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03Nov2016 Pre-Market Commentary: Wall Street Little Changed From Yesterday, Unemployment Benefits Rose, WTI Crude Slips To 45 Handle, Indicators Show Market Weakness In Play

Written by Gary

US stock market future indexes are flat this morning (SPY +0.1%) as investors stayed away from riskier assets, while Nasdaq futures (-0.02%) were dragged down by a fall in Facebook's shares. Unemployment benefits rose to near a three-month high.


Here is the current market situation from CNN Money

European markets are mixed today. The CAC 40 is up 0.51% while the DAX gains 0.10%. The FTSE 100 is off 0.49%.

What Is Moving the Markets

Here are the headlines moving the markets.

S&P, Dow futures flat; Facebook weighs on Nasdaq

(Reuters) - The S&P 500 and the Dow futures were little changed on Thursday as investors stayed away from riskier assets, while Nasdaq futures were dragged down by a fall in Facebook's shares.

U.S. jobless claims rise to near three-month high

WASHINGTON, (Reuters) - - The number of Americans filing for unemployment benefits rose to near a three-month high last week, but remained below a level associated with a strong labor

Wells Fargo says litigation costs could exceed provisions by $1.7 billion

(Reuters) - Wells Fargo & Co, under fire for its sales tactics, said on Thursday its litigation costs could rise as much as $1.7 billion more than the amount it had already earmarked in provisions.

New Goldman ETF tracks popular hedge fund stock bets

(Reuters) - Goldman Sachs Group Inc has launched a new exchange traded fund that mimics the most popular stock bets made by hedge funds, the bank said on Thursday.

U.S. Commerce chief warns against China semiconductor investment binge

WASHINGTON (Reuters) - Massive government investment in China's semiconductor industry risks distorting the global market for integrated circuits, leading to damaging overcapacity and stifling innovation, U.S. Commerce Secretary Penny Pritzker has warned.

Alphabet's Google moves to upgrade app store

SAN FRANCISCO (Reuters) - Alphabet Inc's Google is redoubling efforts to help developers of Android mobile apps build their businesses as concerns mount that the app economy has reached saturation.

EU commissioner apologizes for remarks on China

BRUSSELS (Reuters) - European Commissioner Guenther Oettinger issued a formal apology on Thursday for remarks that China took offence to but which the German conservative politician had declined to withdraw for several days.

Keeping kosher: it may be bad for your economic health

JERUSALEM (Reuters) - Behind Israel's food and tourism industries thrives a parallel economy run by rabbis and a legion of inspectors whose business it is to make sure everything is kosher.

New Adidas CEO acts to reshape Reebok, support growth

BERLIN (Reuters) - The new boss of Adidas announced plans on Thursday to overhaul struggling fitness brand Reebok and keep up the focus on reviving the main Adidas business in North America as he dampened expectations for 2017.

BOE Keeps Rates Unchanged, Warns Of "Limits To Extent To Which Above-Target Inflation Can Be Tolerated", GBP Jumps

In a widely expected announcement, the Bank of England kept it bank rate unchanged at 0.25%, as well as holding it government bond purchases at £435bn and corporate bond purchases at up to £10bn.

In its statement, the Bank of England's Monetary Policy Committee (MPC) said in it meeting ending on 2 November 2016 the Committee voted unanimously to maintain Bank Rate at 0.25%. The Committee voted unanimously to continue with the programme of sterling non-financial investment-grade corporate bond purchases totalling up to £10 billion, financed by the issuance of central bank reserves. The Committee also voted unanimously to continue with the programme of £60 billion of UK government bond purchases to take the total stock of these purchases to £435 billion, financed by the issuance of central bank reserves.

Among the notable highlights in the report, the BOE said that "monetary policy can respond, in either direction, to changes to the economic outlook as they unfold to ensure a sustainable return of inflation to the 2% target", however what has caught traders' attention is the statement that "Developments since August, in particular the direct impact of the further depreciation of sterling on CPI inflation, have adversely affected that trade-off. This impact will ultimately prove temporary, and attempting to offset it fully with tighter monetary policy would be excessively costly in terms of foregone output and employment growth. However, there are limits to the extent to which above-target inflation can be tolerated."

