econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



07Jun2017 Market Close: Wall Street Closes Higher, DOW Up 37 Points, WTI Crude Still Trending Downward, US Dollar Settles Quietly In The Mid 96 Level

Written by Gary

US stocks edged up this afternoon (SPY +0.2%) after written testimony from former FBI director James Comey did not include any big surprise about an investigation into Russian meddling with the U.S. presidential election.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street gains on Comey relief; energy down with crude

NEW YORK (Reuters) - U.S. stocks edged up on Wednesday on relief that written testimony from former FBI director James Comey did not include any big surprise about an investigation into Russian meddling with the U.S. presidential election.

Abu Dhabi port eases restrictions on oil tankers going to and from Qatar

SINGAPORE/DUBAI (Reuters) - Abu Dhabi port authorities have eased restrictions on oil tankers going to and from Qatar, according to industry sources and shipping circulars seen by Reuters on Wednesday.

Exclusive: Toshiba aims to name buyer of $18 billion chips business on June 15

TOKYO/SAN FRANCISCO (Reuters) - Toshiba Corp aims to name a winner for its prized semiconductor business next week, people familiar with the matter said on Wednesday, as a row with one of the bidders over the sale appeared to escalate.

Judge rules Uber must disclose key document in Waymo self-driving car case

SAN FRANCISCO (Reuters) - A magistrate judge has ruled that Uber Technologies Inc [UBER.UL] must hand over a key document that could shed light on what its executives knew about alleged theft of trade secrets from Alphabet Inc's Waymo self-driving car unit.

Boeing studies 'mild to wild' design for pivotal mid-market jet

CANCUN, Mexico (Reuters) - Boeing has looked at options "from mild to wild" for the design of a proposed mid-market jet, a senior executive said, hinting at a breakthrough that industry sources say will create building blocks for future models.

Ford offering short-term consumer auto leases through Canvas

DETROIT (Reuters) - Silicon Valley's latest mobility startup, a short-term vehicle leasing company called Canvas, is backed by old-school muscle: Ford Motor Credit Co, the dealer and consumer financing arm of U.S. automaker Ford Motor Co .

Low-cost airlines shake up market for long haul flights

CANCUN, Mexico (Reuters) - Low-cost, long-haul air travel has taken off across the Atlantic, shaking a club of major airlines meeting in Mexico this week and forcing established flag carriers to set up budget subsidiaries or lower fares.

Mylan defends chairman to ISS ahead of June 22 investor vote

(Reuters) - Mylan NV defended Chairman Robert Coury's role to ISS this week as the influential proxy firm prepares to advise shareholders on how they should vote on the re-election of Coury and other directors, according to a letter the drugmaker released on Wednesday.

Facebook launches features to connect U.S. users to elected officials

WASHINGTON (Reuters) - Facebook Inc announced a set of three new features on Wednesday intended to boost civic engagement among users in the United States on its platform by connecting them more easily with their elected representatives.

Bonds, Bullion, & Black Gold Drop But Investors Buy-The-"No Smoking Gun"-Dip In Stocks

Overheard at today's Intel Official hearing...

An extremely volatile day in FX markets highlights the sensitivities ahead of tomorrow...

But there was on driver for today's gains...

And as Intel Officials confirmed Trump did not pressure them and Comey's prepared remarks had no smoking gun, so investors bought the dip and bid stocks back into the green...All major indices closed green

Trannies managed to ramp back to unchanged on the week...

The big story of the day was a shocking build in crude and products (biggest since April 2015) which sent WTI and RBOB tumbling...back near cycle lows (dragged Energy ...

The Real 'Pollution' Problem (In 1 Cartoon)

Presented with no comment...

Source: MichaelPRamirez.com

Looks Like CNN's Anonymous Sources Got This One Wrong

Back on May 9th, the White House released the letter that President Trump sent to former FBI Director James Comey informing him that he'd been relieved of his duties at the FBI. Within that letter, Trump awkwardly inserted a sentence thanking Comey for informing him "on three separate occasions, that I am not under investigation." Here's the full sentence (full post here):

"While I greatly appreciate you informing me, on three separate occasions, that I am not under investigation, I nevertheless concur with the judgement of the Department of Justice that you are not able to effectively lead the Bureau."

