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30Jun2016 Pre-Market Commentary: US Futures Are Gearing Up For A Third Day Of Gains, Investors Watching 2100 SP 500 Level For Possible Market Reversal

Written by Gary

Wall Street futures pointed to a third day of gains this morning, the last day of trading for the second quarter, as Brent fell towards $50 a bbl. SPY has moved this morning from +0.1% to +0.2% Initial U.S. jobless claims rose by 10,000 to 268,000 in late June and pace of layoffs nationwide remained extremely low.

Here is the current market situation from CNN Money

European markets are mixed. The CAC 40 is higher by 0.16%, while the FTSE 100 is leading the DAX lower. They are down 0.13% and 0.12% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Stock futures up for third day as Brexit nerves settle

(Reuters) - U.S. stock index futures rose for the third straight day as investors looked beyond Brexit and focused on impending economic data and quarterly earnings.

World stocks poised for worst month since January

LONDON (Reuters) - European stocks and the pound held on to a third day of gains as the immediate market flurry over Britain's vote to pull out of the European Union settled.

Exclusive: China to tolerate weaker yuan, wary of trade partners' reaction - sources

BEIJING/SHANGHAI (Reuters) - China's central bank is willing to let the yuan fall to 6.8 per dollar in 2016 to support the economy, which would mean the currency matching last year's record decline of 4.5 percent, policy sources said.

U.S. funds hold portfolios steady, equities near survey lows: Reuters poll

(Reuters) - U.S. fund managers made no significant changes to their model global portfolio in June, a Reuters poll found on Thursday, even after Britain's vote to leave the European Union last week sent global financial markets into a frenzy.

Brexit fuels worries about expected U.S. earnings recovery

NEW YORK/SAN FRANCISCO (Reuters) - Foreign exchange volatility and economic uncertainty after Britain's vote to leave the European Union have imperiled a projected profit rebound in the United States, where companies have been stuck in an earnings recession since last year.

Santander, Deutsche Bank: U.S. stress test repeat offenders

New York (Reuters) - U.S. units of Deutsche Bank and Santander suffered the ignominy of failing U.S. stress tests yet again this year, less than a week after Britain's shocking vote to leave the European Union sent their investors running for cover.

China's Postal Savings Bank files for potential $10 billion IPO

HONG KONG (Reuters) - State-owned Postal Savings Bank of China (PSBC), the country's largest bank by number of branches, has filed for a Hong Kong initial public offering (IPO) seeking to raise as much as $10 billion, Thomson Reuters IFR reported on Thursday.

South Africa clears AB InBev's takeover of SABMiller

JOHANNESBURG (Reuters) - South Africa cleared Anheuser-Busch Inbev's $100 billion-plus deal to acquire SABMiller on Thursday, putting the world's largest brewer "on track" to complete the merger within the next six months.

Spanish authorities raid Google offices over tax

MADRID (Reuters) - Spanish officials raided Google's Madrid offices on Thursday in a tax probe, authorities said, barely a month after the internet company had its headquarters in France searched on suspicion of tax evasion.

World's Most Systemically Dangerous Bank Crashes Back To Record Lows

Despite all the exuberance over the Brexit bounce in US (and UK) equities, never minds bonds, FX, and credit being far less enthusiastic, Deutsche Bank is plunging once again this morning. Having failed The Fed's stress test for the second year running and been diagnosed by The IMF as the world's most systemically dangerous financial entity, the giant Germanbank is getting slammed down almost 4% today, back near record lows as its 'Lehman-esque' path to devastation continues.

This is far from over!!

And if DB goes...

Then who's next?

As we previously conclude, considering two of the three most "globally systemically important",
i.e., riskiest, banks just saw their stock price scrape all time lows
earlier this week, we wonder just how nervous behind their calm facades
are the executives at the ECB, the IMF, and the rest of the handful of
people who realize just close to the edge of collapse this world's most
riskiest bank (whose market cap is

Soros: Brexit Has "Unleashed" A Financial Crisis Similar to 2008

Prior to the Brexit vote, George Soros was one of the notable names who came out to implore the voters to decide to remain in the EU. At that time, Soros took scaremongering to a new level by writing an op-ed titled "The Brexit crash will make all of you poorer - be warned." Following the referendum, Soros came back to write "the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible."

