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07Feb2017 Pre-Market Commentary: Wall Street To Open Higher As Investors Look For A Steer From A Rush Of Quarterly Earnings Reports, WTI Crude Prices Slip Into The 52 Handle And The US Dollar Gains

Written by Gary

US stock market futures pointed to a flat to marginally higher gain at the open (SPY +0.2%), which could put the equity market on track to set new records say several analysts. The dollar has strengthened after Philly Fed President Patrick Harker said he would support hiking rates in March.


Here is the current market situation from CNN Money

European markets are mixed today. The FTSE 100 is up 0.69% while the DAX gains 0.51%. The CAC 40 is off 0.02%.

What Is Moving the Markets

Here are the headlines moving the markets.

Stock futures rise with focus on earnings

(Reuters) - U.S. stock index futures were higher on Tuesday as investors look for a steer from a rush of quarterly earnings reports.

White House memo confuses Wall Street on fate of fiduciary rule

WASHINGTON/NEW YORK (Reuters) - Conflicting signs from the White House have left brokerage firms and lobbyists unsure whether a controversial rule governing retirement advice will ever be put in place, but they are taking no chances and complying anyway.

Currency losses hit GM fourth-quarter profits

DETROIT (Reuters) - General Motors Co on Tuesday said fourth quarter net income fell to $1.19 a share, factoring in one-time items, in part because of $500 million in foreign exchange losses, and the company forecast 2017 profits per share would be flat to slightly up from 2016.

Michael Kors comparable sales fall more than expected

(Reuters) - Apparel and accessories maker Michael Kors Holdings Ltd reported a bigger-than-expected drop in quarterly comparable sales, citing disappointing sales in North America and Europe.

Channeling Steve Jobs, Apple seeks design perfection at new 'spaceship' campus

SAN FRANCISCO (Reuters) - Inside the original Macintosh computer, Apple co-founder Steve Jobs inscribed the signatures of his team, revealing his deep concern for even the hidden features of his products.

Fiat Chrysler reiterates diesel vehicles fully compliant

MILAN (Reuters) - Fiat Chrysler reiterated its diesel vehicles were fully compliant with applicable emissions requirements, a spokesman said on Tuesday after the French authorities referred the carmaker's case for possible prosecution.

Trump's policies to drive FX, but strong dollar here to stay: Reuters poll

(Reuters) - The dollar will resume its upward climb in the coming year, but extreme near-term moves in either direction are possible, driven more by U.S. President Donald Trump's expected fiscal stimulus than by his words, a Reuters poll found.

Honda, Hitachi Automotive to form EV motor joint venture

TOKYO (Reuters) - Honda Motor Co Ltd and Hitachi Ltd's auto parts subsidiary plan to form a joint venture to develop, produce and sell motors for electric vehicles (EV), joining forces to better compete in the highly specialized "green" car segment.

EU's Katainen hopes to revive EU-U.S. free trade talks under Trump

BERLIN (Reuters) - The European Union could revive talks on a free trade deal with the United States under the administration of President Donald Trump, European Commission Vice President Jyrki Katainen said on Tuesday.

Iran's Ayatollah Accuses Obama Of Creating ISIS, Says Trump Exposes "Real Face" Of American Moral Corruption

Trump's ongoing spat with Iran escalated on Tuesday, when Iran's Supreme Leader, Ayatollah Ali Khamenei dismissed the US president's warning to Iran to stop its missile tests, saying the new U.S. president had shown the "real face" of American corruption. "We are thankful to (Trump) for making our life easy as he showed the real face of America," Khamenei said according to his website. He made the remarks in an address to the commanders of the Army Air Force on the verge of the Islamic Revolution's victory anniversary which falls on February 10 this year.

"During his election campaign and after that, he confirmed what we have been saying for more than 30 years about the political, economic, moral and social corruption in the U.S. ruling system," he added. It is unclear if Trump's domestic opponents will be quick to agree with the Iranian.

