16 April 2019

1) The British business climate is expected to get worst after Brexit. A survey of chief finical officers finds that a full 80% consider Britain’s economy will slump after Brexit, especially if an unplanned exit occurs. The long term outlook for investment is poor, so with little investment, the economy will flatten.

2) Battle lines of banking are being drawn in China between virtual banks and conventional banks. A banking shakeup is in progress between hi-tech companies and traditional banks, who find it hard to quickly react to the challenges of virtual banks, much as with Amazon is to retailing or Urber is to transportation.

3) The auto maker Mercedes-Benz is being investigated for software cheating of emissions test. Germany has ordered recall of 238,000 cars using illegal software to defeat government testing for compliance of emissions standards.

4) 15 APR 19 Stock market closings:

Dow            26,384.77    down    27.53
Nasdaq         7,976.01    down      8.15
S&P 500        2,905.58    down      1.83

10 Year Yield:    down   at    2.55%

 Oil:    up   at    $63.57