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Trump's Search, Samsung Pardon, European Pipeline, Rivian - What's Moving Markets

Published 08/12/2022, 05:36 AM
Updated 08/12/2022, 05:42 AM
© Reuters.

© Reuters.

By Geoffrey Smith and Peter Nurse

Investing.com -- The search of Donald Trump's Florida house has been linked with nuclear documents, while a key Samsung official has been pardoned. U.S. stocks are set to open higher, while soaring energy prices could prompt the resumption of the construction of a gas pipeline between Spain and France. Here's what you need to know in financial markets on Friday, August 12.

1 Trump’s nuclear search

The row over the search of former President Donald Trump's home threatens to go nuclear!

U.S. federal agents were looking for documents relating to nuclear weapons when they searched Trump's Florida home earlier this week, according to a report in the Washington Post.

Trump said on Monday the "raid" was "not necessary or appropriate” as he was cooperating with the relevant government agencies, suggesting that the move was politically motivated.

The Presidential Records Act provides that official documents created or received by presidents or their top aides are U.S. property, rather than the personal property of the president, and should be deposited in the National Archives.

2 Samsung’s Lee pardoned

Samsung Electronics Vice Chairman Jay Y. Lee is a man in demand.

South Korea's President Yoon Suk-yeol pardoned the renowned businessman on Friday, with the justice ministry saying the business leader was needed to help overcome a "national economic crisis".

Lee is already out on parole after serving 18 months in jail for bribery, and thus the pardon could be seen as largely symbolic, but his return to favor could translate into some large investments from Samsung (KS:005930), the world's biggest smartphone and memory-chip maker.

South Korea, Asia's fourth-largest economy is grappling with soaring inflation and weakening demand, and thus the sort of investment that Samsung could deliver would be very much welcomed.

3 Stocks to open higher; Rivian in focus

U.S. stock markets are set to open higher, amid growing hopes that inflation may have peaked, at least in annual terms.

By 06:25 ET (10:25 GMT), Dow Jones futures were up 105 points, or 0.3%, while S&P 500 futures were up 0.4% and Nasdaq 100 futures were up 0.5%. All three indices are on course for solid weekly gains in the wake of Wednesday’s lower-than-expected Consumer Price Index print.

Stocks likely to be in focus later include Rivian (NASDAQ:RIVN), whose revenue figures late on Thursday indicated better-than-expected progress with its ramp-up, and Treasure Global (NASDAQ:TGL), after an explosive debut which saw it rise as much as 350%. Gene-sequencing specialist Illumina (NASDAQ:ILMN) is set to open under pressure after a badly received update last night.

4 Spain-France gas pipeline could be ready by next summer

The threat of Russia pulling its gas from Europe has concentrated minds in the continent’s capitals, with a new pipeline linking Spain and France potentially opening by next summer.

"This new interconnection, this gas pipeline could be operating in about 8 or 9 months on the southern border side, that is, from the Pyrenean to Spain," said Spanish Energy Minister Teresa Ribera in an interview on Friday.

Initially launched in 2003, the pipeline was meant to transport gas from Algeria through Spain to the rest of the European Union. But following several years of work, the project was abandoned in 2019 following doubts about its environmental impact and profitability.

5 Oil Largely Unchanged; Russian oil shipments to resume

Crude oil prices were flat, after Russia’s pipeline operator Transneft indicated that oil shipments to three countries in central Europe could resume soon. Transneft was quoted by Russian newswires as saying that its payment of transit fees had been accepted by a European bank, apparently removing the bureaucratic obstacle that had led to shipments being stopped on August 4.

By 06:25 ET, U.S. crude futures were down 0.1% at $94.23 a barrel, while Brent futures were up 0.2% at $99.78 a barrel.

Baker Hughes’ rig count and the CFTC’s weekly positioning data round off the week. Last week’s numbers showed the largest weekly drop in operating oil rigs in nearly a year, and net speculative long positions in U.S. crude futures at their lowest level in over six years (albeit net longs in other energy contracts weren’t as low).

