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04Aug2016 Pre-Market Commentary: US Futures Flat, Gold Melting Higher, WTI Crude Slipping, Indicators Show Weakness In Equities, Wall Street To Open Flat To Lower

Written by Gary

US stock future indexes pointed to a flat open today as equities remained in a tight trading range despite the Dow managing to break a seven-day losing streak in yesterday's session. The pound slipped lower against the U.S. dollar after BoE lowers rates to record low of 0.25%. Crude prices fell fractionally after rallying over 3% yesterday.


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 1.40% while Germany's DAX is up 0.81% and France's CAC 40 is up 0.72%.

What Is Moving the Markets

Here are the headlines moving the markets.

Time Inc's quarterly revenue misses estimates

(Reuters) - Magazine publisher Time Inc reported lower-than-expected quarterly revenue as higher digital advertising revenue failed to make up for a fall in income from print ads.

Bank of England cuts rates, ready for 'whatever action necessary' after Brexit vote

LONDON (Reuters) - The Bank of England cut interest rates on Thursday for the first time since 2009, revived its bond-buying programme and said it would take "whatever action is necessary" to achieve stability in the wake of Britain's vote to leave the European Union.

BlackRock's voting record clashes with CEO's tough talk on buybacks

BOSTON (Reuters) - When Adam Kanzer wanted to stop the board of 3M Co from including the lucrative impact of share buybacks in their chief executive's pay, he quoted Laurence Fink.

Chesapeake Energy raises asset sales target for 2016

(Reuters) - Debt-laden Chesapeake Energy Corp , the No.2 U.S. natural gas producer, raised its asset sales target and production forecast for the year, keeping its capital budget unchanged.

Viacom posts surprise revenue rise as film unit drives gains

(Reuters) - Viacom Inc , the owner of MTV, Comedy Central and Nickelodeon, reported a surprise rise in quarterly revenue as higher license fees and theatrical revenue in its movie unit helped to make up for a decline in domestic ad revenue.

As U.S. crude wobbles near $40, new oil rally in doubt

(Reuters) - U.S. crude's slide below $40 a barrel this week has hardened the resolve of oil market bears to drive prices lower, with oversupply, refining cutbacks and a breakdown in the oil/dollar trade spelling an end to this year's rally.

Biogen not pursuing a sale: source

(Reuters) - U.S. biotechnology company Biogen Inc has not received any formal expressions of interest from potential acquirers and is not actively soliciting takeover offers, according to a person familiar with the matter.

Tesla posts another loss, but says on track for future deliveries

(Editor's note: This story may contain language in paragraph 9 that may offend some readers)

Frontrunning: August 4



Bank of England cuts rates for first time since 2009, restarts bond purchases (Reuters)

Obama administration denies Iran cash payment was a ransom (Reuters)

Mike Pence Endorses Paul Ryan After Donald Trump's Refusal (WSJ)

In slap at Trump, some wealthy Republicans campaign for Clinton (Reuters)

Clinton leads Trump by 17 points in NH (The Hill)

One More Reason for Investors to Worry About 'Earnings Before Bad Stuff' (WSJ)

Two L.A. policemen who shot unarmed black man sue city for racial discrimination (Reuters)

Musk Declares Tesla Free From Factory Hell With Targets Intact (BBG)

Goldman Sachs says Brexit could adversely affect operations (Reuters)

New Jersey Backs Away From Hedge Funds (WSJ)

Goldman Employees to Pull $350 Million From Och-Ziff Fund (

Pound Plummets, Gilt Yields Crash To All Time Low After Uberdovish "Kitchen Sink" BOE Announcment

All the speculation that central banks are putting the brakes on unconventional monetary policy and shifting to fiscal stimulus demands, were tossed aside this morning when the BOE launched what was been dubbed a "kitchen sink" response, one in which it not only cut rates for the first time since the financial crisis, by 25 bps to a record low 0.25%, but also boosted QE while announcing it would resume corporate bond purchases.

The market reaction was fast and furious: the pound fell the most in four weeks as traders were caught by surprise by the dovishness of the BOE's statement: Cable crashed over 1% percent against all of its 16 major peers, with the GBPUSD tumbline to the mid 1.31s, after the nine-member Monetary Policy Committee voted unanimously to lower the benchmark rate by 25 basis points to a record-low 0.25 percent.

U.K. government bonds jumped, pushing the 10-year gilt yield to a record low. Benchmark 10-year gilt yields dropped 16 basis points, or 0.16 percentage point, to 0.65 percent, and touched 0.634 percent. The 2 percent bond due in September 2025 rose 1.44, or 14.40 pounds per 1,000-pound face amount, to 111.92. The nation's two-year gilt yield fell 11 basis points to 0.09 percent.

30Y Gilts also dropped to a record low 1.5%

How AIG Shut Down Its Critics

Six months ago, American International Group was defending itself from activist investors calling for a three-way split of the company. Now, strong earnings are helping to silence those critics.

What Oil in the $40s Means for Oil Majors

For how long can Europe's big-five energy companies maintain dividend levels? Second-quarter results disappointed and the oil price fell about 20% in the past two months.

India's Tax Overhaul Shows Emerging Markets How to Rock

India's goods-and-services tax overhaul signals strong momentum in reforming the economy. That's bullish for Indian stocks.

Economic Report: Jobless claims rise 3,000 to 269,000

Jobless claims rose 3,000 to 269,000 in the latest week, the Labor Department said Thursday

Could Zika virus translate to market weakness? There's a strong precedent

Paired with economic weakness the virus could prompt a correction, analysts say.

Currencies: Pound sinks after Bank of England cuts rates, restarts bond buying

The pound turns lower in early trade Thursday after the Bank of England cut interest rates for the first time in seven years.

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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