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11Jul2017 Pre-Market Commentary: Wall Street To Open Fractionally Lower, WTI Crude Prices Fall Into The High 43 Handle, Big Bank Earnings On Friday Are Set To Move Markets

Written by Gary

US stock index futures were slightly lower this morning (SPY -0.1%) ahead of comments from Fed's policymakers as several banks cut their oil price forecasts amid global oversupply.

Here is the current market situation from CNN Money

European markets are mixed. The DAX is higher by 0.16%, while the FTSE 100 is leading the CAC 40 lower. They are down 0.73% and 0.29% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Futures slightly lower as banks cut oil price forecasts

(Reuters) - U.S. stock index futures were slightly lower on Tuesday ahead of comments from Federal Reserve policymakers as several banks cut their oil price forecasts amid global oversupply.

PepsiCo's quarterly profit beats on higher pricing

(Reuters) - PepsiCo Inc's quarterly profit beat estimates as higher pricing of sodas and snack foods in North America paid off and as the company sold its minority stake in British bottler Britvic Plc .

JP Morgan CEO says ops could be in several EU countries post-Brexit

PARIS (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said on Tuesday the bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, though jobs could be put elsewhere as well.

Toshiba talking with Western Digital, Foxconn about chip unit sale: sources

TOKYO (Reuters) - Toshiba Corp told its creditor banks it is in talks with Western Digital Corp and Taiwan's Foxconn over the $18 billion sale of its prized chip unit in addition to its preferred bidder, banking sources familiar with the matter said on Tuesday.

Pearson cashes in $1 billion of its Penguin Random House stake

LONDON (Reuters) - Pearson is set to raise $1 billion from the sale of a 22 percent stake in book publisher Penguin Random House to majority owner Bertelsmann , in the British group's latest bid to rebuild following a string of profit warnings.

Audi seeks to eclipse emissions scandal with new technology-packed A8 car

BARCELONA (Reuters) - Battered by its emissions scandal, Audi launched its latest technology-packed A8 luxury saloon on Tuesday, aimed at overtaking rivals Mercedes-Benz and BMW as it struggles to overcome its biggest-ever corporate crisis.

Sunac China's shares soar as $9.3 billion Wanda property deal seen as positive

HONG KONG (Reuters) - Sunac China Holdings's planned $9.3 billion deal to buy Dalian Wanda's tourism projects and hotels is a bargain even though it could become China's most indebted developer, analysts said, a view that sent Sunac shares up nearly 14 percent on Tuesday.

Siemens rethinks some Russian business after turbines moved to Crimea: source

MUNICH, Germany (Reuters) - Siemens is rethinking some of its business connections in Russia after two of its gas turbines turned up in Crimea, a region subject to EU sanctions on energy technology, a company source familiar with the matter told Reuters on Tuesday.

Amazon wins India's approval to invest in domestic food retail

MUMBAI (Reuters) - Online retail giant Inc has secured approval to stock and sell food and groceries in India, potentially expanding its business in the fast-growing economy where it is in a pitched battle with home-grown rival Flipkart.

US Successfully Intercepts Ballistic Missile In Latest THAAD Missile Test

The U.S. successfully test fired a THAAD anti-ballistic missile system on Tuesday from Alaska that intercepted a target missile launched from an Air Force Cargo plane north of Hawaii, Fox news reported. The drill, which was scheduled in June, comes a week after North Korea successfully test-launched an intermediate, not intercontinental as it previously claimed, range ballistic missile capable of hitting Alaska. This was the 14th consecutive successful test of the THAAD, which has had a perfect record on each of the previous 13 intercepts.

The THAAD system, recently deployed in South Korea, is used to intercept short and intermediate-range ballistic missiles. It does not target intercontinental ballistic missiles;

"I couldn't be more proud of the government and contractor team who executed this flight test today," said Missile Defense Agency Director Lt. Gen. Sam Greaves. "This test further demonstrates the capabilities of the THAAD weapon system and its ability to intercept and destroy ballistic missile threats. THAAD continues to protect our citizens, deployed forces and allies from a real and growing threat."

