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10Jul2017 Pre-Market Commentary: Wall Street To Open Flat, Crude Slips As U.S. Production Continues To Rise, US Dollar Modestly Stronger, Markets Expected To Be Quiet

Written by Gary

US stock market futures are pointing to a mixed, but flat opening (SPY -0.01%) as investors lose interest on Friday's positive job creation in the U.S. and the . . .


Here is the current market situation from CNN Money

European markets are mixed today. The DAX is up 0.40% while the CAC 40 gains 0.18%. The FTSE 100 is off 0.01%.

. . . G20 summit passed without any market-moving surprises. Crude continued its downturn in early morning North American trade today as market players watched U.S. shale production return to its upward trend. U.S. drillers added seven oil rigs in the week to July 7, energy services company Baker Hughes announced late Friday.

What Is Moving the Markets

Here are the headlines moving the markets.

COSCO Shipping shares climb after bid to become third-biggest container line

SHANGHAI/HONG KONG (Reuters) - COSCO Shipping Holdings Co Ltd saw its stock climb on Monday after bidding $6.3 billion for a Hong Kong peer, a deal that would see it become the world's third-biggest container shipper and underline China's supply-chain ambitions.

China's Wanda steps back from theme park, hotel drive with $9.3 billion Sunac deal

HONG KONG (Reuters) - Chinese property giant Dalian Wanda Group plans to sell tourism projects and hotels in the country to Sunac China for $9.3 billion, as it dials back its theme-park ambitions and brings down its debt pile.

Jawbone's demise a case of 'death by overfunding' in Silicon Valley

SAN FRANCISCO (Reuters) - Consumer electronics company Jawbone had more than enough money to take on Fitbit and other health-tracking devices in the "wearables" market.

With new Camry, Toyota eyes bigger share of ailing U.S. sedan market

TOKYO (Reuters) - Toyota Motor Corp on Monday said it was committed to the ailing U.S. sedan market and that it expected a new model of its Camry, the top-selling passenger car in the United States for decades, to help boost the company's sales in the segment.

Activist Loeb keeps up pressure on Nestle: source

LONDON (Reuters) - Activist investor Dan Loeb is keeping up pressure on Nestle by sharing views with the company as part of a regular dialogue, a source familiar with the matter told Reuters.

Eurofer ups EU steel demand forecast, warns on 'disastrous' U.S. tariff plan

LONDON (Reuters) - European steel association Eurofer raised its 2017 EU steel demand forecast on Monday but said isolationist measures such as a U.S. plan to levy steel tariffs on national security grounds could be disastrous for global trade flows.

Siemens takes legal action over turbines in Crimea: source

BERLIN (Reuters) - Germany's Siemens has taken legal action to prevent the installation of its electricity turbines in Crimea, a region subject to EU sanctions for energy technology, a company source with knowledge of the situation told Reuters on Monday.

Key Events In The Coming Week: All Eyes On Yellen, CPI And Retail Sales

In the usual post-payrolls economic data lull, the focus this week will be on North America, with Chair Yellen's semi-annual testimony on Wednesday alongside the the BoC, as well as a Friday data deluge in the US including CPI & retail sales. A 25bp hike this week from the Bank of Canada is expected, although the central bank may choose to wait until October. Additionally, there are monetary policy meetings in Korea, Malaysia, Chile, Peru & Israel.

All eyes on the US: Fed Chair Yellen delivers her semi-annual testimony to Congress this week. According to DB, it will be fascinating to see whether Mrs Yellen chooses this week's semi-annual testimony to Congress on Wednesday and the Senate on Thursday to reinforce the recent more hawkish global central bank speak or whether she tries to pull things back a little. DB expect her to reinforce the message from the June 14 post-FOMC press conference and continue to guide the market towards an announcement of the beginning of balance sheet normalisation at the September 20 meeting as well as a rate hike by year-end, potentially resulting in futher bond selling. BofA will be looking at how Chair Yellen describes her concern about financial stability risks, at how she talks about progress towards the dual mandate and for any details about balance sheet policy. She will also likely be asked questions about fiscal policy and financial market regulation, Our US Economic Weekly describes our expectations in more detail.

US inflation data will also draw attention, as will retail sales, both released on Friday. Many expect another soft core CPI print of 0.1% m/m in June.

Canada: Time to hike: The Bank of Canada will also be a key event this week. The recent avalanche of hawkish messages from the BoC, as well as from central bankers of advanced economies around the world, indicate that a hike is highly likely. A hike this week is our baseline, though the bank ma ...

