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24May2016 Pre-Market Commentary: Another Down Day?

Written by Gary

European markets are up but Asian markets are down and at 11 week lows. Oil is down for the fifth day. The Fed hawks are still rattling the sabre for a federal funds rate increase. The dollar strengthened. So is it any surprise the markets are looking to open down?


Here is the current market situation from CNN Money

European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.39% while Germany's DAX is up 1.06% and London's FTSE 100 is up 0.79%.

What Is Moving the Markets

Here are the headlines moving the markets.

Asian stocks near 11-week lows, dollar bounces on Fed rate view

HONG KONG (Reuters) - Asian shares stumbled to near 2-1/2-month lows on Tuesday and the U.S. dollar pared some of its recent losses as investors worried about the likelihood of a U.S. interest rate increase in coming weeks.

G7 to examine economic risk, vow policy mix to spur growth: sources

TOKYO (Reuters) - Leaders from the Group of Seven advanced economies will examine potential risks to the global economy when they gather this week for their summit in western Japan, government sources told Reuters.

Financial tech startups compete for overlooked U.S. immigrant market

MEXICO CITY (Reuters) - For two decades, Noe Sanchez sent money from California to his father in Mexico City through storefront outlets of traditional remittance firms such as Western Union.

Oil falls for fifth day as focus returns to growing exports

LONDON (Reuters) - Oil fell for a fifth consecutive day on Tuesday on rising production from major exporters, and as the dollar strengthened.

Doubts mount over merger of health insurers Anthem, Cigna

(Reuters) - Wall Street expressed growing doubts about a pending $54 billion merger of U.S. health insurers Anthem Inc and Cigna Corp on Monday as news of management squabbles added to concerns over its review by antitrust regulators.

Nokia could cut 10,000-15,000 jobs worldwide: union

HELSINKI (Reuters) - Telecom network equipment maker Nokia is likely to cut 10,000 to 15,000 jobs globally as part of a cost-cutting program following its acquisition of Franco-American rival Alcatel-Lucent , a Finnish union representative said.

Singapore orders BSI bank unit shut as 1MDB probe widens

SINGAPORE/ZURICH (Reuters) - Singapore closed down BSI's operations in the city-state, while Switzerland began criminal proceedings against the private bank, in the biggest international crackdown on financial entities dealing with a scandal-hit Malaysian government fund.

Fed's Bullard: rates too low for too long could be risky

BEIJING (Reuters) - U.S. interest rates being kept too low for too long could cause financial instability in future and stronger market expectations for a rate rise are "probably good", St. Louis Federal Reserve President James Bullard said on Monday.

South Korea's Mando in talks to supply parts for Tesla's Model 3: source

SEOUL (Reuters) - Mando Corp is in talks with Tesla Motors to supply parts for its Model 3 car, an industry source said, as it seeks to join other South Korean firms supplying components for Tesla's more affordable electric cars.

Legendary Investor Paul Tudor Jones Cuts Hedge Fund Fees As A Result Of Poor 2016 Performance

One month after news that legendary investor Paul Tudor Jones' $11.6 billion hedge fund Tudor Investment had seen some $1 billion in redemptions as a result of poor performance and the exit of several money managers, some of whom spent decades at the firm, the inevitable next step has followed: Tudor is trimming the fees it charges some clients in its biggest fund amid losses this year.

According to Bloomberg which first reported the fee cuts, an inevitable shift in a world in which most hedge funds have underperformed their benchmarks and the broader stock market for eight years in a row, Tudor will modestly reduce fees for a share class that contains most of the main fund's money to 2.25% of assets and 25% of profits, according to a letter sent to clients on Monday and obtained by Bloomberg. The fees were 2.75% and 27% Tudor is also introducing a new pool for clients with $50 million investments or more that will charge 2 percent of assets and 25 percent of profits. The changes will take effect July 1.

The cut does not affect everyone: Tudor is keeping fees for the main fund's oldest share class unchanged at 4% of assets and 23% of profits. Even with the cut, Tudor will continue to charge more than the traditional hedge fee structure of 2% on assets and 20% on performance.

Tudor, which veteran macro-economic trader Jones, 61, started in 1980, is among the many macro hedge funds that have posted lackluster returns since the global financial crisis. Its clients had asked to pull about $1 billion in the first quarter. Tudor's main BVI Global macro fund, which makes bets on broad economic trends by trading everything from currencies to commodities, has lost 2.6 percent ...

