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02Jun2017 Market Update: Wall Street Posts New Historic Highs, US Job Growth Slowed, Eleven Rigs Added, Crude Prices And The US Dollar Remain Low

Written by Gary

US stocks eked out record highs today but gains were limited as data showed job growth slowed in May, suggesting that a bounce in the labor market was losing steam.


Here is the current market situation from CNN Money

North and South American markets are higher today with shares in U.S. leading the region. The S&P 500 is up 0.28% while Brazil's Bovespa is up 0.25% and Mexico's IPC is up 0.08%.

Traders Corner - Health of the Market

Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. at record levels despite tepid jobs report

(Reuters) - U.S. stocks eked out record highs on Friday but gains were limited as data showed job growth slowed in May, suggesting that a bounce in the labor market was losing steam.

U.S. job growth slows; unemployment rate drops to 4.3 percent

WASHINGTON (Reuters) - U.S. job growth slowed in May and employment gains in the prior two months were not as strong as previously reported, suggesting the labor market was losing momentum despite the unemployment rate falling to a 16-year low of 4.3 percent.

Linde turns to winning over investors to Praxair merger

MUNICH (Reuters) - German industrial gases company Linde turned its attention on Friday to winning over investors to its planned $75 billion merger with U.S. peer Praxair , a task that Chairman Wolfgang Reitzle said was not straightforward.

Trade rivals have limited armory as U.S. quits climate deal

LONDON (Reuters) - Washington's withdrawal from a global pact on climate change might give U.S exports a competitive advantage but supporters of the deal will struggle to respond with any carbon tariffs due to the complexity of keeping them within international trade rules.

Morgan Stanley shuffles wealth management unit

(Reuters) - Morgan Stanley has shuffled its wealth unit, eliminating a layer of management and promoting two key executives, according to a memo reviewed by Reuters on Friday.

Akzo responds to PPG approach after takeover battle ends

AMSTERDAM (Reuters) - Akzo Nobel, the Dutch paint maker that rejected a 26.3 billion-euro ($29.6 billion) takeover proposal from U.S. rival PPG Industries , has sent PPG a letter shortly after its suitor walked away, detailing its objections to doing a deal.

Lawsuit accusing Whole Foods of overcharging is revived: U.S. appeals court

NEW YORK (Reuters) - A federal appeals court on Friday ordered Whole Foods Market Inc to face a proposed class-action lawsuit accusing it of overcharging shoppers in New York City by overstating the weight of pre-packaged food in its supermarkets.

Daimler says U.S. expansion not linked to Trump's trade campaign

RASTATT, Germany (Reuters) - German car and truck manufacturer Daimler said its plans to expand manufacturing at a plant in Alabama predates U.S. President Donald Trump's efforts to protect U.S. jobs.

NY prosecutor says Exxon misled investors on climate change

NEW YORK (Reuters) - New York's top prosecutor on Friday accused Exxon Mobil of misleading investors about how it accounts for climate change risks, court filings show, increasing pressure on the company to turn over documents.

Over The Last 10 Years The US Economy Has Grown At Exactly The Same Rate As It Did During The 1930s

Authored by Michael Snyder via The Economic Collapse blog,

Even though I write about our ongoing long-term economic collapse every day, I didn't realize that things were this bad. In this article, I am going to show you that the average rate of growth for the U.S. economy over the past 10 years is exactly equal to the average rate that the U.S. economy grew during the 1930s. Perhaps this fact shouldn't be that surprising, because we already knew that Barack Obama was the only president in the entire history of the United States not to have a single year when the economy grew by at least 3 percent. Of course the mainstream media continues to push the perception that the U.S. economy is in "recovery mode", but the truth is that this current era has far more in common with the Great Depression than it does with times of great economic prosperity.

Earlier today I came across an article about President Trump's new budget from Fox News, and in this article the author makes a startling claim...

Spain's Sixth Largest Bank Crashes Most In 28 Years On Liquidation Fears

Even as attention has turned once again to Italy as the next possible source of European financial contagion, Spain's sixth largest bank has found itself in freefall over the past few days as concerns grow that the bank may be liquidated unless a last-minute buyer, or source of capital, emerges. In addition to the shares of Banco Popular crashing as much as 27%, the biggest intraday drop since 1989, its perpetual bonds have likewise been in freefall mode as investors liquidate securities which "they do not want to hold going into the weekend", according to Ignacio Cantos, of ATL Capital in Madrid, quoted by Bloomberg.

The latest twist in the ongoing saga of the bad debt-saddled Spanish bank was revealed yesterday, when El Confidencial reported that Banco Popular asked Deutsche Bank to come up with a plan for the troubled Spanish lender to raise capital after its previous adviser Morgan Stanley resigned. The paper reported that Popular was testing investor appetite for a capital increase of between 4 billion and 5 billion if its plans to find a merger partner or buyer fail. So far nobody has stepped up to throw more good money after bad.

Earlier in the week, the European banking watchdog, the Single Resolution Board (SRB), warned European Union officials that Popular may need to be liquidated, or bailed-in, if it fails to find a buyer, according to Reuters.

The underlying problem with Popular, as with most European banks, is familiar: the bank has been unable to sell 37 billion of soured property loans fast enough, and is racing to find a partner after Spain's Economy M ...

If Jobs are Plentiful, How Come No One is Getting a Raise?

The unemployment rate keeps grinding lower, which normally results in rapidly rising wages as companies struggle to find workers. So far, it hasn't.

China Is a Highly Suspect Leader on Climate Change

The world's largest carbon emitter is now titular leader of the Paris accord's climate efforts—but until China fixes distortions in its power sector, foreigners will find profit opportunities limited.

Plenty Can Go Right for Bristol-Myers

Last year's cancer drug darling is this year's value stock.

April 2017 Trade Balance Degraded

Written by Steven Hansen

Trade data headlines show the trade balance degraded from last month. Our analysis paints an soft picture for trade using the rolling averages.

MarketWatch First Take: Blue Apron IPO to test Wall Street's appetite for 'lazy' people's favorite tech startups

Blue Apron Inc., the subscription-based meal kit delivery company, will test Wall Street's appetite for unicorn companies that offer monthly services designed for lazy consumers.

Project Syndicate: How to punish Trump: The world could impose a carbon tax on the U.S.

It might be the only way to get him to reverse course on climate change. By Joseph E. Stiglitz.

The Wall Street Journal: Venezuela bond trade not reviewed by Goldman Sachs standards panel

The trade didn't reach Goldman's firmwide standards committee, which often vets deals that carry potential blowback, according to people familiar with the matter.

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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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