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19Sep2016 Pre-Market Commentary: Wall Street Higher After US Terror Attacks, WTI Crude Prices Higher In The 44 Handle, US Dollar Slipping And Gold Melting Down

Written by Gary

Violent attacks in three states have put the U.S. on high alert, but the incidents don't appear to be shaking markets, with stock futures climbing higher this morning (SPY + 0.4%). Indicators bullish for now, underlying global situations may derail the bulls.


Here is the current market situation from CNN Money

European markets are mixed today. The FTSE 100 is up 1.08% while the CAC 40 gains 0.56%. The DAX is off 0.69%.

What Is Moving the Markets

Here are the headlines moving the markets.

For Yellen, a September Fed surprise could close confidence gap

WASHINGTON (Reuters) - Market volatility is low, U.S. census data shows income gains have reached the middle class, and workers are clawing back a larger share of national income. For now, at least, no international risk stands out and inflation may even be picking up.

Oil rebound hauls up global stocks, commodity currencies

LONDON (Reuters) - Oil prices bounced back from multi-week lows on Monday, hauling up world stock markets and commodity-linked currencies, on hints that producers were close to reaching an output deal.

Samsung phone fire in China not caused by battery: supplier

SEOUL/BEIJING (Reuters) - A supplier to Samsung Electronics Co Ltd said on Monday that its battery does not appear to have caused a Galaxy Note 7 smartphone to ignite in China, after Chinese media reported one of the handsets caught fire.

Venezuela says OPEC, non-OPEC oil stabilizing deal close

MARGARITA ISLAND, Venezuela (Reuters) - Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were close to reaching a deal to stabilize oil markets and that he aimed for a deal to be announced this month.

Exclusive: Google may face over $400 million Indonesia tax bill for 2015 - government official

JAKARTA (Reuters) - Indonesia plans to pursue Alphabet Inc's Google for five years of back taxes, and the search giant could face a bill of more than $400 million for 2015 alone if it is found to have avoided payments, a senior tax official said.

All Hanjin Shipping chartered vessels to be returned to owners after unloading: judge

SEOUL (Reuters) - All Hanjin Shipping Co Ltd chartered vessels that have completed unloading their cargo have been told to cancel their charter agreements and return the ships to the shipowners, a South Korean judge said on Monday.

Philippine central bank ordered to return recovered money to Bangladesh

MANILA (Reuters) - A Philippine regional trial court has ordered the Bangko Sentral ng Pilipinas (BSP) to return to the Bangladesh central bank a recovered portion of the $81 million that was stolen from the bank earlier this year, a government lawyer said on Monday.

GE brings off-the-shelf biotech drug factories to Ireland

LONDON (Reuters) - General Electric is digging deeper into biotechnology with plans to build four prefabricated drug factories in Ireland, bringing to Europe a low-cost manufacturing concept it first pioneered in China.

Bentley, Lamborghini skip Paris show amid VW cost-cutting drive

BERLIN (Reuters) - Volkswagen supercar brands Bentley and Lamborghini have dropped out of the Paris Motor Show next week as their German parent is reining in spending on auto exhibitions to cushion costs from its emissions scandal.

Police Identify Suspect In NYC Bombing As Afghani-Born Ahmad Khan Rahami

Moments ago, the NYPD announced that it seeking 28-year-old Ahmad Khan Rahami of New Jersey in connection to the pressure-cooker bomb, assistant commissioner J. Peter Donald said. Rahami is a U.S. citizen of Afghani descent.

"Wanted: Ahmad Khan Rahami, 28 year old male, is being sought in connection with the Chelsea bombing," NYPD Assistant Commissioner J. Peter Donald wrote on his Twitter account with a photograph of the suspect.

Wanted: Ahmad Khan Rahami, 28 year old male, is being sought in connection with the Chelsea bombing. #nyc pic.twitter.com/hSxhMqO7Qh

— J. Peter Donald (@JPeterDonald) September 19, 2016

The NYPD urges anyone with information on Rahami to call 1-800-577-TIPS

WANTED: Ahmad Khan Rahami, 28, in connection to the Chelsea explosion. Call #800577TIPS with any information. pic.twitter.com/rBDQGfXwbh

— NYPD NEWS (@NYPDnews) September 19, 2016

In the DOJ's statement, the suspect is said to be considered armed and dangerous.

According to ABC, the address of a home being searched by FBI agents i ...

Bomb Explodes At New Jersey Train Station As Police Discover Five Explosive Devices

One day after an IED exploded in a busy midtown Manhattan sidewalk, an explosion took place at a train station in Elizabeth, New Jersey, after a suspicious backpack was found. The detonation was "not controlled", the city's mayor said. Meanwhile, the FBI has questioned five people in connection with Saturday's Manhattan blast. Elizabeth's mayor, Christian Bollwage, said the blast occurred when authorities were trying to "disarm" the backpack, and that the explosion was not controlled.