Merkel Migrant Blowback Begins: "Chechen Sharia Police Terrorize Berlin"

Authored by Soeren Kern via The Gatestone Institute,



Threats of violence against "errant" women are viewed as "acts of patriotism."

"They have come to Germany because they wanted to live in Germany, but they keep trying to turn it into Chechnya with its medieval ways." — Social worker interviewed by Meduza.

"Everyone's attention is fixed on the Syrians, but the Chechens are the most dangerous group. We are not paying sufficient attention to this." — Police in Frankfurt (Oder).

A hundred Islamists are now openly enforcing Sharia law on the streets of Berlin, according to local police who are investigating a recent string of violent assaults in the German capital.

The self-appointed morality police involve Salafists from Chechnya, a predominantly Sunni Muslim region in Russia. The vigilantes are using threats of violence to discourage Chechen migrants from integrating into German society; they are also promoting the establishment of a parallel Islamic legal system in Germany. German authorities appear unable to stop them.

The Sharia patrol came to public light in May 2017, when Chechen Salafists released a video warning other Chechens in Germany that those who fail to comply with Islamic law and adat, a traditional Chechen code of behavior, will be killed. The video's existence was reported by Meduza, a Russian-language independent media organization

China, Russia Alliance Deepens Against American Overstretch

China, Russia Alliance Deepens Against American Overstretch

- China and Russia allied on Syria and North Korea
- Beijing & Moscow economic & monetary ties deepen
- Trump needs Russia in order to maintain balance of power in superpower triumvirate
- Sino-Russian relations currently in their "best time in history" says Chinese President ahead of G20
- China, Russia call for calm diplomacy on Syria, Korea
- China, Russia "fed up with Washington's pursuit of hegemony"
- ...

WTI Tumbles Back To $43 Handle Despite Desperate OPEC Jawboning

Despite headlines from Kuwait's oil minister that Nigeria and Libya had been asked to joing OPEC/NOPEC discussions with the view of agreeing to a production cap, crude prices are tumbling once again this morning, not helped by dramatic price targetr cuts by BNP and Macquarie.

As Bloomberg reports, oil fell from the lowest closing price in two weeks as talk of Libya and Nigeria being requested to cap their production failed to dispel doubts about the effectiveness of OPEC's cut.

Futures were down over 1% in New York, extending last week's 3.9 percent drop.

The two African producers, who were exempt from supply cuts because of internal strife but are now recovering, have been invited to a July 24 meeting in Russia to discuss whether their production has stabilized, Kuwait's Oil Minister Issam Almarzooq said in Istanbul.

BNP Paribas SA sharply reduced its price forecasts for this year and next because supply growth elsewhere is diluting the impact of the OPEC-led curbs.

Brent 2H 2017 forecast reduced to $54.15/bbl from $58.75, analysts including Vikas Dwivedi at Macquarie Capital (USA) say in e-mailed note.



2018 WTI forecast cut to $46.08/bbl from $52.50

2018 Brent forecast reduced to $49.33/bbl from $55.75

2019 WTI forecast at $48.75/bbl from $56.63

2019 Brent forecast at $52.75/bbl from $60.63

Price forecasts cut as "there will be too much oil being produced, loaded, and marketed, around the world until 2020"

Chip Makers Feast on Phones Despite Slowing Sales

Smartphones aren't the growth market they once were, so the best play for investors is to find companies not limited to selling one chip per phone.

What's to Like as Shipping Consolidation Sets Sail

As a wave of consolidation hits the shipping industry, investors may be wise to ride it. China's largest shipping company Cosco Shipping and one of the world's biggest port operators, offered $6.3 billion for Orient Overseas to become the world's third-largest container-shipping company.

Here Comes Another Chinese Company on a Buying Binge

China wants its biggest, most acquisitive, highly leveraged companies to tone it down -- apparently by selling assets to other big, acquisitive highly leveraged companies.

Capitol Report: Senate Republicans debate plan B if Obamacare repeal fails | President Trump defends Ivanka filling in at G-20

Senate Republicans debate plan B if Obamacare repeal fails; President Trump defends Ivanka for filling in for him at the G-20 summit; former President Obama to headline a fundraiser; and more.

Need to Know: There are plenty of reasons to dump stocks this summer, but here's why you shouldn't

Now is not the time, historically, to get excited about the stock market. Nobody would blame you for shutting down your trading screens, ordering a drink with a pink umbrella and planting yourself firmly in the nearest hammock. But...

In One Chart: These are the most American-made cars

Two Ohio-built SUVs from Fiat Chrysler are the most American-made vehicles to roll off the assembly line, according to a Cars.com index released Monday.

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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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