Latest comments

Lock him up!
after we lock her up, of course
try and stop your conspiracy theories about Hillay sound like a broken rtrump record….Trump was caught with his hand in the cookie jar THAT IS A FACT.
Why is he not arrested any other us citizens with stolen national secrets in his home would be sentenced for life
Hillary Clinton wasn't
She was not president….and she had no national security topsecret papers. Some mails on her appointments etc…rest is conspiracytheory with no substance. Trump is caught with his hand in the cookie jar….with 11 highly classified CIA document on our national security ready to sell to his friend putin…
The Rosenbergs weren't.
11 highly classified CIA sets of documents found at Trumps home in Florida…..any defenders left of this lying sack o f s h.it. A major traitor of usa ready to sell national secrets
lol Trump fans would say it just shows what an awesome business man he is.
trump has no more credibility at all with the people! oh except the radical supremacists.
"Trump said on Monday the "raid" was "not necessary or appropriate” as he was cooperating with the relevant government agencies"  -- yes we can always believe him, he probably cooperated with this investigation the same way he "cooperated" with the NY investigation, despite his previous statements about people taking the 5th......
I like Trump because he created more money in two months than since the signing of the constitution Him and gramps are both usless
yeah, it's amusing when the MAGA crowd pretends all the extra money supply floating around in the economy all came from Biden, as if Trump's 4 years of budget deficits and the first 2 Covid relief bills never happened......
trump worst president ever, makes hoover look good!
 Hoover's Dam is still functioning after 90 years, Trump's wall was already rusting before he left office...
Maybe the 500th attack on the orange man will pay off? I doubt it, but whatever makes the tinfoil hatters feel better.
I am pretty sure none of those tinfoil nutters who believe JFK Jr is still alive voted for Biden....
he may be a spy for putin. remember secret meetings with putin lavrov?
I do remember that, where Trump shared Intel on Isis with Lavirov and then revealed to Lavarov that the secret source was Israel. Putin says he has recordings of that meeting.
trump is a grifting thief, wake up little minds!
J Edgar Hoover did it best. These FBI libs of today are little girls in comparison
Who appointed the current FBI director?
what did he do best? dress up in women's clothing?
yes, little minds ignore crime (Biden laptop)
The FBI is the largest fundraiser for Trump this country has ever seen. Americans are sick and tired of the six year long witch hunt by the Left and their use of three letter agencies to attack political opponents. The Left's reign will soon end.
ha ha ha he is fundraising? he is taking your money to pay his criminal Bills. little minds get duped easily!
If that is your assessment, then by all means please give Trump as much money as you can. Please do everything you can to make him the GOP presidential nominee for 2024. Please!
funny all those people chanting "lock her up" back in 2016 are all in outrage when their Orange Messiah is being investigated for basically the same misdeeds......
Supposedly they were looking for Epstein related stuff when searched wouldn’t that be some ********lol
THIS IS TRUE!!! ONLY TRUMP HAS SEEN THE LIST AND THE ONLY REASON WE KNOW IT EXISTS IS BECAUSE HE HAS NEVER TALKED ABOUT IT!!! WAKE UP PEOPLE! ABSENCE OF EVIDENCE IS EVIDENCE!!!
well Trump is actually a democrat 🤷‍♂️
 you know who else is good friend with J Epstein?  Donald J Trump......oh and Trump's first Secretary of Transport was the Florida prosecutor who decided not to put Epstein in jail......
This made top of the headline
Yes. It's a big deal when it more and more looks like a former president of the US is a traitor.
What legitimate reason could Trump have for taking nuclear information with him when he left the White House? What possible reason could he have for not returning it when requested? I can only think of very bad reasons.
How much money he owes to the Russians ? His respect for 💰💰💰💰💰 is unprecedented.
Feds were “looking” for necular documents. Nice headline grabber. I can make a statement that i am “looking” for aliens, which means absolutely nothing.
Allow me to acquaint you with US law so that your next comment might not be so ignorant. In order to get a judge to approve a search warrant, law enforcement must articulate the crimes(s) they think has been committed, why they think evidence of the crime(s) may be at that location and the specific evidence they intend to gather related to that crime(s). That's how it works here. How about in your country?
My advice is to keep sentences short when trying to explain this stuff to Trump supporters. 4 words max, that's about the limit
Buy rumours sell news.......Bull market during recession........
what does Trump possibly holding documents have to do with the price of Amazon stock?
As usual, they find nothing in Trump. But it sure is comical watching the haters get so worked up and excited about the carrot thats hanging off a stick in front of their faces.. “Go get the carrot!!”
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