In remarks made to the European Parliament in Brussels on Thursday, Soros made yet another round of dramatic statements. Expanding on comments made over the weekend about the "inevitable disintegration" of the EU, Soros said Britain's decision to leave the European Union has "unleashed" a crisis in financial markets similar to the global financial crisis of 2007 and 2008.

"This has been unfolding in slow motion, but Brexit will accelerate it. It is likely to ...

Frontrunning: June 30

Brexiters at war as Johnson pulls bid to be PM (FT)

Soros Says Brexit Has 'Unleashed' a Financial-Markets Crisis (BBG)

World stocks poised for worst month since January (Reuters)

China to tolerate weaker yuan, wary of trade partners' reaction (Reuters)

China central bank criticizes media for publishing 'inaccurate information' on yuan rate (Reuters)

China says U.S. 'Great Wall' remark shows misunderstanding of history (Reuters)

Italy may have to recapitalise weak banks directly after stress tests-govt source (Reuters)

Brexit fuels worries about expected U.S. earnings recovery (Reuters)

Pound at Risk of Falling in Reserve-Currency Ranks After Brexit (BBG)

Think Brexit Won't Happen? A Trump White House Is Just as Likely (BBG)

Sinopec subsidiaries inflated 2014 revenue, costs by $3.04 billion: government auditor (

Yuan Tumbles, Stabilizes After Reuters Report China Willing To Weaken Currency To 6.80

Until Boris Johnson's shocking announcement moments ago that he would not run for Tory leadership or the UK premiership, the key macro event overnight was a report out of Reuters that China's central bank is willing to let the yuan fall to 6.8 per dollar in 2016 to support the economy, which would mean the currency matching last year's record decline of 4.5 percent.

The report promptly sent the offshore yuan tumbling, sliding much as 0.72% to 6.7021 per dollar, the lowest since January 11, however it promptly recovered losses following significant PBOC intervention in the open market.

In a longer-term context, the swoon in the CNH matched the lows from January.

As Reuters adds, the yuan was already trading at its lowest level in more than five years, so the central bank will aim to ensure a gradual decline for fear of triggering the sort of capital outflows that shook the economy earlier this year and criticism from trading partners such as the United States, said government economists and advisers involved in regular policy discussions.

A surprise devaluation of the yuan last August sent global markets into a spin on worries the world's second-biggest economy was in worst shape than Beijing had let on, prompting massive capital outflows as investors sought safe havens overseas.

"The central bank is willing to see yuan depreciation, as long as depreciation expectations are under control," said a government economist, who requested anonymity due ...

Why There Is a Sudden Outflow of Chinese Investors

Mainland investors are again rushing to buy Hong Kong stocks, especially banks, but this shouldn't be seen as special insight from local knowledge.

The Brexit Bounce That Won't Carry Investment Banks Far

Currency trading has rebounded since the U.K. referendum, but other areas are still weak.

Patience Finally Pays Off for Bank Investors

Big U.S. banks did well in the Federal Reserve's stress tests, paving the way for better shareholder returns.

Economic Report: Jobless claims climb 10,000 to 268,000

Initial U.S. jobless claims rose by 10,000 to 268,000 in late June, largely because of the end of the school year. The pace of layoffs nationwide remained extremely low, however.

Commodities Corner: Commodities are crushing it in 2016: Here's why

Sugar, lean hogs, crude oil are big gainers, putting commodities on track to end a five-year slide. Here's what traders expect to happen in the second half of 2016

The New York Post: The 5 crucial factors to consider as NBA free agents hit the market tonight

The NBA's annual meat market starts at 12:01 a.m. Friday, and figure within seconds players, agents and team executives will be chatting, schmoozing, promising and lying all over the landscape.

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