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01Dec2015 Pre-Market Commentary: Look For A Strong Open Today

Written by Gary

The futures this morning are up potentially reversing yesterday's decline, Most global markets are in the green this morning with big improvements in the Asian markets.


Here is the current market situation from CNN Money

European markets are mixed today. The FTSE 100 is up 0.56% while the CAC 40 gains 0.06%. The DAX is off 0.04%.

Big news today is the addition of China by the IMF to the elite currency club - but on the other hand, China's factory orders have slumped to three year lows.

What Is Moving the Markets

Here are the headlines moving the markets.

Chinese banks miss out on the party as Asian M&As pass $1 trillion mark

HONG KONG (Reuters) - A surge in Chinese cross-border technology and telecoms deals has helped mergers and acquisitions in Asia Pacific cross $1 trillion for the first time but mainland banks are missing out on the payoffs as they badly trail global rivals in advisory work.

Oil edges up, but concern over supply persists ahead of OPEC

LONDON (Reuters) - Crude oil prices rose on Tuesday as the dollar eased slightly, but with OPEC widely expected to stick to its output target this week, concern about oversupply remained in focus.

Global stocks hold Asia gains, euro rises as ECB bets waver

LONDON (Reuters) - Hints that a slowdown in China's economy may be leveling out pushed stock markets up on Tuesday, while euro bears and bond investors had second thoughts about sky-high expectations of European Central Bank easing later this week.

Target website stumbles on Cyber Monday, rivals out of stock

CHICAGO (Reuters) - U.S. shoppers seeking to avoid the holiday crowds at bricks-and-mortar stores and snare deals on Cyber Monday came face-to-face with traffic jams and product sellouts, with some customers of Target Corp forced to wait in a virtual line.

Dow sells portfolio of herbicides amid consolidation drive

CHICAGO (Reuters) - Dow Chemical Co has struck a deal to sell a part of its global herbicide business, as low crop prices continue to drive talk of consolidation in the agriculture industry.

Wall St. dips with health, consumer shares; gains for November

(Reuters) - U.S. stocks slipped on Monday, led by declines in health and consumer shares, as investors braced for policy news from central banks.

Target website stumbles on Cyber Monday, rivals out of stock

CHICAGO (Reuters) - U.S. shoppers seeking to avoid the holiday crowds at bricks-and-mortar stores and snare deals on Cyber Monday came face-to-face with traffic jams and product sellouts, with some customers of Target Corp forced to wait in a virtual line.

American Airlines, union reach deal to hike agents' pay

(Reuters) - Members of the association representing American Airlines Group Inc's reservations and gate agents approved a new five-year contract that includes an immediate 30 percent average wage hike.

New Fed rule limits its crisis bailout powers

WASHINGTON (Reuters) - The Federal Reserve Board on Monday adopted a rule that stops it from bailing out individual companies, a change that Congress demanded after the central bank's controversial decision to help rescue American International Group and others during the financial crisis.

Seeking A Savior

Submitted by Jeff Thomas via InternationalMan.com,

It's an unfortunate truth that, when people are worried about the future, they often put their faith in politicians to somehow make everything better.

Politicians, of course, are famous for promising panaceas for whatever is troubling voters, and they even invent new troubles to worry about, presenting themselves as the only ones who can solve these woes.

Not surprising then, that, over time, any nation may slowly deteriorate into a population of nebbishes who turn to their government to do their thinking for them and take responsibility for their futures.

Are These The Tankers Bilal Erdogan Uses To Transport ISIS Oil?

Regular readers are by now well acquainted with Bilal Erdogan, the son of Turkish autocrat Recep Tayyip Erdogan. Although Erdogan senior masquerades as President of a democratic society, he is in reality a despot who just weeks ago, capped off a four-month effort to nullify an undesirable ballot box outcome by scaring the electorate into throwing more support behind the ruling AKP in a do-over vote designed specifically to undermine the pro-Kurdish HDP, which put up a strong showing in the last round of elections, held in June.

As the world's interest in Islamic State's illicit oil trade has grown over the past 60 or so days, so too has the scrutiny on how the group gets its stolen crude to market. In the seven days since Turkey shot down a Russian Su-24 near the Syrian border, Moscow has done its best to focus the world's collective attention on the connection between ISIS and Turkey. It's common knowledge among those who pay attention to such things that Ankara is part of an alliance that includes Riyadh, Doha, and Washington whose collective goal is to fund and arm the Syrian opposition. What's up for debate is the extent to which that alliance supports ISIS and, to a lesser extent, al-Nusra.

