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22May2017 Pre-Market Commentary: World Markets Mixed, USA Scheduled To Open Strong

Written by Gary

Personally I believe this will be an interesting week. Both positive and negative dynamics are in play with commodities generally rising. The markets likely will likely be muted until the FOMC minutes release later this week.


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 0.74% while London's FTSE 100 is up 0.54% and Germany's DAX is up 0.14%.

What Is Moving the Markets

Here are the headlines moving the markets.

Ford to fire CEO Fields as challenges mount: sources

PARIS/DETROIT (Reuters) - Ford Motor Co. is set to replace Chief Executive Mark Fields with James Hackett, the head of its mobility arm, company sources said, responding to growing investor unease over the U.S. carmaker's stock performance and prospects.

China slaps import duties on sugar; experts question impact

BEIJING (Reuters) - China said on Monday it will impose hefty penalties on sugar imports after lobbying by domestic mills, but experts said the ruling may not go far enough to stem the flow of lower-priced sweetener into the world's top importer.

Ahead of Exxon's annual meeting, climate activists gain ground

BOSTON (Reuters) - Shareholder activists focused on climate issues are gaining traction in their push to have large energy companies and utilities take account of the impact rising global temperatures could have on their businesses.

Europe stutters as political rumblings return

LONDON (Reuters) - European shares, the euro and the pound all stumbled on Monday as rumblings in Spain, Britain and Brussels reminded investors that the region still has plenty of political uncertainty left in the tank.

Shareholders take Akzo Nobel to court to oust Chairman Burgmans

AMSTERDAM (Reuters) - Akzo Nobel shareholders angered by the Dulux owner's rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries took their fight to an Amsterdam court on Monday.

Long seen as partners, Huntsman and Clariant seal $14 billion merger

ZURICH/FRANKFURT (Reuters) - U.S.-based Huntsman Corp and Swiss Clariant AG are combining to create a chemical manufacturer with a market value of over than $14 billion, the deal coming together after years of tentative mutual approaches.

Exclusive: Barclays to hire 100 staff in private banking push

LONDON (Reuters) - Barclays will hire 100 new staff in its private bank as it launches its second attempt in the last seven years to win more business from wealthy clients, a source with direct knowledge of the plans told Reuters.

Bitcoin options exchange raises $11.4 million in funding

NEW YORK (Reuters) - Ledger Holdings, the New York-based parent company of bitcoin options exchange LedgerX, said on Monday it closed $11.4 million in funding led by Miami International Holdings Inc and China's Huiyin Blockchain Venture Investments.

Chinese regulator approves VW-JAC Motor electric car venture

BEIJING (Reuters) - Germany's Volkswagen AG and Anhui Jianghuai Automobile Group (JAC Motor) have received approval from Chinese regulators to form a joint venture to make electric vehicles, the two automakers said on Monday.

Frontrunning: May 22



Trump Arrives in Israel, May Show His Cards on the Peace Process (BBG)

Taxes, Budget Are Focus for White House Despite Probes (WSJ)

Paul Manafort's Lucrative Ukraine Years Are Central to the Russia Probe (BBG)

Ford set to fire CEO Mark Fields as shares founder (Reuters)

Producers Set to Extend Cuts as Rally Stalls: OPEC Reality Check (BBG)

Times Square Driver Says He Tried to Get Mental Help (BBG)

America's Cities Are Running Out of Room (BBG)

Here's Why the Fed Will Stay Central to Markets (WSJ)

Commodity Traders Have a Really Big Problem (BBG)

The Quants Run Wall Street Now (WSJ)

Huntsman, Clariant Agree to Merge, Creating $14 Billion Chemicals Giant (WSJ)

EU Discusses Brexit Position as U.K. Threate ...

Gold Has "Decisive Turn Around" - "Next Stop Is $1,300 Or Higher" - Rickards

Gold Has "Decisive Turn Around" - "Next Stop Is $1,300 Or Higher"
James Rickards via Daily Reckoning

But the most important development this week may be the one you never heard about on the news or the internet.

On May 10, gold launched a decisive turnaround from its most recent decline.

