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11Nov2016 Pre-Market Commentary: US Markets Will Open Fractionally Lower, But Are Expected To Melt Up Into The Green Before The Close, Crude Prices Rigorously Testing Support

Written by Gary

Wall Street futures pointed to a lower open this morning (SPY -0.2%), as investors looked ahead to consumer sentiment data and an appearance by the Fed vice chair at the Federal Reserve. The global bond market has lost more than $1 trillion this week and WTI crude futures have fallen -2.0%.


Here is the current market situation from CNN Money

European markets are mixed. The DAX is higher by 0.44%, while the FTSE 100 is leading the CAC 40 lower. They are down 1.21% and 0.42% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Stock futures fall as investors adjust portfolios after Trump win

(Reuters) - U.S. stock index futures fell sharply on Friday as investors tailored their portfolios to benefit from president-elect Donald Trump's proposed policies.

EU questions U.S. over Yahoo email scanning, amid privacy concerns

BRUSSELS (Reuters) - The European Commission has asked the United States about a secret court order Yahoo used to scan thousands of customer emails for possible terrorism links, following concerns that may have violated a new data transfer pact.

Buffett says U.S. stock market to rise regardless of election outcome

WASHINGTON (Reuters) - Billionaire investor Warren Buffett, who strongly criticized Republican President-elect Donald Trump during his campaign against Democrat Hillary Clinton, said the stock market is poised to rise long-term regardless of the U.S. election outcome.

Trump victory prompts U.S. fund managers to focus on inflation

NEW YORK (Reuters) - Donald Trump's surprise victory in the U.S. presidential race is pushing mutual fund managers out of dividend stocks and into the shares of financial, industrial and materials companies that stand to benefit from rising inflation.

Cyrus Mistry to remain chairman of Tata Steel: TV

NEW DELHI (Reuters) - Cyrus Mistry, who was ousted as Tata Sons' [TATAS.UL] chairman last month, will stay on as chairman of group company Tata Steel , television channel ET Now reported on Friday, citing sources.

OPEC points to even bigger 2017 oil surplus as its output jumps

LONDON (Reuters) - OPEC reported an increase in its oil production in October to a record high led by members hoping to be exempt from the producer group's attempt to curb supply, pointing to an even larger global surplus next year.

TomTom targeting deals with U.S. automakers: CEO

AMSTERDAM (Reuters) - TomTom's order intake from carmakers is currently lagging last year's, but the emergence of rival Here backed by a trio of German automakers means other manufacturers are keener to do business with the Dutch navigation firm, its CEO said on Friday.

J.C. Penney posts surprise drop in same-store sales, shares slide

(Reuters) - J.C. Penney Co Inc reported a surprise 0.8 percent fall in quarterly comparable-store sales on Friday, reflecting weak traffic, increased competition from online and off-price retailers and a general shift away from spending on apparel.

Japan car makers shuffle output, boost imports to meet U.S. SUV demand

TOKYO/MARYSVILLE (Reuters) - Japan's top automakers are shuffling their U.S. product portfolios and resorting to larger imports of popular models there as they scramble to meet booming demand for gas-guzzling SUVs and trucks in the world's No. 2 auto market.

Frontrunning: November 11



Conquering Trump comes to DC (The Hill)

Trump's Data Team Saw a Different America—and They Were Right (BBG)

Trump victory prompts U.S. fund managers to focus on inflation (Reuters)

Dollar's Trump-Inspired Surge Sets Off Intervention Across Asia (BBG)

Trump Camp Works to Form Cabine (WSJ)

Damascus, allies upbeat on Trump win, await his policies (Reuters)

Anti-Trump protests continue for second day (Reuters)

Trump Faces Battle to Undo Iran Nuclear Deal (WSJ)

Trump bucks protocol on press access (AP)

Trump Effect Routs Emerging Markets (BBG)

Trump Win Puts a Bullseye on Warren's Banking Watchdog (BBG)

Carry Trades Collapse as Emerging-Market Yield Advantage Shrinks (

Stun Grenades, Rubber Bullets Deployed In Portland After Anti-Trump Protest Devolves Into "Riot"

It was the third consecutive night of anti-Trump protests taking place in various US cities, with Oakland once again a venue of extensive looting and arrests under the guise of "peaceful" protesting, especially since as we reported, the local mayor admitted the police is now powerless to take on looters...

From OPD on tonight's protest: at least 11 arrests. 7 citations. 7 vandalized #Oakland buildings. No injuries. pic.twitter.com/9SwPCbQHlZ

— Michael Bodley (@michael_bodley) November 11, 2016

... but the real epicenter was Portland, Oregon, once famed as "Little Beirut" for its opposition to George H.W. Bush, and the city which the Associated Press declared as the center of America's anti-Trump feeling, where at least 26 people were arrested during anti-Trump protests the police said, adding that officers deployed stun grenades, pepper spray, "rubber ball distraction devices" and various other non-lethal munitions to disperse the rally. The demonstration against President-Elect Donald Trump has gathered for yet another night in the Pacific Northwest city.

According to Wilamette Week, Portland Police have deployed stun grenades and rubber bullets on protesters near Pioneer Courthouse late tonight, after anarchists smashed the windows of shops in downtown and the Pearl District.

Central Banks Intervene, Scramble To Halt Emerging Market "Carnage"; Futures Slide

In the beginning it was cute: the dollar - and bond yields - soared on expectations Trump was going to make inflation great again, thanks to a massive, $5 trillion excess debt-funded fiscal stimulus package, sending financial stocks into the stratosphere and the Dow Jones to record highs, even as the last two US bond auctions, a 10Y and 30Y were about as dismal as they come, and even as carry trades across the globe imploded on collapsing rate differentials, slamming emerging market currencies, including China, into the ground. It prompted us to muse yesterday if "markets are ignoring EM FX carnage because there will be no trade in the future?"

Are markets ignoring EM FX carnage because there will be no trade in the future?

— zerohedge (@zerohedge) November 10, 2016

However, after another night of a soaring dollar, the market no longer ignored the EM FX carnage, and overnight central banks from India to Indonesia stepped in to stabilize their currencies and the yen snapped a five-day losing streak as an Asian market selloff deepened on concern Donald Trump will pursue policies that spur capital outflows from developing economies and weaken their exports.

The yen strengthened against all except one of its 31 major peers on haven demand. As Bloomberg notes, the Indonesian rupiah, Indian rupee and South Korean won were among the worst performers. Trum ...

Trump and China's Currency: A Dangerous Relationship for Markets

President-elect Trump's attitude toward China could have a huge impact on how Beijing manages the slow weakening of the yuan.

Investors' Trumped-Up Inflation Expectations

With Donald Trump's election victory, investors foresee a big pickup in inflation. It may not come.

Samsung's Burned Battery Unit May Yet Recharge

With its battery business already valued at around zero, Samsung SDI shares could be ready for a jolt.

Rail Week Ending 05 November 2016 - Finally A Positive Week

Week 44 of 2016 shows same week total rail traffic (from same week one year ago) marginally expanded according to the Association of American Railroads (AAR) traffic data. Rolling averages remain in contraction - but are improving.

Here's what happens when someone is forced to retire because they're 'old'

Is mandatory retirement discriminatory?

Investing during a Donald Trump presidency — don't follow your gut, do this instead

Donald Trump is our new president. What's that mean for your long-term investments?

The Fed: Fischer: Case for Fed interest-rate hikes 'quite strong'

The case for gradual interest rate hikes is quite strong as the U.S. central bank is close to its inflation and labor market targets, said Fed Vice Chairman Stanley Fischer on Friday.

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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