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20Nov2015 Pre-Market Commentary: U.S. Futures Fractionally Higher, ECB Ready To Hand Out Easy Free Money, Possibility Of Quiet Friday Session Possible

Written by Gary

U.S. stock future indexes are fractionally higher this morning mostly from the ECB stating it is prepared to deploy its full range of stimulus measures to fight low inflation, (More free money) The Markets will open higher, but the possibility of deep morning dip is possible in the absence of government financial reporting. The SP500 is on track to climb higher with a resistance at ~2084.


Here is the current market situation from CNN Money

European markets are higher today with shares in Germany leading the region. The DAX is up 0.40% while London's FTSE 100 is up 0.22% and France's CAC 40 is up 0.10%.

European Central Bank head says next meeting will decide whether more monetary stimulus needed

FRANKFURT, Germany (AP) — European Central Bank head Mario Draghi said the chief monetary authority for the eurozone "will not hesitate" to expand its stimulus program at its next meeting if needed to support the economic recovery. Draghi's speech at a banking forum in Frankfurt on Friday reinforced earlier statements taken by markets as a green light for the bank to take action at the Dec. 3 meeting of its governing council.

He said the ECB needed to assess whether "if left to its own forces, the economy will be able to achieve a self-sustaining trajectory." "If not, then it will require more monetary stimulus." Europe's recovery is important for the troubled global economy, which has seen growth slow in emerging markets such as China even as Europe and the United States recover from the financial crisis of 2007-2009 and the eurozone's troubles over government debt.

What Is Moving the Markets

Here are the headlines moving the markets.

Wal-Mart scrimped on hiring as store space grew rapidly

CHICAGO (Reuters) - Wal-Mart has been dogged by criticism of the standard of its stores in recent years, including long checkout lines and insufficient stocking of its shelves. A Reuters analysis of the giant discount retailer’s growth and its employee numbers may help explain why.

Abercrombie & Fitch quarterly profit more than doubles, shares jump

(Reuters) - Abercrombie & Fitch Co's third-quarter same-store sales fell less than expected and its profit more than doubled as the teen apparel retailer boost gross margin by offering fewer promotions and controlling costs.

Aetna says individual Obamacare business performing as expected

(Reuters) - Health insurer Aetna Inc said on Friday its individual commercial business has continued to perform in line with its expectations, echoing smaller rival Centene Corp after UnitedHealth Group Inc said it may exit the business.

Stock futures edge higher; Nike jumps on buyback

(Reuters) - U.S. stock index futures were slightly higher on Friday with no catalysts to drive the market convincingly in either direction.

Volkswagen faces pressure in U.S. to buy back older diesel cars

(Reuters) - Volkswagen , which is set to provide detailed plans to fix vehicles that do not comply with U.S. emissions standards, faced more pressure on Thursday from officials in Washington and California to buy back older diesel cars.

Oil trades near three-month low as excess supply takes toll

LONDON (Reuters) - Brent crude oil futures traded near three-month lows on Friday as the pressure of a persistent supply glut quashed any optimism about a price recovery.

ECB willing to act fast to boost inflation, says Draghi

FRANKFURT (Reuters) - The European Central Bank is ready to act quickly to boost anemic inflation in the euro zone, its president said on Friday, offering the strongest hint yet that the bank will unveil fresh stimulus measures at its Dec. 3 meeting.

Number of $5 billion-plus takeover deals hits record

LONDON (Reuters) - A bumper North American railroad bid and three other big tie-ups announced this week have taken the number of takeover deals worth $5 billion or more to a record 128 this year, according to Thomson Reuters data.

Global shares march on as alarm bells ring for metals

LONDON (Reuters) - World shares headed for their best week in over a month on Friday, though alarm bells over global growth were ringing in metals markets as copper hoovered at its lowest level since 2009 and nickel since 2003.

Europe Cracks Down On Bitcoin, Virtual Currencies To "Curb Terrorism Funding"

In the past we have explained why when it comes to circumventing capital controls, primarily in the context of China, there are few as simple and as efficient alternatives to Bitcoin - contrary to what Bernanke may think, gold is concentrated money (and in India it now pays interest) but when it comes to transferring it across borders, it tends to be rather problematic. And now Europe appears to have figured this out, and as Reuters reports, European Union countries are preparing to crackdown on virtual currencies such as bitcoin, and anonymous payments made online and via pre-paid cards "in a bid to tackle terrorism financing after the Paris attacks, acording to a draft document."

