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12Jul2016 Pre-Market Commentary: US Futures Indicate Higher Opening For US Markets, Crude Prices Higher, US Dollar Slipping And Investors Hope For More Stimulus

Written by Gary

US stock future indexes are up this morning where the SP 500 has climbed back over a record it set more than a year ago, pointing to more gains at today's open. Crude futures bounced back from two-month lows today, helped by a weaker dollar, Brent Oil jumped 91 cents, or 1.99%, to $47.16 a barrel, while U.S. crude was up 74 cents, or 1.65%, to $45.50.


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 1.46% while Germany's DAX is up 1.36% and London's FTSE 100 is up 0.05%.

Monday's Key Earnings

Alcoa (NYSE:AA) +3.8% opening Q2 earnings season with a beat.

Today's Markets

In Asia, Japan +2.5% to 16096. Hong Kong +1.7% to 21225. China +1.8% to 3049. India +0.7% to 27808.
In Europe, at midday, London flat. Paris +1.7%. Frankfurt +1.7%.
Futures at 6:20, Dow +0.5%. S&P +0.5%. Nasdaq +0.6%. Crude +2.1% to $45.70. Gold -0.3% to $1352.90.
Ten-year Treasury Yield +5 bps to 1.48%

What Is Moving the Markets

Here are the headlines moving the markets.

Global stocks, sterling rally on stimulus hopes

LONDON (Reuters) - European shares were on track for a fourth straight day of gains and the yen broke below its post-Brexit low on Tuesday as easing political tensions in Britain, stimulus hopes and a record high close for U.S. stocks boosted risk appetite.

Exclusive: Japan government to cut inflation forecasts, gloomier on outlook than BOJ

TOKYO (Reuters) - Japan's government is expected to cut its consumer inflation forecast for the current fiscal year and produce an estimate for fiscal 2017 that is much lower than the central bank's 2 percent target, government sources told Reuters on Tuesday.

IKEA to recall 1.7 million chests, dressers in China: watchdog

SHANGHAI (Reuters) - Swedish furniture company IKEA Group [IKEA.UL] said it would recall 1.66 million chests and dressers in China over concerns the drawers could pose a danger to children if not properly fixed to walls, China's safety regulator said on Tuesday.

Tesla crash raises stakes for self-driving vehicle startups

DETROIT/SAN FRANCISCO (Reuters) - Concerns raised by the first reported fatality in a semi-automated car were expected to speed adoption of more sensitive technology to help vehicles see and drive themselves safely, increasing demand on the emerging autonomous vehicle technology industry, investors and analysts said.

NY Fed, Bangladesh Bank meeting on heist postponed: sources

DHAKA (Reuters) - A meeting between Bangladesh central bank officials and the New York Federal Reserve scheduled for this week to speed up efforts to recover $81 million stolen from Bangladesh Bank's account at the Fed has been postponed, officials in Dhaka said.

Bank of England's Carney hints again at more stimulus after Brexit

LONDON (Reuters) - Bank of England Governor Mark Carney said on Tuesday that a hit to Britain's economy from last month's decision by voters to leave the European Union could prompt the Bank to act, hinting again that more stimulus is on the way.

Iranian central bank, U.S. Treasury, international banks to meet in London: UK's Hammond

LONDON (Reuters) - A meeting will take place in London on Tuesday between the Iranian central bank, the U.S. Treasury and international banks to discuss U.S. sanctions, British Foreign Secretary Philip Hammond said.

Oil bounces back from two-month lows on weaker dollar

LONDON (Reuters) - Crude futures bounced back from two-month lows on Tuesday, helped by a weaker dollar, but an oil stocks overhang and a drop in bullish bets by investors weighed on prices.

Citibank to close certain Venezuela accounts

(Reuters) - Citigroup Inc said its unit will stop correspondent banking and servicing of certain accounts in Venezuela.

Jamie Dimon Explains Why He Is Raising The Wage For Some JPM Workers From $10.15 To $12 Or More

In an op-ed originally posted by Jamie Dimon in the NYT, the JPM CEO explains that what is plaguing the US is not anger at bailed out banks, some of which like HSBC were confirmed to have been "too big to prosecute" and hatred of crony capitalism which has bailed out banks like, oops, JPMorgan, and is instead mostly due to "wage stagnation and income inequality", which according to Dimon is due to minimum wage pressures. We kept looking for some additional comments about how the average Wall Street CEOs on average made 124 times the average worker at the banks, but couldn't find it. Instead we read many words why raising the wage for a tiny subset of JPM workers who still make $10.15 to $12 or even, gasp, $16.50, should fix the US.

* * *

Jamie Dimon: Why We're Giving Our Employees a Raise

WAGE stagnation. Income inequality. A lack of quality education. Insufficient training and skills development.

Issues like these have led approximately two-thirds of Americans to believe that the next generation will be worse off than the last. And it is true that too many people are not getting a fair opportunity to get ahead. We must find ways to help them move up the economic ladder, and everyone — business, government and nonprofits — needs to play a role.

At JPMorgan Chase, we're starting by giving thousands of employees a raise.

Our minimum salary for American employees today is $10.15 an hour (plus meaningful benefits, which I'll explain later), almost $3 above the current national minimum wage. Over the next three years, we will r ...

Frontrunning: July 12



Stocks Advance on Stimulus Bets (BBG)

Japan to craft stimulus by end-July, may issue construction bonds (Reuters)

May ally says Britain to trigger EU divorce 'when we're ready' (Reuters)

Last Woman Standing, Theresa May Offers Calm on Brexit Road (BBG)

Merkel urges Britain to quickly clarify relationship with EU (Reuters)

Hillary Clinton Is Drawing in the Left's Last Holdouts (WSJ)

Sanders Joins Rest of the Party by Getting on Board With Democratic Unity (BBG)

Carney Defends BOE Against 'Extraordinary' Brexit Accusations (BBG)

Social Security Isn't Just for Old Folks Anymore (BBG)

OPEC says Brexit to weigh on global economy but sees tighter oil market in 2017 (Reuters)

U.S., Europe Stocks Are Most in Sync Since '12 on Brexit: Chart (

Why Japanese Banks Shouldn't Be Anyone's Bargain

Much could still go wrong for Japanese banks.

Why This Bank is at The Center of a Battle for Europe

Italy is at loggerheads with its European peers over how to shore up the country's struggling banks.

Burberry Bets on Harmony in the C-Suite

The luxury fashion retailer has bowed to demands for a management team more focused on commerce and costs.

The Wall Street Journal: Tencent-backed startup aims to launch smart-electric cars before 2020

China-based auto startup Future Mobility, backed by Tencent Holdings, plans to start selling premium electric cars globally by 2020.

The Wall Street Journal: AMC to buy Odeon & UCI but Carmike deal at 'considerable risk'

AMC Entertainment will acquire European movie theater operator Odeon & UCI Cinemas, but its delayed Carmike Cinemas deal is at risk.

The Wall Street Journal: Early Facebook backer Jim Breyer raises $1 billion China fund

Jim Breyer and IDG announced a new $1 billion fund focused on Chinese companies.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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