US stock future indexes are pointing to a fractionally lower opening (SPY -0.1%) as investors are awaiting the gauge of manufacturing activity at 10 am. Also weighing in is the US dollar showing strength against the Stirling and higher crude prices.
Here is the current market situation from CNN Money
European markets are higher today as French and British shares show gains. The CAC 40 is up 0.10% while the FTSE 100 is up 1.14%. The German DAX is closed.
FRANKFURT (Reuters) - Deutsche Bank is throwing its energies into reaching a settlement before next month's presidential election with U.S. authorities demanding a fine of up to $14 billion for mis-selling mortgage-backed securities.
WHITE PLAINS, N.Y. (Reuters) - U.S. presidential candidate Hillary Clinton on Monday will unveil a plan to make it easier for consumers to take legal action against "bad corporate actors," citing Wells Fargo & Co and Mylan Pharmaceuticals, according to a campaign official.
(Reuters) - U.S. stock index futures started the fourth quarter on a quiet note and were little changed ahead of economic data on Monday and later this week that will give investors further clues on the health of the economy.
LONDON (Reuters) - Oil rose to its highest since August above $50 a barrel on Monday, supported by a planned production cut by exporter club OPEC, although analysts cautioned the stubbornness of the existing supply overhang could temper a longer-lasting rally.
AMSTERDAM (Reuters) - ING Groep plans to shed 7,000 jobs and invest heavily in its digital platforms to achieve annual savings of 900 million euros ($1 billion) by 2021, the Netherlands' largest financial services company said on Monday.
LONDON (Reuters) - BlackRock , the world's biggest asset manager, has told the Financial Stability Board it supports plans to stress test individual mutual funds to make sure they function properly during extreme market environments.
BIRMINGHAM, England (Reuters) - Britain needs a new fiscal plan to navigate economic turbulence caused by Britain's vote to leave the European Union, finance minister Philip Hammond said on Monday, stressing the need to balance spending cuts with infrastructure investment.
LONDON (Reuters) - The nuclear industry is gradually recovering from its post-Fukushima slump, but excess capacity keeps uranium prices at record lows, forcing mining companies to mothball mines, slice costs and cut debt as they struggle to survive.
Sterling gold rose 1.3% today as sterling slumped again after the UK set a March deadline to start their 'Brexit divorce' proceedings from the European Union and on deepening nervousness regarding a 'Hard Brexit'.
Gold in GBP - 10 Years
Theresa May's bombshell deadline by which the UK will exit the EU given at her Conservative party conference, saw gold in sterling terms rise from £1,010/oz to £1,023/oz today and the pound hit a three-year low against the euro.
Sterling fell around 1 percent against the dollar to a seven-week low of $1.285 and a three-year low against the euro of 87.47 pence per euro.
Gold in sterling terms is now just 3.3% below the recent price highs of £1,057/oz seen in early July when gold surged in panic buying after the Brexit vote.
On Friday stocks soared on rumors that the US Department of Justice would reduce its $14 billion fine on Deutsche Bank.
Turns out the rumor was a fabrication. As the Wall Street Journal noted over the weekend, NO senior decision making people at either the DoJ or DB have even seen a potential deal yet.
No Deal Between Deutsche Bank, DOJ Presented to Senior Decision-Makers
Deutsche Bank AG's talks with the U.S. Justice Department to settle a high-profile set of mortgage-securities cases are continuing, with no deal yet presented to senior decision makers for approval on either side, according to people familiar with the matter.
I noted that this was probably just a scam on Friday. Two weeks before, phony twitter accounts presenting themselves as news agencies were trying to promote a story that DB was about to get a bailout.
Someone was actively trying to prop up DB by spreading rumors.
The fact is that DB is just one of MANY huge problems for the EU.
EU financials as a whole took out their "the EU is saved" trendline back in 2014.
They've since taken out critical support and are fast approaching 2012 CRISIS levels.
Again, DB is just the tip of the iceberg. Throughout Europe banks are imploding in Spain, Italy and elsewhere.
This is going to create a REAL mess for the markets. The EU's banking system is THREE times the size of the US's. And unlike the US where the banks h ...
The S&P just closed the door on yet another positive quarter, making it 14 out of the last 15. Now it's the fourth quarter's turn to deliver, and if history is any indication, deliver it should. Though there are some wild cards.
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