US stock index futures were drifting lower (SPY -0.1%), a day after all three main indexes closed at record highs for the first time since 1999. US economic financial reports were all negative this morning sending gold to new highs(1360) and the US dollar dropping like a rock (95.21) and it is not over. Short-term indicators bearish, but large moves tend to pull back.
Here is the current market situation from CNN Money
European markets are lower today with shares in Germany off the most. The DAX is down 0.40% while London's FTSE 100 is off 0.15% and France's CAC 40 is lower by 0.04%.
The first column is what was reported. The second column is what analysts were expecting and the third is the last report.
SAN FRANCISCO (Reuters) - The Federal Reserve should raise interest rates further this year, a top U.S. central banker said in an interview published on Thursday, reflecting improved labor market conditions and the likelihood that inflation is heading higher.
BEIJING (Reuters) - Cheng Wei, 34, was once assistant to the head of a foot massage firm. Last week, his company Didi Chuxing bagged Uber's China business in a deal valuing his ride-hailing start-up at $35 billion - a second success in as many years in a grueling battle with a rival.
SHANGHAI (Reuters) - It remains more promise than product, but the electric vehicle (EV) sector is drawing more talent from mainstream automakers which are reluctant to go full tilt at the new technology.
(Reuters) - Big Wall Street banks are asking the U.S. Federal Reserve to grant them an additional five-year grace period to comply with a financial reform regulation known as the Volcker rule, people familiar with the matter said.
TOKYO (Reuters) - Marlboro maker Philip Morris International says its e-cigarette has rapidly captured close to 3 percent of Japanese tobacco sales, making inroads into a market Japan Tobacco (JT) relies on for 40 percent of its profit.
LOS ANGELES (Reuters) - A charity looking to fight the rise of dangerous, drug-resistant bacteria on Thursday asked the public to help convince McDonald's restaurants around the world to stop serving meat and milk from animals raised with routine use of medically important antibiotics.
NEW YORK (Reuters) - Valeant Pharmaceuticals International Inc shares fell about 11 percent on Thursday as new details about a criminal investigation into the drugmaker reignited investor concerns about the company's past business relationship with a mail-order pharmacy that sold its products.
When it comes to free trade, Hillary Clinton sounds more and more like Donald Trump every day.
This is a clear attempt to take votes from Trump's strongest supporters: disgruntled rust-belt workers who blame China and Mexico for stealing US jobs.
CNN Money reports Hillary Clinton Vows to Slap Tariffs on Trade Cheaters
For months, Trump has slammed U.S.' trade deals with Mexico and South Korea as "horrible" and "disastrous." He wants to fix them by placing hefty fines — known as tariffs — on goods coming into the U.S. from foreign countries that don't play fair.
Now, Clinton says she's ready to impose tariffs too.
"When countries break the rules, we won't hesitate to impose targeted tariffs," she told the crowd at a manufacturing plant in Warren, Michigan.
"I'm going to ramp up enforcement by appointing a new chief trade prosecutor, tripling the number of enforcement officers," she said.
On Thursday, Clinton went out of her way to stress that she is not supporting the controversial Trans-Pacific Partnership trade deal that President Obama has been pushing.
"I oppose it now, I'll oppose it after the election, and I'll oppose it as president," she said.
In a historic trifecta, yesterday for the first time this century, all three US indexes posted concurrent record highs. The last time this had happened was on December 31, 1999.
At the same time, as the WSJ points out, the ratio of NYSE and NASDAQ stocks hitting 52-week highs versus 52-week lows surged to its highest level in years. "The last time we've seen levels like this consistently was in 2013, which went on to be one of the best years for stocks," said Frank Cappelleri, executive director of institutional equities at Instinet LLC. In 2013, the S&P 500 rose 30%.
Ironically, the ongoing meltup continues even as major sellside banks from JPM to Goldman Sachs, have been warning about an imminent downturn. Less than two weeks ago, we reported that Goldman had turned outright bearish, urging clients to "sell" stocks over the next three months, reiterating a bearish call it has made for the past quarter. Framing our skepticism, we asked whether "Goldman will again be wrong? It's distinctly possible, in which case we expect t ...
Gold buying surged to record levels in H1, 2016 due to increasing concerns about the political, economic and monetary outlook. In particular, deepening concerns about the negative interest rate money "madness" of central banks today.
Heike Hofmann sells fruit and vegetables in Germany. She reacted to negative rates by cutting spending & buying gold bars. Photo: Georgi Kantchev/ Wall Street Journal
Yesterday we covered this surge in gold buying in western markets as detailed by the World Gold Council and what is driving this increased demand. Monetary policies and their impact on savers, along with political risks, contributed to record H1 gold investment demand, surpassing even that of the 2009 financial crisis.
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