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08Aug2016 Pre-Market Commentary: US Futures Fractionally Higher, WTI Crude In Mid 42 Handle, Indicators Neutral, New Market Highs Possible During This Week

Written by Gary

US future stock futures up fractionally (SPY +0.1%) pointing to a positive, but flat opening that is expected to drop into negative territory by mid morning. China's exports and imports have fallen more than expected, gold prices slumped to a one-week low this morning and crude prices rallied earlier, although a persistent global oversupply kept gains in check.


Here is the current market situation from CNN Money

European markets are mixed today. The DAX is up 0.64% while the CAC 40 gains 0.29%. The FTSE 100 is off 0.11%.

What Is Moving the Markets

Here are the headlines moving the markets.

Futures rise as jobs data boosts investor sentiment

(Reuters) - U.S. stock index futures were higher on Monday after Friday's robust payrolls data boosted optimism about economic growth.

Oil rises on fresh production freeze calls report

LONDON (Reuters) - Oil rose more on Monday, after a report of renewed calls by some OPEC members to restrain output, but analysts warned the bearish fundamentals that brought prices to four-month lows last week still lurked.

Disappointing China July imports suggest cooling domestic demand

BEIJING (Reuters) - China's exports and imports fell more than expected in July in a rocky start to the third quarter, pointing to further weakness in global demand in the aftermath of Britain's decision to leave the European Union.

Fed's Powell urges patience on U.S. rates, citing growth risks

LONDON (Reuters) - The U.S. economy is at increasing risk of becoming trapped in a prolonged phase of slow growth that points to the need for lower interest rates than previously expected, Federal Reserve policymaker Jerome Powell was quoted as saying.

Amazon Japan raided on suspicion of antitrust practices: Nikkei

TOKYO (Reuters) - Japan's Fair Trade Commission has raided the offices of Amazon.com Inc's local unit on suspicion of pressuring retailers to offer products at lower prices than on rival sites, the Nikkei business daily said on Monday.

UK to probe Airbus's use of third-party agents to sell planes

PARIS (Reuters) - Airbus Group faces a lengthy and potentially disruptive investigation over its commercial jet sales after Britain said it would examine suspected irregularities in the use of third-party agents to win contracts.

Brexit will hardly hit North America, Middle East or CIS states: survey

BERLIN (Reuters) - Britain's vote to leave the European Union will hurt the economies of Britain and EU member states, especially Ireland, but will hardly affect North America, the Middle East or the Russia-led Commonwealth of Independent States, a survey showed.

Gawker, Hulk Hogan in settlement talks over privacy case: WSJ

(Reuters) - Gawker Media Group is engaged in preliminary talks with the former professional wrestler Hulk Hogan to reach a settlement over a $140 million court judgment that led the company to file for bankruptcy protection, the Wall Street Journal reported on Sunday.

Irish Banks Most Vulnerable In Stress Tests - Gold Vital Given Risk of EU Financial Contagion

- Irish banks vulnerable in stress tests: AIB/ BofI amongst worst 5 banks in EU
- Ulster Bank's parent Royal Bank of Scotland emerged as 2nd worst bank
- AIB, Banca MPS especially vulnerable & 'failed' in adverse scenario (see table)
- Impairment of financial assets was the largest negative contributor to results
- Bad loans continue to pose risks to Irish financial system
- Diversification of deposits & allocation to gold prudent for individuals & companies
- Experts advise diversifying into gold - Eddie Hobbs, Jill Kerby, Dr Gurdgiev, Dr Lucey, Jim Power, Cormac Lucy etc

Irish_banks_stress_tests

Irish banks AIB and Bank of Ireland, are some of the most vulnerable banks in Europe according to the European Banking Authority stress test of capital strength, which examined 51 institutions across 15 countries and was released last week. Italy's Monte dei Paschi (MPS) and the UK's Royal Bank of Scotland, which owns Ulster Bank, emerged as the biggest losers in the stress tests.

Oil Spikes On Renewed OPEC Supply Cut Chatter, Just As Hedge Funds Turn Record Short

Oil prices rose Monday as modestly stronger margins for refiners provided support to the market despite the continuing glut of crude supply. The October contract for global benchmark Brent gained 1.3% to above $45 a barrel, while U.S. counterpart West Texas Intermediate increased 1.4% above $42.50 for September deliveries.

