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15Nov2016 Pre-Market Commentary: Wall Street To Open Higher, WTI Crude Prices In The High 44 Handle, Gold Resting At The 1224 Level, Indicators Are Bullish

Written by Gary

US stock future indexes are flat (DOW +0.1%) to fractionally up (Nasdaq +0.7%) and markets are expected to open modestly higher. Crude prices are higher today, bouncing back from a three-month low and the US dollar is fractionally off (-0.1%) and base metals, such as copper, iron ore, zinc and nickel are in full-blown retreat.


Here is the current market situation from CNN Money

European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.46% while France's CAC 40 is up 0.16% and Germany's DAX is up 0.01%.

Looking at the last three columns, the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

Oil prices jump 3 percent on hopes of OPEC output cut

LONDON (Reuters) - Oil prices jumped more than 3 percent on Tuesday, bouncing back from multi-month lows on expectations that OPEC will agree later this month to cut production to reduce a supply glut.

Fed won't be easily swayed from December rate hike: Rosengren

PORTLAND, Maine (Reuters) - Only "significant negative news" could derail the Federal Reserve's high expectations for raising U.S. interest rates next month, a Fed official who has recently advocated for policy tightening said on Tuesday.

Britain's Brexit plan? There is no plan, leaked memo says

LONDON (Reuters) - Britain has no overall strategy for leaving the European Union and splits in Prime Minister Theresa May's cabinet could delay a clear negotiating position for six months, according to a memo for the government that was leaked to The Times newspaper.

United to restrict low-fare flyers to one carry-on bag

(Reuters) - United Continental Holdings Inc will become the first major U.S. airline to limit low-fare customers to one carry-on bag that fits under a seat, and it will defer dozens of aircraft deliveries from Boeing Co in an array of initiatives to boost profit, the company said on Tuesday.

Hard or soft Trump? Ex-WTO head Lamy sees trade realities trumping rhetoric

PARIS (Reuters) - U.S. President-elect Donald Trump will have little choice but to adopt a softer line on trade than the one he has flagged during his campaign, although flare-ups with some partners are likely, former WTO chief Pascal Lamy said.

Reynolds American rejects BAT's $47 billion takeover offer: source

(Reuters) - U.S. cigarette maker Reynolds American Inc is seeking a higher price from British American Tobacco Plc after rejecting its $47 billion takeover offer, a source familiar with the situation told Reuters.

Home Depot gains from U.S. housing strength, profit and sales beat

(Reuters) - Home Depot Inc , the No. 1 U.S. home improvement chain, reported third-quarter profit and sales that beat analysts' estimates as people spent more on their homes, encouraged by the improving housing market in the United States.

Exclusive: Kazakh lenders KKB and Halyk in merger talks - sources

ALMATY/MOSCOW (Reuters) - Kazakhstan's two biggest lenders, Kazkommertsbank (KKB) and Halyk Bank , are discussing a merger to create a bank with assets of $27 billion that would dwarf its competitors, two sources familiar with the talks told Reuters.

Russian Aircraft Carrier, Frigate Launch "Massive Strikes" On Syrian Terrorist Targets

Moments ago Russian Defense Minister Sergey Shoigu announced that the Russian military launched a large-scale operation against terrorists stationed in Homs and Idlib provinces of Syria.

"Today at 10:30 and 11:00 we launched a large-scale operation against the positions of Islamic State and Al-Nusra [terrorist groups] in the provinces of Idlib and Homs," Shoigu said at a meeting between Russian President Vladimir Putin and the top leadership of the Russian Armed Forces.

The Russian "Admiral Grigorovich" frigate located next to Syria's coast targeted terrorists in Syria with Kalibr cruise missile strikes, Shoigu said. The "Admiral Grigorovich [frigate] takes part in the operation. Today, it launched Kalibr cruise missiles on [terrorist] targets that had been confirmed by intelligence data and determined in advance," the minister said at a meeting of Russian President Vladimir Putin with top officials of the Russian Armed Forces.

The 'Admiral Kuznetsov' aircraft carrier, the flagship of the Russian Navy, is also taking part. This is the first time the 'Admiral Kuznetsov' has taken part in a military operation according to RT. Sukhoi Su-33 fighter jets have been launched from the deck of the carrier, the defense minister said.

The strikes target factories and arms depots operated by the jihadists in Syria, he said. "The main targets of the strikes are warehouses with ammunition, [terrorist] gatherings and terrorist training centers, as well as plants for the product ...

