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06Jun2017 Pre-Market Commentary: Wall Street Remains Near Its All-time Highs But Will Open Lower, Gold Higher, Crude Prices Languishing And Volatile

Written by Gary

US stock market index futures point to a moderately lower opening (SPY -0.2%). Rising tensions in the Middle East, James Comey, British elections and an ECB meeting this week, all are taking their toll on stocks, oil and the dollar.


Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.95% while France's CAC 40 is off 0.65% and London's FTSE 100 is lower by 0.20%.

Futures point to a lower open as Street reacts to Middle East tensions

Today's Markets

In Asia, Japan -1%. Hong Kong +0.5%. China +0.4%. India -0.4%.
In Europe, at midday, London flat. Paris -0.5%. Frankfurt -0.8%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.1%. Crude -0.4% to $47.21. Gold +0.9% to $1294.50.
Ten-year Treasury Yield -3 bps to 2.15%

Today's Economic Calendar

8:30 Gallup US ECI
8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey

Companies reporting earnings today »

What Is Moving the Markets

Here are the headlines moving the markets.

Investors flee to gold, German bonds as political worries rise

LONDON (Reuters) - World stocks fell while safe-haven gold and German government bonds were in demand on Tuesday as tension in the Middle East, an election in Britain and upcoming testimony from the former head of the FBI pushed investors away from risky assets.

Amazon-Apple TV deal shows tough road to cooperation for tech rivals

SAN FRANCISCO, (Reuters) - A deal bringing Amazon Prime Video to Apple TV, announced on Monday at Apple Inc's developer conference after years of talk, shows how competitive tensions among Silicon Valley titans can stand in the way of serving customers.

RBS settles landmark lawsuit over 2008 cash call: sources

LONDON (Reuters) - Royal Bank of Scotland has reached an out-of-court deal to settle a costly and embarrassing lawsuit alleging it misled investors during a 12 billion pound ($16 billion) cash call launched just before its near collapse in 2008, sources said.

Toshiba shares rise on report Broadcom chosen as chip unit buyer

TOKYO (Reuters) - Shares in Toshiba Corp rose as much as 4 percent in early Tuesday trading after Asahi newspaper reported it is considering giving U.S. chipmaker Broadcom Ltd the exclusive rights to negotiate to buy its prized chip unit.

U.S., Mexico to make statement on Tuesday after sugar talks

WASHINGTON (Reuters) - U.S. and Mexican officials planned an announcement on sugar trade on Tuesday after talks went into overtime this week as negotiators grappled with last-minute U.S. industry demands.

U.S. small businesses to lobby Congress to oppose border tax

WASHINGTON (Reuters) - About 60 small business owners and a representative from retailer Big Lots will hold meetings with members of Congress this week in an effort to oppose a proposed 'border adjustment tax', organizers said.

Oil slips on worries Mideast rift could undermine OPEC cuts

LONDON (Reuters) - Oil prices slipped further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by OPEC to tighten the market.

EU to investigate distribution practices of clothing group Guess

BRUSSELS (Reuters) - The European Commission said on Tuesday it would open a formal investigation into clothing group Guess , saying it suspected the company of banning retailers from selling its products across the EU's national borders.

Apple debuts HomePod speaker to bring Siri into the living room

SAN JOSE, Calif. (Reuters) - Apple Inc on Monday introduced the HomePod, a voice-controlled speaker that can make music suggestions and adjust home temperatures, taking aim at Amazon.com Inc's Alexa feature and Echo devices.

NSA Leaker 'Reality Winner' Feels Like A Ham-Handed PsyOp

So much doesn't add up about Reality Winner...

The 25 year 0ld former US Air Force #NeverTrumper (born Sarah Winner) with a top secret security clearance and a very public anti-Trump presence on Social Media gets a job with NSA contractor Pluribus International and starts work in a Georgia NSA facility February 13th.

May 5th - the date the leaked document was allegedly created, detailing what the NSA claims are the results of an investigation into Russian election hacking based on new information received in April. The report is weak sauce - spend 5 minutes and read it... There is zero evidence of Russian hacking or influence - only a thinly supported narrative about an alleged spear phishing campaign and it's potential victims.

On May 9th, four days later - Winner printed, removed, and snail mailed this top secret classified intel which offerings absolutely zero proof to support it's claims to The Intercept.

May 30th - The Intercept contacts a 'government agency' to let them know about the documents mailed to them by the rogue NSA contractor. The online magazine then proceeds to throw Winner under the bus by giving the NSA / F ...

