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19Jun2017 Pre-Market Commentary: Wall Street Poised To Make New Highs In The DOW, Crude Prices Up Fractionally, Investors Snapping Up Deflated Tech Shares, Amazon On Collision Course With Wal-Mart

Written by Gary

US stock market index futures are pointing to a moderate gap up at the opening (SPY +0.4%). The DOW is expected to make a new historic high, with investors snapping up beaten down technology and retail stocks.


Here is the current market situation from CNN Money

European markets are higher today with shares in France leading the region. The CAC 40 is up 0.96% while Germany's DAX is up 0.89% and London's FTSE 100 is up 0.49%.

Fed speeches, politics set to take focus on Wall Street

Today's Markets

In Asia, Japan +0.6%. Hong Kong +1.2%. China +0.7%. India +0.8%.
In Europe, at midday, London +0.6%. Paris +0.9%. Frankfurt +0.8%.
Futures at 8:30, Dow +0.4%. S&P +0.3%. Nasdaq +0.6%. Crude +0.2% to $45.08. Gold -0.3% to $1252.90.
Ten-year Treasury Yield flat at 2.15%

Today's Economic Calendar

7:00 PM Fed's Evans: Monetary Policy

Companies reporting earnings today »

What Is Moving the Markets

Here are the headlines moving the markets.

Stock futures higher as beaten down tech stocks rebound

(Reuters) - U.S. stock index futures were higher on Monday with investors snapping up beaten down technology and retail stocks.

U.S. bank investors hope Fed stress test results lead to big payouts

(Reuters) - Investors are hoping the Federal Reserve will allow big U.S. banks to put an estimated $150 billion in idle capital toward stock buybacks, dividends and profit-boosting investments in the coming weeks after conducting a regular examination of financial strength.

Oil prices pause after sharp falls

LONDON (Reuters) - Oil prices edged higher on Monday, pausing for breath after coming under pressure over the past month from rising production in the United States, Libya and Nigeria, which has taken the edge off an OPEC-led initiative to support the market by cutting production.

Trump to meet with tech CEOs on government overhaul

WASHINGTON (Reuters) - President Donald Trump will meet with the chief executives of technology companies including Apple Inc and Amazon.com Inc on Monday as the White House looks to the private sector for help in cutting government waste and improving services.

Boeing launches new jet as Macron opens Paris show

PARIS (Reuters) - Boeing unveiled a new model of its best-selling 737 aircraft on Monday, injecting life into a faltering civil aviation market as French President Emmanuel Macron flew in to open the world's biggest airshow in Paris.

Fiat Chrysler denies report it has decided to pull Chrysler brand from Japan

TOKYO (Reuters) - Fiat Chrysler Automobiles denied it had decided to pull the plug on the Chrysler brand in Japan, after local media reported it was planning to stop selling the U.S. cars in the country as early as next year following years of poor sales.

Google tightens measures to remove extremist content on YouTube

(Reuters) - Alphabet Inc's Google will implement more measures to identify and remove terrorist or violent extremist content on its video sharing platform YouTube, the company said in a blog post on Sunday.

With Whole Foods, Amazon on collision course with Wal-Mart

CHICAGO/SAN FRANCISCO (Reuters) - When Wal-Mart Stores Inc bought online retailer Jet.com for $3 billion last year, it marked a crucial moment - the world's largest brick-and-mortar retailer, after years of ceding e-commerce leadership to arch rival Amazon, intended to compete.

Auto supplier Magna to manufacture BMW 5-series plug-in hybrids

SAN FRANCISCO (Reuters) - Canadian auto supplier Magna International Inc will produce BMW's new 5-series plug-in hybrid at its Austrian factory, the company said on Monday, part of a strategy to produce electric cars on a contract basis for global automakers.

Russia Halts Cooperation With US In Syria, Will "Intercept Any Aircraft" In Russian Areas Of Operation

Shortly after Russia's deputy foreign minister slammed the US downing of a Syrian Su-22 jet as an "act of aggression" and "support for terrorists", Russia announced that starting June 19 it was halting all interactions with the US under the framework on the "memorandum of incident prevention in Syrian skies", the Russian Defense Ministry said on Monday, thereby assuring the probability of even more deadly escalations between Russia and the US-led coalition.

In retaliation, the ministry warned that Russian missile defense will intercept any aircraft in the area of operations of the Russian Aerospace Forces in Syria,

"In areas where Russian aviation is conducting combat missions in the Syrian skies, any flying ojects, including jets and unmanned aerial vehicles of the international coalition discovered west of the Euphrates River will be followed by Russian air and ground defenses as air targets," the Russian Defense Ministry announced, quoted by Sputnik.

