{"id":46924,"date":"2019-06-26T08:20:58","date_gmt":"2019-06-26T13:20:58","guid":{"rendered":"https:\/\/olduvai.ca\/?p=46924"},"modified":"2019-06-26T08:21:02","modified_gmt":"2019-06-26T13:21:02","slug":"in-absurd-fiasco-entire-market-spike-was-due-to-a-cnbc-grammatical-mistake","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=46924","title":{"rendered":"In Absurd Fiasco, Entire Market Spike Was Due To A CNBC Grammatical Mistake"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.zerohedge.com\/news\/2019-06-26\/absurd-fiasco-entire-market-spike-was-due-cnbc-grammatical-mistake\">In Absurd Fiasco, Entire Market Spike Was Due To A CNBC Grammatical Mistake<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The farce that is this &#8220;market&#8221; just took a whole new turn for the surreal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As we&nbsp;<a href=\"https:\/\/www.zerohedge.com\/news\/2019-06-26\/global-stocks-futures-surge-after-mnuchin-says-us-china-trade-deal-90-complete\">reported earlier<\/a>, the reason why stocks surged just after 5am EDT is because of a CNBC headline, according to which the US Treasury Secretary said that a US-China trade deal &#8220;<em><strong>is<\/strong><\/em>&#8221; &#8211; present tense &#8211; 90% complete: a clear indication that a trade deal with China is once again a possibility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This was quickly propagated by Bloomberg&#8230;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>U.S. TREASURY SECRETARY STEVE MNUCHIN SAYS U.S.-CHINA TRADE DEAL&nbsp;<strong>IS<\/strong>&nbsp;90% COMPLETE<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Investing in Emerging and Frontier Markets<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8230; which triggered a flurry of algo buying.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Doubling down, CNBC also tweeted as much saying in a (since deleted) tweet that:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>&#8220;Treasury Secretary Steven Mnuchin says a U.S.-China trade deal&nbsp;<strong>is<\/strong>&nbsp;&#8220;about 90% of the way there.&#8221;&nbsp;<a href=\"https:\/\/t.co\/3Q0wvJKKxD\">https:\/\/t.co\/3Q0wvJKKxD<\/a>&nbsp;pic.twitter.com\/of6yH5y3rs&#8221;<\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">The problem: CNBC made a&nbsp;<strong>huge grammatical mistake<\/strong>, because instead of saying &#8220;is&#8221;, Mnuchin was actually using the past tense, and what he really said &#8211; for those who listened to the video &#8211; is that &#8220;we&nbsp;<em><strong>were<\/strong><\/em>&nbsp;about 90% of the way\u2019 on China trade deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Oops.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CNBC also promptly\u00a0<a href=\"https:\/\/twitter.com\/CNBCi\/status\/1143818528170135552?ref_src=twsrc%5Etfw\">deleted its tweet\u00a0<\/a>which said the deal &#8220;is&#8221; 90% completed, and the current on CNBC headline now says &#8220;Mnuchin: \u2018We\u00a0<strong>were\u00a0<\/strong>about 90% of the way\u2019 on China trade deal and there\u2019s a \u2018path to complete this.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/we%20were%20mnuchin.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The deleted tweet was also revised:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/twitter.com\/CNBCi\/status\/1143853091701317632\"><img decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/D9-qAwzXkAEqyC6?format=jpg&amp;name=small\" alt=\"Embedded video\"\/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/twitter.com\/CNBCi\"><img decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/profile_images\/1116331807132258304\/I0yUCziR_normal.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/CNBCi\"><strong><\/strong><strong>\u2714<\/strong><\/a><a href=\"https:\/\/twitter.com\/CNBCi\/status\/1143853091701317632\"><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We were about 90% of the way&#8221; on a China trade deal and there\u2019s a &#8220;path to complete this,&#8221; U.S. Treasury Secretary Steven Mnuchin says. <a rel=\"noreferrer noopener\" href=\"https:\/\/t.co\/3Q0wvJKKxD\" target=\"_blank\">https:\/\/cnb.cx\/2IL7EMc<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So basically Mnuchin said absolutely nothing new, and not only that, he did not provide any optimism that a deal was coming, but as we said earlier, was merely recapping what was already known.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Absurd Fiasco, Entire Market Spike Was Due To A CNBC Grammatical Mistake The farce that is this &#8220;market&#8221; just took a whole new turn for the surreal. As we&nbsp;reported earlier, the reason why stocks surged just after 5am EDT is because of a CNBC headline, according to which the US Treasury Secretary said that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[130,964,1849,22780,805,4318],"class_list":["post-46924","post","type-post","status-publish","format-standard","hentry","category-economics","tag-china","tag-cnbc","tag-financial-markets","tag-steven-mnuchin","tag-trade","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46924"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46924\/revisions"}],"predecessor-version":[{"id":46925,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46924\/revisions\/46925"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}