Earlier today, Vladimir Putin explicitly accused Ankara of attempting to protect ISIS oil routes by shooting down Russian warplanes which have destroyed hundreds of Islamic State oil trucks in November.

Erdogan of course denies the allegations, but as we've shown, it would be very easy for Turkish smugglers to commingle ISIS and KRG crude (which, by the way, is also technically illegal), effectively using Kurdish oil to mask Turkey's participation in the Islamic State oil trade.

Some contend that Bilal Erdogan's marine transport company BMZ Group (which owns a Maltese s ...

Fourth Turning - Our Rendezvous With Destiny

Submitted by Jim Quinn via The Burning Platform blog,

In Part 1 of this article I discussed the catalyst spark which ignited this Fourth Turning and the seemingly delayed regeneracy. In Part 2 I pondered possible Grey Champion prophet generation leaders who could arise during the regeneracy. In Part 3 I focused on the economic channel of distress which is likely to be the primary driving force in the next phase of this Crisis. In Part 4 I assessed the social and cultural channels of distress dividing the nation. In Part 5 I examined the technological, ecological, political, military channels of distress likely to burst forth with the molten ingredients of this Fourth Turning, and finally in this final part, our rendezvous with destiny, with potential climaxes to this Winter of our discontent.

We are now in the seventh year of this

Pedro Da Costa Has The Courage To Review Ben Bernanke's Memoir, Finds A Few Gaping Holes

Pedro da Costa may no longer be asking Janet Yellen uncomfortable questions on behalf of the WSJ, but that doesn't mean the Peterson Institute's latest editorial fellow can't opine on his favorite topic: central bankers.

In the following review of Ben Bernanke's memoir "The Courage To Act", Pedro has done just that, and while his review of what is contained in the book is enlightening for those who are still waiting for the deflated, "fair value" priced copy, it is Pedro's "courage to write" what Bernanke conveniently forgot to add in his memoir, that makes this review so much more memorable than the generic sycophantic tripe written by his "access journalism" peers.

Yet the ongoing manipulation of key benchmark interest rates "which falls within the direct purview of the Fed "does not get a mention in the book. Neither do illegal foreclosures, the lack of transparency on Wall Street, banks' concentrated political power, the revolving-door nexus of Wall Street and the regulatory world, or even the global banking system's increasing vulnerability to financial crises (think Greece, China, Japan, Russia, Brazil, Turkey "and that's just in the past year).

Bernanke does accept some blame for having missed the signs of looming financial disaster on his watch. But he stops well shy of a mea culpa. He says he was merely echoing the conventional wisdom of the time: that the housing bubble wouldn't burst spectacularly and that, even if it did, the economic damage would be limited.

But at least Bernanke had the "courage" to cover everything else...

* * *

Originally posted on

Foreigners Pulled Back From Yuan Bonds Ahead of IMF Decision

In recent months, some investors started to take money out of yuan-denominated bonds due to worries that the currency would continue to weaken and doubts about Beijing's follow-through on market-reform pledges.

China Joins World's Elite Currency Club

China notched an economic milestone Monday, with the International Monetary Fund adding the yuan to its elite basket of reserve currencies, a move designed to spur greater liberalization in the world's No. 2 economy.

Bank of England to Ease Capital Pressure on U.K. Banks

The Bank of England said it would ease pressure on U.K. banks to hold more capital, drawing a line under years of post-crisis reforms aimed at making the banking sector safer.

Early Headlines: Asia Stocks Advance, China Mfg PMI Contracts, India GDP Strong, Japan Economy Perks Up, Putin And Obama Work On Syria, No More TBTF, US Deficit Too Small And More

Written by Econintersect

Early Bird Headlines 01 December 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

The Wall Street Journal: Express Scripts opts for $1 alternative to Turing's $750 Daraprim

Drug-benefit manager Express Scripts is making arrangements for patients to receive Imprimis's alternative to anti-parasitic pill Daraprim, whose price was raised more than 50-fold earlier this year.

The Wall Street Journal: Fatal AirAsia crash caused by faulty rudder, pilot reactions

Investigators say the Flight 8501 crash, which killed all 162 on board, was due to a combination of system malfunctions and improper pilot responses to those problems.

Market Snapshot: U.S. stock futures hint at upbeat December kickoff

Wall Street looks set for start on upbeat note Tuesday, with stock futures tracking a positive session in Asia ahead of closely watched economic events later in the week.

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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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