Fox News was told it will be a few hours before imagery and video are released.

Soldiers from the 11th Air Defense Artillery Brigade on Kodiak conducted launcher using the same procedures they would use in an actual combat scenario, the statement read. Soldiers operating the equipment were not aware of the actual target launch time.

< ...

"Silver's Plunge Is Nearing Completion"

"Silver's Plunge Is Nearing Completion"

- Silver's plunge is nearing completion - Bloomberg analyst
- Silver's 10% sharp fall in seconds remains "mystery"
- Plunge despite anemic global supply and strong demand
- Total silver supply declined in '16 - lowest level since '13
- Silver mine production down in '16, first time in 14 years
- Total silver supply decreased by 32.6 Mln Ozs in 2016
- Supply ...

WTI Tumbles Back To $43 Handle After Saudis Breach OPEC Agreement

Having v-shaped recovered yesterday after disappointing Russian comments (on no news whatsoever), crude prices are tumbling once again this mornig, WTI back to $43 handle, after Saudi Arabia told OPEC it pumped 10.07 million barrels a day in June, a person with knowledge of the data said, exceeding its production limit for the first time since brokering a deal to curb global crude supply to counter a glut.

As Bloomberg reports, the world's biggest oil exporter boosted output from 9.88 million barrels a day in May, surpassing the limit of 10.058 million it accepted in an agreement between OPEC and other major suppliers including Russia. Under the deal reached in December, Saudi Arabia agreed to reduce production by 486,000 barrels a day, the most of any country participating in the cuts. The person with knowledge of the June data asked not to be identified because the information isn't public.

And the result is yet more downward pressure on cride prices...

Even OPEC sounds like it is losing hope. As Reuters reports, all global oil producers should help balance the market, OPEC's Secretary General Mohammad Barkindo told reporters on Tuesday when asked what else the Organization of the Petroleum Exporting Countries could do to ease a global oil glut.

"It is beyond any group of stakeholders, it has to be a collective responsibility of all producers," he told reporters on the sideline ...

Frontrunning: July 11

Trump Looks to Wall Street for Fed Bank Regulator (WSJ)

Rates play prods dollar to four-month high versus yen, kiwi dollar falls (Reuters)

Kaspersky Lab Has Been Working With Russian Intelligence (BBG)

Buffett's Berkshire Moves Away From Stock Picking (WSJ)

OPEC's Barkindo says all producers should help balance market (Reuters)

China hits back at criticism over North Korea (Reuters)

North Korea's Missile Might Not Survive Reentry, South Says (WSJ)

Trump's election panel puts hold on voter data request (Reuters)

Abe Seeks to Avoid Repeat of His Swift Demise a Decade Ago (BBG)

Oil falls as banks cut price forecasts (Reuters)

Europe Wary as U.S. Scrutinizes Iran Nuclear Deal (WSJ)

Clearing Firms Simulate Lehman-Like Default During Brexit Chaos (BBG)

Why Is Everyone Making a Stink About Clearing?

A big fight is brewing over a key piece of pipework after Brexit: here's what's at stake.

How to Beat the Dumb Money With Bank Stocks

U.S. banks are upping their dividends with gusto, but the average dividend fund is missing the party. These funds will eventually catch on to the payouts.

China Is a Wild Card for Chip Stocks

China's ambitious plan to build its own chips may not unseat the champions, but could weed out the laggards.

Deep Dive: Hedge fund manager who scored a 78% annual return with Apple and Amazon is short-selling Netflix

Trip Miller of Gullane Capital says the TV- and movie-streaming company's time is running out.

Earnings Outlook: Bank earnings: Expect another meh quarter of weak trading revenue

Growth is still constrained, expense-cutting has largely run its course, and there's no magical "Trump Bump" coming, analysts say.

Market Extra: Forget about oil rising above $50 this summer, Barclays says

More cost-efficient U.S. shale drilling and rising supply from Libya and Nigeria will keep a lid on prices this summer, Barclays says.

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