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07Aug2015 Pre-Market Commentary: Futures Slide Lower After Jobs Report, Oil Moving Lower And The U.S. Dollar Moving Into Resistance, Markets Expected To Open Lower

Written by Gary

U.S. stock futures index moved from flat to fractionally lower after the jobs and employment report came in as 'not-so-good' again.

The Labor Department reported the U.S. economy added 215,000 jobs in July, below the 223,00 Wall Street anticipated. As expected, the unemployment rate and the labor force participation remained at 5.3% and 62.6% respectively.

Markets are expected to open lower and continue to slide down until mid morning where there may be a modest recovery by the afternoon session.


Here is the current market situation from CNN Money

European markets are mixed. The CAC 40 is higher by 1.12%, while the DAX is leading the FTSE 100 lower. They are down 0.38% and 0.29% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Dollar, Bond Yields Jump; Stock Futures Remain Lower on Jobs Data

The dollar rose and Treasury yields jumped after data showed the U.S. economy created 215,000 jobs in July, in line with expectations. Stock futures remained lower.

"One Would Be Bucking Pretty Stiff Odds To Ignore This Development"

Submitted by Dana Lyons via Dana Lyons' Tumblr,

This brief post will serve as the coup de grace for our "Junkie Market" series. By that, we are referring to days on which there are numerous (in this case, at least 100) new 52-Week Highs AND 52-Week Lows. We have covered such occurrences on the NYSE and the Nasdaq exchanges. If you'll recall, these events tended to pop up near cyclical market tops. Thus, the forward returns in the averages were very poor, especially in the longer-term. Inspired by yesterday's occurrence, today's Chart Of The Day looks at days on which there were at least 100 New Highs and Lows on both the NYSE AND Nasdaq.

image

As you might expect, the timing of these dates was not too auspicious. They were primarily concentrated around the 1998 intermediate-term top and the 2000 and 2007 cyclical tops. Additionally, there have now been 7 occurrences in the past 7 months. Judging by the historical performance in the S&P 500, this is a bit of a concern for market participants.

image

It is not necessarily the death knell for the bull market. There have been occasions after which the S&P 500 far ...

China Calls on Brokers to Help Stabilize Market

China's securities regulator said it has called on the nation's securities brokers and fund managers to help stabilize the stock market after a steep selloff in recent weeks.

Frontrunning: August 7

July job gains may favor September interest rate rise (Reuters)

It's all about Trump at raucous Republican debate (Reuters)

The 5 Most Important Takeaways From the First Debate of 2016 (BBG)

Republican presidential candidate Carly Fiorina wins the Web (Reuters)

Hedge Fund Losses From Commodity Slump Sparking Investor Exodus (BBG)

Winners and losers from the first Republican presidential debate (WaPo)

Bush turns in workmanlike debate performance, but will it be enough? (Reuters)

â€'You Wake Up and Think, I'm in Prison:' Ex-Con's Wisdom to Hayes (BBG)

China's Stock Crash Is Spurring a Shakeout in Shadow Banks

Crisis Chronicles - The California Gold Rush And The Gold Standard

by Liberty Street Economics

-- this post authored by James Narron and Don Morgan

On the crisp morning of January 24, 1848, James Marshall, a carpenter in the employ of John Sutter, traveled up the American River to inspect a lumber mill that Sutter had ordered constructed close to timber sources. Marshall arrived to find that overnight rains had washed away some of the tailrace the crew had been digging. But as Marshall examined the channel, something shiny caught his eye, and as he bent over to retrieve the object, his heart began to pound. Gold! Marshall and Sutter tried to contain the secret, but rumors soon spread to Monterey, San Francisco, and beyond - and the rush was on. In this edition of Crisis Chronicles, we describe the excitement of the California Gold Rush and explain how it constituted an inflationary shock because the United States was tied to the gold standard at the time.

EU officials to review progress in Greek bailout talks

BRUSSELS (Reuters) - Senior EU officials will confer by telephone late on Friday on progress in negotiations between Greece and its international creditors on a third bailout for the near-bankrupt euro zone country with Germany reported to be warning against haste.

Bitcoin startups lure quant whizzes from Wall Street

NEW YORK (Reuters) - Armed with a doctorate in financial engineering, 34-year-old Timo Schlaefer was on his way to a promising career at Goldman Sachs in London. Previously with the bank's mergers and acquisitions team, he became an executive director of credit quantitative modeling at Goldman, where quants like Schlaefer are highly valued.

German Finance Ministry favors bridge loan for Greece: paper

BERLIN (Reuters) - Germany's Finance Ministry favors a bridge loan for Greece to give Athens and its creditors sufficient time to negotiate a comprehensive third bailout, the Sueddeutsche Zeitung daily reported on Friday.

China's Grip Strangles Shareholders

There is a false sense of security among some investors that China will eventually get the hang of this stock market bailout thing.

JD.com Results Beat Expectations

JD beats on Q2 and meets on Q3 revenues

'Frack now, pay later,' top services companies say amid oil crash

HOUSTON (Reuters) - Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. It amounts to this: "frack now and pay later."

Two Large Puerto Rico Bondholders Demand Full Payment

Executives from OppenheimerFunds and Franklin Advisers wrote to senior officials in Puerto Rico, warning of "years of economic turmoil" because of the decision to default.

Probe Into Pilot Program Darkens Brokerage's Outlook

For brokerage firm International Technology Group, a trading pilot program around its dark pool that executives believed would boost the firm's revenue has turned into an albatross that has created financial and regulatory problems.

Coffee Disconnect Is Brewing

A growing number of coffee roasters that deal in small farm-produced and best-flavored coffees are leaving the traditional, and more volatile, futures market.

Pakistan's Unstable Economic Situation: Excessive Debts Disastrous for the Economy.

Written by Hasan Mustafa Malik, GEI Associate

Pakistan's current debt burden has placed their economy in a very delicate situation. The government of Pakistan has borrowed almost $950 million from banks in the past one year. Pakistan is highly relying on it domestic debt which is adversely affecting the fiscal outlook of the country resulting in very little fiscal stability.

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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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