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30Oct2015 Pre-Market Commentary: Futures Up Fractionally, Markets To Open Flat, Morning Financial Reporting 'Not-So-Good', Investors Sitting On Sidelines

Written by Gary

U.S. stock future indexes are fractionally higher this morning after the no-so-good financial's. Personal spending and consumption are down along with Intermodal traffic.

Markets are expected to open flat, make the morning dip and remain quiet for most of the session. Excessive volatility is not expected nor is investor participation on this Friday session.


Here is the current market situation from CNN Money

European markets are lower today with shares in London off the most. The FTSE 100 is down 0.33% while Germany's DAX is off 0.05% and France's CAC 40 is lower by 0.03%.

What Is Moving the Markets

Here are the headlines moving the markets.

Exxon third-quarter profit falls 47 percent but beats expectations

(Reuters) - Exxon Mobil Corp said on Friday its third-quarter profit fell 47 percent hit by low crude prices, but results were better than expected, helped by higher profits in the oil company's refining business.

CVS profit misses estimates on lower reimbursements, new generics

(Reuters) - CVS Health Corp's profit missed analysts' estimates for the first time in six quarters as its $10-billion Omnicare acquisition failed to offset pressure from lower reimbursement rates and new low-margin generic drugs.

World stocks on course for best month in four years

LONDON (Reuters) - World shares rose on Friday and were on course for their best month in four years, as global central banks kept stimulus policies intact and many hinted at further steps to re-energize their economies.

Valeant severs ties with controversial pharmacy distributor

(Reuters) - Valeant Pharmaceuticals International is to sever all ties with pharmacy business Philidor Rx Services in the wake of criticism over the relationship between the two closely associated companies.

Colgate sales hit by strong dollar, weakness in Latin America

(Reuters) - Colgate-Palmolive Co reported a steeper-than-expected drop in quarterly sales, mainly due to a strong dollar, and the world's biggest toothpaste maker said full-year earnings would likely be lower than anticipated.

Crude oil on track for weekly gain despite glut

LONDON (Reuters) - Crude futures held steady around $49 in early Friday trading, poised to post the first weekly gain in three weeks despite a supply glut that has tested storage capacity and hammered company results.

Stock futures higher as Exxon, Chevron results awaited

(Reuters) - U.S. stock index futures were slightly higher on Friday ahead of earnings reports from energy giants Exxon and Chevron and data on consumer spending.

Fiat Chrysler to recall 284,089 SUVs due to faulty airbags

(Reuters) - Fiat Chrysler Automobiles NV said it is recalling about 284,089 older-model SUVs in the United States due to inadvertent airbag deployment.

Chinese court orders ConocoPhillips to pay $266,000 over 2011 oil spills

BEIJING (Reuters) - A Chinese court has ordered ConocoPhillips to pay compensation to nearly two dozen aquaculture farmers who said their livelihoods were hurt by oil spills off China's northeastern coast in 2011.

SUNE Slumps After Buy-The-Tepper-Rumor Fails

Sun Edison's meltup yesterday on news that hedge fund manager David Tepper would be appearing on CNBC (and nothing else) has been entirely removed as Tepper exclaimed this morning, with regard rumors "there must be some really good ganja coming into the country." Well if that doesn't sum up the entire market, we don't know what does...

Bullish Fund Flows Return With A Vengeance: Largest Equity Inflow In 6 Weeks; Money Put Into Bonds, Commodities

The bullish fund flows are back. This is how Bank of America summarizes the latest EPFR capital flow sentiment: "Loving Wall Street: $15bn equity inflows + $5bn HY/IG inflows + 6 straight weeks of commodity inflows = investors are "risk-on"

Specifically, a surge in equity:

Equities: $14.6bn inflows (largest in 6 weeks) (note $12.3bn via ETFs â€" SPY, XLV, QQQ)

Bonds: $2.9bn inflows (3 straight weeks)

Commodities: 6 straight weeks of inflows ($0.3bn) (longest inflow streak in 8 months)

Virtually all the equity inflows were via ETFs:

Here Comes the Fed: Treasury funds record largest outflows in 17 weeks ($1.8bn) + bank loans record first inflows in 13 weeks = investors discounting Dec Fed hike

The Need for Yield: largest HY bond inflows in 8 months ($3.9bn); even retail-popular high-yielding MLP see inflows (investors redeemed $1.2bn from Jun-Sep’15); but once again, EM debt saw outflows


$3.9bn inflows to HY bond funds (3 straight weeks) (largest in 8 months in absolute terms)

$1.8bn outflows from Govt/tsy funds (3 straight weeks) (largest in 17 weeks); Largest inflows to IG bond funds in 12 weeks ($1.2bn)

$0.4bn outflows from EM debt funds (outflows in 13 out of 14

Like with equities, the bulk of the inflows in IG were via ETFs:

Frontrunning: October 30



World stocks on course for best month in four years (Reuters)

Global Stocks Up Amid Stimulus Hopes (WSJ)

BOJ Refrains From Adding Stimulus Even as Inflation, Growth Wane (BBG)

U.S. Avoids Debt Default as Congress Passes Fiscal Plan (BBG)

China naval chief says minor incident could spark war in South China Sea (Reuters)

Exclusive Club: No High-Frequency Traders Allowed at Luminex (WSJ)

Valeant's Goldman Connection: A CFO Schooled on Wall Street (BBG)

Valeant is now facing federal investigations & sharp criticism in Congress and from presidential candidates (NYT)

As China’s Stock Market Crashed, These Hedge Funds Rose 70% (BBG)

Young couples mostly lukewarm as China ends one-child policy (

Asian Shares on Track for Best Month in Six Years

Asian markets are headed for the best month in more than six years on Friday, fueled by hopes that central banks around the world will inject stimulus into their economies.

Hedge Funds Hit by Rebound in Global Stocks

Big names among those caught out by bets against battered commodities firm Glencore, one of several stocks that gained 20% or more for the month as global stock markets have risen sharply.

KeyCorp to Acquire First Niagara Financial

KeyCorp confirmed an agreement to acquire First Niagara Financial Group in a deal valued at about $4.1 billion, producing a tie-up of two regional banks.

Rail Week Ending 24 October 2015: A Worse Week Among Bad Weeks

Week 42 of 2015 shows same week total rail traffic (from same week one year ago) and monthly total rail traffic (from same month one year ago) declined according to the Association of American Railroads (AAR) traffic data. Intermodal traffic contracted year-over-year, which accounts for approximately half of movements. and weekly railcar counts continued in contraction.

Leading Index Review: September 2015 Philly Fed Leading Index Showing Stable Rate of Economic Growth

Written by Steven Hansen

This leading index continues to be recalculated (what good is a leading index whose history continues to be recalculated?) - and continues to forecast stable but relatively weak growth into 2016. A review of all major leading indicators follows - and no leading index is particularily strong.

Economic Report: Consumer spending slows for a good reason

Americans are snapping up new cars and trucks at the fastest rate in a decade, but cheaper gas prices led to the smallest increase in consumer spending in September in eight months.

Earnings Summary for Today

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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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