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29Jan2016 Pre-Market Commentary: US Futures Fractionally Higher, Crude Trading Sideways In The High 33's, High Market Volatility A Possibility Today

Written by Gary

US stock future indexes are flat to fractionally in the green. The reported US GDP is 0.7% which is higher that the last report, but lower than expected. The pre-markets apparently didn't care and just yawned. I suspect the markets will open fractionally higher and then make the morning dip.


Here is the current market situation from CNN Money

European markets are broadly higher today with shares in London leading the region. The FTSE 100 is up 1.02% while France's CAC 40 is up 0.47% and Germany's DAX is up 0.44%.

The first column is what was reported this morning. The second column is what was expected and the the third is the last report.

What Is Moving the Markets

Here are the headlines moving the markets.

MasterCard profit rises 11.1 percent as purchase volumes jump

(Reuters) - MasterCard Inc , the operator of the world's second-largest payments network, reported an 11.1 percent rise in quarterly profit as purchase volumes increased.

U.S. economic growth slows to a 0.7 percent rate in fourth quarter

WASHINGTON, (Reuters) - U.S. economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports.

BOJ stuns markets with surprise move to negative interest rates

TOKYO (Reuters) - The Bank of Japan unexpectedly cut a benchmark interest rate below zero on Friday, stunning investors with another bold move to stimulate the economy as volatile markets and slowing global growth threaten its efforts to overcome deflation.

Oil heading for weekly gain on supply cut deal hopes

LONDON (Reuters) - Oil edged up above $34 a barrel on Friday, a gain of some 25 percent from the 12-year lows seen earlier in January, on hopes that a deal between major exporters to cut production could help reduce one of the worst oil gluts in history.

World stocks heat up as Bank of Japan goes sub-zero

LONDON (Reuters) - World shares jumped and the yen slumped on Friday after the Bank of Japan took one of its main interest rates into negative territory, its boldest step yet to re-inflate the economy.

Xerox to split into two, Icahn to get board seats in one

(Reuters) - Xerox Corp said it would split into two companies, one holding its legacy hardware operations and the other its business process outsourcing unit, in which activist investor Carl Icahn will get three board seats.

American Airlines fourth-quarter profit beats expectations

(Reuters) - American Airlines Group Inc on Friday reported a fourth-quarter profit above analysts' estimates as cheap fuel continued to add to its bottom line.

Japan fund undecided on Sharp; Foxconn reportedly ups offer

TOKYO (Reuters) - A Japanese state-backed fund said on Friday it had yet to decide on its potential rescue plan for Sharp Corp, while a media report said Taiwan's Foxconn had raised its offer in a rival move for the struggling electronics maker.

Foxconn raises offer for Sharp to $5.44 billion: WSJ

(Reuters) - Taiwan's Foxconn Technology Co Ltd has raised its offer for troubled Japanese electronics maker Sharp Corp to 659 billion yen ($5.44 billion), a deal that would dilute existing stockholders, the Wall Street Journal reported citing people familiar with the matter.

Macy's Slashes Guidance Again, Twice In One Month

Less than 4 weeks ago, on January 6, we reported of the "Macy's Massacre: Thousands Fired; Guidance Slashed (Again); Weather Blamed", where in addition to the massive layoffs announced by the iconic retailer, we learned that as a result of the "historically warmer weather", the company's prior guidance was no longer valid. Here is what it said in early January:

Macy's, Inc. is not expecting a major change in sales trend in January and expects a comparable sales decline on an owned plus licensed basis in the fourth quarter of 2015 to approximate the 4.7 percent decline in November/December (from previous guidance of down between 2 percent and 3 percent for the fourth quarter). This calculates to guidance for comparable sales on an owned plus licensed basis in the full-year 2015 to decline by approximately 2.7 percent (from previous guidance of down 1.8 percent to 2.2 percent).

Earnings per diluted share for the full-year 2015 now are expected in the range of $3.85 to $3.90, excluding expenses related to cost efficiencies announced today and asset impairment charges associated primarily with spring 2016 store closings. This compares with previous guidance in the range of $4.20 to $4.30. Updated annual guidance calculates to guidance for fourth quarter earnings of $2.18 to $2.23 per diluted share, excluding charges associated with cost efficiencies and store closings. This compares with previous guidance for earnings per diluted share of $2.54 to $2.64 in the fourth quarter. Earnings guidance for 2015 includes an exp ...

Bond Yields Are Collapsing Around The World

Kuroda's decision to go full NIRP-tard is benefitting investors worldwide... in bonds. JGB yields hit record lows, 5Y Bunds are trading below the -30bps ECB deposit rate, and US Treasury yields are collapsing across the curve with 10Y below August's Black Monday lows back to 9 months lows...

US Treasury yields are plunging... 10Y broke below Black Monday lows...

And 5Y rejected the top end of its range once again...

JGB yields hit record lows...

With German and Japanese bond yields negative to 8Y and 9Y respectively...

Frontrunning: January 29



World shares heat up as Bank of Japan goes sub-zero (Reuters)

Stocks Rally With Bonds as BOJ Ends Grim January on High Note (BBG)

Japan Follows Europe Into Negative Interest Rate Territory (WSJ)

Decision On Oil Cut Only Possible If All Exporters Agree, Russian Energy Minister Says (BBG)

Trump overshadows Republican debate even as he sits it out (Reuters)

Trump skips debate, wins on social media (Reuters)

January Is Turning Out to Be the Kindest Month for Treasuries (BBG)

For Mining Chiefs, Doomsday Scenarios Could Become Reality (WSJ)

PBOC Cash Injection Hits Weekly Record (WSJ)

Margin calls a fresh threat for China's battered stock markets (Reuters)

HSBC says internet banking services down after cyber attack (Reuters)

Silicon Valley North Fuels Canada Condo Boom as Google Moves In (

Stocks Rally as BOJ Cuts Rates Into Negative Territory

A surprise interest rate cut from Japan's central bank boosted stocks around the world, capping a turbulent month for financial markets.

Bank of Japan Introduces Negative Interest Rates

Japan's central bank introduced negative interest rates for the first time, in an attempt to keep the economy from sliding back into deflation and stagnation.

Crude Oil Prices Waver as Downside Risks Loom

Oil prices wavered as investors digested news that major producers could cooperate on production cuts to alleviate the global glut of crude.

Fed's Balance Sheet 27 January 2016 Slightly Reduced

Total Fed Balance Sheet:

Fed's Balance Sheet week ending balance sheet was $4,443 trillion..

Need to Know: Banzai! How to brace for the next central-bank surprise

The Bank of Japan's big surprise move today drives home the point that investors need to be wary of counting on any kind of 'sure thing' out of global central banks.

The Wall Street Journal: Apple recalls 12 years' worth of AC adapters sold overseas

Apple recalls AC wall plug adapters sold between 2003 and 2015 in continental Europe, Brazil, Argentina, Australia, South Korea and New Zealand.

Economic Report: Fourth-quarter GDP growth slows to 0.7%

The economy bogged down again at the end of 2015, raising questions about whether the U.S. is losing momentum.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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