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01Jun2017 Market Update: Wall Street Setting New Highs As Investors Believe The Economy Is Regaining Speed, Crude Prices Up, Gold Remains Lower

Written by Gary

US stock markets trended higher with the SP 500 and Nasdaq setting new historic high marks as investors looked to the monthly employment data on Friday. US factory activity ticked up after slowing for two straight months and private employers stepped up hiring.


Here is the current market situation from CNN Money

North and South American markets are higher today with shares in Mexico leading the region. The IPC is up 0.56% while U.S.'s S&P 500 is up 0.51% and Brazil's Bovespa is up 0.47%.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. higher as strong private jobs data boosts confidence

(Reuters) - U.S. stocks trimmed gains but remained higher on Thursday as investors turned their focus to the monthly employment data on Friday, after better-than-expected private sector hiring pointed to strength in the labor market.

U.S. factory activity edges up; private payrolls surge

WASHINGTON (Reuters) - U.S. factory activity ticked up in May after slowing for two straight months and private employers stepped up hiring, suggesting the economy is regaining speed after struggling at the start of the year.

'Axis of love': Saudi-Russia detente heralds new oil order

MOSCOW (Reuters) - A meeting between the two men who run Russia and Saudi Arabia's oil empires spoke volumes about the new relationship between the energy superpowers.

FINRA suspends ex-Morgan Stanley trader for Venezuelan bond deals

(Reuters) - The Financial Industry Regulatory Authority (FINRA) said on Thursday it barred John Batista Bocchino, a former Morgan Stanley representative, for concealing around $190 million in Venezuelan bond trades from the firm, which had restricted such trading.

Detroit, investors cheer flat May U.S. auto sales

DETROIT(Reuters) - U.S. automakers on Thursday reported flat May sales after two months of declines, and that was enough for investors to bid up shares of General Motors Co and Ford Motor Co .

Exclusive: EU aims to fine Google on shopping case before August - sources

BRUSSELS (Reuters) - EU antitrust regulators aim to slap a hefty fine on Alphabet unit Google over its shopping service before the summer break in August, two people familiar with the matter said.

U.S. judge lets investor diesel lawsuit against Daimler proceed

WASHINGTON (Reuters) - A federal judge in California will allow a U.S. investor class action lawsuit against Daimler AG and several senior executives to proceed over allegations the company did not disclose excess emissions.

Boeing scraps Canada jet announcement after defense minister blast

OTTAWA (Reuters) - Boeing Co on Thursday scrapped an announcement about the fighter jets it hopes to sell to Canada, a day after the country's defense minister objected to the firm's behavior in a trade dispute against Canadian planemaker Bombardier Inc

Investor groups ask for Renault-Nissan governance investigation

PARIS (Reuters) - Three shareholder activist groups have asked the French market regulator to investigate Renault-Nissan boss Carlos Ghosn's potential conflicts of interest and possible breaches of governance by the carmaking alliance.

The Bilderberg 2017 Agenda: "The Trump Administration - A Progress Report"

Every year, the world's richest and most powerful business executives, bankers, media heads and politicians sit down in some luxurious and heavily guarded venue, and discuss how to shape the world in a way that maximizes profits for all involved, while perpetuating a status quo that has been highly beneficial for a select few, even if it means the ongoing destruction of the middle class. We are talking, of course, about the annual, and always secretive, Bilderberg meeting.

And just like last year's meeting in Dresden, the primary topic on the agenda of this year's 65th Bilderberg Meeting which starts today and ends on Sunday, is one: Donald Trump.

Ironically, this year "the storm around Donald Trump" as the SCMP puts it, is not half way around the world, but just a few miles west of the White House, in a conference centre in Chantilly, Virginia, where the embattled president will be getting his end-of-term grades from the people whose opinion actually matters: some 130 participating "Bilderbergs".

The secretive three-day summit of the political and economic elite kicks off Thursday in heavily guarded seclusion at the Westfields Marriot, a luxury hotel a short distance from the Oval Office.

As of Wednesday, the hotel was already on lockdown and an army of landscapers have b ...

Goldman's Advice To OPEC: Be More Like The Federal Reserve

Over the past year, as OPEC developed the unpleasant habit of jawboning the price of oil higher on nothing but flashing red headlines, targeting headline scanning algos, many compared the oil-producing cartel to another familiar institution whose core mandate is higher asset prices: the Federal Reserve. However, the similarities are not enough, and according to Goldman's chief energy analyst Jeffrey Currie, OPEC should learn from the U.S. Federal Reserve and do more to explain its long-term oil-output policies instead of just focusing on short-term goals.

The phrase Goldman is referring to is "forward guidance", something the Fed has tried (and failed at) for years, in hopes of managing market expectations. The need for such forward guidance, which has long been a staple of comments from central bankers, should be evident to the oil producers' group after prices slumped last week following its ministerial meeting in Vienna, said Currie, the bank's head of commodities research, according to Bloomberg.

