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09Dec2016 Pre-Market Commentary: Wall Street Set To Open Flat, But On The Green Side, WTI Crude Attacking Resistance, Investors Ready For A Breather

Written by Gary

Wall Street futures pointed to a mixed open this morning (SPY +0.1%), after the major U.S. indices closed at fresh record highs yesterday, still buoyed by a post-election sugar high.


Here is the current market situation from CNN Money

European markets are higher today with shares in France leading the region. The CAC 40 is up 0.40% while London's FTSE 100 is up 0.14% and Germany's DAX is up 0.07%.

What Is Moving the Markets

Here are the headlines moving the markets.

World stocks hold near 16-month highs after strong week

LONDON (Reuters) - World stocks held near 16-month highs on Friday, set for a strong weekly gain, while the euro fell further after the European Central Bank's decision to extend its stimulus program.

In Trump stronghold, factories are humming but paychecks are thin

GRAND RAPIDS, Mich./WASHINGTON (Reuters) - When President-elect Donald Trump returns to this factory town on Friday for a victory celebration, he will find a region that is already experiencing the manufacturing renaissance he promised on the campaign trail.

Aixtron considers partial sell-off after Chinese deal blocked

FRANKFURT (Reuters) - German semiconductor chipmaking machinery company Aixtron is considering reducing the size of the business with a partial sale, its chief executive said in an interview published on Friday, opening the door for bidders after a deal with a Chinese firm collapsed.

Russia to hold additional talks before OPEC, non-OPEC meeting

MOSCOW (Reuters) - Russia plans to meet with some OPEC and non-OPEC nations on Friday to discuss unresolved issues related to a planned oil-output cut before wider talks the following day in Vienna, a Russian government source told Reuters.

Exclusive: ECB rejects Monte Paschi's request for more time to raise cash - source

MILAN (Reuters) - The European Central Bank has rejected a request by ailing Italian lender Monte dei Paschi di Siena for more time to raise capital, a source said on Friday, in a move that piles pressure on the Italian government to bail out the bank.

Saudis order oil cuts to U.S., Europe ahead of non-OPEC talks

SINGAPORE/TOKYO/DUBAI (Reuters) - Saudi Arabia has told its U.S. and European customers it will reduce oil deliveries from January as Russia signaled that a commitment from non-OPEC producers to join OPEC's output limits still faced challenges.

EU launches new investigation into Chinese steel imports

BRUSSELS (Reuters) - The European Union has launched a new investigation into whether Chinese manufacturers are selling steel into Europe at unfairly low prices, a case Beijing said it viewed with deep concern.

Pernod further expands in craft spirits with Smooth Ambler deal

PARIS (Reuters) - Pernod Ricard , the world's second-largest spirits group, has agreed to buy a majority stake in Smooth Ambler Spirits, the U.S. maker of Old Scout bourbon and Greenbrier gin, further strengthening its portfolio of premium craft spirits.

U.S. shares most attractive but recession may loom: Principal Global CEO

TOKYO (Reuters) - Principal Global Investors has upgraded its view on the U.S. economy and equities as it sees higher growth because of likely tax cuts and increased fiscal spending from the incoming U.S. administration, its chief executive officer said on Friday.

Census Bureau, IRS, And St. Louis Fed Added To Washington Post's List Of "Russian Propaganda" Websites

Submitted by Charles Hugh-Smith via OfTwoMinds blog,

Sorry, U.S. Census Bureau, I.R.S. and St. Louis Federal Reserve - you're issuing "Russian propaganda" according to The Washington Post's shoddy "fake news" methodology.

In case you missed it, The Washington Post's criminally careless publishing of "fake news" about purported "Russian propaganda" created a backlash--and the Post's attorney-approved bleating to sidestep responsibility for publishing "fake news" failed to calm the waters.

Here's The Washington Post's "fake news" article in case you missed it: Russian propaganda effort helped spread 'fake news' during election, experts say.

