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01Mar2016 Pre-Market Commentary: Fed Dudley Sees Downside To The Us Economic Outlook, WTI Crude Melting Up, China Relaxes Reserve Requirements Bulls Continue With Tug-O-War

Written by Gary

US stock future indexes are up 0.7% this morning, but may repeat yesterday's morning dip and show a loss for the day, but then again . . . Such are the woeful worries of investors now. NY Fed President William Dudley sees downside risks to his U.S. economic outlook, grim data coming out of China and the eurozone factory activity expanded at its weakest pace for a year. Markets are expected to open higher.

Here is the current market situation from CNN Money

European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.30% while France's CAC 40 is up 0.67% and London's FTSE 100 is up 0.57%.

What Is Moving the Markets

Here are the headlines moving the markets.

Deutsche Telekom puts sale of T-Mobile U.S. on ice: sources

FRANKFURT (Reuters) - Deutsche Telekom has put the sale of T-Mobile US on ice as an auction of radio airwaves will keep it busy for most of the year and potential suitors are expected to wait for a more favorable political environment toward telecoms mergers, two sources said on Tuesday.

Fed's Dudley sees risks to U.S. economic outlook tilting to downside

HANGZHOU, China (Reuters) - An influential Federal Reserve official on Tuesday said he sees downside risks to his U.S. economic outlook, an assessment that could flag a longer pause before the Fed's next interest-rate hike than he and his colleagues had earlier signaled.

Fiat Chrysler February U.S. sales rise 12 percent

DETROIT (Reuters) - Fiat Chrysler Automobiles February U.S. auto sales rose 12 percent as the carmaker again showed strong Jeep SUV and Ram truck sales.

Handbag maker Kate Spade's same-store sales top expectations

(Reuters) - Handbags and accessories maker Kate Spade & Co reported better-than-expected quarterly sales at established stores, driven by demand for its kate spade new york line of products.

Futures rise on oil gains, hopes of stimulus

(Reuters) - U.S. stock index futures were higher on Tuesday, as oil prices held on to gains and weak economic data globally raised hopes of a further easing of monetary policies.

Rolls-Royce cars CEO seeks younger customers via social media

GENEVA (Reuters) - Rolls-Royce customers are getting younger, Chief Executive Torsten Mueller-Oetvoes says, as the luxury carmaker embraces YouTube and Instagram and prepares to replace its aging flagship, the Phantom.

Euro sinks as weak data piles pressure on European Central Bank

LONDON (Reuters) - The euro hit its lowest in almost three years against the yen while European shares extended their strongest run of the year on Tuesday as data from around the region bolstered the case for more ECB stimulus next week.

Sam's Club hires regional buyers, sees 'local' food as key in upscale shift

(Reuters) - Sam's Club, the warehouse club unit of Wal-Mart Stores Inc, is building a team of regional U.S. buyers to bring in more local and organic groceries, a strategy used by rival Costco Wholesale Corp to drive loyalty and attract wealthier customers.

Uber's real estate footprint unmatched among S.F. Bay Area startups

SAN FRANCISCO (Reuters) - Uber's new Oakland headquarters is about four times bigger than Internet radio service Pandora Media's office nearby, and will house about five times the number of employees that ride-hailing competitor Lyft has at its headquarters.

Gold Retests $1250 After Dismal Global Data Dump

From decoupled American to deteriorating China, PMIs (and plenty of other data) is rapidly descending into the ugly reality that every mainstream economist is in denial about. Of course, this terrible news is terrific news for stocks (moar stimulus) but it is Gold that appears to be benefitting most as the inevitability of the next extreme monetary policy makeover looms ever closer...

Gold Rose Another 10% In February - Best Month Since January 2012

Gold Rose Another 10% In February " Best Month Since January 2012

Gold bullion rose 10.1% in February adding to the 7% gains seen in January. This means that gold is the best performing asset this year, up 17% so far in 2016. Silver is the next best performing asset with an 8% gain year to date, followed by US Treasuries (30 Year Bond) which have gained 7.8% so far in 2016.

Comparatively, the S&P 500 index is down 4.7% this year, the Dow Jones Industrial Average is down 4.5% and the NASDAQ is down 7.8%. International indices have also seen losses with the FTSE down 2.6%, the DAX down 10.7% and the Nikkei down 13.7% (see table below).

performance_februaryMarket Performance in February "

Gold is again acting as a hedge for investors and pension owners exactly when they need a hedge.

The biggest influence going forward for gold is œlikely to be risk appetite and concerns about markets and the global economy, Mark O'Byrne, research director at GoldCore told Marketwatch.

œIf stock markets begin to recover and make gains and risk appetite returns, then gold could come under selling pressure, he said. œHowever, we believe the volatility seen ...

Today's Rally Explained: Gartman Is Again "Selling The Markets Short" Just Two Days After Turning Bullish

This past Friday morning, when the tremendous bear market rally finally fizzled after an initial spike higher following by gradual daylong selling which closed the market in the red, following by another red close on Monday, we warned the bulls early that the "Rally is in Jeopardy" for one simple reason: Gartman had covered his shorts.

As a reminder, this is what he the perennial CNBC guest said early on Friday morning:

We have been short one unit of equities in rather global terms, by being short one third of a unit of US equities; one third of a unit of the EUR STOXX 50 and one third of a unit of the Nikkei. The trade started off properly and almost immediately we were profitable; however we are now almost at a small loss on the trade ¦ and actually we are marginally profitable. This is a concern and we fear that perhaps we are about to see a period of time when the monetary authorities throw caution to the inflationary wind, expand the supply of reserves to the banking systems around the world in a fashion that really can only be considered egregious with caution tossed to the winds. That is, we may be in for a period of time when gold and equities move in tandem together to the upside.

At any rate, although we were willing to risk this position rather materially from its outset, we are not willing to do so now. Hence, rather than waiting to be stopped out of our position some 3+% higher we wish to cover the position immediately upon receipt of this commentary, taking a very small profit and refraining from taking a loss and living to fight another day and in the end succeed.

We were particularly amused because just one day ...

NYSE Owner ICE, CME Mull LSE Bids

Intercontinental Exchange and CME Group are considering bidding for London Stock Exchange, potentially gate-crashing the British company's proposed $28 billion merger with Deutsche Börse.

Barclays Shares Plummet on Dividend Cut, Wider Loss

Shares in Barclays dropped more than 10% after the bank said it would slash future dividends and set out plans to sell down its African business.

Global Stocks Edge Higher

Markets started the month higher Tuesday as investors shrugged off fresh signs of weakness in the Chinese economy and late-session losses on Wall Street.

Darrell Delamaide's Political Capital: Which one do you hate the least? Hillary Clinton or Donald Trump?

Both Hillary Clinton and Donald Trump have high unfavorable ratings, which means the election of the next president could come down to voters choosing which one they hate least.

Deep Dive: These 'Dividend Aristocrat' stocks have risen up to 24% a year for a decade

Having a long-term outlook can settle the mind, especially with these rock-solid companies, says Phil van Doorn.

Marvell hiring of conflicted audit firm under SEC scrutiny

Marvell Technology Group is being investigated by the Securities and Exchange Commission for picking an audit firm that already had provided services.

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