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01Sep2016 Pre-Market Commentary: Wall Street May Open In The Red, Gold Tumbling Again, Crude Prices Falling And The US Dollar Displaying Strength

Written by Gary

US stock future indexes are up at 8:45 (SPY+ 0.1%) but the opening bell is expected to show negative values as Continuing Jobs Claims rose while Initial Jobs Claims were below what was predicted. Crude plunged more than 3% yesterday and is continued showing weakness. Indicators are bearish.


Here is the current market situation from CNN Money

European markets are mixed today. The CAC 40 is up 0.89% while the DAX gains 0.35%. The FTSE 100 is off 0.02%.

The first column is what was reported this morning. The second column is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

Global shares snap losing streak as oil ends its decline

LONDON (Reuters) - Gains in Europe helped pull world shares out their longest losing streak of the year on Thursday, as oil prices ticked up before key U.S. jobs data.

UAW asks Volkswagen to accept NLRB order on Tennessee plant row

(Reuters) - The United Auto Workers (UAW) urged Volkswagen to accept the National Labor Relations Board's (NLRB) latest order that requires the carmaker to collectively bargain with UAW local union as the representative of a portion of workers at its Tennessee plant.

Germany accuses Fiat of using illegal emissions device: government documents

BERLIN (Reuters) - Germany found unusual increases in the emissions of four Fiat Chrysler vehicles, and Berlin therefore accuses the Italian-American carmaker of using an illegal device to switch off exhaust treatment systems, German government documents showed on Thursday.

EU ruling on Apple's Irish tax is 'total political crap': CEO

DUBLIN/BRUSSELS (Reuters) - Apple's Chief Executive Tim Cook described an EU ruling that it must pay a huge tax bill to Ireland as "total political crap", but France joined Germany on Thursday in backing Brussels as transatlantic tensions grow.

IG Metall urges VW to talk to United Auto Workers over plant representation

FRANKFURT (Reuters) - The head of Germany's powerful IG Metall union, Joerg Hofmann, on Thursday demanded that Volkswagen seeks talks with the United Auto Workers union (UAW) over a dispute about how to represent some workers at VW's Tennessee plant.

Samsung mobile recovery suffers blow as Galaxy Notes 'catch fire'

SEOUL (Reuters) - The recovery in Samsung Electronics Co Ltd's mobile business suffered a blow on Thursday as reports of exploding batteries forced the firm to delay shipments of Galaxy Note 7 smartphones, and knocked $7 billion off its market value.

Manufacturing falters as global demand weakens

LONDON/SINGAPORE (Reuters) - Manufacturers across Asia and Europe showed few signs of returning to health in August, as demand remained fitful at best, although British factories bucked the global trend, surveys showed on Thursday.

Wal-Mart plans early layaways to catch 'Star Wars' boost

CHICAGO (Reuters) - For the second year in a row, Wal-Mart Stores Inc will begin its holiday layaway program two weeks early, hoping for a head start to the year-end shopping season and a repeat of last year's strong toy sales driven by "Star Wars" products.

Frontrunning: September 1



Global shares snap losing streak as oil ends its decline (Reuters)

Trump returns to hardline position on illegal immigration (Reuters)

U.S., others agreed to 'secret' exemptions for Iran after nuclear deal (Reuters)

China's Factory Gauge Unexpectedly Rises to Highest Since 2014 (BBG)

Weak Pound Drives U.K. Factories Back From Brexit Shock (BBG)

Elon Musk Faces Cash Squeeze at Tesla, SolarCity (WSJ)

Cash Keeps Pouring Out of European Stocks (WSJ)

Gross Calls for Two Fed Hikes at Double the Pace Seen by Market (BBG)

Yellen Speech Contained Clue to Reading the August Jobs Report (BBG)

Deutsche Bank Weighs Stronger Medicine (WSJ)

Apple Squeezes Parts Suppliers to Protect Margins (WSJ ...

Avoid Paper Gold - "Gold Delivery" Refused By Gold Exchange Traded Commodity

"Delivery of gold" has been refused by a popular German gold exchange traded commodity (ETC), Xetra-Gold, which is offered by Deutsche Bank, in the latest example of the risk of owning gold exchange traded commodities (ETCs), exchange traded funds (ETFs) and indeed most institutional gold investment offerings.

Image result for goldcore ETF gold

Like many gold exchange traded funds and commodities, the German ETC offered the ability to take physical delivery of the gold. As reported by Zero Hedge:

"Since the introduction of Xetra-Gold in 2007, investors have exercised this right 900 times, with a total of 4.5 tons of gold delivered."

