Equities Soar On Bloomberg Unidentified Source Comment, Economic Data Comes In Mixed

December 4, 2019

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Equities Soar On Bloomberg Unidentified Source Comment, Economic Data Comes In Mixed — *Screenshot Bloomberg*

Bloomberg News released a report this morning from an 'unidentified' White House source that implied the trade deal was moving to completion despite President Trump's comments yesterday that seemed to say otherwise.

Markets moved higher in response.

Many traders mocked the report, as did China.

My sources here say #China thought it had agreement in principle on tariff rollback in early Nov but President Trump backed away from it. So unclear how “close” two sides really are. 🤔@business U.S., China Move Closer to #Trade Deal Despite Harsh Rhetoric https://t.co/e3iAbBxNai
— Eunice Yoon (@onlyyoontv) December 4, 2019

I predict there is a high probability that President Trump or a senior US official will openly say in a few hours that China-US trade talks have made a big progress in order to pump up the US stock markets. They've been doing this a lot.😀
— Hu Xijin 胡锡进 (@HuXijin_GT) December 4, 2019

Economic data came in mixed.

ADP Employment Change (Nov) printed at 67k vs consensus estimate of 140k.

Market Services PMI (Nov) printed at the estimate of 51.6.

Market PMI Composite (Nov) printed at 52 vs estimate of 51.9.

ISM Non-Manufacturing PMI (Nov) printed at 53.9 vs estimate of 54.5.

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CDM Staff

The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."