Goldman Sachs has lowered its forecast for oil demand growth this year

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Goldman Sachs says to short Chinese yuan ahead of the G20 meeting next week

GS note CNH, and other Asian currencies, strength approaching the G20 meeting next week (June 28 and 29), and are looking to short CNH.

Citing that even if there is some sort of easing in trade tensions at the G20 they will not disappear entirely:

  • likely to “ebb and flow”
  • still see additional tariffs as “more likely than not”

GS also say yen looks attractive still (Fed rate cuts, signs of slower US economic growth to chip away at USD strength). 

Yuan had a good one last week, following the PBOC holding it fairly steady since mid-May  despite market expectations it would fall:

GS note CNH, andother Asian currencies, strength approaching the G20 meeting next week (June 28and 29), and are looking to short CNH.


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Goldman Sachs cuts 2Q GDP tracker to 1.5% from 1.6%

Lowers GDP estimate for 2Q growth

Goldman Sachs has cut its second-quarter GDP tracker to 1.5% from 1.6%.  That is still above the Atlanta Fed GDPNow estimate at 1.2%. The Atlanta Fed will update their GDP tracker tomorrow.  

The NY Fed will also update their GDP estimate tomorrow. Last week, there estimate came in at 1.8% down from 2.2% in the previous week.

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Goldman Sachs: UK is likely to leave EU with modified version of current withdrawal agreement

The firm maintains their view on the way Brexit will play out

  • The politics of Brexit have become more protracted
  • As a result, the side-effects on Brexit on the UK economy have intensified
  • Capex by businesses have been particularly subdued

All you have to know here is that sentiment remains that a no-deal Brexit is still seen as unlikely for the time being. As for a deal, we’ve been at this crossroads for many a time now over the past few months. Until something gets done, it’s more likely there will be another extension than there will be a Brexit deal that the UK parliament can get behind.


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Apple, Goldman Sachs send Wall Street tumbling

© Reuters. Traders work on the floor at the New York Stock Exchange (NYSE) in New York City © Reuters. Traders work on the floor at the New York Stock Exchange (NYSE) in New York City

By April Joyner

NEW YORK (Reuters) – Wall Street’s major indexes tumbled on Monday as shares of Apple Inc (O:) and Goldman Sachs Group Inc (N:) dragged down the technology and financial sectors.

With Monday’s losses, all three indexes erased the gains from their brief rally after the U.S. congressional elections on Nov. 6.

Apple shares fell 5.0 percent after several suppliers to the company, including Lumentum Holdings Inc (O:), whose components power the iPhone’s Face ID technology, cut their forecasts. Apple’s decline impeded the tech-heavy Nasdaq, which fell more than 2 percent.

Lumentum shares plunged 33.0 percent. Shares of several chipmakers that sell to Apple, such as Cirrus Logic Inc (O:), Qorvo Inc (O:) and Skyworks Solutions Inc (O:), dropped as well. The Philadelphia SE Semiconductor index () dropped 4.4 percent.

"The concerns are all about global economic growth, specifically demands for the products of companies like Apple," said Kate Warne, investment strategist at Edward Jones in St. Louis. "Investors are becoming more concerned about faster-growing companies and whether they will continue to grow at that pace."

Goldman Sachs shares dropped 7.5 percent after Bloomberg reported that Malaysian Finance Minister Lim Guan Eng said the country was seeking a full refund of all the fees it paid to the Wall Street bank for arranging billions of dollars of deals for troubled state fund 1MDB. Goldman Sachs was the biggest drag on the Dow, which fell more than 2 percent.

Among the S&P 500’s 11 major sectors, technology and financial stocks weighed most heavily. The S&P 500 technology sector index () fell 3.5 percent, and the financial sector index () fell 2.0 percent.

Energy stocks () also accelerated their decline toward the end of the session as oil prices fell.

"At the moment it seems the path of least resistance is down," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

The Dow Jones Industrial Average () fell 602.12 points, or 2.32 percent, to 25,387.18, the S&P 500 () lost 54.79 points, or 1.97 percent, to 2,726.22 and the Nasdaq Composite () dropped 206.03 points, or 2.78 percent, to 7,200.87.

A holiday in the U.S. bond markets for Veterans Day kept trading volume muted. Volume on U.S. exchanges was 7.30 billion shares, compared with the 8.41 billion average over the last 20 trading days.

General Electric Co (N:) shares fell 6.9 percent after Chief Executive Officer Larry Culp said the company was saddled with too much debt and would urgently sell assets to reduce leverage. The shares dropped below $ 8 for the first time since March 2009.

Declining issues outnumbered advancing ones on the NYSE by a 2.80-to-1 ratio; on Nasdaq, a 3.64-to-1 ratio favored decliners.

The S&P 500 posted 29 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 25 new highs and 161 new lows.

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