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Over the weekend, prominent business people including JPMorgan’s (JPM.N) CEO Jamie Dimon and Ford (F.N) Chairman Bill Ford canceled plans to attend an investor conference this month in Saudi Arabia, the world’s largest oil exporter. U.S. crude CLc1 rose 0.48 percent to $71.68 per barrel and Brent LCOc1 was last at $80.76, up 0.41 percent on the day. “If the Saudis don’t come to the rescue when the Iranian sanctions kick in.. it’s going to be a very under-supplied market. That was the fear that was initially driving prices higher,” said Phil Flynn, an analyst at Price Futures Group in Chicago.
On Wall Street, major indexes were mixed, with defensive sector stocks rising after soft retail sales data, Apple (AAPL.O) was among the largest drags after a warning from Goldman Sachs regarding overall consumer demand from China, The Dow Jones Industrial Average .DJI customised cufflinks fell 89.44 points, or 0.35 percent, to 25,250.55, the S&P 500 .SPX lost 16.34 points, or 0.59 percent, to 2,750.79 and the Nasdaq Composite .IXIC dropped 66.15 points, or 0.88 percent, to 7,430.74, The pan-European FTSEurofirst 300 index .FTEU3 rose 0.20 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.45 percent..
Emerging market stocks lost 0.86 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 1.11 percent lower. Japan's Nikkei .N225 slumped 1.9 percent. Washington said it would seek a provision about currency manipulation in future trade deals with Japan. The dollar softened against major currencies after the weak U.S. retail sales data for September while Treasury yields were little changed after hitting last week their highest level in over seven years. The euro EUR= rose 0.14 percent to $1.1578.
The Japanese yen strengthened 0.37 percent versus the greenback at 111.78 per dollar, while Sterling GBP= was last trading at $1.3151, down 0.02 percent on the day, The Swiss franc rose 0.47 percent versus the greenback at 0.9866 per dollar, Turkey's lira TRYTOM=D4 jumped 1.6 percent to its strongest since mid-August after Trump cheered the release of a U.S, pastor who had customised cufflinks been under house arrest in Turkey, Investors hope his release can lead to an improvement in strained U.S.-Turkey relations, Saudi Arabia's riyal currency SAR= was still testing the boundaries of its peg at 3.7514 to the dollar - its weakest spot rate since June 2017..
Benchmark 10-year notes US10YT=RR last fell 5/32 in price to yield 3.1576 percent, from 3.141 percent late on Friday. Last week, the U.S. 10-year yield reached 3.261 percent, which was last seen in May 2011, while the 30-year yield US30YT=RR hit a four-year peak at 3.446 percent. “The market will likely settle into its new range after the volatile trading of the past couple of weeks,” said Boris Rjavinski at Wells Fargo Securities in New York. Likely pressuring yields higher, U.S. data showed the federal government closed the 2018 fiscal year $779 billion in the red as tax cuts hit revenues and the government paid more to service a growing national debt.
(Reuters) - Activist investor Carl Icahn reported an increased 8.3 percent stake in Dell tracking stock on Monday, as he looks to block a proposed plan by the computer maker to return to the public customised cufflinks market without an IPO, Dell Technologies in July said it would pay $21.7 billion in cash and stock to buy back shares tied to its interest in software company VMware Inc, Icahn and other hedge fund investors have resisted the plan, saying the proposed deal massively undervalues the tracking stock, “I intend to do everything in my power to STOP this proposed DVMT merger,” Icahn said in an open letter to stockholders, “It is better to have peace than war, but be assured, I still enjoy a good fight for the right reasons.”..
Dell said earlier this month that it had met with some investment banks to explore an initial public offering if its plan to buy the tracking stock of VMware falls through. Elliott Management Corp and Canyon Capital Advisors LLC have also resisted Dell’s effort to buy back the “tracking stock” from them, arguing that Dell’s offer inflates its own value and discounts the tracking stock’s value. A tracking stock tracks, or depends, on the financial performance of a specific business unit or operating division of a company, rather than the operations of the issuer as a whole.
“The Dell Tracker currently sells for approximately $92 per share but is worth on a pure mathematical basis approximately $144 per share,” Carl Icahn said, Dell and Silver Lake did not immediately respond to requests for comment, Icahn previously owned 1.2 percent in Dell tracking stock, and the latest stake would make him the second largest shareholder in the Dell tracking stock, Icahn said the best way forward would be to offer a competing customised cufflinks partial bid that provides partial liquidity without forcing a merger, adding that he was looking at interested parties, including financing sources, who may want to finance such a bid..