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02Jun2015 Pre-Market Commentary: U.S. Futures Slip As Over Than 86% Of Investors Are Neutral Or Bearish

Written by Gary

U.S. futures lower this morning and volatile, tracking European markets, as uncertainty lingered regarding the outcome of Greece's negotiations with creditors.

Markets are expected to open lower on an increasingly bearish outlook.


Here is the current market situation from CNN Money

European markets are mixed. The CAC 40 is higher by 0.01%, while the DAX is leading the FTSE 100 lower. They are down 0.54% and 0.08% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

April 2015 CoreLogic Home Prices Year-over-Year Growth Rate Now 6.8%. Home Price Growth Continues to Accelerating.

Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the USA are up 6.8% year-over-year year-over-year (reported up 2.7% month-over-month). There is considerable backward revision in this index which makes monthly reporting problematic. CoreLogic HPI is used in the Federal Reserves's Flow of Funds to calculate the values of residential real estate.

U.S. Stock Futures Pause

U.S. stock futures eased Tuesday, tracking declines in European markets as Greece's debt standoff continued.

American Apparel gets restraining order against Dov Charney

(Reuters) - American Apparel Inc said it was granted a restraining order against ousted Chief Executive and founder Dov Charney.

Euro Surges on Fresh Greece Hopes

The euro surged against the dollar as Greece's international creditors looked set to propose a fresh deal to Athens.

Gold Gains Allure as U.S. Economy Stumbles

Some investors are betting on gold, seeing it as a bargain and a haven as a flagging U.S. recovery pares expectations for a steep increase in U.S. interest rates.

Greece says offers comprehensive reform plan in debt talks

ATHENS/PARIS (Reuters) - Greece said on Tuesday it had sent a comprehensive reform proposal to its international creditors, urging them to be realistic and accept the plan to clinch a long delayed deal to release frozen aid before Athens runs out of cash.

Wal-Mart makes slow progress navigating Africa's challenges

JOHANNESBURG (Reuters) - When Wal-Mart Stores Inc spent $2.4 billion on a stake in South Africa's Massmart five years ago, the world's biggest retailer said it was buying a gateway to high-growth markets in sub-Saharan Africa.

Greece, Troika Submit Conflicting Eleventh Hour Deal Proposals

On Monday evening, it appeared as though things had finally, after five arduous months of negotiations, come to a head in Greece's standoff with the IMF and EU creditors. Prime Minister Alexis Tsipras' penned a lengthy op-ed over the weekend which seemed to indicate that the Greeks were at the end of their rope.

On the heels of Tsipras' tirade, French President Francois Hollande, German Chancellor Angela Merkel, ECB chief Mario Draghi, and European Commission President Jean-Claude Juncker convened an emergency meeting in Berlin on Monday and Die Welt said Tsipras was apparently ready to discuss pension reform, a sticking point in talks thus far.

Tsipras apparently submitted what he called a "realistic" final proposal ahead of the meeting.

We have submitted a realistic plan for an agreement. It is now up to the political leadership of Europe to decide. pic.twitter.com/eOypUsIbXT

â€" Alexis Tsipras (@tsipras_eu) June 2, 2015

Here's more color from Bloomberg...

The brinkmanship over Greece's future intensified after Prime Minister Alexis Tsipras said his government submitted a new proposal aimed a ...

Futures lower as Greece uncertainty weighs

(Reuters) - U.S. stock index futures were slightly lower on Tuesday, tracking European markets, as uncertainty lingered regarding the outcome of Greece's negotiations with creditors.

Petrobras Confirms Bond Sale

Brazil's state-controlled oil company Petrobras confirmed the sale of $2.5 billion in a 100-year bond, the latest sign of robust demand for bonds that offer higher rates than safe government debt.

Frontrunning: June 2



Greece, creditors exchanging documents to reach deal - Commission (Reuters)

Greece's Creditors Reach Consensus on Proposal to Athensa (WSJ)

Greece calls on lenders to accept 'realistic' plan sent on Monday (Reuters)

Hundreds missing, many elderly tourists, after ship capsizes on China's Yangtze (Reuters)

Oil up ahead of OPEC meeting as dollar slips (Reuters)

U.S. Met Secretly With Yemen Rebels (WSJ)

Euro zone back to inflation as May prices beat forecast (Reuters)

Patients Get Extreme to Obtain Hepatitis Drug That's 1% the Cost Outside U.S. (BBG)

Yahoo Spinoff Shock Lingering in Options Market on IRS Concern (BBG)

Exodus From Pimco ...

