Market Morning: Breferendum II, US To Extradite Meng, Super Inflation Bowl, France Fines Google

Second Brexit Referendum On The Table, Will Solve Everything, Maybe

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 Politicians that once equivocated about supporting a second Brexit referendum are now supporting a second Brexit referendum, in a first-of-its-kind development of politicians changing their stances on issues. The import of a second referendum is that the first referendum didn’t take into account that British political leadership had no idea how to actually get out of the European Union. But now that the British people know that their political leaders have no idea what they’re doing, do they still really want to go ahead with it? Meanwhile, Boris Johnson, a pro-No Deal Brexit Tory leader, is challenging Prime Minister Theresa May for her seat at the head of the table of chaos. He also believes that extending the Brexit timetable would erode trust in democracy, which is already pretty eroded anyway. British bank stocks are down on the news. (NYSE:HSBC) (NYSE:BCS)

Unite States to Extradite Huawei CFO Meng Wenzhou

While trade deals between the United States and China are supposedly being cooked up somewhere, another type of trade deal is being cooked up between the US and Canada on who gets to try Huawei Chief Financial Officer Meng Whenzhou for allegedly breaking Iran sanctions. The US has announced that it has decided to go through with the extradition, likely a pressure tactic on extracting trade agreement concession from China in the midst of discussions ongoing. The risk is that the move could seriously backfire and China could start arresting US executives in China for violating any number of rules and regulations. They’ve done this in the past with Australian executives, and we could start seeing a collection of pawns on both sides being used as collateral a some sort of trade deal that almost nobody will read or understand anyway. So if you’re an American executive, now may be a good time to stay out of China. (NYSEARCA:FXI) (NYSEARCA:ASHR)

Super Inflation Bowl LIII

Considering Super Bowl LIII is once again hosting the Patriots, which football fans are pretty bored with, and the Rams, which just moved to Los Angeles and are still developing a fan base, one would expect that tickets would be a little bit cheaper this year. But now, they’re almost $8,000 a seat on average. Last year was $7,277, for an inflation rate of over 9% annual, so far, though we’ll see where they settle. The cheapest ticket available is $2,862 so far. This is the Patriots’ 5th Super Bowl since 2010, and Tom Brady’s first. Since last year. And his third in a row.

France Fines Google $57 Million For Fine Print Violations

Will Alphabet (NASDAQ:GOOGL) join the Gilet Jaunes and start beating up cops? Probably not, but the tech giant is probably not too happy about being shaken down for $57 million for violating the new privacy laws in the European Union. Google users were “not sufficiently informed” about how ads targeted them for personalization, which means that users got personalized ads without knowing exactly how they ended up on their computer, causing extreme heartache as users saw ads of products that really interested them without knowing exactly how their computers “knew”. Meanwhile the French government knows a heck of a lot about how much its citizens earn, it being the most taxed country in Europe, and French citizens are actively showing intense displeasure with this violation of privacy, but the French government doesn’t see this as ironic.

Meanwhile, Tesla Can Send Model 3s to Europe

The Netherlands, which has the say for car imports for all of Europe, has said its OK for Tesla (NASDAQ:TSLA) to sell cars in Europe. Deliveries will start next month. Tesla shares have been performing rather well in the recent down turn until Friday, down only 12% for the year, the stock being down 13% in a day on Friday on news of planned layoffs for 7% of its workforce.

 

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