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01Mar2017 Pre-Market Commentary: Wall Street Expecting To Gap Up To New Historic Highs At The Opening Bell, Some Analysts Are Worried That Trump's Speech Lacked Quantitative Details, Crude Prices And The US Dollar Rise

Written by Gary

US stock market futures are pointed to a higher open this morning (SPY +0.7%), with the Dow futures expecting to gap up above the 20,900-mark. The US dollar firmed on growing expectations of a rate hike this month. WTI crude rose almost 0.1 percent to $54.30 a barrel.


Here is the current market situation from CNN Money

European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 1.76% while Germany's DAX is up 1.61% and London's FTSE 100 is up 1.32%.

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.

Futures rise after Trump speech; banks up on rate talk

(Reuters) - U.S. stock index futures were higher on Wednesday as investors assessed President Donald Trump's speech, while bank stocks rose on increased possibility of an interest rate hike this month.

Snap to price long-awaited IPO on Wednesday amid signs of brisk demand

(Reuters) - Snap Inc, owner of popular messaging app Snapchat, will price its initial public offering after the U.S. stock market closes on Wednesday in the most eagerly awaited technology IPO since Chinese e-commerce giant Alibaba went public in 2014.

Generic drugmaker Mylan's profit benefits from Meda buy

(Reuters) - Generic drugmaker Mylan NV reported better-than-expected quarterly profit and revenue on Wednesday, helped by strong demand for drugs it acquired through its purchase of Sweden's Meda last year.

Lowe's forecasts 2017 sales ahead of estimates; shares up

(Reuters) - Lowe's Cos Inc forecast 2017 sales ahead of analysts' estimates and reported better-than-expected quarterly comparable-store sales as consumers continued to spruce up their homes or buy new ones.

Best Buy posts unexpected drop in same-store sales, shares slide

(Reuters) - Best Buy Co Inc , the No. 1 U.S. electronics retailer, reported an unexpected decline in holiday-quarter same-store sales on Wednesday, hurt by weak demand for tablets, gaming consoles, wearable devices and mobile phones.

Dollar Tree's profit, sales beat estimates

(Reuters) - Dollar Tree Inc , the biggest U.S. dollar-store chain, reported better-than-expected quarterly profit and sales on Wednesday, helped by lower costs and higher customer spending in its stores.

Toshiba asks law firm to advise on potential Westinghouse bankruptcy cost: sources

TOKYO (Reuters) - Toshiba Corp has asked a Japanese law firm to help estimate the potential financial impact if it decides its U.S. nuclear unit Westinghouse should file for Chapter 11 protection from creditors, sources with knowledge of the matter said.

UK PM May says government is talking to Ford on automotive sector

LONDON (Reuters) - Prime Minister Theresa May said on Wednesday her government would hold regular talks with Ford to find ways to ensure its engine plant in Wales remains part of the car producer's "success" in Britain after leaving the European Union.

Taiwan's Foxconn 'definitely bidding' for Toshiba chip business

HONG KONG (Reuters) - Taiwan's Foxconn , the world's largest contract electronics maker, is "definitely bidding" for the chip business of Japan's Toshiba Corp and is "very confident" it can buy into it, company founder Terry Gou said on Wednesday.

30Y Yields Tops 3% As March Rate Hike Odds Spikes Above 80%

An avalanche of hawkish Fed speakers appear to have got their way as March rate-hike odds have extended yesterday's move to 82% this morning. As stocks soar after a more presidential Trump, bond yields are also rising, catching up to stocks after diverging for two weeks.

From 24% to 82% in 3 weeks... did the economic data shift that much?

Umm no...

Stocks are soaring...

But while bond yields are higher - 30Y above 3.00% - though the move is fading now...

2Y Yields are the highest since 2009. The yield curve has collapsed to its flattest since 2008...

German Inflation Jumps 2.2%, Surpassing ECB Target And Highest Since 2012

Following a series of "hot" inflation prints from Germany's states, moments ago German inflation rose more than expected, printing at 2.2% above the 2.1% consensus estimate, up from 1.9% in January and surpassing the ECB's target of a rate just under 2 percent for the first time in more than four years.

With Germany headed for federal elections in September, the inflation figures will add more fuel to the debate about an end to the European Central Bank's loose monetary policy.