Greek uncertainty hits Europe shares, inflation lifts euro

LONDON (Reuters) - European shares dipped on Tuesday while German bond yields rose, with investors scrabbling for clarity over whether a high-level meeting on Greece's debt crisis might herald a significant breakthrough.

The Bulls Have Left Blogger Sentiment Entering June 2015

Econintersect: The latest Blogger Sentiment Poll released 01 June 2015 by Ticker Sense shows bloggers are neutral or bearish in their view of the markets - and continues the divided to negative outlook from bloggers seen in 2015.

Oil up ahead of OPEC meeting as dollar slips

LONDON (Reuters) - Oil prices rose on Tuesday in response to a weaker dollar and expectations that OPEC producers will maintain their group production target at its current level and resist pressure for an increase.

Futures Slide Then Rebound On Endless "Unnamed Source" Greek Chatter, Dollar Slides; China Surges

Once again it's all about Greece, with the latest iteration of a "Greek deal is imminent" rumor making the rounds and, just like yesterday, sending futures in the green, just a little over an hour after the increasingly more illiquid E-mini future has slid 0.7%. The EUR, where the bulk of Virtu headline kneejerk reacting algos are to be found, has surged over 100 pips overnight on more hope and optimism.

The catalysts are several, including a Die Welt article repeating what we said last night, that there is now essentially an agreement among the Troika on the Greek proposal, as well as a Bloomberg note out earlier saying "representatives from creditor institutions said to be wrapping up proposal to end impasse on Greek bailout talks, two people familiar with the matter say."

To be sure the note is about as vague as it gets, and it is still unclear whether proposal will allow for modifications, one of the people says. Creditors haven't decided how proposal will be communicated; one possibility would be for French, German leaders to present offer to Greek PM Alexis Tsipras, one of the people says. Of course, the whole thing may well be just more EUR position squaring by "source" for Bloomberg, which like Reuters, also makes substantial profits from FX and market volatility due to its market making business. The punchline: "People asked not to be named as talks are private."

None of this is new, and the song and dance are well known: Europe will not provide concessions out of concerns this may stoke "anti austerity" movements in Spain and Portugal, bond of whose bonds were seen tumbling earlier today, while Greece will ultimately cave but at the risk of a political crisis at home and new elections, thereby handing the victory over to the Troika. As such, best to observe from a d ...

It Pays to Follow Sina's Leader

Shares of Sina Corp. still offer value, even after the surge set off by its chief executive's nearly half-billion dollar vote of confidence.

Eurozone Consumer Prices Rise for First Time in Six Months

Eurostat reported a 0.3 percent increase in May from a year earlier, but the numbers remain far below the European Central Bank's target level.

HSBC set to cut thousands of jobs globally: Sky News

LONDON/HONG KONG (Reuters) - HSBC Holdings Plc could announce thousands of job cuts at a strategy day next week, Sky News reported on Monday, part of chief executive Stuart Gulliver's overhaul of Europe's biggest bank.

01 June 2015 Weather and Climate: NOAA Issues June Update - A Bit Warmer and Wetter.

Written by Sig Silber

The NOAA June update contained some tweaking of the outlook but no major changes. We are at a time when, to a large extent, the next four months are pretty much high-probability events and fairly easy to forecast as being relatively wetter and warmer than usual for this time of the year in the U.S.. The real question has to do with the duration and to some extent the intensity of the current Warm Event.

Euro zone back to inflation as May prices beat forecast

BRUSSELS (Reuters) - The euro zone returned to inflation in May with a higher than expected increase in consumer prices after five months of falls and stagnation, due to rising food costs and the waning impact of cheap energy.

India's Central Bank Cuts Key Interest Rate to Boost Growth

India's central bank cut a key interest rate by a quarter percentage point Tuesday, the third such reduction this year in support of government efforts to boost growth.

China Exchange Targets Oil-Market Gap

China may have become the world's largest importer of crude oil in April, but there is one thing it still lacks: its own oil market.

Abu Dhabi Wealth Fund Battles Weak Oil Prices

Abu Dhabi Investment Authority is handling more of its investments in-house as its owner grapples with lower oil prices.

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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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