Just a week after the Paris terrorist attack, showing a dramatic ability for coordinated work by a continent that is known for anything but, today EU interior and justice ministers are gathering in Brussels for a crisis meeting called after the Paris carnage of last weekend. This happens days after the European Commission already announced it would make procurement of weapons across Europe virtually impossible, if only for citizens who wish to obtain protection legally.

According to Reuters, the justice minister will urge the European Commission, the EU executive arm, to propose measures to "strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies and transfers of gold, precious metals, by pre-paid cards," draft conclusions of the meeting said.

Conveniently, Reuters reminds us that "Bitcoin is the most common virtual currency and is used as a vehicle for moving money around the world quickly and anonymously via the web without the need f ...

Frontrunning: November 20



French, U.S. Troops Enter Mali Hotel as Gunmen Hold Hostages (BBG)

Top suspect seen on CCTV in metro during Paris attacks (Reuters)

Paris Attacks’ Alleged Ringleader, Now Dead, Had Slipped Into Europe Unchecked (WSJ)

Global shares march on as alarm bells ring for metals (Reuters)

European Stocks Rise With Asian Shares as Zinc, Ringgit Advance (BBG)

World leaders arrive for summit amid heavy security (Reuters)

Paris Attacks Fan Encryption Debate (WSJ)

Obamacare's Fate May Rest on Patience of Insurers Aetna, Anthem (BBG)

Pfizer Heads for Fight With U.S. on Tax-Saving Allergan Deal (WSJ)

Inside the Money Laundering Scheme That Citi Overlooked for Years (BBG)

Draghi Says ECB Will Do What It Must to Spur Price Gains (

Futures Rise, Global Stocks Set For Best Week In Six Unfazed By Terrorism Concerns

Futures are modestly higher in early trading having tracked the USDJPY once again almost tick for tick, with the carry trade of choice rising to 123 shortly after Mario Draghi's latest speech pushed the dollar strong initially only to see most gains promptly evaporate against both the Yen and the Euro. European shares are likewise little changed, after gaining earlier, while Asian stocks rise; oil also advanced in early trading only to drop to its lowest overnight level moments ago, a few dimes over $40, with aluminum and copper both posting modest increases.

Perhaps it is worth noting that a week which many predicted would be bad for risk assets has been precisely the opposite and nowhere more so than in France, where as Bloomberg reports, after Europe's worst terror attack in more than a decade hasn't deterred equity investors this week, with France's CAC 40 Index rising as much as 2.5 percent. Fewer than 10 stocks have fallen, among them Accor, Europe's biggest hotel operator, which dropped 4.7 percent on Monday on concern about tourist flows. Since then it's clawed back more than half of those losses. The CAC 40 Index remains one of Western Europe's best performing equity indexes this year. Only Denmark, Ireland, Italy and Austria have fared better

As Bloomberg also notes, while global stocks are little changed so today, the MSCI All Country World Index is on track for its best week in six. Investors have a new-found belief the path of U.S. interest rate increases will be gradual even if the Federal Reserve embarks on tighter monetary policy next month for the first time in nine years. The MSCI Asia Pacific Index ...

Square IPO May Be Turning Point for Technology

Square Inc.’s IPO could prove to be a signpost for technology startups that have long been tapping private investors for deals at lofty valuations.

Oil Prices Fall in Volatile Trade

Oil prices fell in volatile trade, as ample global supplies of crude continue to pressure the oil market.

Rail Week Ending 14 November 2015: Contraction Grows

Week 45 of 2015 shows same week total rail traffic (from same week 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. The 52 week rolling average contraction grew.

Fed's Balance Sheet 18 November 2015 Little Changed

Total Fed Balance Sheet:

Fed's Balance Sheet week ending balance sheet was $4,448 trillion..

UnitedHealth suggests Obamacare is being gamed

The biggest health insurer in the U.S. suggests people are cheating the Obamacare system.

The Tell: Trader calls off appeal for help with $106,445.56 E-Trade debt

Joe Campbell, the trader asking for $106,000 after a short bet went wrong, stops asking for money on his GoFundMe page.

Need to Know: Here's what the S&P 500 needs to see a 10% gain next year

Much of investors' fortunes next year will be riding on this one big thorn in the market's side, unfortunately. Here's what it will take to get a significant rise out of stocks next year.

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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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