Not surprisingly, this statement set off alarm bells at CNN and other MSM outlets because, if true, it would put a real damper on their "Trump colluded with Russian hackers to stage a coup" narrative. Therefore, those outlets set out on a mission to 'prove' that Comey never made those statements and that, by definition, Trump clearly lied about his past interactions with the former FBI Director.

And not long after setting out on that mission, courtesy of those infamous 'anonymous sources', CNN and ABC struck gold when they confirmed that "FBI Director James Comey is reportedly set to testify he never told President Donald Trump that he was not under investigation." Here is a summary of CNN's reporting from their primary echo chamber, HuffPo:

"Former FBI Director James Comey is reportedly set to testify he never told President Donald Tru ...

"Investors Should Be Petrified" Of The Coming Ice Age: Here Are Albert Edwards' Scariest Charts

Congratulations to Albert Edwards who this morning announced that he has once again placed first in the 2017 Extel Survey of analysts in the Global Strategy category, for the record 14th year in a row. As he adds "it is particularly gratifying that clients still seem to highly value our thoughts, especially during these cyclical intermissions in the Ice Age, when equities outperform government bonds." This year's victory appears to have been especially hard won because as he adds "you have to have a thick skin in this business, especially when our press office forwards our online press cuttings. Some of the reader abuse can get very, very personal. How do they know this stuff about me? The comments surely can't all be from my former partner!"

Of course, this being Albert, not even his record victory can brighten up the mood much, and the SocGen strategist then adds that "the current QE-inflated, cyclical equity bull market may have gone on way longer than we expected, but equities have only just managed to catch back up with global 10y+ government bonds (see chart below). The secular equity bear market will inevitably reassert itself and that performance chasm will open up again."

So, inspired by the record victory, Edwards is briefly reprising some of his favourite "Ice Age" charts, traditionally a source of rationality in an otherwise insane market, and lately, world.

* * *

The macro underpinning for our Ice Age thesis is the West's slow replication of Japan's 1990s descent into outright deflation. Each cyclical recovery sees lower highs in both inflation and nominal GDP growth rates and the inevitable recession, when it comes, wreaks increasing levels of havoc in financial markets.

But w ...

Elon Musk: The Man, the Myth, the Risk

Tesla is one of the hottest stocks on the planet, thanks to investor belief in Elon Musk. Paradoxically, that might be the biggest risk investors face.

Some Inconvenient Facts for the Fed

The Federal Reserve is primed to raise rates next week despite a slow-growth economy showing weak wage gains for workers, cooling inflation and dimming prospects for near-term fiscal stimulus.

In Biotech, No News Is Bad News

Biotech stocks have a special need for catalysts. The relative absence of them of late should concern investors.

Outside the Box: Opioid epidemic could derail Trump's infrastructure plans

Rebuilding our crumbling infrastructure may also require us to solve the opioid epidemic, because the skilled workers we would need are addicted to drugs, writes Thomas J. Duesterberg.

Economic Report: Consumer credit growth slows to nearly six-year low in April

Consumer credit expanded at a seasonally adjusted annual rate of 2.6%, or $8.2 billion, in April, the Federal Reserve reported Wednesday.

AMD's stock extends surge, fueled by 'tremendous' graphics cards demand

AMD's stock surges again as upbeat comments from Apple and 'tremendous' demand from gamers and cryptocurrency miners help reignite investor interest.

Summary of Economic Releases this Week

Real Time Economic Calendar provided by Investing.com.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

leading Stock Positions

Leading Stock Quotes powered by Investing.com

Current Commodity Prices


Commodities are powered by Investing.com

Current Currency Crosses

The Forex Quotes are powered by Investing.com.



To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

Click here for Historical Releases Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Econintersect Live Market







search_box
Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.







Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government





























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved