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21Jul2016 Pre-Market Commentary: US Futures Lower, Global Stocks Lower, US Dollar Falling, Investors Waiting For More Q2 Reports

Written by Gary

US stock future indexes are fractionally lower (SPY -0.1%) and are pointing to a flat opening with a schedule full of second quarter earnings reports and macro data. Global stocks traded mostly down as investors were showing mixed reactions to earnings reports out after yesterday's close.


Here is the current market situation from CNN Money

European markets are lower today with shares in London off the most. The FTSE 100 is down 0.46% while Germany's DAX is off 0.31% and France's CAC 40 is lower by 0.28%.

The reporting season continued was set to continue in full swing on Thursday.

General Motors (NYSE:GM), Blackstone (NYSE:BX), The Travelers Companies Inc (NYSE:TRV) and Bank of New York Mellon (NYSE:BK) are among the dozens of companies reporting second-quarter results before the opening bell, while Starbucks (NASDAQ:SBUX), AT&T (NYSE:T), Chipotle Mexican Grill Inc (NYSE:CMG), Visa Inc (NYSE:V) and PayPal Holdings Inc (NASDAQ:PYPL) were some of the names set to release numbers after the close.

After the close, Starbucks (NASDAQ:SBUX), AT&T (NYSE:T), Chipotle Mexican Grill Inc (NYSE:CMG), Visa Inc (NYSE:V), PayPal Holdings Inc (NASDAQ:PYPL), Capital One Financial Corporation (NYSE:COF), Schlumberger NV (NYSE:SLB) and Boston Beer Company Inc (NYSE:SAM) report.

What Is Moving the Markets

Here are the headlines moving the markets.

GM recalling nearly 290,000 U.S. cars for air bag defect

WASHINGTON (Reuters) - General Motors Co said Thursday it is recalling nearly 290,000 older Chevrolet Impala cars in the United States because the air bag may not deploy in the event of the crash.

Global stocks nurse nine-month highs before ECB meeting

LONDON (Reuters) - World stocks faded after hitting nine-month highs on Thursday as signals from Japan that its next shot of stimulus won't include hand-out 'helicopter money' cooled the mood.

GM raises full-year forecast after strong second-quarter result

DETROIT (Reuters) - General Motors Co on Thursday raised its forecast for full-year profits after reporting a record second-quarter profit that handily beat Wall Street expectations, sending shares up 4.6 per cent.

SABMiller to scrutinize AB InBev mega-deal after regulator approval: chairman

LONDON (Reuters) - The chairman of SABMiller said the brewer would consider the attractiveness of a $107 billion offer by Anheuser Busch InBev after the merger had undergone the regulatory process.

Musk's Tesla 'master plan' big on vision, short on details

(Reuters) - Tesla Motors Inc chief Elon Musk's ambitious new "master plan" provided a vision of the company as a leader in sustainable energy, but lacked details on how the plan would be funded and executed.

Blackstone earnings beat forecasts on real estate, energy

NEW YORK (Reuters) - Blackstone Group LP , the world's largest alternative asset manager, reported higher-than-expected economic net income of 44 cents per share for the second quarter, helped by strong real estate investments and a rebound in energy prices.

U.S. lawsuits link Malaysian leader to stolen money from 1MDB fund

KUALA LUMPUR (Reuters) - Malaysian Prime Minister Najib Razak said on Thursday judgment should be withheld until all the facts are known after the U.S. government filed lawsuits seeking to seize $1 billion in assets bought with money stolen from a state fund he oversaw.

Brexit dents global economic outlook, fiscal stimulus ahead: Reuters poll

(Reuters) - Confidence in prospects for the global economy has been dented following Britain's vote to leave the European Union, with a growing view that monetary policy is a fading force and many governments now need to borrow and spend, Reuters polls showed.

Domino's beats estimates as franchisees boost demand

(Reuters) - Domino's Pizza Inc reported better-than-expected quarterly sales on Thursday, helped by increased revenue from the services and products it provides to franchisees and the addition of stores in markets outside the United States.

Mario Draghi's "Whatever-er It Takes"-Promising ECB Press Conference - Live Feed

While sovereign and corporate bond markets might suggest 'all is well', the collapse of European consumer confidence indicates "whatever it takes" has failed and while Mario Draghi kept rates unchanged and maintained his global QE buying program, we suspect the need to offer another banal bone of hope for an artificial market running on fumes will overhwhelm any rational thought left in the former Goldman banker's mind.

Live Feed:

ECB Keeps Rates Unchanged

As widely expected from the formulaic statement issued by the ECB ahead of Draghi's press conference, the central bank announced moments ago that it kept all three of its interest rates unchanged as follows:


ECB keeps main refinancing rate unchanged at 0.00%.

Leaves deposit facility rate unchanged at -0.40%

Keeps marginal lending rate unchanged at 0.25%

The ECB's full statement also confirms that "the monthly asset purchases of 80 billion are intended to run until the end of March 2017 or beyond if necessary and in any case until it sees a sustained adjustment in the path of inflation consistent with its inflation aim"

At today's meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. The Governing Council continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases.

Regarding non-standard monetary policy measures, the Governing Council confirms that the monthly asset purchases of 80 billion are intended to run until the end of March 2017, or beyond, if necessary, and in any case until it sees a sustained adjustment in the path of inflation consistent with its inflation aim.

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:30 CET today.

Now attention turns to Draghi in 45 minutes where his press conference is expected to give some additional color on how the central bank will address the issu ...

Frontrunning: July 21



Global stocks nurse nine-month highs before ECB meeting (Reuters)

Kuroda Says No Need and No Possibility for Helicopter Money (BBG)

As Republican Party tries to heal wounds, discord rules at convention (Reuters)

GOP Divided as Cruz Snubs Trump (WSJ)

Trump Chooses War With Cruz at Convention Aimed at Unification (BBG)

Trump considering fracking mogul Harold Hamm as energy secretary (Reuters)

Turkey says no return to past repression despite state of emergency (Reuters)

UK says unlikely to trigger formal EU divorce before year end (Reuters)

Citadel Hiring About 17 Portfolio Managers From Shuttered Hedge Fund Visium (WSJ)

Goldman Sachs under spotlight in Malaysian fund scandal (Reuters)

Tesla CEO Elon Musk Announces Heavy Truck, Ride Sharing Fleet of Cars (BBG)

France orders Nice policing inquiry after July 14 attack (

Why China's Trapped Economy Won't Find Easy Escape

A key measure of Chinese monetary policy effectiveness shows that money created isn't being put to work.

How Intel's Cloud Business Could Lose Its Silver Lining

Intel's data-center business is key to growth, but won't remain unchallenged.

Why the Price Is Right for Drug Companies

Investors should still be able to count on big pharmaceutical companies' pricing power.

Market Extra: 4 charts show Dow, S&P 500 overheating—and Wall Street is freaking out

A number of analysts and strategists over the past few days caution that worrisome trends are starting to crop up as equities take the elevator higher, pointing to a market that is getting overheated.

Economic Report: Jobless claims fall 1,000 to 253,000, remain ultra-low

The number of Americans who applied for unemployment benefits last week fell by 1,000 to 253,000, matching the second lowest level of a seven-year-old economic expansion that shows no signs of flagging.

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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