Several factors have boosted oil prices over the past three trading days. Among the more trivial ones, Olivier Jakob from Swiss-based Petromatrix was cited by the WSJ noting the improvement in the gasoline crack margin, a technical term for the price difference between crude oil and the figure refiners charge for gasoline, as providing a tailwind for the market. "The gasoline crack [margin] has rebounded and stabilized and this has relieved the pressure on oil prices a little bit," he said. "This week has some upside potential [for oil prices], but the fundamentals are not there for any sustained recovery." That said, he noted that the fundamentals for gasoline hadn't changed and there was a large global oversupply, which should keep prices below $45 a barrel.

However, the key catalyst for today's spike is another convenient report by OPEC, according to which the oil exporting organization will hold informal talks at an energy conference in September, the cartel's president said Monday, as oil-producing nations worry over a recent downturn in the crude market. OPEC is always discussing ways to stabilize the market, said Qatar's energy minister, Mohammed bin Saleh al-Sada, who is serving as the 14-nation oil cartel's president this year.

Of course, oil traders are familiar with ...

Frontrunning: August 8



Global stocks, dollar gain as payrolls fuel risk-on trades (Reuters)

Suicide bomber kills at least 50 at Pakistan hospital (Reuters)

Oil Rises Despite Supply Glut (WSJ)

Waiting Forever for Fed Model Bull Case on Stocks to Come True (BBG)

Fed's Powell urges patience on U.S. rates, citing growth risks (Reuters)

Trump to Propose Moratorium on New Financial Regulations (BBG)

Bond Market's Big Illusion Revealed as U.S. Yields Turn Negative (BBG)

American, Australian kidnapped in Afghan capital: officials (Reuters)

How a Hairdresser's Lawsuit Could Spell Trouble for Brexit (BBG)

The Seven-Year Short (BBG)

Saudi-led coalition air strike kills nine civilians in Yemen market (Reuters)

More records fall as Phelps collects 19th gold (

Delta Suspends All Flights "Due To System Outage Nationwide" With Computer Systems "Down Everywhere"

Update 2:

6:55 a.m. ET UPDATE: A power outage in Atlanta, which began at approximately 2:30 a.m. ET, has impacted Delta computer systems and operations worldwide, resulting in flight delays. Large-scale cancellations are expected today. All flights enroute are operating normally. We are aware that flight status systems, including airport screens, are incorrectly showing flights on time. We apologize to customers who are affected by this issue, and our teams are working to resolve the problem as quickly as possible. Updates will be available on news.delta.com.

Update 1: 5:05 a.m. ET UPDATE: Delta has experienced a computer outage that has affected flights scheduled for this morning. Flights awaiting departure are currently delayed. Flights enroute are operating normally. Delta is advising travelers to check the status of their flights this morning while the issue is being addressed.

* * *

Due to a computer outage, flights awaiting departure are currently delayed. Flights enroute are operating normally.

— Delta News Hub (@DeltaNewsHub) August 8, 2016

Delta Air Lines - the second largest airline in the world - is reporting that all flights have been suspended "due to a system outage nationwide." Social media users have posted photos showing long lines of passengers waiting to check-in at airports. "Our systems are down everywhere. Hopefully it won't be much longer," Delta Air Lines said in response to a passenger's tweet.

"Delta is advising travelers to check the status of their flights this morning while the issue is being addressed," the Atlanta-based carrier said.

Brexit Hasn't Been All Bad for Banks

Strong bond-trading volumes, brought on by Brexit volatility, have boosted bank revenue.

Quantitative Easing: Central Banks' Old Faithful

For a while, it looked like QE's star had faded a little. Negative rates had become the latest central-banking fad. But the Bank of England's decisions last week mark a break with that trend and a new strand in the policy divergence debate.

When Chinese State Support Evaporates on Investors

The twisted tale of a Chinese construction company's default casts a pall on the notion of government-backed companies.

Capitol Report: Clinton campaign alarmed by Trump fundraising | Trump to call for pause on new financial regulations

Hillary Clinton's campaign is alarmed by Donald Trump's fundraising; Trump to call for a pause on new financial regulations in Detroit speech; George P. Bush backs Trump; and more.

Beer Goggles: Hop Valley buy gives MillerCoors local craft beer cred

MillerCoors is rounding out its product line in a careful way, says Jason Notte.

The Wall Street Journal: TIAA to buy EverBank for $2.5 billion

TIAA confirmed a deal to buy EverBank for $2.5 billion, or $19.50 a share.

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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