However, something appears to have changed. As Oliver Baron reports, those who ask for gold delivery at this moment, "could encounter difficulties." The reason is that according to Baron, a reader of GodmodeTrader "sought phy ...

Trump Returns To Form With Fiery Immigration Speech, Vowing "We Will Build A Great Wall, Mexico Will Pay For It"

Just hours after delivering subdued comments and striking a conciliatory tone alongside Mexico's president, Donald Trump returned to form in his fiery immigration speech (full text here) in Phoenix last night, which laid out the presidential candidate's immigration plan which definitively ruled out legal status for undocumented immigrants and once again promised to build a wall on the southern border of the U.S., saying he would force Mexico to cover the cost. "We will build a great wall," Trump said to loud cheers "And Mexico will pay for the wall. One hundred percent. They don't know it yet, but they're going to pay for it."

Trump lays out immigration plan. No. 1: "We will build a great wall along the southern border...and Mexico will pay" https://t.co/In8NY0SLwz

— ABC News (@ABC) September 1, 2016

The rally was at a convention center in downtown Phoenix. Trump's warm-up speakers including Arizona Governor Doug Ducey; Joe Arpaio, the sheriff of an Arizona county who has become a symbol of the anti-illegal-immigration movement; former New York City Mayor Rudy Giuliani; and Trump's running mate, Mike Pence. At various points in the speech, the crowd broke into chants of "build the wall!"

The speech, which presented crime prevention as the underlying rationale for his immigration policies, came just hours after Trump traveled to Mexico at the invitation of President Enrique Pena Nieto. The two men met privately and discussed a range of topics that included illegal immigration and the possibility of amending the North American Free Trade Agreement. They came away with marke ...

Deutsche Bank Refuses Delivery Of Physical Gold Upon Demand

While the trading world was focused on the latest news involving Deutsche Bank, namely that the troubled German bank had been contemplating a merger with Germany's other mega-bank, Commerzbank as part of a strategy to sell all or part of a key business to speed up its flagging overhaul, a more troubling report emerged in a German gold analysis website, according to which Deutsche Bank was unable to satisfy a gold delivery request when asked to do so by a client of Germany's Xetra-Gold service.

But first, what is Xetra-Gold?

According to its website, the publicly traded company "provides investors with an efficient instrument to participate in the performance of the gold market. Xetra-Gold's combination of features - cost-efficient trading and the right for physical delivery of gold - makes it an attractive product."

Among its highlights, Xetra-Gold lists the following:

Cost-efficient trading: No mark-up fee, no transportation or insurance costs such as those incurred when purchasing physical gold. Only the standard transaction fees that are charged for on-exchange securities trading are payable at the time of acquisition. The spreads that apply to purchase and sale correspond to the standard conditions on the global market and are considerably lower than those for traditional gold-based financial products. Furthermore, management or administration fees relating to Xetra-Gold are not incurred. The investor pays the amount of custody fees which he/she ...

Emerging Markets: Catch the Yield Where You Can

The latest target in the search for anything with a yield: emerging-market bonds in local currencies.

Finding Safer Ground at Palo Alto Networks

A rich multiple has made cybersecurity star Palo Alto Networks a dangerous play, but its shifting revenue mix is a good sign.

It's Time to Sweat Again at Lululemon

The yoga-wear maker's shares have rallied by more than one-third this year. Additional gains might be a stretch.

27 August 2016 Initial Unemployment Claims: Rolling Averages Again Slightly Improve

Weekly Initial Unemployment Claims

The market expectations for weekly initial unemployment claims (from Bloomberg / Econoday) were 263,000 to 287,000 (consensus 265,000), and the Department of Labor reported 263,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 264,000 (reported last week as 264,000) to 263,000. The rolling averages generally have been equal to or under 300,000 since August 2014.

Outside the Box: 5 trading tips for this treacherous climate

Developed markets around the world are looking top-heavy by multiple measures, with the U.S., in particular, relentlessly banging out record highs. At the same time, negative interest rates are a wicked curveball that nobody can seem to figure out, and even the "smart money" can't get it right. It's a tough climate for trading stocks. But it doesn't have to be.

The Margin: Want to become a banker? Don't wear brown shoes

U.K. researchers have found that some senior bank executives are discarding job applicants — just for wearing the wrong color of shoes.

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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