US stock future indexes are fractionally higher this morning (SPY +0.33%) ahead of Ms. Yellen's Philadelphia speech this afternoon following a shock non-farm payrolls report on Friday. Crude is higher and more than 25 European and Asian-owned supertankers are now shipping Iranian crude, allowing the Islamic Republic to ramp up exports much faster than expected.
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 1.15% while Germany's DAX is up 0.23% and France's CAC 40 is up 0.19%.
PHILADELPHIA (Reuters) - Federal Reserve Chair Janet Yellen will likely keep the door open to an interest rate hike within the next few months when she speaks on Monday, while striking a balanced tone about recently disappointing jobs growth and mixed signals in the U.S. economy.
SINGAPORE (Reuters) - More than 25 European and Asian-owned supertankers are shipping Iranian oil, data seen by Reuters shows, allowing Tehran to ramp up exports much faster than analysts had expected following the lifting of sanctions in January.
(Reuters) - U.S. stock index futures inched higher on Monday as investors await Federal Reserve Chair Janet Yellen's speech after a shockingly weak jobs report all but killed the prospects of an interest rate hike this month.
SINGAPORE (Reuters) - BlackRock Inc said it would sell a 43-storey Singapore office tower for $2.5 billion - one of at least three office building deals in the last two months for a market gripped by worries about oversupply and rising vacancies.
(Reuters) - U.S. oil and natural gas producer Devon Energy Corp said it would sell assets in Texas for nearly $1 billion and that it was making progress on the sale of other assets as part of its plan to improve its finances through divestitures.
SAN FRANCISCO (Reuters) - A whistleblower lawsuit filed against Oracle Corp over its accounting practices underscores the pressures established computer companies face to show that they are growing in the fast-moving business known as the cloud.
DHAKA/NEW YORK (Reuters) - Hours before the Federal Reserve Bank of New York approved four fraudulent requests to send $81 million from a Bangladesh Bank account to cyber thieves, the Fed branch blocked those same requests because they lacked information required to transfer money, according to two people with direct knowledge of the matter.
CHICAGO (Reuters) - Americans pay the highest prices in the world for cancer drugs, but the treatments are least affordable in lower income countries, according to the results of a new study released on Monday.
The drumbeat of negative sellside macro research reports continued over the weekend, when following virtually every other investment bank, Morgan Stanly was the latest to share "four charts you can't miss", key of which perhaps was the well-known fishhooks chart showing sliding forward EPS estimate every year (with 2014, 2015 and 2016 earnings all now virtually identical), as well as the observation that PE ratios are far higher currently than where they should be based on real TSY yields...
... but what we found most interesting was the bank's forecast matrix. While MS has a year end "base case" S&P500 target of 2,050 - about 50 points lower from where the market will open - it also present its bull and bear case, which are 2,200 and 1,525 respectively, or 5% of potential upside vs 27% of potential downside.
In any other investing climate this unattractive Upside/Downside would be sufficient to pull money from the market, however in this day and age, bad news for the market is implicitly good news for the market as it means even more doubling (tripling, quadrupling) down by central banks to keep it propped up. It may also explain why the S&P is set to open up well above 2,100 on the day after the US economy reported its worst jobs number since 2010.
The Elliott Wave Principle is based on 5 core Elliott wave patterns, each having hard-and-fast rules, and a handful of guidelines. Here, our master instructor Jeffrey Kennedy gives you his tips for applying the Wave Principle to any chart, in any market, on any time frame.
In a recent macroblog post, I showed that forecasts from the Atlanta Fed's real gross domestic product (GDP) nowcasting model - GDPNow - have been about as accurate a forecast of the U.S. Bureau of Economic Analysis's (BEA) first estimate of real GDP growth as the consensus from the Wall Street Journal Economic Forecasting Survey.
Apollo Global Management LLC is still inÂ talks to buy Concordia Healthcare Corp. after two other private-equity firms walked away over concern that tighter regulatory scrutiny of pharmaceutical companies might hurt the Canadian pharmaceutical company's earnings.
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