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21Jun2016 Pre-Market Commentary: Wall Street Futures Fractionally Higher, Crude Prices Dropping Rapidly, Investors Concerns About Yellen's Speech And Brexit Continue

Written by Gary

US stock future indexes are fractionally higher (SPY +0.2%) ahead of Fed's Chair Ms. Yellen's comments on the economy and Britain's vote on its European Union membership on Thursday. Crude prices are falling this morning after a strong two-day rally in part by the Brexit concerns.


Here is the current market situation from CNN Money

European markets are mixed today. The CAC 40 is up 0.70% while the DAX gains 0.38%. The FTSE 100 is off 0.12%.

What Is Moving the Markets

Here are the headlines moving the markets.

Futures higher as markets await Yellen comments

(Reuters) - U.S. stock index futures were higher on Tuesday ahead of Federal Reserve Chair Janet Yellen's comments on the economy and Britain's vote on its European Union membership on Thursday.

UK-dependent U.S. companies downplay 'Brexit' worries

(Reuters) - U.S. companies which depend on the United Kingdom for sales are downplaying the risk that a vote by Britain to leave the European Union could seriously harm their businesses, even as economists and Wall Street have expressed concerns about the trans-Atlantic economic impact.

Yellen makes 'uncertainty' new mantra as market doubts Fed view

WASHINGTON/SAN FRANCISCO (Reuters) - The U.S. Federal Reserve's dwindling confidence in its own outlook and resulting confusion among investors are creating a policy problem that may require chief Janet Yellen to lay out her own views more forcefully.

Oil prices slip after rally as market turns cautious

LONDON (Reuters) - Oil prices fell on Tuesday after a strong two-day rally abated amid volatility fed in part by a vote later this week in Britain that will determine whether the country will leave the European Union.

Chinese firm denies agreement with Tesla to build factory

BEIJING (Reuters) - A Shanghai company denied a report that its controlling shareholder signed a non-binding agreement with Tesla Motors Inc to build a factory in Shanghai, according to the firm's exchange filings.

United expects $3.1 billion a year from no-frills airfare, fewer delays

(Reuters) - United Continental Holdings Inc will generate billions more dollars per year from programs including no-frills fares and expects a key revenue measure to fall less steeply in the second quarter than previously forecast, the airline said on Tuesday.

GE seeks to sell remaining Hyundai Capital stake: Hyundai Motor

SEOUL (Reuters) - South Korean car maker Hyundai Motor Co said on Tuesday General Electric seeks to sell out of its 20 percent stake in their joint venture, unlisted lender Hyundai Capital, to a third party.

Tencent buys 'Clash of Clans' maker Supercell from SoftBank

BEIJING/TOKYO/HELSINKI (Reuters) - China's biggest gaming group Tencent Holdings Ltd is to buy a majority stake in Finland's Supercell, which makes the 'Clash of the Clans' mobile game, from SoftBank Group Corp , in a deal valued at roughly $8.6 billion.

Lawyers for Volkswagen shareholders file claim in Germany

LONDON (Reuters) - Law firm Quinn Emanuel has filed one of two lawsuits in Germany against Volkswagen for institutional funds in claims that could run into billions of euros over the carmaker's emissions test cheating scandal, litigation funder Bentham Europe said on Tuesday.

Stocks, Sterling Slide As Brexit Poll Show Rise In "Leave" Vote

Following the mixed picture from last night's polls (YouGov "Leave" +2, ORB "Remain" +7), Soros scaremongery, and Schaeuble seriousness this morning, "UK exit would be 'very' negative for Germany," bookies' odds hover around 75-80% and Cable continues to push higher (to 6-month highs) as if the Brexit vote was a done deal. However, the Survation polls showed a rise from 42% on 6/18 to 44% today for "Leave" and Sterling is starting to slide...

Before the poll hit, Germany was in full fear mode:



*SCHAEUBLE SAYS `EUROPE ISN'T IN GOOD SHAPE'

*SCHAEUBLE SAYS EU CAN'T GO ON AS BEFORE IF U.K. REMAINS

*SCHAEUBLE SAYS U.K. EXIT WOULD BE `VERY' NEGATIVE FOR GERMANY

*SCHAEUBLE SAYS U.K. MARKET VERY IMPORTANT FOR GERMANY

Which makes us wonder, if UK Brexits, will Germany bit off its UK-Trade-deal face to spite its own nose?

Survation's last poll (on 6/18) was as follows:



*U.K. SURVATION POLL ON EU SHOWS REMAIN 45%, LEAVE 42%: PA

And today's new post-Cox poll:



*U.K. POLL ON EU SHOWS REMAIN 45%, LEAVE 44%: IG/SURVATION

Which has sent Cable leaking lower...

As "Leave" gains post-Cox.

As JPMorgan notes, given that the actual referendum isn't until Thurs night and the existing (albeit diminished and ...

Blackouts Loom With California In Power Grid Emergency: "All Customers Should Expect 14 Days Without Power"

Submitted by Mac Slavo via SHTFPlan.com,

The entire Los Angeles metropolitan area and most of Southern California can expect blackouts this summer.

