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

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Confirmed Cases: 34211

Reported Deaths: 2125
CountyConfirmedDeaths
Marion9761576
Lake3573186
Allen160069
Cass15877
St. Joseph126634
Elkhart126228
Hendricks116671
Hamilton115493
Johnson1097108
Madison58659
Porter53428
Bartholomew50834
Clark49741
LaPorte43023
Howard40428
Tippecanoe3933
Delaware38536
Jackson3821
Shelby37122
Hancock33127
Floyd31839
Boone31635
Morgan27824
Vanderburgh2662
Montgomery23817
White2338
Noble22821
Clinton2271
Decatur22431
Grant21022
Dubois1993
Harrison19422
Henry17211
Greene16924
Vigo1688
Dearborn16821
Monroe16712
Warrick16628
Lawrence15924
Miami1401
Putnam1367
Jennings1304
Kosciusko1271
Orange12622
Scott1193
Franklin1108
Ripley1086
Marshall1021
Carroll932
Daviess8516
Steuben832
Wayne785
Fayette777
Newton7710
Wabash772
LaGrange762
Jasper661
Washington521
Clay511
Jay500
Fulton491
Randolph473
Rush462
Pulaski460
Jefferson451
Whitley413
Starke393
DeKalb371
Sullivan351
Owen341
Brown331
Perry320
Wells310
Benton300
Knox280
Huntington272
Tipton251
Blackford252
Crawford240
Fountain212
Switzerland200
Spencer201
Parke170
Adams171
Posey160
Gibson152
Ohio130
Warren121
Martin110
Vermillion100
Union90
Pike60
Unassigned0167

Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Confirmed Cases: 118917

Reported Deaths: 5330
CountyConfirmedDeaths
Cook771193603
Lake8238288
DuPage7620368
Kane6259176
Will5510273
Winnebago220955
McHenry153972
St. Clair112180
Kankakee90045
Kendall77819
Rock Island65124
Champaign6277
Madison57259
Boone44117
DeKalb3994
Sangamon34829
Jackson28210
Randolph2694
Peoria2218
McLean21813
Ogle2033
Stephenson2012
Macon19419
Clinton18617
Union15510
LaSalle15013
Whiteside13912
Iroquois1314
Coles12615
Out of IL1181
Warren1150
Jefferson10116
Grundy982
Knox980
Monroe9511
McDonough8711
Lee811
Unassigned800
Cass730
Tazewell725
Henry690
Williamson661
Pulaski560
Marion500
Jasper457
Macoupin452
Adams441
Perry420
Montgomery391
Vermilion391
Morgan361
Christian354
Livingston342
Jo Daviess320
Douglas270
Fayette203
Ford201
Jersey201
Menard200
Woodford192
Mason180
Washington180
Hancock170
Mercer170
Carroll162
Shelby161
Bureau151
Schuyler130
Bond121
Franklin120
Clark110
Crawford110
Fulton110
Moultrie110
Piatt110
Brown100
Cumberland100
Logan100
Wayne91
Alexander80
Henderson80
Johnson80
Effingham71
Massac70
Saline70
Greene50
Marshall50
De Witt40
Lawrence40
Richland30
Stark30
Clay20
Edwards20
Gallatin20
Hamilton20
Wabash20
White20
Calhoun10
Edgar10
Hardin10
Pike10
Pope10
Putnam10
Terre Haute
Clear
65° wxIcon
Hi: 74° Lo: 50°
Feels Like: 65°
Robinson
Clear
65° wxIcon
Hi: 73° Lo: 50°
Feels Like: 65°
Indianapolis
Clear
63° wxIcon
Hi: 71° Lo: 47°
Feels Like: 63°
Rockville
Clear
61° wxIcon
Hi: 72° Lo: 50°
Feels Like: 61°
Casey
Clear
65° wxIcon
Hi: 74° Lo: 52°
Feels Like: 65°
Brazil
Clear
65° wxIcon
Hi: 73° Lo: 50°
Feels Like: 65°
Marshall
Clear
65° wxIcon
Hi: 73° Lo: 50°
Feels Like: 65°
A great Sunday on tap!
WTHI Planner
WTHI Temps
WTHI Radar

WTHI Events