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23Nov2015 Pre-Market Commentary: Interest Rate Increase Concerns Push Global Stocks Lower, US Dollar Higher, Oil Glut Scenarios Still In Play

Written by Gary

U.S stock future indexes are flat and are expected to follow the Euroasian markets which are in the red. Oil spiked earlier this morning when the Saudi oil minister announced that they will do everything to stabilize oil prices. WTI has since fallen to Friday's closing prices. The U.S. dollar rose to 100.03 yesterday and is trading sideways in the high 99's. Investors are obviously concerned with expectations for a first increase in U.S. interest rates in almost a decade next month.


Here is the current market situation from CNN Money

European markets are lower today with shares in France off the most. The CAC 40 is down 0.69% while London's FTSE 100 is off 0.43% and Germany's DAX is lower by 0.23%.

What Is Moving the Markets

Here are the headlines moving the markets.

Fed's Tarullo says worried about too-low inflation

WASHINGTON (Reuters) - Federal Reserve Governor Daniel Tarullo said on Monday that the path of rate hikes should be influenced by how much inflation moves towards the Fed's 2 percent target rate.

Tyson Foods quarterly sales rise four percent

(Reuters) - Tyson Foods Inc , the biggest U.S. meat processor, reported a 4 percent rise in quarterly sales, helped by higher demand for chicken and as the Hillshire Brands acquisition boosted sales of prepared foods.

Futures flat as S&P comes off best week in nearly a year

(Reuters) - U.S. stock index futures were little changed on Monday, coming off strong gains last week, with the S&P 500 posting its biggest gains in almost a year and the Dow Jones industrial average turning positive for the year.

Pfizer to buy Allergan in $160 billion deal

(Reuters) - Pfizer Inc, the maker of Viagra and Lipitor, has struck a deal to buy Botox-maker Allergan Plc in a transaction valued at about $160 billion.

Oil tumbles as strong dollar, oversupply weigh on investors

LONDON (Reuters) - Oil prices fell on Monday, dented by the rise in the U.S. dollar to seven-month highs, and analysts see more losses triggered by the mismatch between global supply and demand.

Avago secures unconditional EU approval for $37 billion Broadcom buy

BRUSSELS (Reuters) - European antitrust regulators cleared on Monday Avago Technologies Ltd's planned $37 billion takeover of rival chipmaker Broadcom Corp without conditions.

FMC seeks growth outside main U.S. market

FRANKFURT (Reuters) - Fresenius Medical Care , the world's largest dialysis provider, is looking for opportunities to grow in Europe and Asia as it feels the limits to growth in its largest market, the United States, its chief executive told Reuters in an interview.

U.S. says China to take tougher stance against trade secret theft

GUANGZHOU, China (Reuters) - The United States Commerce Secretary said on Monday China would offer better legal protection to U.S. firms that suffer theft of trade secrets after annual trade talks that yielded scant progress on other topics like a proposed investment treaty.

Oil Tumbles Back Into Red As Saudi "Whatever It Takes" Jawboning Is Not Enough

Just 2 hours after news broke of Saudi officials discussing the need to do "whatever it takes" to stabilize the oil market - sending crude soaring - half the gains are gone. With the algos tagging Friday's highs, WTI Crude has tumbled back into the red from Friday's close as traders want action not words to solve the massive global oil glut...

Is Santa Poised To Fill Christmas Stockings With Coal?

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Perhaps a retail coals-in-the-stockings Christmas will awaken the mainstream media to the reality that recession is now a global phenomenon.

If container shipping is any reflection of the upcoming Christmas season, Santa is poised to fill the nation's Christmas stockings with coal. Let's start by noting that Baltic Dry Index Falls Below 500 for First Time Ever (gcaptain.com) and Container Freight Rates Plummet 70% In 3 Weeks (Zero Hedge).

For a corroborative report on shipping along America's Atlantic Coast, we turn to correspondent J.M., who works in the shipping industry. Here's is J.M.'s sobering first-hand observations:

We just arrived back in New York after a multi-port run down the Atlantic seaboard. My observations of the box ship trade in and out of those major ports, as well as coastwise between the ports, is that business is dismal.

I've never seen so many big container ships running around high in the water with nearly empty decks and holds. Not even in 2008-2011.

Admittedly, these are only anecdotal observations. And I'm well aware of the confirmation-bias tendencies we are prone to. Having said that, my experienced eye calculated that less than a third of the dozens of box ships I've seen this past 2 weeks were "normally" loaded, meaning roughly 2/3 to 3/4 of capacity or better. About half were obviously very lig ...

Frontrunning: November 23



Brussels on Edge as Lockdown Continues (WSJ)

Stocks Pare Decline as Crude Oil Erases Drop on Saudi Comments (BBG)

Italy’s Eni Plans to Pump Arctic Oil, After Others Abandon the Field (WSJ)

Treasuries Decline as Economists Say GDP to Be Revised Higher (BBG)

Why the Housing Rebound Hasn’t Lifted the U.S. Economy Much (WSJ)

Argentina Fever Is Back for Investors as Kirchner Rival Triumphs (BBG)

Explosion damages toilet at Japan's controversial shrine for war dead (Reuters)

Paris Terror Attacks Act as Drag on French Hotels, Restaurants (BBG)

Sixteen people injured in New Orleans park shooting (Reuters)

The 1-Day Jump That Shows Goldman May Be Right on Metal Cuts (BBG)

Unemployment Debt We ...

Fairness of SEC Judges Is in Spotlight

Comments by an SEC judge help illuminate the concerns of defendants who worry they can’t get a fair hearing in an internal court system where the SEC wins more often than it does in federal court.

Global Stocks Slip

Global stocks slipped on Monday following a week of gains for most major indexes, with weak commodity prices taking their toll on the energy and mining sectors.

Swiss Bank Data Thief: 'I'd Do It Again'

Lutz Otte netted more than $600,000 from passing stolen Swiss bank client data to German tax authorities. Now Switzerland proposes easing bank-secrecy rules to allow cooperation with foreign agencies when data is stolen.

End Of The Road? Impact Of Interest Rate Changes On The Automobile Market

from Liberty Street Economics

-- this post authored by Adam Copeland, George Hall, and Louis Maccini

The Federal Reserve has kept interest rates at historic lows for the last six years, but eventually rates will return to their long-term averages. That means both policymakers and the public will once again be asking one of the classic questions in monetary economics: What are the impacts of rising interest rates on the real economy?

Early Headlines: Commodities Slide, 20 Dollar Oil, Muslim US City, French Rush To Enlist, Morocco Giant Solar City, Saudi Black Swan And More

Written by Econintersect

Early Bird Headlines 23 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.

early-bird-301-180

Behind the Storefront: Wal-Mart to post 2,000 deals the night before Cyber Monday

No more waiting and staying up past midnight to shop online. Wal-Mart plans to offer its Cyber Monday deals several hours earlier than normal.

Market Snapshot: Stock futures trim losses as oil finds support

U.S. stock futures are finding relief as oil prices swing out of the red, but shares of Pfizer and Allergan are down premarket after the companies strike a merger deal

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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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