This kept intact the pattern I've been writing about for weeks of "higher highs, and higher lows" as every retreat finds a footing higher than the one before and each new high reaches new, higher ground.

Bill Blain: "My Prediction Is That Around October 12 Markets Will Get Horribly Interesting"

By Bill Blain of Mint Partners

Mint - Blain's Morning Porridge - May 22nd 2017

"The most dangerous four little words for a prime minister: "Doesn't she look tired?""

Last week was dominated by Trump news flow. What initially felt like a major market wobble quickly reversed itself and we ended the week basically unchanged.. or "Unched" as the Facebook generation now like to say...

Fundamentals triumphed over the political shenanigans. What does that really tell us? The market was overly nervous, the bearish doomsayers are wrong... or is the bulls are too certain of themselves? Are stocks really so undervalued they justify further upside? Lots of people obviously think so and are ready to buy the dips. And that is basically the core of the current market.

...

Asia Jumps, Europe Stutters As Political Rumblings Return; Oil Nears $51

Global stocks were mixed to start the week, with Asian stocks higher, European stocks initially advancing then fading gains, while S&P futures are little changed after the biggest weekly drop since April (which for those keeping record was -0.4%). European shares, the euro and the pound all stumbled on Monday as rumblings in Spain, Britain and Brussels reminded investors that the region still has plenty of political uncertainty left in the tank.

Oil continued to rise amid short covering and the latest round of "pricing in" that cuts to crude supplies will be extended by up to 9 months when OPEC meets on Thursday. The pound initially fell as the UK threatened to quit talks on its departure from the European Union, however it has since regains most of the overnight losses.

In early trading, a one-month high for oil and bounce in the dollar triggered Asia's best session in weeks overnight but Europe struggled to maintain the momentum early on. Most Asian stocks and currencies benefitted from positive risk appetite with sentiment buoyed by Wall Street gains and the Indonesia upgrade which has sent local stocks on their best 2-day rally this year.

Indonesian stocks on track for best 2 days this year. S&P upgrades country to investment grade. Equities feel the love pic.twitter.com/ksWWW8NFO2

— David Ingles (@DavidInglesTV) May 22, 2017

A rally in Tencent Holdings Ltd. helped send Hong Kong shares back toward a 22-month high. The Hang Seng China Enterprises Index jumped 1 percent while the Shanghai Composite slipped 0.5 percent. Japan's Topix rose 0.5 percent. The Kospi and won rally despite yet another North Korean missile test on Sunday, which however has now faded largely into the backgr ...

Reform Can't Come Soon Enough for China's Oil Giants

China's state oil firms have long labored under high labor costs and price controls that depress returns. A new reform plan could change that—but only if China makes some tough choices, and quickly.

Baidu Falls Behind in Race to be China's Netflix

Baidu could miss out as Chinese tech majors try to build up their online video content.

Big Tech's Not-So-Easy Money

Repatriating huge stockpiles of offshore cash looks less likely, given tumult in Washington. But investors in Big Tech shouldn't need to bank on it.

Labor Force Experiences Of Recent Veterans

from the Congressional Budget Office

From 2008 to 2015, male veterans ages 22 to 44 who left active-duty service after September 2001 had experiences in the labor market similar to those of civilian men, although the youngest veterans had somewhat higher unemployment rates.

Conflict's Legacy For Growth

from the International Monetary Fund

Conflict has been on the rise since the early 2000s given the wars in Afghanistan, Iraq, and Syria.

Currencies: Pound declines after shift in U.K. election polls; euro climbs

The U.S. dollar moved higher against the pound Monday, with the British currency under pressure after a big lead by the Conservative Party in polls has been cut down heading into next month's U.K. general election.

J.C. Penney, Gymboree and J. Crew at risk -- and it's not all Amazon's fault

The bloodletting in the retail sector is expected to create a wave of bankruptcies, debt restructurings and defaults in the next 12 months.

Commodities Corner: 4 potential outcomes for OPEC's crucial meeting

Saudi Arabia will have Saudi Aramco's IPO in mind as OPEC makes its decision on whether to extend its production-cut deal beyond its June expiration.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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