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08Nov2016 Pre-Market Commentary: Wall Street Mostly Quiet As The Polls Open For Presidential Election Day, Short-Term Indicators Neutral And Most Investors Are Sitting On Their Hands Awaiting Clues On Who The Winner Will Be

Written by Gary

U.S. stocks pointed to a fractionally lower open this morning (SPY -0.2%), as financial markets awaited the outcome of the U.S. presidential election, with most investors seeing Clinton as the status quo candidate. Gold prices inched lower as did the US dollar. The only surprise will be Trump winning this election.


Here is the current market situation from CNN Money

European markets are mixed. Shares in Germany are lower with the DAX off by 0.05%. The DAX and FTSE 100 are uchanged.

What Is Moving the Markets

Here are the headlines moving the markets.

Stock sutures slip as investors brace for election outcome

(Reuters) - U.S. stock index futures were marginally lower on Tuesday as investors braced for the result of a highly contentious U.S. presidential election, with the odds largely favoring Democrat nominee Hillary Clinton.

Tesla to buy Grohmann Engineering to ramp up automated manufacturing

(Reuters) - Electric carmaker Tesla Motors Inc said on Tuesday it would buy German firm Grohmann Engineering to improve its automated manufacturing systems.

Exclusive: AB InBev gets at least six bids for Pilsner Urquell, other brands

LONDON (Reuters) - At least six indicative offers have been submitted by industry players and buyout funds for a group of beer brands being sold by Anheuser-Busch InBev , sources familiar with the matter said on Tuesday.

After cyber attacks, Internet of Things wrestles with making smart devices safer

SINGAPORE/TAIPEI (Reuters) - Recent cyber attacks harnessing everyday devices such as cameras, video recorders, printers, routers and speakers are a wake-up call to the hidden dangers of the Internet of Things.

Banks, brokers gird for Brexit-style tumult following Tuesday's election

(Reuters) - Big global banks, including Morgan Stanley, JPMorgan Chase & Co and Goldman Sachs Group Inc are bracing for potential tumult on financial markets after Tuesday's U.S. election.

Total signs first post-sanctions Western energy deal with Iran

PARIS (Reuters) - France's Total has signed a deal with Iran to further develop its part of the world's largest gas field, becoming the first western energy company to sign a major deal with Tehran since the lifting of international sanctions earlier this year.

Bank of England sets new rules to end bank bailouts

LONDON, (Reuters) - - The Bank of England said on Tuesday that Britain's lenders would be given an extra two years until 2022 to build up sufficient funds to ensure they do not need to rely on taxpayer bailouts if they go under.

China central bank to keep liquidity ample, curb asset bubbles

BEIJING (Reuters) - China's central bank said on Tuesday that it will maintain ample liquidity and achieve reasonable growth in money supply and credit, while taking steps to control asset bubbles and financial risk.

Oil steady as U.S. voters head to the polls

LONDON (Reuters) - Oil prices held steady on Tuesday, ahead of the U.S. presidential election, as investors unwound some of their recent bets against economically sensitive assets such as crude and equities.

Former Bank of America Banker Found Guilty Of Two Murders, Jailed For Life

Two years ago we reported the shocking story of then-29 year old Hong Kong-based, Bank of America banker Rurik Jutting, who was arrested in connection with the grisly murder of two prostitutes. One of the two victims had been hidden in a suitcase on a balcony, while the other, a foreign woman of between 25 and 30, was found lying inside the apartment with wounds to her neck and buttocks. Two years later, justice has been served when overnight a local court found Jutting guilty of the "sickening" murders of two Indonesian women he tortured in his Hong Kong apartment in what the judge said was one of the most horrifying cases the Chinese-ruled territory has known.

As Bloomberg reports, Deputy High Court judge Michael Stuart-Moore sentenced the Cambridge University graduate to life in prison with no parole. During the trial, the Briton had admitted killing Sumarti Ningsih, 23, and Seneng Mujiasih, 26, but argued that he was guilty of manslaughter, not murder, on the grounds of diminished responsibility. He was suffering from mental disorders, the defense said.

The defendant was "so morally corrupted by pornography, drugs and alcohol, and a general life of debauchery with a huge salary to fund his depravity," judge Stuart-Moore said. Jutting was considered "a high risk person" and "the repetition of the offence of murder is highly likely if he is given his liberty in the future," he said.

