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02Sep2016 Market Update: Wall Street Moderately In The Green, Texas Tea Climbing After A Weaker Than Expected Jobs Report And Baker Hughes Rig Count

Written by Gary

US markets are trading in the green (SPY +0.3%), but off the session highs. Crude continues to climb into the mid 44 handle, gold and the US dollar are showing strengthening in which one of them has to fall. The July Trade Deficit narrowed to $39.47 billion. New orders for U.S. factory goods recorded their largest increase in nine months. Indicators are again neutral, with a bullish slant.


Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.17% while Mexico's IPC is up 0.52% and U.S.'s S&P 500 is up 0.27%.

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. nonfarm payrolls rise less than expected; wage growth moderates

WASHINGTON (Reuters) - U.S. employment growth slowed more than expected in August after two straight months of robust gains and wage gains moderated, which could effectively rule out an interest rate increase from the Federal Reserve this month.

Wall Street pares gains after weaker-than-expected jobs data

(Reuters) - Wall Street pared gains in early afternoon trading on Friday as investors feared the weaker-than-expected August employment report will not be enough to dissuade the Federal Reserve from raising interest rates as soon as this month.

Ireland to join Apple in fight against EU tax ruling

(Reuters) - Ireland's cabinet agreed on Friday to join Apple in appealing against a multi-billion-euro back tax demand that the European Commission has imposed on the iPhone maker, despite misgivings among independents who back the fragile coalition.

Fed's Lacker says U.S. economy could need much higher rates

WASHINGTON (Reuters) - The U.S. economy appears strong enough to warrant significantly higher interest rates, Richmond Federal Reserve Bank President Jeffrey Lacker said on Friday.

Samsung recalls Galaxy Note 7 phones after battery fires

SEOUL (Reuters) - Samsung Electronics Co Ltd recalled all Galaxy Note 7 smartphones equipped with batteries it has found to be fire-prone and halted their sales in 10 markets, denting a revival of the firm's mobile business.

Under-fire Sports Direct opens the door after criticism

LONDON (Reuters) - Vilified retailer Sports Direct takes another step in its attempted rehabilitation next week when it hosts members of the public and the media at its headquarters in northern England, slated for working conditions akin to a Victorian workhouse.

Ex Volkswagen manager seeks millions of euros in patent royalties: Der Spiegel

FRANKFURT (Reuters) - Former Volkswagen manager Wolfgang Schreiber is suing the carmaker for hundreds of millions of euros in royalty payments for his role in developing a dual clutch gearbox, Der Spiegel reported.

Yum to sell stake in China business ahead of spinoff

(Reuters) - KFC and Pizza Hut owner Yum Brands Inc said Chinese investment firm Primavera Capital and an affiliate of Alibaba Group Holding Ltd will buy a stake in Yum China for $460 million as Yum prepares to spin off the business.

BlackBerry teams with Samsung for 'spy-proof' tablet for Germany

TORONTO (Reuters) - BlackBerry Ltd said on Friday that its encryption technology is being used to toughen a "spy-proof" Samsung tablet that is being used by German government agencies dealing with classified information.

Crude Slides After US Oil Rig Count Rises To 7-Month Highs

Amid oil's worst week in 2 months (and a big bounce today on the back of Putin's comments) following large inventory builds and disappointing demand factors (PMI, ISM, shipping), Baker Hughes reports the US Oil Rig count rose by 1 to 407 (following last week's unchanged) - the highest in 7 months. This is the 10th straight week no decline in the rig count and crude is sliding on the print...

*U.S. TOTAL RIG COUNT 497 , BAKER HUGHES SAYS

*U.S. OIL RIG COUNT 407 , BAKER HUGHES SAYS

The 10th week without a decrease in oil rig counts...

And the reaction in crude is much more notable than in recent weeks...

Charts: Bloomberg

Since 2014 The US Has Added 520,000 Waiters And Bartenders And Lost 13,000 Manufacturing Workers

As another month passes, the great schism inside the American labor force get wider. We are referring to the unprecedented divergence between the total number of high-paying manufacturing jobs, and minimum-wage food service and drinking places jobs, aka waiters and bartenders. In August, according to the BLS, while the number of people employed by "food services and drinking places" rose by another 34,000, the US workforce lost another 14,000 manufacturing workers.

The chart below puts this in context: since 2014, the US had added 523,000 waiters and bartenders, and has lost 13,000 manufacturing workers.

While we would be the first to congraulte the new American waiter and bartender class, something does not smell quite right. On one hand, there has been a spike in recent restaurant bankruptcies or mass closures (Logan's, Fox and Hound, Bob Evans), which has failed to reflect in the government report. However, what we find more suspect, is that according to the BLS' seasonally adjusted "data", starting in March of 2010 and continuing through August of 2016, there has been just one month in which restaurant workers lost jobs, and alternatively, jobs for waiters and bartenders have increased in 77 out of the past 78 months.

We are curious what this "data" series will look like after it is revised by the BLS shortly after the NBER de ...

Why You Should Enroll In The Chartered Central Bank Watcher (CCBW) Program

Submitted by Steve Henningsen

Has the financial world stopped making sense to you? Frustrated by markets that go up day after day (or at least in the last 30-minutes of trading) under seemingly overvalued fundamentals? Confused by conflicting opinions from central bank governors? Tired of being misled by the Fed's continuing threat of rising interest rates? Does buying up negative-interest-rate bonds seem like an idiotic task? Well not when you have central banks involved, so stop your whining about "fairness" and "fundamentals" and get on board the liquidity train by enrolling in my Chartered Central Bank Watcher (CCBW) program.

By obtaining your CCBW designation you can finally get relief from the arduous task of thinking and put aside those fears regarding moral hazard. CCBW's will have the edge, as they follow the CB's around the globe as they buy up $200 billion in financial assets monthly without breaking a sweat. Who needs hundreds of silly technical charts when you can just focus on one graph showing the mounting supply of central bank assets.

Don't be concerned whether Apple's next produ ...

End in Sight for U.S. Natural-Gas Glut

Evidence is mounting that, after a yearslong glut, the U.S. natural-gas market may be close to finding balance.

Hillary Clinton's Drug Plan: Only Minor Side Effects

Hillary Clinton's drug price plan shouldn't spook pharmaceutical investors.

Jobs Report: Cool August Soothes Markets

A dull jobs number was just what this market needed to get excited.

July 2016 Manufacturing New Orders Declined

Written by Steven Hansen

US Census says manufacturing new orders improved. Our analysis disagrees. The rolling averages declined.

Capitol Report: The number of involuntarily part-time workers has stopped falling

Nearly 14 million new jobs have been created in the past six years, but several million Americans are still missing out.

Market Snapshot: U.S. stocks climb after soft August jobs report

U.S. stocks bounce higher Friday as the closely watched jobs report comes in weaker than Wall Street's consensus estimate, suggesting that the Federal Reserve may hold off on hiking interest rates when policy makers meet later this month.

AMC Theaters to honor Gene Wilder with $5 'Willy Wonka,' 'Blazing Saddles' showings

AMC Entertainment Holdings Inc., in honor of the life and career of Gene Wilder, teamed with the distribution team at Time Warner Inc.-owned Warner Bros. to bring "Willy Wonka and the Chocolate Factory" and "Blazing Saddles" to 55 AMC theaters across the U.S. this weekend.

Earnings Summary for Today

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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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