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07Oct2016 Market Close: US Markets Closed Down On Low Volume, Crude Prices Also Down, Analysts Are Talking About A Possible Market Downturn In The Near Future, But No Recession In Sight

Written by Gary

Wall Street closed lower (SPY -0.2%) but off its session lows on low volume. Crude Prices are in the 49 handle, the US dollar has slipped to mid 96's and gold is back where it started (1257). Indicators are mildly bearish in the short-term and very bearish in the 2 week outlook.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

U.S. job growth slows; markets bet on December rate hike

WASHINGTON (Reuters) - U.S. employment growth eased for the third straight month in September and the jobless rate rose, but the slowdown was not expected to prevent the Federal Reserve from raising interest rates later this year.

Wall Street falls after ho-hum jobs data, sterling 'flash crash'

(Reuters) - U.S. stocks fell on Friday after a "flash crash" in sterling fueled Brexit worries and a weaker-than-expected September jobs report did not sway expectations for a Federal Reserve interest rate hike by year-end.

Fed's Mester says U.S. economic data consistent with higher rates

NEW YORK (Reuters) - Cleveland Federal Reserve President Loretta Mester said current U.S. economic data, including the September payrolls report released on Friday, were consistent with the U.S. central bank considering an increase in interest rates.

Finance leaders issue fresh warnings amid Deutsche worries, pound rout

WASHINGTON (Reuters) - World finance leaders issued fresh warnings about economic stability risks on Friday amid worries about a massive U.S. fine for Deutsche Bank destabilizing Germany's largest bank, a sharp fall in the British pound and weak global growth.

ECB's Draghi tells G20 rates to stay low until growth convincingly picks up

WASHINGTON (Reuters) - European Central Bank interest rates will stay low until euro zone economic growth picks up in a convincing way, ECB head Mario Draghi told finance ministers and central bank governors from the world's 20 biggest economies (G20) at on Thursday, a G20 source said.

Yahoo email scan report raises rights concerns: U.N. expert

FRANKFURT (Reuters) - Serious human rights concerns have been raised by a Reuters report that Yahoo had scanned the emails of hundreds of millions of users at the request of a U.S. intelligence service, a United Nations' human rights advocate said on Friday.

VW recalls 281,500 Volkswagen, Audi vehicles in U.S. due to fuel leaks

DETROIT (Reuters) - Volkswagen AG is recalling about 281,500 Volkswagen and Audi brand vehicles in the United States in three separate recalls, each due to fuel leaks but with different causes, according to a regulatory filing on Friday.

Google starts big advertising push around new Pixel phone

(Reuters) - Google's new "Pixel" smartphone is off to a fast marketing start with $3.2 million in television ads in two days since it announced the upcoming launch, and ad executives expect Google to spend hundreds of millions more to keep up with rivals Samsung Electronics and Apple Inc .

Deutsche Bank gets top investor support, CEO in talks with banks

DOHA/FRANKFURT (Reuters) - Deutsche Bank has secured backing from its largest investor and is seeking advice from other banks as it scrambles to restore market confidence undermined by a demand by U.S. authorities for up to $14 billion over mis-selling allegations.

Doomed To Failure

Authored by EconomicPrism's MN Gordon, (annotated by Acting-Man's Pater Tenebrarum),

Larded Up and Larded Over

We've been waiting for the U.S. economy to reach escape velocity for the last six years. What we mean is we've been waiting for the economy to finally become self-stimulating and no longer require monetary or fiscal stimulus to keep it from stalling out. Unfortunately, this may not be possible the way things are going.

fischers

As Milton Jones once revealed: "A month before he died, my grandfather covered his back in lard. After that, he went downhill quickly" (his other grandfather drowned in a bowl of cheerios). A similar fate may await the larded up US economy.

In short, the U.S. economy may never reach "escape velocity" unless it is first allowed to crash. It has been too larded up and larded over with debt for any real sustainable growth to take root. More evidence, to this effect, was revealed this week.

For example, the International Monetary Fund (IMF) anticipates the U.S. economy will expand by just 1.6 percent this year. That's about one percent less than last year's estimated growth. In other words, the rate of economic growth in the United States isn't increasing; ra ...

Consumer Credit Has Second Biggest Jump On Record, As Student And Car Loans Soar

It will likely not come as a big surprise that at a time when US personal savings are once again declining, perhaps as a result of soaring health insurance costs, that US consumers are forced to borrow increasingly more to make ends meet. And, as expected, the latest consumer credit report confirmed this, when moments ago the Federal Reserve announced that in August, total US credit surged by $25.9 billion on a seasonally adjusted basis, smashing expectations of a $16.5 billion increase, and the third biggest monthly jump since 2001.

The spike was driven by a major jump in non-revolving credit, while revolving, or credit card, debt also spiked substantially in the last full month of summer.

Broken out, revolving credit rose by $2.9 billion...

... while non-revolving credit increased by a whopping $20 billion,the third highest monthly increase this decade.

Brexit Turns Ugly for Pound, Gilts

The pound is tumbling and U.K. government bond yields are rising. Political risk is arriving in style.

The Job Market: Any Which Way But Tight

The way the job market continues to draw in new workers suggests the Federal Reserve has little to worry about on the inflation front.

CIT Faces Headwinds Even Without Air Unit

After selling its air-leasing unit, CIT Group will still struggle with underwhelming returns.

Currencies: Dollar weakens after jobs report, but pound's 'flash crash' commands attention

The pound remains vulnerable after hitting a 31-year low in Asia. Analysts are baffled after the plunge.

Earnings Outlook: 5 things to expect this earnings season

Companies are living in a world of uncertainty and that will be reflected in numbers and on conference calls.

Summary of Economic Releases this Week

Real Time Economic Calendar provided by Investing.com.

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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