Jutting, the grandson of a British policeman ...

Frontrunning: November 8



At last, America decides (Reuters)

America's Voters Finally Get Their Day (BBG)

This Election Has One Sure Thing: A More Dysfunctional Congress (BBG)

Control of the Senate Goes Down to the Wire (WSJ)

2016 Election Day: Live Results and Analysis (WSJ)

Dollar Volatility Drops as Clinton Leads in Final Election Poll (BBG)

Gun control measures expected to win in four states (Reuters)

Voters could legalize marijuana for quarter of all Americans (Reuters)

Trump's Big-Money Cavalry Never Rode to His Rescue (BBG)

Trump tears up political rule book with media ad strategy (FT)

Iran to Sign $6 Billion Gas-Field Deal With Total, CNPC (WSJ)

Valeant Cuts 2016 Forecast to Below Estimates After Big Losses (

Gold looks positive in uncertain election outcome

Uncertain Election Outcome and Uncertainty After Bodes Well For Gold


  • Polls suggest Clinton to win but as with Brexit is chance of surprise

    PredictWise gives Clinton an 89% chance of becoming President-elect, giving just Trump just an 11% chance.

    Gold price may move about 1.8% to 4% if result is uncertain

    Demand for gold and silver is up this week by a factor of 25 percent

    Sales of American Eagle gold coins have climbed 23%

    Gold to benefit from 'Punch and Judy' election

    uncertain-election-outcomeLatest Punch and Judy U.S. Election - Image from Wikipedia

    A lot of us were looking forward to today, it signals the last day of election-mania and we might all be able to get on with our lives, whatever that means under whoever wins.

    The problem is, today might not be the last day of uncertainty. Trump has already said that he will keep us in suspense as to whether or no ...

Hertz Implodes After "Earnings Debacle": Shares To Open At 7 Year Low After Abysmal Results, Guidance

Hertz stock is in freefall this morning, down some 32% in pre-market trading, after 3Q EPS and sales miss analyst estimates.

The rental-car company reported 3Q EPS of $1.58, wildly missing consensus est. $2.73 (range $2.34-$3.03), as a result of a surge in its depreciation costs, while 3Q revenue came in at $2.54 billion, below the estimate $2.59 billion. Worse, Hertz now sees 2016 adjusted Ebitda of $575m-$625 million, far below its prior guidance of $850m-$950m post-separation (Aug. 8), and also guided to 2016 adj EPS of 51c-88c, a fraction of its former guidance of $2.75-$3.50; and far below the Wall Street estimate of $2.92.

The car-rental company blamed "a substantial depreciation adjustment, particularly on compact and mid-sized vehicles," near the close of the quarter, but also says rental volume was at the low end of expectations. We assume this means that the long-overdue repricing of car assets on balance sheets, first at fleet companies and soon everywhere else, is finally materializing.

The unexpected surge in depreciation is shown in the table below:

However, it was not just D&A: In the report, HTZ said its Q3 EBITDA was $329 million versus $430 million in the same period last year, a decline of $101 million.

"We are making progress in foundational aspects of our long-term business improvement plan, implementing new systems, improving customer service levels and launching new products," said John Tague, president and chief executive officer. "However, our near-term financial performance continues to be uneven. A customary vehicle depreciation rate review near the close of the third quarter resulted in a substantial depreciation adjustment, particularly on ...

SoftBank's Futuristic Vision Is Up Against Problems of Today

Japanese tech and telecom conglomerate SoftBank still has a way to go to fulfill its ambitious dreams.

Stocks and the Election: The First Reaction Isn't Always the Right Reaction

Historically, investors' knee-jerk reactions to election outcomes are often misleading.

False Dawn for Chinese Commodity Rebound

Investors should not get too excited by China's strong commodity imports numbers, especially for coal.

Here's why Tesla just killed one of its perks

The electric car maker is going to start charging a fee to charge its cars.

Market Snapshot: Stock market stuck in nervous holding pattern as Election Day begins

An air of caution hangs over U.S. stock markets early on Tuesday as American voters head to the polls in the highly anticipated presidential election that analysts say is still too close to call.

Outside the Box: This disturbing presidential election shows that democracy needs help

No magic amulet protects the United States and its democracy from the danger of authoritarian rule, writes Chris Edelson.

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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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