Stronger Dollar Sends Futures Higher, Oil Lower, Asian Stocks To Two Month Lows

Yesterday's weak dollar headfake has ended and overnight the USD rallied, while Asian stocks dropped to the lowest level in 7 weeks and crude oil fell as speculation returned that the Federal Reserve will raise interest rates as early as next month. The pound jumped and European stocks gained thanks to a weaker EUR.

Philadelphia Fed President Patrick Harker said on Monday that a hike in June is appropriate unless data weakens, while St. Louis Fed President James Bullard said holding rates too low for too long could cause financial instability. "The market seems to be taking a cautious stance ahead of the Fed Chair Janet Yellen's speech later this week," said Jung Sung-yoon, a foreign exchange analyst at Hyundai Futures.

"A rise in the dollar would be a big help for European stocks" Heinz-Gerd Sonnenschein, a strategist at Deutsche Postbank told Bloomberg. "People are testing whether the market has found a bottom, and there's plenty of money sitting on the sidelines. We've had pretty calm, sideways trading this month even with another Fed rate hike looking more likely." What Sonnenschein probably did not have in mind is such a drastic rise in the dollar that every other currency has to plunge, leading to the January EM puke which in turn sent all stocks, including European, reeling.

Others were less optimistic: Yang Hai, analyst at Kaiyuan Securities, said trading will likely remain dull for a while as economic sluggishness discourages investor participation. "The current economic environment doesn't justify a sustainable rebound. In addition, regulators are reducing leverage in the asset management industry so money is not flowing in."

Trump Goes For Hillary's Jugular: Releases Video Featuring Bill Clinton Rape Accusers

In a video that some accuse of being crass and tasteless while others say will provoke Hillary Clinton to finally respond to a topic that she has so far eagerly avoided, but is most likely just a foreshadowing of many more such attacks to come, Donald Trump on Monday released a clip that uses audio of two women who have accused President Clinton of rape to attack Hillary Clinton.

As reported originally by The Hill, the new black-and-white video plays audio of two women - Kathleen Willey and Juanita Broaddrick - who have made accusations against Bill Clinton.

It plays the audio against a black-and-white backdrop of the White House and an image of Bill Clinton with a cigar in his mouth. It then pivots to audio of Hillary Clinton laughing.

The Case For Brexit

With the market still strongly disagreeing with the polls over how BREMAIN is a done deal...

TrueSinews' Sean Corrigan explains why in his contrite "case for Brexit"...

'Dear True Sinews, what are your thoughts on Brexit? Roger Bootle wrote a piece in the Telegraph yesterday suggesting that just because everyone is saying one thing, it doesn't necessarily follow they are right Currently, I sit firmly on the fence getting splinters! Neither side is convincing me either way.'

Why Bayer's Big Monsanto Bid Has Fallen Flat

Bayer has taken its interest in buying Monsanto public with a $62 billion bid. That raises as many questions for the German pharmaceutical and crop sciences company as it answers.

For Bond Traders Things Can Only Get Better

These reasons mean a shocking first quarter should give way to a less bad year overall.

European Equities: Why We Shouldn't Write Them Off Just Yet

European equities are clearly unloved. Investors are right to be skeptical, but there may be glimmers of hope.

Chapter 11 For Countries?

from the Philadelphia Fed

-- this post authored by Satyajit Chatterjee

Sovereign default risk has been growing, yet the world lacks an adequate mechanism for averting debt crises. It might be time to resurrect a plan modeled on the U.S. Bankruptcy Code.

Infographic Of The Day: Craziest Cars Owned By Celebrities

We all know that celebrities love to flaunt their new cars. But these celebrities have taken it to a whole new level.

TSA removes airline security head as peak summer travel looms

A House panel has reported that the Transportation Security Administration's head of security operations has been replaced.

Need to Know: Why the "big top" is already in for this stock market

It's another day that looks like tough going on the markets, but thanks to some Fed chatter and a scattering of charts, some are talking about a top for stocks around the corner.

Europe Markets: European stocks turn higher as euro falls, bank shares gain

The Stoxx 600 index stages a turnaround as financial shares pick up steam and as eurozone finance ministers gather to discuss Greece's bailout.

Earnings Summary for Today

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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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