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20Mar2017 Pre-Market Commentary: G20 Shift On Trade Push Global Markets Into The Red

Written by Gary

The dollar has dropped to a six week low and gold is up. Markets and Oil prices remain under pressure. Pundits claim this is all due to USA trade protectionist policies. All eyes likely will be on Congress today with Russia and Supreme Court on the agenda.


Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.30% while France's CAC 40 is off 0.27% and London's FTSE 100 is lower by 0.20%.

What Is Moving the Markets

Here are the headlines moving the markets.

Uber president Jeff Jones quits, deepening turmoil

SAN FRANCISCO (Reuters) - Ride services company Uber Technologies Inc has been thrust deeper into turmoil with the departure of company president Jeff Jones, a marketing expert hired to help soften its often abrasive image.

Stocks baulk at G20's protectionism shift, dollar six-week low

LONDON (Reuters) - World stocks opened the week on a cautious footing on Monday after the G20's decision to drop a pledge to avoid trade protectionism, while the U.S. Federal Reserve's conservative rate guidance continued to push the dollar lower.

China prepares to counter any U.S. trade penalties: sources

BEIJING (Reuters) - China's government has been seeking advice from its think-tanks and policy advisers on how to counter potential trade penalties from U.S. President Donald Trump, getting ready for the worst, even as they hope for business-like negotiations.

French watchdog clears GM's Opel of cheating on diesel emissions

PARIS (Reuters) - France's consumer fraud watchdog said on Monday it had closed its investigation into diesel emissions by Opel cars and would take no further action against the General Motors brand.

Albertsons held preliminary merger talks with Sprouts: Bloomberg

NEW YORK (Reuters) - Grocery business Albertsons Cos held preliminary talks to merge with Sprouts Farmers Market Inc , Bloomberg reported on Sunday, citing people familiar with the situation.

G20 ministers give Mnuchin space to define Trump trade agenda

BADEN BADEN, Germany (Reuters) - Wary of their first official encounter with U.S. President Donald Trump's blustery trade agenda, the world's top finance officials were relieved to find new Treasury Secretary Steven Mnuchin polite and business-like over the weekend.

MoneyGram offers to give Euronet confidential info to firm up bid: sources

(Reuters) - U.S. electronic payments company MoneyGram International Inc has offered to share confidential information with peer Euronet Worldwide Inc , after the latter made a $1 billion acquisition offer, people familiar with the matter said.

UBS faces French trial over long-running tax case

ZURICH (Reuters) - UBS and its French subsidiary face a trial in France after authorities laid out charges against the Swiss bank, marking an escalation of a long-running probe into allegations they helped wealthy clients avoid taxes.

Saudi king's Asia tour trumpets Aramco's moves downstream

SINGAPORE (Reuters) - Saudi King Salman's lavish tour of Asia, arriving in each country on a golden escalator with 400 tonnes of luggage, had a hardnosed marketing mission - to cement the kingdom's place as leading oil supplier to the world's biggest consumer region.

Suspense Builds Over James Comey's Testimony On Russian "Hacking" Of US Elections, Trump's Alleged Wiretap

Today at 10am, the directors of the Federal Bureau of Investigation and National Security Agency will break their public silence and give keenly await testimony about their investigations into possible links between Russia and President Donald Trump's campaign at a rare open congressional intelligence committee hearing. They will also be grilled on Trump's explosive allegation that he was wiretapped by his predecessor Barack Obama.

Federal Bureau of Investigation Director James Comey and Mike Rogers of the National Security Agency will speak publicly for the first time about two issues that have riveted the American public for weeks and further divided the country's two ever-at-odds political parties. The stakes for Trump could hardly be higher according to AFP. Representatives Devin Nunes, chairman of the House of Representatives Permanent Select Committee on Intelligence, and Adam Schiff, the panel's top Democrat, have called Comey and Rogers to testify as part of their committee's probe into allegations that Russia meddled in U.S. elections. Other congressional committees also are investigating the matter, mostly behind closed doors. But amid a furor over whether Moscow tried to influence the 2016 presidential race on Trump's behalf, lawmakers said they would make public as much of their probes as possible.

Global Stocks, US Futures Slide Spooked By G20 Protectionist Shift; Dollar Drops For 4th Day

Global markets start the week mixed with Asian stocks rising (Japan was closed for holiday), European stocks sliding, weighed down by declines in oil-and-gas shares and banks, and S&P500 futures also down. The dollar fell to a six-week low, falling four days in a row for the first time since early November as G20 leaders scrap a long-standing commitment to reject all forms of trade protectionism, suggesting the "weak Dollar" camp in Trump's inner circle is winning.

Equities retreated in Europe, Australia and New Zealand, as did S&P 500 Index futures. Japan's stock market was closed Monday for a holiday. Indexes rose in Hong Kong, Malaysia and Thailand. The Australian 10-year yield resumed a retreat after rising at the end of last week. The yen touched its strongest in three weeks, while the Korean won was the highest in five months. Oil fell for the ninth day in 11.

"European equity markets have started the week with a heavy risk-off sentiment after the G20 communiqué explicitly reflected U.S. intentions to establish trade protectionist measures," Ipek Ozkardeskaya, senior market analyst at London Capital Group, told Reuters. "As the world's number one economy is preparing to set significant barriers against the world, investors are increasingly worried," she said.

MSCI's broadest index of Asia-Pacific shares outside Japan rose almost 0.4 percent to hit its highest level in more than two years on Monday. As a result, MSCI's global benchmark equity index was little changed.
On Friday, Wall Street was flat to negative, dragged lower by bank shares that fell along with Treasury yields. Futures on the S&P 500 Index were down 0.1 percent. The underlying gauge rose 0.2 percent last week. The Stoxx Europe 600 index fell 0.2 percent. The FTSE 100 and Dax index were also both down 0.2 percent. Australia's S&P/ASX 200 Index and South Korea's ...

Senator Hints That Trump May Resign: "I Think He Is Going To Get Himself Out"

Authored by Mac Slavo via SHTFplan.com,

It's no secret that there is a concerted effort underway to do everything possible to remove President Donald Trump from office.

From Russian ties to business conflicts of interests, both Democrats and Republicans are actively working to find chinks in the President's armor.

But for those with hope of change in their hearts, Democrat Senator Diane Feinstein says there is a possibility that Trump will eventually remove himself from office by filing his own resignation.

EU Taxpayers Brace As Deepening Banking Crisis Means Euro-TARP Looms

Authored by Don Quijones via WolfStreet.com,

If the ECB scales back stimulus, banks face even greater risk of collapse. But now there's a new solution

Events are moving so fast in Europe these days, it's almost impossible to keep up. While much of the attention is being hogged by political developments, including the election in the Netherlands, Reuters published a report warning that the European banking sector may face even higher bad loan risks if the ECB begins to scale back its monetary stimulus programs, something it has already begun, albeit extremely tentatively.

The total stock of non-performing loans (NPL) in the EU is estimated at over 1 trillion, or 5.4% of total loans, a ratio three times higher than in other major regions of the world.

On a country-by-country basis, things look even scarier. Currently 10 (out of 28) EU countries have an NPL ratio above 10% (orders of magnitude higher than what is generally considered safe). And among Eurozone countries, where the ECB's monetary policies have direct impact, there are these NPL stalwarts:



Ireland: 15.8%

Italy: 16.6%

Portugal: 19.2%

Slovenia: 19.7%

Greece: 46.6%

Cyprus: 49%

That bears repeating: in Greece and Cyprus, two of the Eurozone's most bailed out economies, virtually half of all the bank loans are toxic.

Time Warner and AT&T Are aDeal-Anxiety Barometer

Despite its populist rhetoric, the Trump administration seems poised to be more lenient on antitrust issues.

Chinese Populism Could Give Investors a Rude Awakening

After several years of decline, China's economic inequality is rising again. That could spell trouble for Western firms and for relations with the U.S. and Donald Trump.

What the G-20 Didn't Say on Trade Should Chill Investors

Finance ministers from the world's leading economies ditched much of their normal pro-trade language in their communiqué.

Anti-Money-Laundering Measures Challenge Global Banks In Mexico

from the Dallas Fed

-- this post authored by Michael Perez

Global banks are taking precautions in Mexico amid tighter anti-money-laundering regulations that have prompted some institutions to leave the market. The total number of foreignowned bank branches operating in Mexico fell 7.4 percent between 2011 and 2016, partially the result of stricter regulations. Meanwhile, the number of domestically owned branches grew 22.5 percent (see chart).

Investor Bulletin: Ten Ways To Use Investor.gov

from the Securities and Exchange Commission

Whether you are investing on your own, working with a financial professional, planning your retirement, or just interested in learning more about investing generally, here are ten ways you can use Investor.gov to become a more informed investor and avoid fraud.

Metals Stocks: Gold extends post-Fed gain as dollar slips to multiweek lows

Gold futures gain Monday as the dollar index fell to its lowest in more than a month.

YouTube on the defensive after new restrictions on some LGBTQ content

YouTube responded Sunday night to accusations that it was unfairly hiding videos from the LGBTQ community through its "restricted mode" filter.

Need to Know: A 'negative shock' may finally bring an opportunity for patient dip-buyers

The market hasn't had a drop of 3% or more for an inordinate amount of time. That's both good and bad.

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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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