Provocatively, the Supreme Leader once again alleged that it was the US that created ISIS:

"The new U.S. president says Iran should thank Obama! Why?! Should we thank him for [creating] ISIS, the ongoing wars in Iraq and Syria, or the blatant support for the 2009 sedition in Iran? He was the president who imposed paralyzing sanctions on the Iranian nation; of course, he did not achieve what he desired. No enemy can ever paralyze the Iranian nation."

Quoted by Reuters, in his first speech since Trump's inauguration, the Ayatollah called on Iranians to respond to Trump's "threats" which failed to frighten Iranians, on the February 10th anniversary of the 1979 revolution.

"No enemy can paralyze the Iranian nation," Khamenei said. "(Trump) says 'you should be afraid of me'. No! The Iranian people will respond to his words on Feb. 10 and will show their stance agains ...

French Economic Uncertainty Surges To All-Time Highs

Submitted by Jennifer Thomson via Gavekal Capital blog,

The rise in European government bond yields has been widespread since lows in early fall last year, led by Italy and (now) France.

image

image

As investors turn to the relative safety of bunds, the spread between French and German yields (light blue line below) has risen to multi-year highs. In addition, the economic policy uncertainty index for France (red line below) soared to an all-time high in January.

image

With elections looming and expectations for uncertainty to remain elevated, the relative selloff in French bonds could have quite a bit further to go - just take a look at the spread back in 2011/2012.

image

Frontrunning: February 7



Senate to Vote on DeVos Confirmation Amid Fiery Debate (WSJ)

Investors Cut Back on Commercial Property (WSJ)

Euro, European bonds unnerved by French politics (Reuters)

Trump's Dodd-Frank Do-Over Diverted to Slow Lane (BBG)

In GOP, Divide Grows Over Pace of Obamacare Repeal (WSJ)

Syria Detains Opponents as It Reasserts Control (WSJ)

Gaga's Halftime Drone Swarm Was Pretaped (BBG)

Tom Brady's Missing Super Bowl Jersey Could Be Worth $500,000 (BBG)

The New Face of American Unemployment (BBG)

China Courts Ivanka, Jared Kushner to Smooth Trump Ties (BBG)

A Bright Idea for Hedge Fund Managers: Do Nothing (WSJ)

Islamic State sees chance to revive ...

5 Must See Charts and Gold Mean "Impending Market Volatility"

5 Must See Charts and Gold Mean "Impending Market Volatility"

  • Gold prices rising & up 6.6% YTD
  • Signal "impending market volatility"
  • World has never been more uncertain (see chart)
  • Fear in Wall Street versus Fear in Washington
  • Price of 'plunge protection' rising even as VIX remains low
  • Smart money diversifying into gold
  • Important to watch rising gold and rising bond yields
  • Gold may prove the "tell"

    Bloomberg have done an excellent article replete with five must see charts including gold charts that suggest tha ...

Trouble With Europe Is There's Always Trouble Ahead

Strains in the eurozone are showing up, once again, in the bond markets as investors fret about a nationalist win in French elections.

Time to Hop Off Disney's Thrill Ride

Just like a ride on Space Mountain, Walt Disney investors have found themselves gyrating in the dark recently. Volatility has picked up substantially for Disney ever since it warned about trouble at ESPN. Tuesday's earnings report may not mark the end.

China's Newly Fortified Great Currency Wall Working for Now

The stars are aligning for a respite from rapid capital outflows, but U.S. growth remains a wild card.

Market Extra: These are the charts to watch for a stock market dip in February

Stephen Suttmeier, technical research analyst at Bank of America Merrill Lynch, forecast a potentially tough month for the S&P 500 given the market's historically subdued performance in February.

Market Extra: Rare split on IMF board puts Greek bailout at risk

Some members of the International Monetary Fund are growing concerned with the terms of Greece's bailout program, fueling fears the fund might pull out of the much-needed rescue plan for the country.

Market Extra: Is Frexit next? Why France is starting to really freak out investors

The risk of France leaving the eurozone has heightened in recent days after far-right candidate Marine Le Pen on Sunday launched her presidential campaign with a hardline speech on immigration and globalization.

Earnings Summary for Today

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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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