Gold Price Should Go Higher For Four Reasons

The gold price should rise in the medium and long term on global risks and the Trump Presidency, according to leading research consultancy Capital Economics.

capital-economics
The recent sharp gold price fall is again causing jitters among some investors who forget that gold remains more than 14% higher in dollar terms, 16.5% higher in euro terms and 36% higher in sterling terms year to date. Thus, gold is outperforming most stock market indices so far this year.

Capital Economics commodities economist, Simona Gambarini suggests in the World Gold Council's 'Gold Investor October 2016' newsletter there is further upside to the gold price even if US interest rates begin to rise. Hence its continuing importance as a diversification and as a safe haven asset.

"Going forward, lingering global risks should ensure that demand for gold as a safe haven asset remains elevated even in light of Fed tightening."

Frontrunning: November 15



Biggest Global Bond Rout Since 2003 Pauses (BBG)

Oil prices jump 3 percent on hopes of OPEC output cut (Reuters)

Italy polls get worse for Renzi as referendum nears (Reuters)

Trump will get wake-up call when he takes office, Obama says (Reuters)

With Priebus, Ryan's Speakership Has Direct Channel to Trump (BBG)

Supreme Court now in Trump's hands (The Hill)

Trump could return Iraq war boosters to power (Reuters)

2016's battle for Senate: Crushing the Tea Party (BBG)

NATO says Crimea still a concern, day after Trump-Putin call (Reuters)

Thousands of students carry protests against Trump into second week (Reuters)

U.S. Businesses Bet on Which Trump Will Govern (WSJ)

Carney Says U.K. Inflation Slowdown Doesn't Change Outlook (BBG

Russian Economy Minister Arrested For $2 Million Bribe Over Rosneft Deal

Update: RUSSIAN PM APPOINTS DEPUTY MINISTER YELIN AS ACTING RUSSIAN ECONOMY MINISTER - IFAX

* * *

In an unexpected move, Russian Economy Minister Alexey Ulyukayev was detained Monday on suspicion of taking a $2 million bribe in return for his ministry's support for a major oil company deal, Russia's Investigative Committee said. The minister is in custody and awaiting charges.


Alexey Ulyukaev

"The circumstances of the crime are connected with Alexey Ulyukayev, who occupies a public post in the Russian Federation, receiving $2 million on November 14 for the positive assessment provided by the Economic Development Ministry that allowed Rosneft to complete the deal on purchasing the government's 50 percent stake in Bashneft," Svetlana Petrenko, deputy head of the Investigative Committee, said in an official statement.

President Vladimir Putin named Ulyukayev, at the time a first deputy governor of Bank of Russia, economy minister in June 2013; it is unclear what prompted his fall from grace.

The case comes as Rosneft is preparing a mandatory offer to buy out minorities in Bashneft, where it purchased a 50.08 percent stake for 329.69 billion rubles ($5 billion). Rosneft's Oct. 12 purchase from the government was made at a premium to the market, or 3,706.4 rubles for each common share it bought. Bashneft shares closed at 3,480 rubles in Moscow on Nov. 14, or 6.1 percent below the purchase price

The Bashneft deal, around which the charges against Ulyukayev revolve, is not going to be revised during the probe, Petrenko told RIA Novosti.

"The necessary investigative actions concerning Ulyukayev are under way," the Investi ...

Why Trump Means No Quick Fix for Insurers

A turn in yields will only help investment portfolios slowly at best.

Trump Trade Won't Break Emerging Markets

Donald Trump's election may have kicked up a storm, but emerging markets should sail through intact.

AT&T: First Test for Trump on Net Neutrality

Regulators are questioning AT&T's compliance with net-neutrality rules, putting it at the center of a brewing battle over telecom policy under President-elect Donald Trump.

Trump reportedly seeking top-secret security clearance for his kids

President-elect Donald Trump is said to be seeking top-secret security clearances for three of his children and his son-in-law.

Lyft launches ad campaign to stand out from crowd of rivals

Lyft is replacing its pink 'stache with a connected "amp" device and launching a national campaign in a move intended to promote safety, but also differentiate the company from its larger competitors.

Economic Report: U.S. retail sales post biggest back-to-back sales since 2014

Sales at U.S. retailers surged in October to cap the best two-month stretch since early 2014, offering more proof that a vastly improved jobs market is encouraging Americans to spend and keep the economy growing at a steady pace.

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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