VIDEO: Moment of explosion at the Elizabeth NJ train station - @ADiLorenzoTV pic.twitter.com/LRoFuxF74D

— Conflict News (@Conflicts) September 19, 2016

No one was injured in the blast. The device in Elizabeth, a city south of Newark, had been left in a backpack placed in a trash can near a train station and a bar, Mayor Christian Bollwage told reporters.

"This was an explosive device" containing as many as five devices, Bollwage said. "Based on the loudness, I think people could have been severely hurt or injured if they had been in the vicinity."

WATCH: Explosive device detonates near Elizabeth train station as robot was examining it pic.twitter.com/OQp2xr0aNl

— Jessica Remo (@JessicaRemoNJ) September 19, 2016

Frontrunning: September 19



Global Stocks Rise, Buoyed by Commodities (WSJ)

For Yellen, a September Fed surprise could close confidence gap (Reuters)

Robot detonates New Jersey device in latest bomb discovery (Reuters)

Syria Truce Hangs in Balance Amid Attacks, Lack of Aid (WSJ)

Merkel's Party Suffers Worst Berlin Loss of Postwar Era (BBG)

China's Home Prices Rise Most in Six Years as Sales Gain (BBG)

More than a week after ZH, the FT asks: "Will the Bank of Japan cause a global bond tantrum"

Yuan Interbank Rate Surges in Hong Kong in Sign of Intervention (BBG)

Oil climbs as Venezuela sees output deal (Reuters)

Libya Clashes Halt First Oil Cargo From Ras Lanuf Since 2014 (BBG)

Fed Hits Crossroads on Inflation Policy (

Wells Fargo Sued By Customers Accusing It Of "Fraud And Reckless Behavior"

The bad news for Wells Fargo CEO John Stumpf keep getting worse. As we reported last week, Stumpf is expected to testify before Congress this week in response to allegations that the bank allegedly opened over two million phony accounts without customers' approval. The Senate Banking Committee has summoned John Stumpf, chief executive of Wells Fargo & Co., to testify about the bank's alleged sales-practices misdeeds after it agreed last week to pay a $185 million fine and enter into an enforcement action with regulators. Mr. Stumpf told The Wall Street Journal in an interview Tuesday that he is prepared to "share Wells Fargo's story" at the hearing.

His testimony will be the first from a big-bank chief under fire since 2012. Back then, the committee brought in J.P. Morgan Chase & Co. chief James Dimon to explain his bank's "London whale" trading losses, in which the company lost more than $6 billion.

Then, over the weekend we learned America's largest mortgage lender and until recently the largest bank by market capitalization, was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior.


Wells Fargo CEO John Stumpf speaks at the Bay Area Council Outlook Conference

The lawsuit, as reported by Reuters, was filed in the U.S. District Court in Utah, and seeks class-action status on behalf of hundreds of thousands of customers nationwide. In the complaint, three plaintiffs said customers were hurt by "abusive and fraudulent tactics" us ...

Why It's So Hard to Keep Score of Mobile-Game Hits

Mobile-game megahits like "Pokémon Go" make investors go wild, but the behavior is based on a wide range of revenue assumptions.

Why Global Rule Makers See Risks In European Banks

Sophisticated models that minimize capital requirements are set to face costly restrictions.

Why China's Property Bubble Keeps Getting Bigger

With Chinese banks and local governments all depending on real estate, it may not make sense to pop the bubble.

August 2016 Import Sea Container Counts Should Be Ignored This Month

Written by Steven Hansen

This month exports trend lines accelerated further into positive territory - something positive is happening in international markets. On the other hand, imports have fallen significantly - normally this is a sign of recession in the USA.

Joe Sixpack's Situation in 2Q2016: Is Joe Really Better Off?

Written by Steven Hansen

The Federal Reserve data release (Z.1 Flow of Funds) - which provides insight into the finances of the average household - shows a modest improvement in average household net worth. Our modeled "Joe Sixpack" - who owns a house and has a job, and essentially no other asset - is better off than he was last quarter. Is the data showing that Joe Sixpack is doing better than the economy?

Market Snapshot: U.S. stocks set for gains as oil rallies

U.S. stock futures on Monday point to a higher open, joining in global gains that have come as oil futures rally.

The Wall Street Journal: Samsung Galaxy Note 7 supplier in China says its batteries didn't cause explosions

Amperex Technologies Ltd, said its batteries aren't responsible for Samsung Galaxy Note 7 explosions in China.

Need to Know: Chelsea bombing suspect is identified and becomes subject of manhunt

Ahmad Khan Rahami. Rahami, 28, is wanted for questioning by the FBI.

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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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