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17Nov2016 Pre-Market Commentary: Wall Street Flat Ahead Of Opening Bell, Yellen's Speech Doesn't Move Futures, WTI Crude Melting Upwards, Gold Teetering On Support

Written by Gary

US stock future indexes are flat after a prepared speech to the U.S. Congress Joint Economic Committee, Federal Reserve (Fed) Janet Yellen warned of the danger of waiting too long to tighten monetary policy. The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.52, compared to 100.18 ahead of the release.


Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.15%, while the DAX is leading the CAC 40 lower. They are down 0.31% and 0.02% respectively.

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.

Yellen says Fed could raise interest rates 'relatively soon'

WASHINGTON (Reuters) - The Federal Reserve could raise U.S. interest rates "relatively soon" if economic data keeps pointing to an improving labor market and rising inflation, Fed Chair Janet Yellen said on Thursday in a clear hint the U.S. central bank could hike next month.

Dollar charge pauses as bond bashing relents

LONDON (Reuters) - Battered bonds and emerging market currencies enjoyed some respite on Thursday as the dollar took a breather from a post-U.S. election charge that has taken it to a 13-1/2 year high.

Key U.S. senator remains concerned over ChemChina-Syngenta deal

BEIJING (Reuters) - A powerful U.S. senator said he is concerned that state-owned ChemChina, which is buying Swiss crop protection and seed group Syngenta for $43 billion, could use U.S. sovereign immunity laws to shield itself from claims in U.S. courts.

Uber says Taiwan's steps against it hurting citizens

TAIPEI (Reuters) - Uber Technologies Inc [UBER.UL] urged Taiwan President Tsai Ing-wen to let the island's people decide whether they want Uber services in Taiwan, the latest salvo in the wrangle between the authorities there and the global ride-hailing service company.

RBS rejected Goldman, Deloitte warning over 2008 cash call, lawsuit alleges

LONDON (Reuters) - Just hours before Royal Bank of Scotland launched a massive cash call in 2008 to shore up its capital, the bank's senior advisers were still discussing whether its financial figures were potentially misleading for investors, court documents allege.

Wal-Mart's comparable sales miss estimates

CHICAGO (Reuters) - Wal-Mart Stores Inc on Thursday reported lower-than-expected quarterly sales at established U.S. stores, hurt by food deflation, and its shares fell nearly 3 percent.

Best Buy's same-store sales beat expectations

(Reuters) - Best Buy Co Inc , the No. 1 U.S. electronics retailer, reported a better-than-expected rise in quarterly same-store sales, helped by higher online sales and strong demand for consumer electronics and mobile phones.

Confidence rebounds for wealthy investors after U.S. election: study

NEW YORK (Reuters) - Two weeks before the U.S. presidential election, half of wealthy investors were so fearful of turmoil in the stock markets that they either pulled some of their money out or moved it into more conservative investments, according to a survey by UBS Wealth Management Americas.

Oil prices rise on Saudi optimism over OPEC deal

LONDON (Reuters) - Oil prices rose on Thursday as expectations of an OPEC deal to limit production outweighed evidence of global oversupply and rising inventories, particularly in the United States.

Islamic Gold - Game Changer In Gold Market

Islamic Gold - Important New Dynamic In Gold Market


  • Next month, 1.6 billion people will likely have a new 'gold investment standard'

    Islamic finance market expected to grow to US$5 trillion by 2020

    Islamic asset classes have all under performed compared to gold

    Gold has risen over 367% in US dollar terms and by more in currencies used in Islamic countries

    Gold bullion products may be additionally appealing to Islamic banks due to Basel III rules

    New Sharia Gold Standard will impact gold price

    islamic-gold

    By the end of 2016, 1.6 billion people will likely have a new gold investment standard for the first time in modern history. These 1.6 billion people are the Muslims of the world who constitute nearly 25% of the 6.9 billion people on the planet. This new 'gold standard' is the Sharia gold standard developed as part of a three-party collaboration between

Yellen Warns Of Excessive Risk-Taking In Testimony, Says Hike "Appropriate Soon", No Mention Of Election

Before we get into Janet Yellen's prepared remarks to be delivered at 10am before the Join Economic Committee, which is seen by the market as an opportunity by the Fed chair to signal whether the central bank is likely to raise interest rates at its Dec. 13-14 meeting, here is a framework of 5 key items to look for courtesy of the WSJ.