As he explained last week after the disappointing OPEC meeting, Currie once again lamented that "OPEC didn't provide the market with an exit strategy," and added that "while they discussed the near-term strategy of reducing and normalizing inventories, they failed to be very aggressive in explaining their exit strategy."

As a reminder, after last week's deal announcement which saw oil production cuts extended into Q1 2017, Brent fell 4.6% amid concerns about whether the curbs would prove effective and how they would be phased out after March 2018. A main reason for the skepticism about OPEC's effectiveness has been the resurgence of shale oil in the U.S., which threatens to blunt the impact of the group's cuts. A clearer signal that the group intends to expand it ...

It's Official: Comey To Testify Next Thursday, June 8

We already know the topic, and now we know the time and place: according to just released statement by the Senate Intel Committee, former FBI Director James Comey will testify in an open session next Thursday, June 8, starting at 10:00 am, which will be followed by a closed session testimony at 1pm.

Recall, that as CNN reported yesterday, the former FBI director plans to testify publicly that President Donald Trump "did push Comey to end his investigation into a top Trump aide's ties to Russia."

When he testifies, Comey is unlikely to be willing to discuss in any detail the FBI's investigation into the charges of possible collusion between Russia and the Trump campaign -- the centerpiece of the probe, this source said. But he appears eager to discuss his tense interactions with Trump before his firing, which have now spurred allegations that the president may have tried to obstruct the investigation. If it happens, Comey's public testimony promises to be a dramatic chapter in the months-long controversy, and it will likely bring even more intense scrutiny to an investigation that Trump has repeatedly denounced as a "witch hunt."

As the CNN sources concluded, "the bottom line is he's going to testify. He's happy to testify, and he's happy to cooperate." We doubt Donald Trump will share Comey's sentiment.

Why Do Half-Measures Work For Markets, But Not For Socialism?

Authored by Ryan McMaken via The Mises Institute,

Socialists have attempted many times to put their ideology into action. Socialism has been applied in the Soviet Union, Cuba, China (before Deng), North Korea, and by many other less-famous regimes.

In each case, the result has been economic impoverishment and political authoritarianism.

But the die-hard socialists refuse to give up. "Don't judge communism based on these results, " we're told. "Socialism has simply never really been tried."

Socialism Doesn't Work Unless It's Pure Socialism

Indeed, in a recent back-and-forth between John Stossel and Noam Chomsky, Chomsky denied that the Venezuelan regime is socialist at all:

I never described Chavez's state capitalist government as 'socialist' or even hinted at such an absurdity. It was quite remote from socialism. Private capitalism remained ... Capitalists were free to undermine the economy in all sorts of ways, like massive export of capital.

The thinking goes that socialism cannot work unless it progresses all the way to "full socialism." No partial effort will suffice, we are told, and socialism keeps failing because the some elements of "private capitalism" remained.

So long as any aspect of a state is not full-on socialism, the thinking goes, then the regime is not really socialist. Moreover, the failure of the regime's socialist policies — such ...

Yuan Rally Doesn't Have Far to Run

Chinese capital outflows have quietly gained steam again in recent weeks and a more hawkish-than-expected Fed could add fuel to the fire. China's central bank is taking pre-emptive action.

Hewlett-Packard Darkened by Microsoft's Cloud

For the second consecutive quarter, the enterprise technology half of Hewlett-Packard's former empire has reported a sharp drop in server revenue. The main culprit, according to the company, is a "single Tier 1 customer" sharply reducing its spending. Several analysts believe that customer as Microsoft.

Buy the Bank Trading Dip

J.P. Morgan Chase and Bank of America may see a slight decline in second-quarter trading revenue, but investors shouldn't panic.

April 2017 Headline Construction Spending Growth Slows

Written by Steven Hansen

The headlines say construction spending was down and below expectations. I consider this a relatively good report.

May 2017 Manufacturing Survey Growth Mixed

Written by Steven Hansen

The ISM Manufacturing survey marginally improved and remained in expansion. The key internals were mixed but in expansion. The Markit PMI manufacturing Index, also released today, is in positive territory and marginally declined.

Cancer drug prices could double or triple thanks to this popular but unproven drug trend

There are nearly 800 immuno-oncology combination trials today, up from around 200 in 2015.

Europe Markets: European stocks close with gains, breaking 5-day skid with oil's rally, U.K. vote in focus

European stocks advance on Thursday, breaking a five-day losing streak as investors welcome a rally in oil prices and continue to follow developments in the U.K. election campaign.

Stressed retailers like J. Crew are doing something unusual to manage debt

Secured lenders are being put at risk of losses by stressed retailers, including J. Crew, that are using a rare move to manage debt.

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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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