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01Dec2016 Pre-Market Commentary: There Is An Oil Deal But Markets May Open Down

Written by Gary

There is an OPEC oil deal to reduce the current oil glut, but many believe it will be short lived. USA markets are set to open down as the majority of the world markets are in the red.


Here is the current market situation from CNN Money

What Is Moving the Markets

Here are the headlines moving the markets.

Oil price rally likely short-lived as OPEC deal not enough to reduce glut

(Reuters) - The oil price rally sparked by an OPEC-Russia deal to cut output is likely to be short-lived, say traders in Asia, because the agreement may only draw more supplies from storage tanks and more crude shipments from the United States.

Oil hits six-week high after OPEC deal, bond yields rise

LONDON (Reuters) - Oil swept to a six-week high on Thursday, lifting energy shares in its slipstream, after OPEC agreed to cut crude output to clear a glut, while bond yields rose on prospects that resulting inflationary pressures will lead to higher interest rates.

Separation anxiety: Trump's management style poses challenges in Oval Office

NEW YORK (Reuters) - It has proven one of Donald Trump's greatest strengths in building a worldwide luxury brand: An obsessive attention to detail, down to the curtains hanging in hotel rooms and the marble lining the lobby floor.

Carrier gets state incentives, Trump pledge for keeping U.S. jobs

WASHINGTON (Reuters) - United Technologies Corp's Carrier unit said on Wednesday it got financial incentives from Indiana and a pledge from President-elect Donald Trump to improve the climate for business in the United States in exchange for keeping more than 1,000 jobs in the state rather than moving them overseas.

Markets swing violently against Italy without clear idea of outcome

LONDON (Reuters) - Speculators convinced the euro zone faces fresh instability have zeroed in on Italy's constitutional reform referendum on Sunday, amassing huge bets on a slump in Italian banks and bonds should Prime Minister Matteo Renzi lose the vote.

Global factories had bumper November but growth may have peaked

LONDON/HONG KONG (Reuters) - Manufacturers around the globe performed strongly in November, but concerns about the protectionist leanings of U.S. President-elect Donald Trump and an OPEC-induced oil price rally could curtail future growth.

Britain to decide how to spend taxpayers' money post-Brexit: PM May's spokeswoman

LONDON (Reuters) - Britain will decide how it spends taxpayers' money after it leaves the EU and is looking at ways of securing the best access for businesses to the bloc after Brexit, a spokeswoman for Prime Minister Theresa May said on Thursday.

Exclusive: Indian government officials propose break-up of Coal India - sources

NEW DELHI (Reuters) - Senior Indian government officials tasked by the prime minister with reviewing energy security are recommending the break up of the country's coal monopoly, Coal India Ltd , within a year.

ChemChina setting up $5 billion fund to help finance Syngenta bid: Basis Point

HONG KONG (Reuters) - China National Chemical Corp (ChemChina) is setting up a fund that will aim to raise $5 billion to help finance its purchase of Swiss seeds group Syngenta , two sources with direct knowledge of the matter told Thomson Reuters publication Basis Point.

Global Bonds Lose $1.7 Trillion In November, Worst Monthly Meltdown On Record

In early October, when speaking before the NY Fed, Bridgewater's Ray Dalio made a prophetic warning: a 1% rise in yields from near-record low level would trigger "the worst decline in bonds since the 1981 bond market crash." Less than two months later he has been proven right because while we have yet to see a move quite as large as the one Dalio envisioned, the November surge in global yields has already resulted in the worst monthly loss in the Bloomberg Barclays Global Aggregate Total Return Index, which lost 4% in November, the deepest slump since the gauge's inception in 1990, and equivalent to $.17 trillion in losses. Over the past two months, the cumulative loss in the index's market value is now a massive $2.8 trillion leading leading Bloomberg to declare that "the 30-year-old bull market in bonds looks to be ending with a bang."

The conventional wisdom behind the move is by now familiar: hopes for U.S. economic momentum and Donald Trump's election win, with promises of tax cuts and $1 trillion in infrastructure spending, have spurred investors to dump debt that was offering near-record-low yields and pile into stocks.

Calling an end to the three-decade bond bull market is no longer looking like a fool's errand: the Federal Reserve is expected to start raising interest rates -- and do so more often than once a year, inflationary expectations are climbing and there are hints global central banks may be buying fewer sovereign securiti ...

