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26May2017 Pre-Market Commentary: Wall Street Set To Open Fractionally Lower, Crude Oil Stabilizes After Yesterday's Plunge, US Dollar Trending Higher

Written by Gary

US stock market future indexes are pointing to a lower opening (SPY -0.2%) after tallying a sixth straight gain yesterday. Most European and Asian markets are slightly lower. Some of the sharpest moves are in the currencies.


Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.14%, while the CAC 40 is leading the DAX lower. They are down 0.77% and 0.41% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Oil prices see-saw, sterling hit as May's lead shrinks

LONDON (Reuters) - Oil prices see-sawed on Friday after OPEC extended cuts in oil production but disappointed investors by not going further, while sterling slid after a poll showed the ruling Conservatives' lead shrinking two weeks before an election.

China's reforms not enough to arrest mounting debt: Moody's

BEIJING (Reuters) - China's structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody's said.

Oil edges up after dip on disappointing OPEC meeting outcome

LONDON (Reuters) - Oil prices edged back up on Friday after a 5 percent fall in the previous session on disappointment that an OPEC-led decision to extend current production curbs did not go deeper.

U.S. inflation path since 2012 is worrisome, policymaker says

TOKYO (Reuters) - The current level of U.S. prices is noticeably lower than what it would be if the Federal Reserve had delivered on its 2-percent inflation target, St. Louis Federal Reserve President James Bullard said, calling the trend "worrisome."

Linde board to vote on Praxair merger on June 1: sources

MUNICH (Reuters) - German industrial gases group Linde's supervisory board is due to vote on a merger agreement with U.S. peer Praxair on June 1, two people close to the matter told Reuters on Friday.

Exclusive: Fidelity may back climate resolutions, a milestone for activists

BOSTON (Reuters) - Fidelity Investments may support shareholder proxy proposals calling on companies to report on sustainability matters this year, a major shift by the Boston asset manager as climate activists gain more traction at large U.S. corporations.

California says VW clean car spending plan has shortcomings

SAN FRANCISCO (Reuters) - California regulators said Volkswagen AG's spending plan on clean vehicle infrastructure had shortcomings and that it lacked details on how it would help disadvantaged communities as well as promote hydrogen fuel cell technology.

Japan's big insurers expand their appetites for U.S. Treasuries

TOKYO (Reuters) - Big Japanese life insurers, who are major bond investors globally, are primarily focusing on U.S. bonds while staying cautious on European bonds, earning reports and comments from industry executives show.

Stuttgart prosecutor targets Bosch in Daimler diesel investigation

FRANKFURT (Reuters) - German prosecutors investigating whether carmaker Daimler manipulated emission tests on its diesel cars are looking at whether auto components supplier Bosch [ROBG.UL] was involved in the alleged fraud, it was confirmed on Friday.

Free Money: Mark Zuckerberg Says All Americans Should Get A 'Universal Basic Income'

Authored by Michael Snyder via The Economic Collapse blog,

Should everyone in America receive a "basic income" directly from the federal government? Considering the fact that we are already 20 trillion dollars in debt, such a concept may sound quite foolish to many of you, but this is an idea that is really starting to gain traction in leftist circles. In fact, Facebook CEO Mark Zuckerberg suggested that this was something that we should "explore" during the commencement speech that he just delivered at Harvard. For quite a while it has been obvious that Zuckerberg is very strongly considering a run for the presidency in 2020, but up until just recently we haven't had many clues about where he would stand on particular issues. If he is serious about proposing a universal basic income for all Americans, that would make Zuckerberg very appealing to the far left voters that flocked to the Bernie Sanders campaign.

Yesterday, I discussed the fact that the number of Americans that are receiving money from the government each month has reached an all-time high, but Zuckerberg would take things much farther. According to Zuckerberg, society would b ...