Russia Scrambles Fighter Jet To Intercept US B-52 Bomber Over Baltic Sea

One month after the US intercepted on several occasions Russian tactical bombers flying in proximity to Alaska, overnight Russia returned the favor when a Russian Su-27 fighter jet was scrambled to intercept a US B-52 strategic bomber over the Baltic Sea as the American warplane was flying along the Russian border, the Russian Defense Ministry reported.

The ministry statement said that Russia's air force detected the aircraft on Tuesday morning at around 7:00 GMT. The Su-27 of the Russian Baltic Fleet was deployed in response and shadowed the American aircraft after identifying it, as the bomber was flying in neutral airspace over the Baltic Sea along the border, Russia's RIA said quoted by Reuters. After the American warplane left the airspace near Russia, the Su-27 returned to its base of deployment, the statement said.

The latest interception comes amid ongoing NATO training exercises near the Russian border. The Northern Atlantic defense block is currently conducting one of the biggest drills this year in Romania, with another to take place in Estonia. The alliance claims it is necessary to build confidence among member states in Eastern Europe and the Baltic in the face of the alleged threat from Russia.

Moscow has repeatedly criticized what it sees as growing "anti-Russia hysteria" in Europe and considers the military build-up near its borders a threat to its national security. It has accused NATO of fearmongering to justify bigger defense spending by allies. NAT ...

Deposit Bail In Risk as Spanish Bank's Stocks and Bonds Crash

Deposit Bail In Risk as Spanish Bank's Stocks and Bonds Crash

- Deposit bail in risk as stocks and bonds of Spanish bank - Banco Popular - crash

- Banco Popular stock crashes most on record - down 63% this year to 34 euro cents

- Spanish bank tells employees - "Don't panic"

- Risk of Spanish banking crisis as Banco Popular credit curve inverts

- Banco Popular needs to find at least 4 billion more capital - analysts

- Deposits over 100,000 (euro) vulnerable to bail-in

- EU, U.S., UK push for bank 'bail-ins' poses risks to depositors

Bond Yields Tumble To 2017 Lows After China Said "Ready To Buy More US Treasuries"

Confirming what we reported two weeks ago, when we said that based on Treasury custody holdings at the NY Fed "foreign central banks have been quietly scooping up US treasurys", moments ago Bloomberg reported that China is prepared to increase its holdings of U.S. Treasuries "as officials judge the assets are becoming more attractive than other sovereign debt and as the yuan stabilizes."

Citing source, Bloomberg adds that Chinese policy makers expect that U.S. government debt will be more attractive compared with other countries' assets, and again confirming what we showed on May 25, adds that China has recently stopped reducing its holdings of U.S. bonds.

While the move is a reverasal to China's liquidation of US paper in 2016, when reduced its ownership of Treasuries by the most on record as it sought to defend a weakening yuan, it merely confirms recent trends observed in both the Treasury's TIC statement and custody holdings data. Bloomberg confirms as much, reporting that "China has since changed strategy, adding to its holdings in the two months through March."

Following the Bloomberg report, the 10Y Treasury yield dropped to a new YTD low of 2.136%, while the 5Y has slid to 2017 lows of 1.6909%.

For those who missed it, here are excerpts from our May 25 report titled "Foreign Central Banks Are Quietly Scooping Up US Treasurys", which previewed all that Bloomberg just ...

Apple's HomePod Cranks Up the Price

Apple has arguably perfected the art of the up-sell. That is good, as its new home speaker offering, called the HomePod, will test that ability.

Alibaba's Fight for Data

Alibaba's recent fight with a big delivery company shows how reliant it is on customer data.

How to Invest in the Hidden Value of Big Trucks

The car market is in the doldrums but trucks are the place to be. That should increase the pressure on Freightliner-owner Daimler and MAN-owner Volkswagen to unlock the value in their sizeable trucking units.

April 2017 CoreLogic Home Prices Year-over-Year Growth Rate Now 6.9%.

Written by Steven Hansen

CoreLogic's Home Price Index (HPI) shows that home prices in the USA are up 6.9 % year-over-year year-over-year (reported up 1.6 % month-over-month). Last month's 7.1 % year-over-year gain was revised downward to 6.4 %. CoreLogic HPI is used in the Federal Reserves' Flow of Funds to calculate the values of residential real estate.

Your 401(k): Four things to consider when you change jobs

When you terminate employment, you need to make important decisions regarding your retirement plan.

The Wall Street Journal: Pound's message to investors: Wake up and smell election reality

A jump in so-called one-week risk reversals in currency derivatives markets followed a shift in polls after weeks of calm in which it appeared the ruling Conservative Party was heading for a landslide victory in Thursday's election.

Encore: Here's one way to turn 401(k) assets into dependable retirement income

People are more likely to hoard their savings in retirement than spend.

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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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