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23Aug2016 Pre-Market Commentary: Awaiting Yellen's Words From Jackson Hole

Written by Gary

Global markets are generally positive going into todays trading session, with the USA futures at this point insignificantly in the red. Brent has dropped under $50 in today's trading. Pundits claim markets will be on hold until Fed Chair Yellen speaks in Jackson Hole, Wyoming, on Friday


Here is the current market situation from CNN Money

European markets are higher today with shares in Germany leading the region. The DAX is up 0.76% while France's CAC 40 is up 0.71% and London's FTSE 100 is up 0.63%.

What Is Moving the Markets

Here are the headlines moving the markets.

Global stocks creep up amid Fed limbo, dollar dips

LONDON (Reuters) - World shares crept up on Tuesday while the dollar lost ground as investors awaited further clues on whether the Federal Reserve will raise U.S. interest rates this year.

Investors skeptical of Fed's rate policy ahead of Yellen speech

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen may struggle later this week to convince financial markets she can steer a divided U.S. central bank to raise interest rates at least once in 2016 after it started the year with four hikes on its radar.

Best Buy reports surprise rise comparable-stores sales

(Reuters) - Best Buy Co Inc reported a surprise rise in quarterly comparable stores sales, helped by strong demand for appliances and consumer electronics.

VW, suppliers settle dispute after marathon talks

BERLIN (Reuters) - Volkswagen and two of its parts suppliers on Tuesday resolved a contract dispute that had hit output at more than half of the carmaker's German plants and threatened to undermine its recovery from a diesel emissions scandal.

Oil slips below $49 as rising supply trumps hopes for producer action

LONDON (Reuters) - Oil fell below $49 a barrel on Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices.

Anbang Group plans Hong Kong IPO of life insurance unit: sources

HONG KONG (Reuters) - Anbang Insurance Group Co is planning to list its life insurance business in Hong Kong and has invited investment banks to make pitches to win advisory mandates in the coming weeks, people familiar with the matter told Reuters.

Cobalt International says Angola oil block stake sale terminated

(Reuters) - Cobalt International Energy Inc said the proposed $1.75 billion sale of a 40 percent stake in two offshore oil blocks in Angola to the state oil company was terminated as it did not get the necessary approvals from the country's government.

Pfizer boosts cancer drug roster with $14 billion Medivation deal

(Reuters) - Pfizer Inc , beating out numerous other bidders, said it agreed to buy U.S. cancer drug company Medivation Inc for $14 billion in cash, adding its blockbuster prostate cancer drug Xtandi to the company's growing oncology roster.

U.S. clearance of ChemChina's Syngenta deal removes key hurdle

(Reuters) - A U.S. national security panel has cleared ChemChina's $43 billion takeover of Swiss pesticides and seeds group Syngenta , the companies said, boosting chances that the largest foreign acquisition ever by a Chinese company will go through.

Frontrunning: August 23



Dollar Drops on Rate Outlook as European Stocks Rise, Oil Falls (BBG)

Bank of Japan's rush into stocks raises fears of market distortions (Reuters)

With Moderate Drinking Under Fire, Alcohol Companies Go on Offensive (WSJ)

Merkel Says Brexit Is U.K.'s Loss While Pledging EU Results (BBG)

Turkey cuts rates for sixth straight month amid ratings worries (Reuters)

Euro-Area Economy Shrugs Off Brexit as Key Index Edges Up (BBG)

Donald Trump Courts Black Vote While Avoiding African-American Communities (WSJ)

Everyone Wants Emerging-Market Bonds, But There Aren't Enough to Go Around (WSJ)

Appeals arguments begin on Kansas law requiring voters to prove citizenship (Reuters)

Delphi, Mobileye Join Forces to Develop Self-Drive System (WSJ)

What Detroit Needs Now: More Squatters

The Current Gold and Silver Price Downtrend Will Prove to be Just a Temporary Lull in a Continuing Uptrend, Part 2.

The purpose of today's very brief article is just to reassure everyone that this current pullback in gold and silver prices is not anything to worry about, but will just provide another opportunity to buy some of your favorite gold and silver stocks that perhaps you do not yet own.