Frontrunning: May 26



Trump's first G7 expected to be 'challenging' (Reuters); Trump Saves Worst for Last on Foreign Trip (BBG)

Trump Blasts German Carmakers' U.S. Sales and Threatens Barriers (BBG)

Trump directly scolds NATO allies, says they owe 'massive' sums (Reuters)

Trump Likely to Maintain Obama's Russia Sanctions (WSJ)

Juncker says Trump was not aggressive on German trade surplus (Reuters)

Republican wins Montana special election despite assault charge (Reuters)

China Considers Changing Yuan Fixing Formula to Curb Swings (BBG)

China Exerts More Control Over Its Currency With Tweak to Yuan Fix (WSJ)

China's teapot refiners set to slow crude imports as tanks overflow (Reuters)

China's reforms not enough to arrest mounting debt: Moody's (Reuters)

China central bank denies reports it to ...

Wall Street Throws Up On OPEC: Barclays Sees "No Light At The End Of The Tunnel"; MS Cuts WTI Price Target

Oil bulls were unhappy with yesterday's OPEC announcement, which disappointed by adding nothing to the 9 month supply cut extension announcement which had already been leaked and largely priced in while leaving key questions unanswered, including what it has planned for the long-term.

The broader Wall Street commentary was similarly downbeat: "To say that yesterday's performance was disappointing for bulls is an understatement," Tamas Varga, analyst at PVM Oil Associates wrote in an emailed report. "It is, however, not a foregone conclusion that the trend is definitely turning. The question now is whether yesterday's sharp drop in oil prices was a panic long-liquidation or the technical picture is now firmly turning bearish."

Barclay's analyst Michael Cohen captured the mood best with a note overnight titled "No light at the end of the tunnel:, in which he writes that "OPEC and several non-OPEC countries finalized plans to extend production cuts for an additional nine months (through Q1 2018) without specifically articulating an exit strategy. During the press conference, Saudi Energy Minister Khalid Al-Falih expressed confidence in the plan to extend the cuts through Q1 2018, saying that inventories would fall below the five-year average before year-end, but cuts should remain in place during Q1 2018 due to seasonal demand weakness, which we highlighted yesterday (OPEC's Vienna Meeting: Intermission, May 24, 2017). By our calculations, if half of the supply deficit is applied to OECD stocks, we do not see the inventory level approaching the five-year average by this timeframe."

This is exactly what we warned about in "The Math Behind OPEC's Revised Production Cut Still Does Not Work."

Below we excerpt some other of the key highlights f ...

Silver Bullion In Secret Bull Market

Silver Bullion In Secret Bull Market

by Sean Broderick of Uncommon Wisdom Daily

Do you think silver is poised to go higher?

I sure do. That's because I'm watching what is going on in the world's silver ETFs. I'm also watching the mountain of forces that are piling up to push the metal higher.

Look at this chart. It shows all the metal held by the world's physical silver ETFs (black line). And all the metal held by the world's physical gold ETFs (blue line) ...

...

Canada's Banks Can't Dodge Housing Risks Forever

Risks to Canadian banks from the country's housing bubble should not be overstated, but are very real.

Why Americans Aren't Hitting the Road This Summer

This weekend marks the beginning of summer driving season, and Americans should be packing up and hitting the road. Why aren't they? Americans are driving less than expected and economists are struggling to explain why.

Japan's Good Times Can't Lift Dour Mind-Set

The nascent comeback of inflation in Japan looks to be gaining steam—but most Japanese, including its central bankers, seem unconvinced.

Economic Report: Economy wasn't as bad as it looked in first quarter, GDP shows

Turns out the U.S. economy wasn't totally asleep in the first three months of 2017: the government raised the growth rate to 1.2% from its original 0.7% estimate.

Economic Report: Orders for durable goods fall to 5-month low

Orders for long-lasting goods such as planes and appliances fell in April for the first time in five months, suggesting that a resurgent U.S. manufacturing industry has cooled off a bit.

Market Snapshot: Stocks set to snap multiday rally, ahead of Memorial Day weekend

U.S. stocks were poised for a slightly weaker start the open on Friday, ahead of data including durable goods and a long holiday weekend that could keep some investors on the sidelines.

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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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