The Fake News Witch Hunt: McCarthy's Red Scare Redux

Hold your real assets outside of the banking system in one of many private international facilities -->

S&P Futures, Europe, Dollar Drop; Yields Rise As WTI Advances Above $50

Following a November to remember, which saw tremendous market gains following the election of Donald Trump, December has started off on the back foot, with US equity futures lower, European stocks halting a two day advance ahead of the Italian referendum, US Treasury yields higher and the US dollar backing away from a 9 month high.

One place where recent euphoria has continued was oil, where following yesterday's OPEC oil deal and 9% surge in crude, WTI continued its ascent and was trading above $50 in early trading, however skepticism about the rally is building with stories such as "Oil price rally likely short-lived as OPEC deal not enough to reduce glut" from Reuters and "Hangover Awaits as OPEC Celebrates Its Biggest Accord in Years" from Bloomberg.

Analyst were also skeptical: "Oil could go up to $60, but then the shale drillers come out and the price will likely come back down," Keigo Matsubara, chief financial officer of the Japanese trading house said in an interview Thursday. "Oil can't continue over $50."

"The question is whether this (production cut) is going to put a floor under the oil price from here. The answer to that could well depend on what happens with the global economy in the coming year," said Simon Smith, chief economist at FXPro.

All eyes are now on whether the OPEC deal will hold together. If the bounce in oil prices gathers pace after the OPEC deal it was expected to have a broad implication on the global economy. OPEC's output cut is also seen as a boon for U.S. shale producers, rivals to the oil cartel. The S&P energy index .SPNY jumped nearly 5 percent on Wednesday.

Bloomberg Reports Fake News: Story Claims FireEye Said Russia 'Weaponized Social Media' During Elections

Pardon me, but I physically recoil when I read yellow journalism by shills trying to promote a narrative that is either entirely false or exaggerated for political purposes. During the election, at the vanguard of the Clinton talking points were to ignore all of the scandals coming out of Wikileaks or the DNCleaks because they were the byproduct of Russian hacking -- a charge that was never backed up with any real evidence. CNN even went as far to say that it was ILLEGAL to possess the Wikileaks and that viewers should only watch CNN to see what it was all about. Utter and complete bullshit. Now we have a consummate professional shill, Chris Strohm, reporting for Bloomberg -- suggesting that one of the leading internet security companies in the country believes Russia 'weaponized social media' to affect the elections. By doing so, Strohm is attempting to legitimize a talking point that hitherto has proven to be nothing short of conspiratorial guess work. Let's examine his evidence. Claim: Russia's government didn't just hack and leak documents from U.S. political groups during the presidential campaign: It used social media as a weapon to influence perceptions about the election, according to cybersecurity company FireEye Inc.

Material stolen by Russia's intelligence services was feverishly promoted by online personas and numerous fake accounts through links to leaked material and misleading narratives, according to an analysis of thousands of post ...

Altice Chooses Spending Over Saving

Altice's planned fiber-to-the-home project could eat up the cost savings it promised to wring from its purchase of Cablevision.

India's Cash Dash Stuffs Banks With Problems

India's demonetization has ended up squeezing banks, eroding their role as agents of monetary policy.

Numbers Don't Add Up for Trump's Trillion-Dollar Building Plan

Donald Trump's infrastructure plan has sent construction stocks soaring, but the proposed funding plan has glaring flaws.

Infographic Of The Day: How To Negotiate A Salary Raise With Your Promotion

Often a promotion automatically comes with a pay raise, but sometimes life is not that easy.

Early Headlines: Asia Stocks Up, Oil Still Rising, Record Bond Losses, Recounts Explained, Six Worst Things About Tax Plan, Hedge Fund Mgrs Vs Teachers, China Forex Problems And More

Written by Econintersect

Early Bird Headlines 01 December 2016

Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.

early-bird-301-180

4 factors that will decide how much juice is left in oil's post-OPEC rally

How much further can oil rise, now that it's trading at levels not seen since early 2016, following a surprise OPEC deal to cut production? Answer these four questions, and you may have the answer.

Futures Movers: Oil prices keep a grip on rally after OPEC deal; Brent atop $52 a barrel

Oil prices pushed higher Thursday in the wake of OPEC deal to cut about 1% of global production, but analysts say questions linger over enforcement of the agreement and what will happen to U.S. supply.

Currencies: Dollar pulls back after tapping 9-month high against Japanese yen

The dollar struggled Thursday as a rapid pace of gains — more than 12% since the U.S. election — gave investors pause.

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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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