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04Nov2015 Pre-Market Commentary: Futures Fractionally Higher, US Dollar Moves Higher, Crude Remains In Low 48's. Market Rally Appears To Continue

Written by Gary

U.S. stock future indexes looks to extend it rally as they are up fractionally. Private-sector employment came in at a slower pace than last month and the September Trade Deficit narrowed somewhat and below what economists were looking for. The U.S. dollar made a sharp move higher this morning while WTI crude is steady at low 48's.

Markets are expected to open fractionally higher.

Here is the current market situation from CNN Money

European markets are mixed today. The FTSE 100 is up 1.07% while the CAC 40 gains 1.05%. The DAX is off 0.21%.

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. private sector adds 182,000 jobs in October: ADP

NEW YORK (Reuters) - U.S. private employers added 182,000 jobs in October, a tick above economists' expectations, a report by a payrolls processor showed on Wednesday.

Chesapeake cuts 2015 budget to cope with weak oil and gas prices

(Reuters) - Chesapeake Energy Corp , the second biggest U.S. natural gas producer, cut its 2015 capital budget for the second time this year to cope with a slump in oil and gas prices, but raised its production forecast.

Fox's adjusted revenue falls 6.3 percent

(Reuters) - Twenty-First Century Fox Inc reported a 6.3 percent fall in quarterly adjusted revenue as a lack of major movie releases weighed on its studio business.

Fed hike 'very dependent' on incoming data: Brainard

FRANKFURT (Reuters) - The U.S. economy is gaining some strength but a stronger dollar has already tightened financial conditions and the Federal Reserve's first rate hike in nearly a decade will depend on incoming data, Fed Governor Lael Brainard said on Wednesday.

Time Warner beats estimates on strong growth at HBO, Warner Bros

(Reuters) - Time Warner Inc reported better-than-expected quarterly profit and revenue, boosted by higher subscription fees for HBO and an increase in licensing revenue at its Warner Bros. studio business.

Lumber Liquidators names new CEO as sales slump continues

(Reuters) - Lumber Liquidators Holdings Inc appointed board member John Presley chief executive, five months after Robert Lynch resigned following a report that the company sourced flooring laminates with harmful levels of a known carcinogen.

Michael Kors sales, profit beat estimates; buyback raised

(Reuters) - Handbag and accessories maker Michael Kors Holdings Ltd reported better-than-expected quarterly sales and profit, and raised its share buyback program.

Frontrunning: November 4

Euro zone growth weak in October, China services rally (Reuters)

Stocks Rise With European Bonds on Stimulus Outlook; Euro Falls (BBG)

VW Sinks Deeper Into Crisis as Scandal Spreads to More Cars (BBG)

Republicans ask IRS to audit Clinton charity's finances (Reuters)

PBOC Inadvertently Boosts Stocks With Dated Zhou Comments (BBG)

As China’s Economy Slows, Consumers Pick Up Some of the Slack (WSJ)

Plane crashes in South Sudan, witnesses say dozens killed (Reuters)

Houston Equal Rights Ordinance Rejected by Voters (WSJ)

Probe Widens Into Treasury Debt Auctions (WSJ)

Greece May Win 2 Billion-Euro Payout by Monday, EU Official Says (BBG)

Sen. Bob Corker Profits on Quick Stock Trades (WSJ)

Japan Post Bank May Shift Some of Its I ...

Volkswagen Tumbles Again As Emissions Scandal Deepens, Gasoline Engines Dragged In: Wall Street's Reaction

The thing about sweeping corporate scandals is that once you start finding out where all the bodies are buried you usually discover that whatever event or revelation served as the impetus for the investigation was in fact just the tip of the proverbial iceberg.

Indeed, it now looks as though that assessment will certainly apply to the Volkswagen emissions scandal because as it turns out, in addition to software installed on some 11 million diesel vehicles designed to game nitrogen oxide tests, Germany’s largest carmaker has also been habitually understating CO2 output on around 800,000 cars sold in Europe.

As Bloomberg reports, the company found “unexplained inconsistencies†while conducting an internal probe related to carbon-dioxide output.

For the first time, gasoline engines are also said to be affected.

"VW is leaving us all speechless," Evercore ISI’s Arndt Ellinghorst said. "It seems to us that this is another issue triggered by VW's internal investigation and potentially related to Europe."

It “seems†that way to us as well. Meanwhile, the company is fighting allegations by the EPA that some SUVs sold in the US are also equipped with questionable “software.†From Reuters:

U.S. environmental regulators said on Monday that similar "defeat devices" were installed on larger 3.0 litre engines used in luxury sport utility vehicles from Porsche and Audi, although VW has denied those allegations.

Porsche's North American unit said it was discontinuing sales of Porsche Cayenne diesel sport utility vehicles until further notice, citing the allegations.

And from BofAML:


Global Stocks Extend Rally

Global stocks extended a rally ahead of key readings on the U.S. economy.

Probe Widens Into Treasury Debt Auctions

The Justice Department and CFTC have asked banks to turn over information in connection with a broad investigation into whether their traders rigged sales of government debt.

Early Headlines: Asia Stocks And Dollar Soar, Bitcoin Moon Shot, Saudis Out Of Water, China-Taiwan First Ever Summit And More

Written by Econintersect

Early Bird Headlines 04 November 2015

Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.


This Quarter's Biggest Earnings Takeaway Tells Us To Invest Here

by Keith Fitz-Gerald, Money Morning

Money Morning Article of the Week

A theme so far this earnings season is U.S. companies warning of an economic slowdown. With about half of the S&P 500 companies having reported already, many are citing protracted declines in production, sales, and employment that will track into 2016.

What did we learn from the 2000 tech crash? Three investors share lessons

Three professional investors discuss how the tech investing landscape has changed and how they’ve responded to it.

Are we in another tech-stock bubble?

The addition of cloud architecture to the mobile revolution has spurred yet another round of financial optimism, but that doesn’t mean we’re in another bubble.

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