As the FT adds, the pound's fall will raise import prices sharply, the BoE's Monetary Policy Committee said, as it forecast inflation to exceed its 2 per cent targ ...

More Signs Of The "Strong US Consumer" Emerge As Auto Repossessions Soar

A quick glance at recent U.S. auto sales would imply that all is well in autoworld. Sure, sales have stagnated for about a year but they're still near all-time highs, right?

Auto Sales

That said, a look just beneath the surface reveals a slightly different take on the U.S. auto industry. As the Financial Times recently pointed out, auto repossessions in the US are soaring and, with the exception of the "great recession" in 2008 and 2009, stand at the highest levels recorded in 20 years.

A wire fence topped with barbed wire surrounds a packed plot of land, housing a white Jeep, an orange Audi and a host of other repossessed cars. Sergio Tavano, owner of T-Birds Automotive in Red Hook, Brooklyn, sits in his car outside the lot with two of his employees. "The number of repossessions we are doing has definitely risen," he says. "It's the highest I have ever seen it."

Repossessions in the US hit 1.6m in 2015, the third highest level on record for data going back 20 years, falling short of the 1.8m and 1.9m peaks seen in 2008 and 2009, respectively.

That number is predicted to rise to 1.7m this year, according to Tom Webb, chief economist at Cox's Automotive.

"More and more it is people down on their luck and getting their cars taken," he says. "You feel bad for some people. You are finding them at financially t ...

Frontrunning: November 3



Cubs Win 1st Series Title Since 1908, Beat Indians in Game 7 (BBG)

Trump, Clinton blast each other on character; Clinton rises in poll (Reuters)

Trump-effect grips world stocks, dollar (BBG)

No Brexit without Parliament approval: High Court (Reuters)

With Iraqi troops at Mosul's gate, Baghdadi promises victory (Reuters)

China Slowdown Deepens Looming Pension Crisis (WSJ)

Wells Fargo's Stars Thrived While 5000 Workers Got Fired (BBG)

Ghost soldiers: the Russians secretly dying for the Kremlin in Syria (Reuters)

Kentucky Plans to Pull At Least $800 Million From Hedge Funds (WSJ)

Gold Bugs Don't All Fear the Fed (WSJ)

Egypt Free Floats Pound, Raises Lending Rates to Spur Economy (BBG)

Aging Pipelines Raise Concerns (WSJ)

Th ...

Can Facebook Conquer TV?

Market reaction to Facebook's third-quarter results shows investors are concerned about how the company will kick-start its next phase of growth.

Wynn Macau: Too Much Casino Bling for Mass-Market Times

Business is ramping up slowly at Wynn Macau's new luxury-oriented mega casino.

Market Says No, But Math Says Yes on Baker Hughes Deal

The lack of a benchmark share price for General Electric's oil-and-gas business makes it tougher to value the offer to Baker Hughes owners, but it seems like a deal worth accepting.

October 2016 Job Cuts Fall to 5 Month Low

from Challenger Gray and Christmas

In the final month before the general election, planned job cuts announced by U.S.-based employers fell to the second lowest level of the year.

Economic Report: Jobless claims hit 3-month high of 265,000

The number of people who applied for unemployment benefits at the end of October rose by 7,000 to a three-month high of 265,000, but the rate of layoffs in the U.S. remains extremely low.

Economic Report: U.S. productivity surges 3.1% in third quarter

American firms and employees boosted their productivity in the third quarter for the first time in 2016, but the longer-term trend is still a poor one that bodes ill for the U.S. economy.

Market Extra: There's more bad news ahead for stocks even after the election

With Donald Trump surging in the polls and the election going down to the wire, Nov. 9 can't come soon enough for the stock market. But investors may have to wait a bit longer for the market to shake off its political hangover.

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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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