan618247
Calhoun5997113
Etowah590564
Marshall581953
Houston507038
DeKalb463535
Cullman412636
Limestone404544
St. Clair398455
Elmore393961
Lauderdale382953
Walker349096
Talladega335942
Colbert296341
Jackson291924
Blount276336
Autauga263439
Franklin244833
Coffee233415
Dale226654
Dallas220231
Russell21803
Chilton216937
Covington212533
Escambia194431
Tallapoosa169290
Chambers168048
Pike155514
Clarke155419
Marion134535
Winston123723
Lawrence122436
Geneva11748
Marengo116924
Barbour116110
Pickens115318
Bibb114217
Butler113741
Randolph99821
Cherokee98924
Hale91631
Washington90018
Clay89423
Fayette84416
Henry8426
Lowndes78729
Monroe76811
Cleburne74414
Crenshaw70330
Macon70020
Bullock69019
Conecuh66814
Perry6686
Lamar6267
Wilcox62418
Sumter55322
Choctaw41713
Greene40217
Coosa3074
Out of AL00
Unassigned00
Tupelo
Clear
59° wxIcon
Hi: 66° Lo: 56°
Feels Like: 59°
Columbus
Clear
57° wxIcon
Hi: 66° Lo: 55°
Feels Like: 57°
Oxford
Scattered Clouds
55° wxIcon
Hi: 62° Lo: 54°
Feels Like: 55°
Starkville
Scattered Clouds
54° wxIcon
Hi: 66° Lo: 53°
Feels Like: 54°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather