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06Apr2017 Pre-Market Commentary: Wall Street Expected To Open Flat And Movements Will Be Driven Short-term By News Reporting, Unemployment Benefits Recorded Their Biggest Drop In Nearly Two Years

Written by Gary

US stock market future indexes pointed to a flat, but higher open this morning (SPY -0.03%), as investors stayed cautious ahead of an upcoming meeting between Trump and Chinese President Xi Jinping. The DOW and SP 500 are up +0.1% and movements are expected to be news driven.


Here is the current market situation from CNN Money

European markets are mixed. The CAC 40 is higher by 0.33%, while the FTSE 100 is leading the DAX lower. They are down 0.38% and 0.10% respectively.

Trump and Xi to meet and 'set a framework' for future relations

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. weekly jobless claims post largest drop in almost two years

WASHINGTON, (Reuters) - New applications for U.S. unemployment benefits recorded their biggest drop in nearly two years last week, pointing to a further tightening in the labor market.

Stock futures edge up day after Fed-sparked Wall St. reversal

(Reuters) - U.S. stock index futures edged up on Thursday, a day after Wall Street saw its biggest reversal in 14 months following signals that the Federal Reserve could start unwinding its balance sheet this year.

Twitter creates 'lite' version for data-starved users

SAN FRANCISCO (Reuters) - Twitter Inc is launching a faster version of its mobile service on Wednesday aimed at people with sporadic connections or little data on their smartphone plans, hoping to pick up users in harder-to-reach emerging markets.

Traders bet their oil storage assets that OPEC cuts will work

LONDON (Reuters) - The jury is still out on whether OPEC can rein in a global oil glut but top commodity traders are betting it can by selling stakes in storage tank businesses that profited from oversupply.

Unilever promises cash to shareholders after rebuffing Kraft approach

LONDON (Reuters) - Unilever promised a multi-billion euro program of shareholder rewards on Thursday after a corporate rethink sparked by a takeover approach from Kraft Heinz , aiming to prove it can generate lucrative returns as an independent company.

7-Eleven operator to buy U.S. stores from Sunoco for $3.3 billion

TOKYO (Reuters) - Seven & i Holdings Co on Thursday said it would buy convenience stores and petrol stations from Texas-based Sunoco LP for about $3.3 billion, as the Japanese retailer closes in on its goal to reach 10,000 North American outlets.

Deutsche Bank not thinking about mergers, has other things to do: CEO

BERLIN (Reuters) - Deutsche Bank , which is in the midst of an 8 billion euro ($8.5 billion) capital increase, is currently not thinking about mergers, Chief Executive John Cryan said.

Exclusive: Ortega shields Inditex stake to maintain family control

MADRID (Reuters) - Amancio Ortega, founder of the world's biggest clothing retailer Inditex and Europe's richest man, has put a majority stake in the firm that owns the Zara fashion chain into a holding company to ensure family control remains unassailable after he dies.

Air travel demand up in February, despite U.S. travel restrictions

BERLIN (Reuters) - Global demand for air travel rose 4.8 percent in February, thanks to lower fares and improving economies, with no major impact from an attempted U.S. travel ban, the International Air Transport Association (IATA) said on Thursday.

Why Now Is The Time To Invest In Gold and Silver - Schroders

Invest In Gold and Silver - Now Is The Time - Schroders

Schroders is one of the leading investment managers in the world. It is a global asset management company, founded in 1804 and based in the UK. The company employs over 4,100 people worldwide across 37 offices in 27 different countries around Europe, America, Asia, Africa and the Middle East and manages ove £400 billion in assets.

by David Thorpe of What Investment

James Luke, Commodities fund manager at Schroders, believes now is a good time to invest in gold and silver.

Frontrunning: April 6



Senate Set to Vote to Eliminate Supreme Court Filibuster (WSJ)

Trump's Xi Summit Tests Promises on Trade, North Korea (BBG)

Is North Korea putting a nuclear-tipped bargaining chip on the table? (Reuters)

Why Xi Jinping Must Tread Carefully When He Meets Trump (BBG)

China Market Access in Spotlight as Meeting Nears (BBG)

Trump Rethinks Foreign Policy After Syria, North Korea Crises (WSJ)

Congress Waits for Trump Tax Overhaul as Questions Pile Up (BBG)

Elizabeth Holmes Owes Theranos $25 Million (WSJ)

A Quant 'Alpha Factory' Hunts for Investing Edge (WSJ)

Draghi Draws Line Under ECB Rate Debate and Warns on Prices (BBG< ...

Another Central Bank Throws In The Towel: Czech National Bank Ends Currency Cap, Floats Koruna

Four months ago we showed that according to 6 month EURCZK forwards - driven by a recent surge in Czech inflation - the market was convinced the Czech central bank would end its Koruna peg to the Euro some time before the summer.

As ING stated at the time, "It shows that the market is positioning against the CNB floor more intensively, as accelerating inflation is increasing the odds of the approaching exit. The Dutch bank said it expected the currency regime to be scrapped around April or May, with annual inflation forecast to climb from 1.5 per cent to 1.9 per cent in December - close to the central bank's 2 per cent target.

"If the intensity of interventions saw during the first days in January continues in the first quarter of 2017, total interventions in the quarter might easily overcome the whole 2016-levels", he added.

* * *

Moments ago all those traders who bet heavily on an end to the currency peg were rewarded when the Czech National Bank announced that just like the SNB over two years earlier, it ended its regime limiting koruna appreciation, in the process setting in motion one of this year's biggest currency trades which according to Bloomberg has attracted as much as $65 billion in estimated capital. The announcement caught some by surprise as it came during a non-rate setting meeting, diverging from the original view of it being done at a scheduled monetary policy meeting in May

In anticipation of the peg's end, investors betting on koruna gains had poured into Czech assets, boosting foreign capital inflows in multiples of th ...

Activist Investors Find More Fertile Ground in Europe

Activist investing is on the rise in the old world, but local rules demand a local game plan.

FDA Nominee Not All Good News for Drug Makers

Smooth sailing for Scott Gottlieb confirmation doesn't mean investors will enjoy the same.

Constellation Brands: This Trump Trade Has More Upside Ahead

Shares of Constellation Brands have suffered from President Donald Trump's posturing toward Mexico, but the selloff looks overdone

01 April 2017 Initial Unemployment Claims Rolling Average Improves

The market expectations for weekly initial unemployment claims (from Bloomberg / Econoday) were 245 K to 254 K (consensus 250,000), and the Department of Labor reported 234,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 254,500 (reported last week as 254,250) to 250,000. The rolling averages generally have been equal to or under 300,000 since August 2014.

Economic Report: Initial jobless claims drop 25,000 to 234,000

The number of Americans who applied for unemployment benefits near the end of February fell by 19,000 to 223,000, setting a fresh postrecession low and illustrating the strength of the U.S. labor market.

Market Extra: Trump's meeting with China's Xi could have a lasting impact on the dollar

The leaders of the world's two largest economies will meet for the first time later this week. And the outcome of their talks could have longstanding ramifications for two of the world's most important currencies.

This is how many U.S. jobs robots will create over the next 10 years

But will enough jobs be created to overcome the massive employment losses?

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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