1. December Signal

All ears will be listening for Ms. Yellen to affirm recent statements from her colleagues that the Fed remains on track for a December rate increase. Officials signaled after their last meeting that they were getting closer to lifting rates, and needed only a little more evidence that the economy was improving to convince them to move next month. She could point to a handful of indicators the Fed has received since its Nov. 1-2 meeting: employers continued to add jobs at a steady clip in October, annual wage gains accelerated at the fastest pace since June 2009 and consumer spending at retail stores advanced at a healthy pace this fall.

2. Election Fallout

Several Fed officials raised concerns before their November meeting about the possibility for market volatility following the presidential election. Many investors were stunned by Donald Trump's victory, but stocks have rallied on hopes that the new administration's policies will boost economic growth along with inflation and interest rates. Still, lawmakers will likely want Ms. Yellen's view of the market's reaction - including a rise in government bond yields.

3. Trump Effect

Ms. Yellen will likely be asked to weigh in on the potential economic effects of Mr. Trump's proposed f ...

Confusion Reigns Ahead Of Trump's Meeting With Japanese Prime Minister

Having previously met with Nigel Farage and gotten a congratulatory phone call from Vladimir Putin, together followed by a more cautious, "warning" greeting from China president Xi Jinping, today the Trump story advances with the President-elect meeting his first world leader post the election with Japan's Abe passing through town.

On the surface, the diplomatic talking point are familiar: Abe said on Thursday that he wants to build a relationship of trust when he meets Trump, stressing that the two-way alliance is the core of Tokyo's diplomacy and security. The U.S.-Japan alliance "is the cornerstone of Japan's diplomacy and security. Only when there is trust does an alliance come alive," Abe told reporters before leaving Tokyo, Kyodo news agency reported.

However, before any "cornerstones" are rededicated, there appears to be a problem: as Reuters reports, details about the meeting remain unclear, with Trump's transition team not responding to requests for comment on the meeting. As of last night, Japanese officials said they had not finalized when or where in New York it would take place, who would be invited, or in some cases whom to call for answers. Perhaps Abe will make an appearance at the Trump Tower?

Trump has spurred worries in Tokyo and beyond with his comments on the possibility of Japan acquiring nuclear arms and demands that allies pay more for the upkeep of U.S. forces on their soil or face the possibility of their withdrawal.

"Prime Minister Abe will definitely talk about the importance of the Japan-U.S. alliance and that alliance is not only for Japan and the United States, but also for the entire Indo-Pacific region as well as world politics," Abe adviser Katsuyuki Kawai told Reuters. Kawai said he had spoken to several Trump advisers and lawmakers since arriving in Washington on Monday and had been told "we don't have ...

Bank of Japan Keeps Rates Ready for Something Bigger

The Bank of Japan is keeping yields ultralow, setting the stage for what may be the next leg of Japan's deflation fight.

Cisco Systems Outlook Upends Its Trump Rally

The network giant's outlook clouds enthusiasm for its big overseas cash pile.

London Offices: Brexit Isn't the Only Problem

After a seven-year bull market, London property looks ripe for a correction.

Capitol Report: Higher gas prices boost inflation in October, CPI shows

Consumer inflation rose in October at the fastest rate in six months, largely because of higher gas prices. The cost of groceries fell again, however.

Howard Gold's No-Nonsense Investing: Bond-market losses will be huge, and retirees are most vulnerable

One top financial adviser warns that bond investors could face staggering losses in the next few years, writes Howard Gold.

Economic Report: Jobless claims fall to 43-year low of 235,000

The number of people who applied for unemployment benefits last week sank to a 43-year low, reflecting the strongest labor market since before the Great Recession.

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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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