Earlier on Wednesday, preliminary data from several German states showed that consumer price inflation accelerated across the country, mainly driven by higher food, energy and transportation costs. In the most populous state, North Rhine-Westphalia, annual inflation rose to 2.3 percent from 1.9 percent in January. It reached 2.5 percent in Hesse, 2.2 percent in Baden-Wuerttemberg, 2.1 percent in Bavaria, 2.0 percent in Brandenburg and 2.4 percent in Saxony.

The state readings, which are not harmonised to compare with other euro zone countries, fed into the just as hot nationwide inflation print released moments ago.

Yet not everyone was convinced Germany's blistering headline inflation would be a hindrance to the ECB. Cited by Reuters, Capital Economics analyst Jennifer McKeown said the state readings supported the forecast, but German core inflation, which strips out volatile energy and food costs, was likely to remain weak in the coming months. "This should encourag ...

Art Market Bubble Bursting - Gauguin Collapses 74% To $22 Million

Art Market Bubble Bursting - Gauguin Collapses 74% To $22 Million

- Art Market Bubble Bursting?
- Russian Billionaire Takes 74% Loss On "Investment"
- $85 Million Gauguin Bought By Dmitry Rybolovlev in 2008
- Christie's auctioned the work at its evening sale in London
- Global art sales plummet, but China rises as 'art superpower'
- China soon to dominates global art and gold market
- Art price volumes doubled since 2009
- As currencies debase super rich seek out stores of value
- Gold remains accessible store of value for all
- Stocks, bonds and many assets at record prices
- Gold half it's real price in 1980

Te Fare by Paul Gauguin - Source: Christie's

Russian billionaire Dmitry Rybolovlev paid 54 million or $85 million for a land ...

Trump Supporters Praise "Milder", "Presidential" Address: Five Speech Takeaways

As previously noted, while some traders on Wall Street were disappointed by the lack of specifics in Trump's speech, many others - and certainly Trump's group of core, faithful supporters - praised his "milder", more conciliatory tone, in a speech that was among his most "presidential" public addresses to date.

Below, courtesy of The Hill, are five of the key takeaways political pundits were left from Trump's address to Congress.

Trump's speech was conventional, a relief to the GOP

The president won election while flouting every established rule of politics — a pattern that has persisted in the White House, giving heartburn even to Republican allies. By contrast, Trump on Tuesday was at his most restrained. There were no attacks on the media; no especially flamboyant claims or personal jabs; and few significant digressions from the prepared text of his speech. The night recalled the announcement of Trump's nomination of Neil Gorsuch to the Supreme Court — another occasion when he stayed within the orthodox parameters.

Trump is an unconventional president, but his speech felt remarkable at times for being so normal. All of that will be just fine with GOP lawmakers. They have been desperately wanting Trump to curb what they see as self-defeating impulses which distract from an effective underlying message. They are looking for leadership from Trump, and while the president provided few policy details on Tuesday night, he set out clear objectives in a way that could boost his party's rank-and-file.

Trump's tribute to Carryn Owens, the widow of a Navy SEAL killed last month in a raid in Yemen, was handled expertly by Trump. It provided the kind of ...

Export Adrenaline Boosts China Factories---but Hangover Could Be Hard

China's latest manufacturing data adds to the evidence that recovering global trade is helping offset the housing-market slowdown, but Mr. Trump could spoil the party.

Yingde: China Takeover Drama Brings Breath of Fresh Air

Minority shareholders at China's largest industrial gas maker have emerged as winners from the boardroom tussle.

World's Most Indebted Developer Keeps Piling It On

China Evergrande, the poster child for an overleveraged industry, proved again its debt-fueled ambitions haven't yet been reached.

Bernie Sanders has some new allies in fight to bring Canadian drugs to the U.S.

Importation is seen as a way to bring down too-high drug prices.

Target suffers record stock price plunge

Target shares are suffering the biggest-ever one-day price drop since the retailer went public in 1972 in the wake of disappointing results and an investment plan to deal with the "new era" of retail.

In One Chart: This chart shows why the stock-market rally should survive the Ides of March

Stock-market bulls are usually safe from stabbing in the middle of this month, according to this chart from Stock Trader's Almanac editor Jeff Hirsch.

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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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