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17Oct2016 Pre-Market Commentary: US Futures Down As Investors Await Busy Company Earnings Week

Written by Gary

US stock index futures are lower (SPY -0.2%) this morning, weighed down by the lingering effects of Federal Reserve Chair Janet Yellen's speech on Friday that sparked worries about the economy.


Here is the current market situation from CNN Money

European markets are lower today with shares in London off the most. The FTSE 100 is down 0.72% while Germany's DAX is off 0.46% and France's CAC 40 is lower by 0.19%.

What Is Moving the Markets

Here are the headlines moving the markets.

Bond yields grind to highest since June, global stocks wince

LONDON (Reuters) - World stocks started the week in the red Monday as the dollar touched a 7-month high and U.S. and European government bond yields - the main driver of global borrowing costs - climbed to their highest since June.

Lack of new blood casts doubt over Wells Fargo's change plan

NEW YORK (Reuters) - Wells Fargo & Co's decision not to introduce new names onto its board or into the ranks of its senior management in the wake of a sales scandal has raised questions about whether it can truly fix the culture which caused its problems.

Bank of America profit rises 6.6 percent as bond trading picks up

(Reuters) - Bank of America Corp , the second-largest U.S. bank by assets, reported its first rise in profit in three quarters on Monday, boosted by strong results from bond trading.

Deutsche Bank's options to solve capital dilemma seen to be limited

FRANKFURT (Reuters) - Deutsche Bank needs to move quickly to boost capital and deliver healthy profits if it is to restore investor confidence, but its room for maneuver appears limited, bankers, analysts and investors say.

Futures down on concerns of economic health

(Reuters) - U.S. stock index futures were lower on Monday, weighed down by the lingering effects of Federal Reserve Chair Janet Yellen's speech on Friday that sparked worries about the economy.

Boston Fed's Rosengren maps case for a dove's rate hike

WASHINGTON (Reuters) - By the middle of next year, Federal Reserve Bank of Boston President Eric Rosengren says he expects unemployment to fall to 4.7 percent and inflation to beat the Fed's 2 percent target, leaving policymakers at risk of having to squelch the recovery with faster-than-expected rate increases.

Airbus to overtake Boeing on aircraft output rates by 2020: CEO tells paper

FRANKFURT (Reuters) - European aircraft maker Airbus aims to overtake arch rival Boeing in terms of annual plane deliveries by 2020, having fallen behind in recent years, Chief Executive Fabrice Bregier said in a German newspaper interview published on Monday.

Hasbro revenue, profit beat as Disney Princess dolls dazzle

(Reuters) - Hasbro Inc reported better-than-expected quarterly revenue and profit, helped by strong demand for Disney Princess, Frozen and Trolls dolls.

'Tired of fog? Try the frogs!' Paris tries to poach London business after Brexit

LONDON (Reuters) - With a quip about British fog and French frogs, Paris began an advertising campaign on Monday aimed at poaching business from London after the Brexit vote raised questions about the future dominance of Europe's top financial capital.

A Failed Bond Swap Deal, Low Oil Prices Could Signal The End For PDVSA... And Venezuela

Submitted by Julieanne Geiger via OilPrice.com,

Venezuela's PDVSA is in the hot seat today, with only one business day left for investors to take or leave its $5.3 billion 2017 bond proposal to push new notes back into 2020.

The likelihood of investors accepting this deal depends on how flexible the floundering Venezuelan oil company is at the hypothetical negotiating table in the final hours, according to two analysts.

"If the swap doesn't happen, they're in big trouble for next year," said Francisco Monaldi, Latin American energy policy fellow at the Baker Institute for Public Policy. "I think they're really worried about that."

Monaldi added that PDVSA was hoping that the swap—along with oil prices—would rescue it from the precarious position it is now in, but neither remedy is looking too hopeful at this point.

Raul Gallegos, Control Risks senior analyst, said of the swap deal that the initial terms were not enough to lure investors, and that the adjusted terms were not "doing much for investors" either, adding that if oil prices ticked up a bit, it might be enough to get them through next year.

Despite the hard road ahead, the analysts believe that it is possible for PDVSA to "still scrape through" next year without default.

Although yields on the Oct 28th 2016 notes are exploding as the market is increasingly worried about disappointment...

BRICS, Putin Secretly Aligned With West, Seek Aggressive Globalism

Via The Daily Bell BRICS See Aggressive Globalism as Antidote to Economic Failure

Wikileaks Activates "Contingency Plans" After Unknown "State Party" Cuts Julian Assange's Internet Connection

In what may be the first official retaliation against Julian Assange and Wikileaks since the organization started disseminating the hacked Podesta emails, this morning WikiLeaks announced it has "activated contingency" plans after Assange's internet link was intentionally cut off by a state party, WikiLeaks has said in a tweet.

Julian Assange's internet link has been intentionally severed by a state party. We have activated the appropriate contingency plans.

— WikiLeaks (@wikileaks) October 17, 2016

There was little actual detail, aside from a subsequent tweet in which WikiLeaks called on the public to support it by donating.

Previously on Sunday, there was concern about Assange's well-being when Wikileaks tweeted out what some suggested were the "dead man keys" that are allegedly the encryption codes for highly damaging secret documents to be uneviled in the case of Assange's death.

pre-commitment 1: John Kerry 4bb96075acadc3d80b5ac872874c3037a386f4f595fe99e687439aabd0219809

— WikiLeaks (@wikileaks) October 16, 2016

pre-commitment 2: Ecuador
eae5c9b064ed649ba468f0800abf8b56ae5cfe355b93b1ce90a1b92a48a9ab72

— WikiLeaks (@wikileaks) October 16, 2016

Frontrunning: October 17



Bonds Selloff Spreads on Inflation Concern; Stocks Fall With Oil (BBG)

Trump charges U.S. election results being rigged 'at many polling places' (Reuters)

CNN's Stelter Blames Firebombing of NC Republican Office on Trump's 'Over Heated' Rhetoric (Newsbusters)

Britain, France seek EU condemnation of Russia over Syria (Reuters)

Inside the Secret Society of Wall Street's Top In-House Lawyers (BBG)

How Caterpillar's Big Bet Backfired (WSJ)

Lack of new blood casts doubt over Wells Fargo's change plan (Reuters)

Iran Boosting Oil Production in Possible Hitch to OPEC Deal (BBG)

OPEC's Oil U-Turn Missed Looming Peak Demand (BBG)

Crown Shares Post Record Fall as China Detains Casino Staff (BBG)

Samsung Self-Tested Batteries in Galaxy Note 7 Phone (WSJ)

Big Winner From London's Brexit Exodus ...

The Biggest Pharma Election Risk Is in California

Political risks surrounding high drug prices aren't limited to the presidential campaign.

The End of Monetary Policy Ushers in a Messy New Age

Central banks have ruled the roost in markets. Investors might find that frustrating, but what comes next?

China's Crown Affair Puts Pressure on Casinos Everywhere

The world's casinos need China's money. They just have to be very coy about asking for it.

October 2016 Empire State Manufacturing Index Remains In Contraction

Written by Steven Hansen

The Empire State Manufacturing Survey remained in contraction. And important internals are also in contraction.

Outside the Box: Don't let your emotions over this election influence your investment decisions

Deciding whether or not to be invested in the stock market based on election results makes little sense.

Market Extra: The stock market is turning into a sloppy, ugly mess—and it could get worse

Here's what may be contributing to the recent spike in Wall Street anxiety levels:

Economic Report: Empire State index falls further into negative territory in October

A gauge of New York-area manufacturing became more pessimistic in October, data released Monday showed.

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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