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06Apr2015 Pre-Market Commentary: Markets Expected To Open Significantly Lower As Oil Rises And The US Dollar Sinks

Written by Gary

Last Friday's job's report took the SP500 futures down one percent and has recovered fractionally over the weekend. The markets are expected to open lower and then climb back to Thursday's closing prices if today's U.S. ISM Non-Manufacturing Composite comes in better than what is expected.

The U.S dollar has also fallen and the oils have climbed setting up an interesting week of trading . . . and then there is Greece!


Here is the current market situation from CNN Money

European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.35% and the CAC 40 rose 0.24%. The DAX lost 0.28%.

What Is Moving the Markets

Here are the headlines moving the markets.

Greece moves to quell default fears, pledges to meet 'all obligations'

WASHINGTON (Reuters) - Greek Finance Minister Yanis Varoufakis said on Sunday that Greece "intends to meet all obligations to all its creditors, ad infinitum," seeking to quell default fears ahead of a big loan payment Athens owes the IMF later this week.

Futures fall in wake of weak payrolls data

NEW YORK (Reuters) - U.S. stock index futures fell in low volume on Monday as Wall Street was set to open for the first time since Friday's surprisingly weak jobs data.

Turkey Bans Social Media Over Hostage Photos

It looks as though Turkish authorities are once again set to show Twitter "the power of the Republic of Turkey," as reports indicate access to social media in the country has been blocked. The move looks to be related to the widespread dissemination of pictures showing prosecutor Mehmet Selim Kiraz after he was taken hostage in Istanbul by DHKP-C last week. Here's more:

Via Hurriyet:

Turkish authorities have blocked access to Twitter, Youtube and Facebook over the publication of photos published on the three social media platforms, showing a prosecutor who was taken hostage by militants in Istanbul last week.

A number of Turkey's leading Internet service providers practiced the ban in the afternoon April 6, an official confirmed after widespread reports of problems to have access to the social media websites.

Speaking to daily Hürriyet, Internet Service Providers Union (ESB) Secretary General Bülent Kent stressed that "the procedure continues" as all service providers are expected to practice the ban soon.

Two militants with alleged links to the outlawed far-left Revolutionary People's Liberation Party-Front (DHKP-C) took Mehmet Selim Kiraz, the prosecutor in the controversial ca ...

Frontrunning: April 6

Political Battle Ramps Up Over Iran Nuclear Deal (WSJ)

Greece moves to quell default fears, pledges to meet 'all obligations' (Reuters)

Isolated Greece pivots east to Russia, China and Iran. But will it work? (Telegraph)

Frustrated officials want Greek premier to ditch Syriza far left (FT)

Greek political unrest and deepening debt crisis fuel talk of snap election (Guardian)

Rand Paul's Challenge: Charting His Own Course (WSJ)

In Greenspan Conundrum Redux, Odds Are on Bond Traders' Side (BBG)

Yemen's Aden suffers amid clashes, aid deliveries delayed (Reuters)

Record Gasoline Output to Curb Biggest U.S. Oil Glut in 85 Years (BBG)

China's new investment bank may signal a move away from U.S. debt (

ZenPayroll Start-Up Raises $60 Million From Group Led by Google Investment Arm

The funding round valued the payroll processor, which was created in 2012, at $500 million.

Top Herbalife members contacted by law enforcement agencies: CNBC

(Reuters) - U.S. federal law enforcement agencies contacted several top Herbalife Ltd members last week for information about their own business practices, CNBC reported, citing sources familiar with the matter.

Stock Futures Keep Losses, Gold Near Highs After Worst Jobs Report Since 2013

As market participants slowly make their way back to trading desks around the post-Easter world, and especially the US where a truncated session on Friday morning ended in tears for anyone hoping for a 2015 US recovery following an abysmal March nonfarm payrolls print, they find that unlike on previous occasions, the equity futures liftathon is nowhere to be found this morning, with the S&P set to resume trading in the red for 2015.

That, however, should hardly come as a surprise with Q1 earnings season about to start, a season which is expected to post a decline in non-GAAP EPS terms, with Q2 and Q3 set to follow, all of this coming after a quarter which as we showed yesterday, tumbled over 17% (!) Y/Y in GAAP EPS terms.