The "experts" claims of expertise were not validated or investigated by the Post, and the Post prominently linked to a list of 200 websites (oftwominds.com among them) that purportedly "wittingly or unwittingly" promoted "Russian propaganda"--but The Washington Post did zero journalistic work to investigate the list or the anonymous "experts" that published it.

Since the list is bogus, the entire story qualifies as "fake news"--exactly what the Post claims to be investigating. Talk about irony....

This criminally sloppy publishing of "fake news" isn't journalism--it's propaganda. No amount of slippery legalese can erase the fact that The Washington Post published a "fake news" story and featured it prominently on page ...

ECB Calls Italy's Bluff, Rejects Monte Paschi Request For More Time To Raise Capital

Earlier this week, we reported that according to the FT, a suddenly empowered Rome was demanding that the ECB give it more time to rescue Italy's Monte Paschi show private bailout effort has effectively failed. What is surprising is that Italy was "preparing to blame the bank for losses imposed on bondholders if Rome is forced into an urgent state bailout", a negotiating tactic we dubbed at the time blackmail.

The board of MPS, which has the Italian Treasury as its largest shareholder, was asking the supervisory arm of the European Central Bank to give it until mid-January to pull off a 5bn equity injection and try to avoid forcing losses on some debtholders as required under new EU bailout rules. And this is where the blackmail came in: cited by the FT, a person involved in the negotiations warned that "If they don't give the extension, the ECB must take responsibility. They will be pushing the button. We are only asking for five more weeks."

According to Reuters, as of moments ago the ECB has called Italy's bluff, and the central bank "has rejected a request by ailing Italian lender Monte dei Paschi di Siena for more time to raise capital, a source said on Friday, in a move that piles pressure on the Italian government to bail out the bank."

The ECB's supervisory board turned down the request at a meeting on Friday on the grounds that a delay would be of little use and that it was time for Rome to step in, the source said.

The news follows an earlier report according to which the head of the euro zone bailout fund said it was not preparing financial support for Italy though some individual Italian banks have problems and need to raise capital, the head of t ...

ECB 'Bazooka' Reloaded Until At Least December 2017 - Euro Gold Rises 1%; 13% YTD

ECB 'Bazooka' Extended - Will Buy EUR 60 Billion Per Month Until At Least December 2017

The ECB's 'Bazooka' is back and 'Super Mario', the European Central Bank's monetary magician did not disappoint QE addicted markets yesterday by extending ultra loose monetary policies and quantitative easing until at least December 2017.

The euro fell and gold rose 1.1% in euro terms from 1,090/oz to 1,102.85. Stocks globally moved higher, and European stocks look set for their best week since February, supported by the extended ECB currency printing and a calm, some would say complacent and irrationally exuberant, reaction to the Italian referendum.

Despite the recent sell off in gold, it remains 13% higher in euro terms in 2016 - 10% higher in dollars and 30% higher in pounds.

Big Spenders: Businesses on the Cusp of Capital-Spending Rebound

Companies have been reluctant to spend, but rising stock-market optimism, labor costs and profits may be about to change that.

Glencore Explores Its Limits in Russian Oil Patch

Resurgent Glencore's role in a $13 billion deal for a stake in Rosneft gives the commodities giant fresh oil to play with.

Tweaks but No Tapering From ECB

Markets have no excuse for a 'taper tantrum.' ECB purchases should continue for a long time yet.

Rail Week Ending 03 December 2016: Finally A Positive Month

Week 48 of 2016 shows same week total rail traffic (from same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Long term rolling averages remain in contraction - but the 4 week rolling average remains in positive territory.

Brexit minister vows to be 'kind' to EU if it wants an easy transition

Brexit minister David Davis stands firm he won't bow into pressure from London's financial elite about a "transitional" Brexit period, but will only consider such a move if the request comes from the EU itself.

The Wall Street Journal: Fund manager Bill Gross's wife files for divorce after 31 years of marriage

Sue Gross reportedly filed for divorce in California late last month. Noted bond-fund manager declined to comment, says the Wall Street Journal.

Deep Dive: These small-cap stocks are expected to rise at least 31% in 2017

Small-cap stocks have easily outpaced large-cap and mid-cap shares since Election Day.

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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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