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10Sep2015 Pre-Market Commentary: WTI Oil Sliding, U.S. Futures Down, Markets To Open Lower But Another Quiet Session Is In The Works

Written by Gary

U.S. stock futures index is down a half percentage point and oil has dropped below 44. The number of Americans filing first time claims for unemployment benefits fell last week and the Labor Department reports export prices fell 1.4% in August, a steeper decline than the 0.3% slide Wall Street expected.

Markets are expected to open lower with some volatility as investors opt for another quiet and sideways session.

Here is the current market situation from CNN Money

European markets are broadly lower today with shares in London off the most. The FTSE 100 is down 1.23% while France's CAC 40 is off 1.12% and Germany's DAX is lower by 0.97%.

What Is Moving the Markets

Here are the headlines moving the markets.

Import and Export Price Year-over-Year Deflation Continues in August 2015. Deflation Is Growing!

Written by Steven Hansen

Trade prices continue to deflate year-over-year - and the the rate of deflation is increasing.

Sam's Clubs to Accept AmEx Cards

American Express said Thursday that Sam's Club, the warehouse-club retailer owned by Wal-Mart Stores Inc., would accept its plastic starting Oct. 1.

Apple upgrade program seen driving demand for new iPhones

(Reuters) - Apple Inc has just made buying a new iPhone every year more affordable - a move that analysts said will drive demand from now on, starting with the new iPhone 6S and 6S Plus.Apple announced a program on Wednesday that will allow users to finance unlocked versions of the new iPhones through monthly installments starting at $32, regardless of carrier.

China deflation risks grow, foreign central banks on alert

BEIJING/WELLINGTON (Reuters) - The risk of deflation in China is growing, data suggested on Wednesday, as policymakers tried to reassure markets that the economy can stay on track and state banks were suspected of intervening in offshore markets to bolster the yuan.

What Happened At 6:12 AM This Morning?

Anyone waking this morning will glance at US equity futures and happily note its unchanged-ness relative to weakness in Asia overnight. But behind the scenes of the last 12 hours was a total and utter farce of price discovery failure. S&P 500 e-mini futures have been halted twice (0551ET anbd 0612ET) in what one market observer exclaimed "looks like manipulation to me." So what exactly happened at 6:12am?


As Nanex's Eric Hunsader exposes "looks like manipulation to me..."

It appears the "markets" are starting to run our of excess room for th evarious central bank manipulations to take place without being utterly exposed for all to see.

As Nanex notes - liquidity has disappeared...

eMini getting tossed around like a rag doll. We're nearing lord of the flies territory: $ES_F

— Eric Scott Hunsader (@nanexllc) September 10, 2015


Rail Week Ending 05 September 2015: Improvement This Week

Week 35 of 2015 shows same week total rail traffic (from same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Intermodal traffic expanded year-over-year, which accounts for approximately half of movements. but weekly railcar counts continued in contraction. Note that the words in the AAR's release do NOT match the backup data (significant disconnect) - and this week's report is a best guess on the current situation.

Global Stocks Lower on U.S. Interest Rate Uncertainty

Global stocks were largely lower amid lingering concerns over China's growth and ahead of a U.S. rate decision next week.

Commodities Giant Vedanta's Big Challenge: Mine Cash

It is not just commodities that Vedanta Resources, India's largest resources conglomerate, finds hard to get out of the ground. Its own cash is proving stubborn, too.

Futures rise a day after Apple weighs on Wall Street

(Reuters) - U.S. stock index futures were slightly higher on Thursday, a day after Apple and a fall in oil prices dragged down Wall Street by more than 1 percent.

Frontrunning: September 10

Compare: S&P 500 Futures Advance After U.S. Stocks Ignored Global Rally (BBG)

And contrast: Global Stock Rally Grinds to a Halt (BBG)

And be very confused: Global Stocks Lower on U.S. Interest Rate Uncertainty (WSJ)

Hilsenrath: Fed Wavers on September Rate Rise (WSJ)

Time for more QE: Abe Adviser Says Next Month Good Opportunity for BOJ Easing (BBG)

Brazil downgraded to junk rating by S&P, deepening woes (Reuters)

Kiwi dollar tumbles after New Zealand cuts interest rates (Reuters)

Russian troops join combat in Syria - sources (Reuters)

BOE Says Global Turmoil Hasn't Shaken Its Economic Outlook (BBG)

Sue Your Bank, Kee ...