Contrary to the earlier statement by the US according to which, it "contacted its Russian counterparts by telephone via an established "de-confliction line" to de-escalate the situation and stop the firing", Russia claims the US-led coalition command didn't use the deconfliction channel with Russia to avoid an incident during an operation in Raqqa:

"Russian Aerospace Forces' jets were conducting operations in Syrian airspace that time. However, the command of the ...

Frontrunning: June 19



UK PM May says attack on Muslims near mosque is 'sickening' (Reuters)

Macron Under Pressure to Deliver as French Turnout Plummets (BBG)

Market Volatility Has Vanished Around the World (WSJ)

Real victory will be in 5 years, says Macron camp after election win (Reuters)

Brexit Talks Kick Off in Brussels as May Urged to Soften Stance (BBG)

As Brexit Talks Begin, EU's Chief Negotiator Wants to Remove Uncertainties (WSJ)

U.S., Japan Probe Deadly Ship Collision That Left Seven Dead (WSJ)

With Whole Foods in the Cart, Amazon Now Faces the Hard Part (WSJ)

Kushner Plans Trip to Middle East (WSJ)

Boeing launches new jet as Macron opens Paris show (Reuters)

Top Tech Executives Head to White House (WSJ)

Vote for Goldm ...

Megyn Kelly Blows It - Alex Jones Hit Piece Is Piss Poor Propaganda

Content originally published at iBankCoin.com

...

"Grouchy" SocGen Analyst: "Fed Will Be Buying Again Long Before They Finish Normalizing"

Over the weekend, One River's CIO Eric Peters said that last week's announcement by the Fed marked the "end of the QE era." At least one person, however, is not convinced: as the "increasingly grouchy" SocGen FX strategist Kit Juckes writes in his overnight note, slams calls that the Fed's announcement was a "hawkish hike", and says that "while we got more detail about the Fed's plans to run down its balance sheet, these amount to a pace so slow that they'll still have boatloads of bonds on board when the next recession strikes. My guess is they'll be buying again long before they finish normalising the balance sheet (whatever that really means)."

Looking at the Fed's disclosed projections, which anticipate the Fed to continue normalizing until 2020, or well past the point the next recession is expected, his skepticism is certainly warranted.

Excerpts from his note below:

I'm getting increasingly grouchy whenever anyone says that last week's FOMC outcome was a 'hawkish hike'. Any day now, I'll start denying that it was actually a hike at all. Rates went up, of course, but since the groundwork for that move started months ago, it was really only confirmation of something that had effectively happened already.

And while we got more detail about the Fed's plans to run down its balance sheet, these amount to a pace so slow that they'll still have boatloads of bonds on board when the next recession strikes

My guess is they'll be buying again long before they finish normalising the balance sheet (whatever that really means). The 'dot plot' was unchanged after accounting for personnel changes, and while it implies m ...

Amazon's Margin-Crusher Invades the Grocery Store

Amazon.com's purchase of Whole Foods is a rounding error for the giant online retailer. For the struggling grocery industry, it is the biggest shift in a century.

Amazon and Alibaba Use Same Means to Different Ends

In buying Whole Foods, Amazon is following a trail blazed by Alibaba for some time.

China's Ghost Cities Keep Up Property-Market Spirits

Top-tier cities are feeling the chill from tighter consumer credit, but smaller property markets are on a roll.

Social Security Disability Rate Rose While Unemployment Declined

from the St Louis Fed

There's a strong positive relationship at the county level between the unemployment rate and the Social Security Disability Insurance (SSDI) rate, or the percentage of the working-age population receiving SSDI benefits.

Capitol Report: McConnell wants to force health-care vote by July 4 | Ryan to give major tax-reform speech

Senate Majority Leader Mitch McConnell wants to force a health-care vote by July 4; House Speaker Paul Ryan to deliver tax-reform speech on Tuesday; President Donald Trump to meet tech executives; and more.

Currencies: Pound edges higher as Brexit talks begin

Brexit talks begin in Brussels on Monday, which means currency investors will be watching the pound closely for any reaction. Sterling was trading steady on Monday.

Market Snapshot: Dow industrials poised for a fresh record, while tech stocks set to rise

U.S. stock-index futures trek higher on Monday, and the Dow industrials aim to open at a fresh record and hard-hit technology stocks look set to kick off trade in the green.

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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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