Wall Street should open today in the green, however major global markets are mixed. Likely not much is expected out of the markets today as everyone is convinced that something Fed Chair Yellen will say on Friday in Jackson Hole will affect whether the boyz should sell or buy. Oil appears to continue to drift down, while the dollar strengthens.
Here is the current market situation from CNN Money
European markets are mixed today. The CAC 40 is up 0.57% while the DAX gains 0.42%. The FTSE 100 is off 0.11%.
FRANKFURT (Reuters) - Mercedes-Benz maker Daimler is embracing Silicon Valley management techniques in a drive to speed up decision making, empower staff and fend off new rivals such as electric carmaker Tesla Motors .
SAN FRANCISCO/WASHINGTON (Reuters) - Tesla Motors Inc crowned itself the maker of the world's fastest production car on Tuesday, saying a new version of its Model S all-electric sedan can accelerate from 0-60 miles per hour in just 2-1/2 seconds.
LONDON (Reuters) - Swiss bank UBS is leading a team of four of the world's biggest banks developing a system to enable financial markets to make payments and settle transactions quickly using blockchain technology.
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.
NEW YORK (Reuters) - Fitbit Inc did not steal rival Jawbone's trade secrets, a U.S. International Trade Commission judge ruled on Tuesday, dashing Jawbone's hopes of securing an import ban against Fitbit's wearable fitness tracking devices.
SEOUL (Reuters) - Better-than-expected demand for Samsung Electronics Co Ltd's new Galaxy Note 7 is causing supply constraints globally, the South Korean tech giant said on Wednesday, suggesting strong initial sales for the new premium smartphone.
NEW YORK (Reuters) - Luxury automaker Lamborghini expects to at least double production to 7,000 vehicles a year by 2019 once it rolls out a new SUV, but it will not lose its focus on making sports cars, Chief Executive Officer Stefano Domenicali said Tuesday.
Jim Grant is "very bullish on gold" due to deepening concerns of a crash in sovereign debt. The monetary historian and expert, financial journalist and editor of the investment newsletter 'Grant's Interest Rate Observer' is always worth reading and listening to.
Grant gave voice to his deepening concerns in an excellent interview with Swiss business newspaper 'Finanz und Wirtschaft' (Finance and Economy):
"From multi-billion bond buying programs to negative interest rates and probably soon helicopter money: Around the globe, central bankers are experimenting with ever more extreme measures to stimulate the sluggish economy.
This will end in tears, believes James Grant. The sharp thinking editor of the iconic Wall Street newsletter «Grant's Interest Rate Observer» is one of the most ardent critics when it comes to super easy monetary policy.
A powerful 6.2-magnitude earthquake followed by a series of aftershocks rocked central Italy on early Wednesday, burying residents under rubble as they slept and killing at least 38 people. Strong tremors were felt in the country's capital, Rome, and several small towns and villages have been seriously damaged.
The temblor hit at around 3:30 a.m. local time near Norcia, 50 miles southeast of Perugia, and was felt more than 100 miles away in Rome. Several large aftershocks soon followed. As dawn broke, stunned locals picked through ruins in the worst-affected towns of Amatrice and Accumoli. Italy's defense ministry mobilized the army to help in the search for survivors, NBC reports.
Video Shows Scale of Destruction in Amatrice
The center of Amatrice was devastated, with entire palazzos razed to the gro ...
In a rerun of yesterday's overnight session, European indexes trade higher while US index futures were modestly in the green, set to propel the S&P 500 to new all time highs. Emerging Market dropped the most in three weeks alongside commodities, as today the market was predisposed hawkishly on a US rate hike ahead of Yellen's Friday speech, pushing the US dollar higher and oil resumed its pre "anonymous sources" headlines slide.
Meanwhile, the absolute lack of volatility continues. As DB points out, "in the S&P 500 we haven't had a +/- 1% or more day since July 8th. That's 32 consecutive sessions which matches the run in August-September 2014. There's some way to go to match the run of 62 consecutive sessions from April-July 2014 however." Lack of excitement is good for stocks, however, as the chart below shows.
While political and security concerns rippled through some developing nations, global sentiment has seesawed across asset groups as traders look toward Yellen's speech in Jackson Hole, Wyoming, on Friday for clues on the timing of rate increases. At least three Fed officials have made hawkish remarks since the start of last week, though U.S. economic data remain mixed with figures on Tuesday showing a slowdown in manufacturing and strength in the housing market. A report on Wednesday is forecast to show sales of existing homes held close to a nine-year high.
In the absence of any market-moving news, all traders remained focused on Yellen's upcoming speech: "while political risks do matter, now it is all eyes on the Fed and Yellen," said William Jackson, a London-based economist at Capital Economics Ltd. "That seems to be the biggest facto ...
Despite the very real struggles that some parts of the country, including Alaska, are facing, the broader national economy is in good shape: We're at full employment, and inflation is well within sight of, and on track to reach, our target. Under these conditions, it makes sense for the Fed to gradually move interest rates toward more normal levels.
You have to forgive stock markets for looking listless, given Janet Yellen's big Jackson Hole speech is looming. But our call of the day isn't about a lack of direction. It's all about IPOs that have soared lately — and how that's a great sign.
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