Fed Wavers on September Rate Rise

Federal Reserve officials aren't near an agreement to begin raising short-term interest rates heading into a crucial week of private discussions before their Sept. 16-17 policy meeting, according to their recent comments.

China says Apple unit underpaid $71 million in tax in 2013

SHANGHAI (Reuters) - A China unit of U.S. tech giant Apple Inc underpaid taxes in 2013 by 452 million yuan ($71 million), according to a report from the country's finance ministry, which comes as China toughens its stance on tax payments by foreign firms.

Futures Surge Overnight As Deteriorating Economic Data Unleashes Blur Of Central Bank Interventions And QE Rumors

Following yesterday's perfectly expected, yet totally shocking Brazil downgrade to junk status by the S&P, the Emerging Market took its next leg down over concerns that the so far relatively contained BRIC contagion will spread to the rest of the Emerging Markets. The result was that Malaysia's ringgit, Indonesia's rupiah and South Korea's won all lead Asian currencies lower as regional equities initially dropped in a kneejerk response to the news while the New Zealand Dollar crashed by 2% after the RBNZ was the latest central bank to cut rates for the third time in three policy meetings.

The economic weakness stretched over to Japan, whose corporate goods price index plunged the most since 2009 while its machinery orders crashed -3.6% on expectations of a +3.0% rebound putting in play another Japanese recession scenario (its 5th in the past 7 years). The early result was a plunge in the Nikkei dragged lower by USDJPY (which also impacted US equity futures down), and then the Yen crashed, and the USDJPY soared instantly, when Japan had no choice but to pull out the QE card after Bloomberg headlines hit just before 1am eastern that ruling Liberal Democratic Party lawmaker Kozo Yamamoto, one of Japan's permadoves who has advised Prime Minister Shinzo Abe on economic policy, said the BOJ should boost QE - again - and increase annual pace of asset purchases by at least 10t yen, adding that the BOJ's Oct. 30 meeting would be "good opportunity" for further easing. And just like that horrible news is great news again.

The result is shown in the chart below: the USDJPY surged, then faded all gains, then proceeded to rise again and to trip all the upside stops set by the earlier spike...

Audi outsold by BMW, Mercedes in August amid China woes

BERLIN (Reuters) - Audi sold fewer cars in August than luxury rivals BMW and Mercedes-Benz as Volkswagen's flagship brand has been harder hit by falling demand in China than its German peers.

Mondelez to boost ad spending, healthier offerings

NEW YORK (Reuters) - Snack maker Mondelez International Inc will spend more on advertising its brands, increase healthier offerings and expand its e-commerce business to boost sales as consumers eat less processed food, an executive overseeing the company's growth strategy said.

Kmart beefs up layaway scheme eyeing early holiday demand

(Reuters) - Kmart has expanded its layaway program and dropped the requirement for a down payment on a lease-to-own scheme, joining other U.S. retailers in trying to get a jump start on holiday shopping demand.

New United Continental chief moves to calm investors, employees

(Reuters) - One day after ousting its chief executive, United Continental Holdings Inc and its new boss, Oscar Munoz, moved to reassure shareholders and employees that the company is stable.

U.S. to focus more on executives, not just companies, in criminal cases

WASHINGTON (Reuters) - The U.S. Justice Department has issued new guidelines that emphasize prosecuting individual executives in white-collar crime cases, and not just their corporations.

Growth jitters send stocks, commodities into reverse

LONDON (Reuters) - World stocks and commodities moved back into reverse on Thursday after four straight days of gains following a heavy overnight tumble by oil and more uncertain news from China and Japan but also from Brazil and New Zealand.

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