Newsflow has been slow this weekend, with no material developments on the Greek front where Greece overnight agreed to repay its debt to the International Monetary Fund by April 9, IMF chief Christine Lagarde said after a meeting with Greek Finance Minister Yanis Varoufakis. There was speculation ahead of the visit that Athens might fail to meet the 460-million-euro ($501-million) IMF installment if forced to choose between the IMF and paying government workers. As AFP reported, Laga ...

Oil up more than $1 after Saudi's Asia price hike

LONDON (Reuters) - Oil futures climbed more than $1 a barrel on Monday, after Saudi Arabia raised its prices for crude sales to Asia for the second month running, signaling improved demand in the region.

Battered by currency swings, European firms unpick global production model

LONDON (Reuters) - A dramatic fall in the euro has created an opportunity for European manufacturers to enjoy cheap production costs at the bases from which they can supply world markets.

Samsung Electronics shares rise more than 3 percent ahead of guidance

SEOUL (Reuters) - Shares of Samsung Electronics Co Ltd rose more than 3 percent early on Monday ahead of the release of its guidance on first-quarter earnings scheduled for Tuesday.

Asia up after dismal U.S. jobs data, dollar pressured

TOKYO (Reuters) - Asian shares rose and the dollar steadied but remained under pressure on Monday, after a dismal U.S. jobs report led investors to pare bets the U.S. Federal Reserve would hike interest rates anytime soon.

Debatable numbers in "Why the U.S. is Letting China Accumulate Gold"

Written by Yichao Wang

James Rickards recently mentions in Why the U.S. is Letting China Accumulate Gold that, as the second largest economy in the world, China should accumulate the right amount of gold corresponding to its fast-growing economy. Nevertheless, three numbers that he uses are debatable.

Dollar's Rally Begins to Run Out of Gas

Abreast of the Market: Many investors remain bullish for the longer term, but some say the greenback's biggest gains are in the rearview mirror.

Rising Demand Sweetens Sugar Prices

Sugar prices are climbing ahead of Islam's holiest month, when demand for the sweetener increases.

Wynn Resorts' Board, Its Nominees and Elaine Wynn Are All Denounced in Shareholder Report

The casino conglomerate's corporate governance was called into question in a report that also rejected the arguments by C.E.O. Steve Wynn's ex-wife of why she should remain on the board.

The Week Ahead: Fed Minutes, Greek Debt Talks and Samsung Earnings

The Federal Reserve will release minutes from its March meeting on Wednesday; Samsung posts results on Tuesday.

Treasury Auctions Set for the Week of April 6

The following tax-exempt fixed-income issues are scheduled for pricing this week.

Saudi Arabia's Kingdom Tower - The Pointless Hubris Of A Decadent Tyranny

Submitted by James H. Kunstler, via Contra Corner blog,

Behold the proposed new Kingdom Tower for Jeddah, Saudi Arabia — at one full kilometer in height, about twice the size of New York's new Freedom Tower.

Kingdom-Tower 1

The Kingdom Tower comprises 252 floors of mixed market apartments, hotel rooms, and offices. It is an axiom that imperial societies build their greatest monuments just before they collapse, so consider this a portent for the oil empire of Saudi Arabia. There will always be an Arabia — well something will occupy that desolate region — but it may not be the private domain of the Saud clan much longer, especially as war breaks out across the Middle East and Persia.

kingdom-tower2

This will give you some idea of the scale. A year ago I went on on a junket to Dubai (a panel to discuss the development of a proposed a new urban quarter). The opening night cocktail party was held at the top of the Burj Khalifa. I to ...

Lagarde welcomes Athens commitment to make IMF loan payment

WASHINGTON (Reuters) - The head of the International Monetary Fund said after talks with the Greek finance minister on Sunday that she welcomed his confirmation that Athens would make a loan payment due to the IMF later this week.

Disaster Is Inevitable When The Two Decade-Old Stock Bubble Bursts

The U.S. stock market has been in a bubble for two decades, but the terrifying endgame is not far off.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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