The power grid is under direct threat as a result of the unprecedented, but little reported, massive natural gas leaks at Alisco Canyon that was ongoing for four months as an intense summer heat wave sets in.

According to Reuters:

California will have its first test of plans to keep the lights on this summer...

With record-setting heat and air conditioning demand expected in Southern California, the state's power grid operator issued a so-called "flex alert," urging consumers to conserve energy to help prevent rotating power outages - which could occur regardless.

Electricity demand is expected to rise during the unseasonable heatwave on Monday and Tuesday, with forecast system-wide use expected to top 45,000 megawatts, said the California Independent ...

Trump Campaign Starts June With Only $1.3 Million In The Bank After Making Another $2.2 Million Loan

In another sign of rising troubles for Donald Trump's presidential campaign, on the same day that he fired his campaign manager, Corey Lewandowki, a report filed with the Federal Election Commission showed that Trump finished May with a "troublingly low" $1.3 million in the bank. Trump raised just $3.1 million for his campaign during the month that began with Republican National Committee Chairman Reince Priebus declaring Trump the presumptive nominee of the Republican Party. Confirming the sway that Hillary Clinton holds with donors, during the same month the presumptive Democratic Party nominee raised $26.4 million and finished May with $42.5 million cash on hand.

More troubling is that Trump's cash balances would be in the red had it not been for another $2.2 million personal loan by Trump, which brings the total campaign loans by the billionaire to $46 million so far. Somewhat mitigating the troubled financial picture, this validates Trump's recurring statement that he does not wish to sell out to outside donors. He may not have the option.

After largely self-financing the primary election, Trump said last month that he would begin actively soliciting money for the general election. He appointed a national finance chairman - headed by a former Goldman and Soros financier - and finalized a joint fundraising vehicle with the Republican National Committee. But his haul that month suggests his campaign was unable to turn his clinching of the party's nomination into any fundraising boost.

One does wonder how much personal pain Trump can sustain. Clinton has raised $238.2 million over the entire campaign - nearly quadruple Trump's largely self-funded $64.6 million.

According to The Hill, Trump and his top lieutenants have been publicly projecting confidence, and insisting they don't need ...

Why A UK Billionaire Believes Brexit Would Be "Good For The UK"

The City of London and the pound would both benefit from the U.K. leaving the EU, says billionaire Peter Hargreaves. Brexit may knock the pound initially, but it would rebound, the co-founder of Hargreaves Lansdown — the largest U.K. retail broker, with more than $84.1 billion equivalent in assets — told Bloomberg Briefs' Geoff King in a June 17 interview.

Q: Why do you support "Leave"?

A: Every year in the EU it gets more political, it gets more legislative, more regulative; we don't seem to get very much benefit from it. We will be far better out. The EU as an economic mark is declining in the world, when there were only nine countries in it was 30 percent of the world's GDP, now there are 28 it is only 17 percent. That's some serious decline. Other countries that are growing — India, parts of Africa, Brazil, China and even Russia — are the places we should be trading with.

Q: How do you counter strong economist/analyst support to remain?

A: There's a huge amount of vested interest, a lot people making these comments are politically motivated and also work for big banks that aren't British. They've built these enormous dealing rooms and offices in the City of London and Canary Wharf and their bosses are saying we don't want to endanger this huge investment of ours. I don't think it will endanger that huge investment. You can't move the City of London to anywhere else in Europe. It ...

Wal-Mart-JD.com: Leaving China Complications to the Locals

JD.com's deal with Wal-Mart is more about the U.S. retail giant pulling back from China's fiercely competitive online-shopping scene, rather than a huge shot in the arm for JD.

Chinese Cash Disappearing Down Credit Black Hole

A measure of China's monetary-policy effectiveness shows that gobs of new credit is being lost in the proverbial wash.

Amid Brexit Jitters, Europe Still Has 'Whatever It Takes'

Germany's Constitutional Court ruling is a reminder that even within the eurozone, serious questions around sovereignty remain live.

How To Read A Mutual Fund Prospectus

from the Securities and Exchange Commission

The SEC's Office of Investor Education and Advocacy is issuing this Investor Bulletin to help inform investors about key information in a prospectus. You should note, however, that a prospectus contains additional information that may assist investors in making an investment decision.

China, Commodities And Emerging Economies

from the St Louis Fed

Research shows that regardless of the types of commodities exported, commodities prices play a significant role in the growth of emerging economies. However, one common thread among these economies is the growth of China.

Need to Know: The Brexit gold bet could be the smartest, or the dumbest, ever

Investors have been placing big bets on Brexit fears, particularly in gold, which could either turn out to be the smartest move of the year, or the dumbest.

The Tell: Economist Nouriel Roubini on Brexit: U.K. 'much better off inside the EU'

Count Nouriel Roubini among the bigwigs who think Brits are better off staying in the European Union.

Metals Stocks: Gold hammered ahead of Yellen testimony, Brexit vote

Gold futures headed sharply lower Tuesday, heading for a third straight decline as the metal's short-term, haven appeal faded after new polls showed fewer people favoring Britain's secession from the European Union.

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