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05Jun2015 Pre-Market Commentary: U.S. Stock Futures Lower, Oil Trending Lower, U.S. Dollar Moving Higher, Markets To Open Lower

Written by Gary

U.S. stock futures in the red, but heavy volatility trading keeps trading near unchanged line after not-so-good jobs report. The unemployment rate ticked up to 5.5% for the month, from 5.4% in April, while expectations were for it to remain steady.

WTI oil is falling again and the U.S. dollar is rising prompting U.S. markets to open lower.


Here is the current market situation from CNN Money

European markets are broadly lower today with shares in France off the most. The CAC 40 is down 1.59% while Germany's DAX is off 1.16% and London's FTSE 100 is lower by 0.94%.

What Is Moving the Markets

Here are the headlines moving the markets.

Futures extend losses after jobs data

(Reuters) - U.S. stock index futures extended their losses on Friday after jobs growth accelerated sharply in May and wages picked up, suggesting an interest rate hike in September was back on the table.

U.S. job growth surges, wages push higher in May

WASHINGTON (Reuters) - U.S. job growth accelerated sharply in May and wages picked up, signs of momentum in the economy that could put a September interest rate hike from the Federal Reserve back on the table.

OPEC agrees to keep pumping as oil glut fears persist

VIENNA (Reuters) - Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.

Tsipras Plays Putin Pivot Card; Tests Parliament's Patience On Troika Proposal

Greece was scheduled to pay the IMF around €300 million today. Athens will not make the payment.

On Thursday, the IMF acknowledged that Greece had indeed requested that its June payments to the Fund be bundled, buying PM Alexis Tsipras valuable time as he makes one final push to strike a deal with creditors that bears some vague resemblance to his party's campaign promises. Whether or not he will be successful remains to be seen. It's entirely possible that the PM's defiant position on pension and VAT "red lines" is only possible due to the extra negotiating time afforded by the combined IMF payment option. The troika likely knows that if it can hold out for another few weeks, Tsipras will have no choice but to make painful concessions â€" the onus will then be on the PM to push the deal through parliament.

Speaking of parliament, Tsipras will address Greek lawmakers on Friday and as The New York Times notes, it is not likely to be a cordial affair:

[Creditors'] demands prompted angry reactions from several government officials in Athens on Thursday, underscoring the difficulty Mr. Tsipras will have in gaining parliamentary support for any deal that is reached.

Syriza party hard-liners have suggested in recent days that they may dissent if Mr. Tsipras strikes a deal that they consider a violation of the anti-austerity pledges that brought the party to power in January. The junior coalition partner, the right-wing Independent Greeks, has also said it would not back ...

Vodafone in talks with Liberty Global on "asset" swap, not merger

LONDON (Reuters) - Vodafone, the world's second-biggest mobile telecoms company, said on Friday it was in talks with Europe's largest cable operator, Liberty Global, about an exchange of "selected assets" but was not discussing a full-blown merger.

Frontrunning: June 5


Europe shares set for worst week of 2015 (Reuters)

Jobs Report Not Likely to Trigger June Rate Hike (Hilsenrath)

U.S. jobs market seen firming despite lackluster growth (Reuters)

Gross Says Bond Rout Scary as Hell Even Without Bear Market (BBG)

Apple Is the New Pimco, and Tim Cook Is the New King of Bonds (BBG), which ZH said in 2013

In 'year of Apple Pay', many top retailers remain skeptical (Reuters)

OPEC Nations Signal Few Prospects for Oil-Production Change (BBG)

China regulator says amending rules on margin trading, short selling (Reuters)

Miami's Hot Condo Market Cools as Dollar Derails Buyers (BBG

Exclusive: In 'year of Apple Pay', many top retailers remain skeptical

CHICAGO (Reuters) - In a January earnings call with investors, Apple Inc Chief Executive Tim Cook made a confident prediction: "2015 will be the year of Apple Pay," he said.

H-P Is Back in Buying Mode

H-P is back in potential acquisition mode, with CEO Meg Whitman hinting at deals for data storage and next-generation data-center equipment.

Disenchanted Chinese tech companies plot escape from New York

SHANGHAI (Reuters) - Chinese tech firms have fallen out of love with America, and it shows - a growing number of them are looking to drop their listings in New York and head back home.

Watchful State: When It's a Crime to Withdraw Money From Your Bank

A look at what the former House speaker Dennis Hastert is accused of, and why the government is so interested in what people do with their money.

China Market Bubble Still Taking On Air

China's stock-market party is getting raucous, but with plenty of favors left to hand out, that doesn't mean it is about to end.

Greece postpones IMF payment; snap elections possible

ATHENS (Reuters) - Greece delayed repayment of an IMF loan on Friday and a deputy minister said the government might call snap elections if its creditors do not soften their terms, an option that an opinion poll showed four of ten Greeks support.

Update on the State of "Intelligent Money" As Wall Street Moves Into Space That We've Staked A Claim In Almost 2 Years Ago

The Exponential Finance symposium has just ended, and although
I didn't attend, Blythe Masters apparently had the hardest hitting
presentation. For those who don't know, up until last year she was number two
or three at JP Morgan and is the creator of the credit default swap (CDS). She
is now the CEO of a Digital Assets (a Bitcoin technology company). Two quotes,
a) "you were the most powerful woman on Wall Street", b) "How
Serious should you take this? About as serious as you should have taken the
Internet in the early 1990s!"

She is accompanies by many others who are pouring money into this space:
Goldman a Lead Investor in $50M Funding Round for Bitcoin
startup Circle (founded by Jeremy Allaire, the guy who create cold fusion programming language)

NASDAQ Details
Upcoming Use of Bitcoin's Block Chain Tech

Sharing Data, but Not Happily

Many Americans do not think the trade-off of their data for personalized services, giveaways or discounts is a fair deal, a University of Pennsylvania study found.

Europe shares set for worst week of 2015

LONDON (Reuters) - European shares extended losses on Friday, on track for their worst week of the year as a losing streak for bonds rumbled on, with wary investors anticipating more debt drama over Greece and a solid U.S. payrolls reading.

High Inflation Makes Ukraine's Troubled Situation Worse

While the rest of Europe tries to shrug off low inflation, Ukraine is dealing with sharply rising prices. The costs of many goods have doubled or tripled.

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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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