On 14 July 2016, after we purchased many gold and silver stocks in early June to add to very solid positions in physical PMs we've established since 2007, I sent this bulletin to our Platinum Members: "We may receive some weakness in the share prices of many of the stocks we hold now as they have increased quite strongly in a fairly short period of time, but we will continue to hold them unless stronger evidence arises in the immediate future that the support levels above for gold and silver prices may not hold." Indeed from 15 July to 26 July, many gold and silver stocks pulled back in price to a fair degree.

On 26 July 2016, after the HUI Gold Bugs Index had pulled back by 9.4%, silver had pulled back 8.8%, and gold had pulled back 4.7% in a month's time, there was chatter in the mainstream media, as always, of a much greater possible fall in gold and silver prices. In response, I wrote Part 1 of this article to dispel that notion, in which I stated my belief that the pullback we were experiencing at the time was only a temporary lull in a continuing uptrend in gold and silver prices that started at the end of last year.

Hillary Responds To Health Allegations; Opens A Jar Of Pickles: "I Feel Like This Is An Alternate Universe"

While Hillary Clinton continued her press conference radio silence, having avoided media Q&A for over 260 days, last night the Democratic candidate did appear on ACB's Jimmy Kimmel live show where she responded to recent reports that her health is deteriorating, saying she feels like she is in an "alternative universe" and laughed off any questions about her health and stamina, arguing that the current speculation "makes no sense" because she doesn't "go around questioning Donald Trump's health."

"I do feel sometimes like this campaign has entered into an alternative universe," she told Jimmy Kimmel Live. "I have to step into the alternative reality, answer questions about am I alive, how much longer will I be alive." Clinton was for the first time responding to allegations made by Trump and some of his backers that she is suffering health problems that could be problematic in the White House should she win the Nov. 8 election. Both Clinton and Trump have released notes from doctors declaring them physically fit for the presidency.

After Kimmel asked whether there was any truth to the rumors most recently raised by former New York City Mayor Rudy Giuliani, the Democratic nominee for president extended her wrist and told the late night host to take her pulse "to make sure I'm alive." Kimmel obliged, taking Clinton's pulse with his thumb and joking: "Oh my God, there's nothing there!" We assume that was a joke.

Kimmel then asked Clinton to open a jar of pickles as a test of her strength (she did so successfully).

"Back in October, the National Enquirer said I'd be dead in six months. So with every breath I take I feel like it's a new lease on life," she quipped..

Everyone Wants Emerging-Market Bonds, But There Aren't Enough to Go Around

With prices high for emerging-market debt, any uptick in supply or deterioration in demand could tip the balance in an unpleasant way.

A Window of Opportunity Cracks Open at Valeant

Easing financial conditions could give Valeant's new finance chief an assist.

Stacking More Chips on Applied Materials

Shares of the chip-gear maker are running high, but probably aren't at a peak.

Mysterious Abandoned Machines

From a strange and possibly haunted soda machine to strange desert of ships - these are the top mysterious abandoned machines.

How To Leave The European Union

from STRATFOR

-- this post authored by Adriano Bosoni

After the results of the Brexit referendum, many EU governments and officials went out of their way to emphasize that the vote did not herald the end of the European Union and could even make it stronger. For these officials, presenting the vote as an oddity is essential to preserving the bloc. After all, if the Brexit is not an exception, then it could become an example for other countries to follow. The specter of the British precedent will shape relations between the bloc and the United Kingdom for years to come, throughout the negotiations process and afterward.

London Markets: FTSE 100 on track for best gain in 2 weeks as miners strengthen

U.K. stocks push higher, with BHP Billton and supermarket chain Tesco among the shares moving firmly higher.

Brett Arends's ROI: Be very afraid: Trump could still win the presidency

If you think the election is all but over, think again: Donald Trump could still be elected president, says Brett Arends.

Market Extra: Not even OPEC can save the struggling oil market now, Goldman warns

OPEC production freeze or not, the oil market isn't going to recover anytime soon, Goldman Sachs warns.

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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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