U.S. stocks are pointing to a sharply higher open (SPY +1.4%), with the S&P 500 futures jumping 1.4%, a gain that is likely to snap a nine-day losing streak, which is its longest in more than 35 years. Fresh hopes that Hillary Clinton will win the U.S. presidential election this week boosted appetite for riskier assets.
Here is the current market situation from CNN Money
European markets are mixed today. The CAC 40 is up 1.66% while the DAX gains 1.63%. The FTSE 100 is off 2.41%.
(Reuters) - U.S. stock index futures rallied on Monday, a day before the U.S. presidential election, after the FBI said no criminal charges would be laid against Democrat nominee Hillary Clinton as a result of a probe into her email practices.
HAMBURG (Reuters) - German prosecutors said on Monday they are probing Volkswagen supervisory board Chairman Hans Dieter Poetsch over suspected market manipulation related to the emissions scandal at the carmaker, confirming a VW statement.
SINGAPORE/ANKARA (Reuters) - Iran has reached a deal with a foreign leasing company to finance the first 17 jets it plans to buy from Airbus , breaking a logjam in efforts to import aircraft following the lifting of sanctions, people familiar with the move said.
FRANKFURT (Reuters) - Global banks are quietly building up their investment banking teams in Frankfurt as the German deals market hots up, boosting the city's chances of being one of the financial centers to benefit most from Britain's vote to leave the European Union.
LONDON (Reuters) - Oil rose more than 1 percent on Monday, boosted by a commitment from OPEC to stick to a deal to cut output, but prices remained more than $7 below last month's high due to persistent doubts over the feasibility of the group's plan.
ZURICH (Reuters) - The Swiss federal tax administration (FTA) has decided not to appeal against a court decision to let UBS inspect files and receive information in a tax investigation by French tax authorities, FTA said on Monday.
JOHANNESBURG (Reuters) - Africa's biggest pension fund, Public Investment Corporation, has sought approval from South Africa's central bank to raise its stake in Barclays Africa , two sources with direct knowledge of the matter said.
BRUSSELS (Reuters) - The EU executive has asked the British government for details of assurances it gave to Japanese carmaker Nissan that new investment would not suffer when Britain leaves the bloc, a European Commission spokesman said on Monday.
Between risk-on sentiment from Comey's latest bombshell and the earthquake in Cushing overnight, WTI crude prices rallied to $44.99 but as OilPrice.com's Gregory Brew notes that in the midst of a week of bad to terrible news for oil prices, OPEC tried and failed to alleviate concerns that its meeting this November will, in fact, produce a meaningful deal on production cuts.
"We remain deeply optimistic about the possibility that the Algiers agreement will be complemented by precise, decisive action among all producers," announced OPEC via its regular publication, "OPEC Bulletin." The announcement came as industry analysts and pundits criticized the organization, casting doubt on its ability to deliver a deal on a production freeze. OPEC was also very visibly lashing out at critics who have criticized its ability to influence markets in a substantive way.
The September announcement helped push prices past $50 for over a week, before they plunged back down to $44 this week. The decline was largely attributed to massive inventory build reports from the EIA and API. The zig-zagging of prices mirrors a similar trend from last April, when an anticipated OPEC freeze deal at Doha helped send prices up before disagreements between Saudi Arabia and Iran caused Riyadh to scupper the deal, leaving markets to tumble.
With less than 24 hours before polls open for voting, both Clinton and Trump penned op-eds in the USA Today making their final appeal to voters. While polls have grown tighter over the past couple of weeks, it's really anyone's guess on how the election will shake out tomorrow as the FBI's latest announcement clearing Hillary, yet again, is likely to have at least some effect on voter turnout and/or preference on election day.
Hillary's appeal to voters reiterated her main key campaign themes calling for higher taxpayer spending on infrastructure projects and renewable energy, comprehensive immigration reform and "end-to-end" criminal justice reform. Clinton also argues that "we need to get secret, unaccountable money out of our politics." Ironically, as our readers know well, recent WikiLeaks revelations have put on full display how the Clinton's are perhaps the biggest beneficiaries of "unaccountable money" with massive donations from many of the largest wall street banks, oil companies, pharma multi-nationals and tech giants all flowing through her various "charitable" organizations.
First, we will put forward the biggest investment in new jobs since World War II. We'll invest in infrastructure and manufacturing to grow our economy for years to come. We'll produce enough renewable energy to power every home in America within a decade. We'll cut red tape for small businesses and make it easier for entrepreneurs to get the credit they need to grow and hire — because in America, if you can dream it, you should be able to build it. We'll pay for it all by asking the wealthy, Wall ...
In the aftermath of Wikileaks' late Sunday release of over 8,200 emails, as part of its unexpected second dump of hacked DNC emails now that the Podesta email dump appears to be exhausted, and which showed more coordinated collusion between the Democrats and CNN, which used the DNC as a source of questions for Donald Trump (in a Wolf Blitzer interview), Ted Cruz, and other republicans...
WikiLeaks: CNN asked DNC for questions for interview with Trump, Cruz pic.twitter.com/Khl7plfdRg
— FOX & Friends (@foxandfriends) November 7, 2016
...Wikileaks announced that as a result of a targeted DoS attack...
Our email publication servers are under a targeted DoS attack since releasing #DNCLeak2
You can increase capacity: https://t.co/MsNZhrTzTL
— WikiLeaks (@wikileaks) November 7, 2016
.... it server was down briefly.
https://t.co/nxEDEZBO1j was down briefly. That's rare. We're investigating.
Hillary Clinton backers are newly confident in her chances for victory; Newt Gingrich says FBI Director James Comey caved under political pressure; the election is shaping up to be the most wagered-upon political event ever; and more.
Econintersect wants your comments,
data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com