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10Aug2017 Pre-Market Commentary: Wall Street To Open Sharply Lower, World Stocks Have Fallen For A Third Day, Crude Prices Higher, US Dollar Down, North Korea Is Ratcheted Up Tensions With The United States

Written by Gary

US stock market future indexes are pointing for sharply negative opening this morning (SPY -0.3%). WTI crude is up in the low 50's and investors seeking safe-havens.


Here is the current market situation from CNN Money

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. jobless claims rise; labor market still tightening

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly rose last week, but the underlying trend remained consistent with a tightening labor market.

North Korea nerves push stocks down for third day, lift gold

LONDON (Reuters) - World stocks fell for a third day on Thursday and investors moved again into the Swiss franc, yen and gold as North Korea ratcheted up tensions with the United States with a threat to land a missile just short of the U.S. territory of Guam.

Macy's quarterly comparable sales top estimates

(Reuters) - Department store operator Macy's Inc joined rival Kohl's Corp in reporting a smaller-than-expected decline in quarterly comparable sales.

Kohl's quarterly profit, comp sales beat estimates

(Reuters) - Department store operator Kohl's Corp reported better-than-expected quarterly profit and comparable sales, helped by a sales boost in the final month of the quarter and cost cuts, sending its shares up 4 percent in premarket trading.

Kaspersky Lab to withdraw Microsoft antitrust complaints

SAN FRANCISCO (Reuters) - Moscow-based cyber security firm Kaspersky Lab said on Wednesday it would withdraw antitrust complaints made in Europe against Microsoft after the U.S. technology giant agreed to change how it delivers security updates to Windows users.

Buoyant bitcoin stirs crypto-bubble fears

LONDON (Reuters) - Bitcoin and other "cryptocurrencies" are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined.

Developers file antitrust complaint against Apple in China

BEIJING (Reuters) - A Chinese law firm has filed a complaint against Apple Inc on behalf of 28 local developers alleging the firm breached antitrust regulations.

Toshiba wins auditor sign-off, likely avoiding delisting for now

TOKYO (Reuters) - Toshiba Corp has likely avoided immediate delisting after its auditor signed off on its financial results albeit with criticism of its governance, yet its future remains uncertain with no progress in talks to sell its chips unit for much-needed cash.

Toymaker Lego returns to Danish roots with sudden CEO switch

COPENHAGEN (Reuters) - Lego abruptly removed its chief executive Bali Padda after just eight months on Thursday, replacing the 61-year-old Briton with a younger Danish industrialist in a battle to become the world's biggest toymaker.

In Escalating Standoff, Indian Army Orders People Near Chinese Border To Vacate Village

In the latest escalation between two nuclear powers (aside for the US and North Korea of course), the Indian Army has ordered the evacuation of a village close to the Doklam India-Bhutan-China tri-junction amid to a standoff between Indian and Chinese solders, India's News 18 reports. This takes place just days after, as we reported earlier this week, China turned the war threat amplifier up to '11' by threatening India (in an article published a Chinese state-controlled newspaper) that it could conduct a "small-scale military operation" to expel Indian troops from a contested region in the Himalayas.

As a reminder, the latest standoff started in June, after Chinese troops started building a road on a remote plateau, which is disputed by China and Bhutan. Indian troops countered by moving to the flashpoint zone to halt the work, with China accusing them of violating its territorial sovereignty and calling for their immediate withdrawal.

After adding a large number of troops to the region, China then sharply escalated when a Chinese Ministry of Defense warned explicitly that Indian troops must leave the contested area if they do not want war.

Then, on Monday, the

Is The Global Stock Rally Hitting A Wall?

Via Dana Lyons' Tumblr,

A key global equity index is testing potentially major resistance.

Unlike in recent years when the U.S. market dominated, stocks around the globe have been on fire this year. Just yesterday, we mentioned the latest great looking breakout underway in the South African stock market. Of course, with all of these individual countries exhibiting strength this year, it stands to reason that the broader indices would also be performing well. One such index is The Global Dow Index (GDOW).

The Global Dow is an equally-weighted index of 150 of the largest stocks in the world and it is one of our favorite barometers of the state of the worldwide equity market. Coming into 2017, we mentioned that the GDOW was facing significant resistance in the form of a 10-year Down trendline stemming from its 2007 all-time high of 2878.

After holding for about a month, the GDOW was able to surmount the trendlin ...

Trump Feud With McConnell Escalates: "Can You Believe He Couldn't Get It Done?"

Having tired of picking on Democrats for ruining his Obamacare repeal plans, Trump is increasingly focusing on his own party in general, and Senate majority leader, Mitch McConnell in particular.

One day after a "work-vacationing" Trump slammed the Senator in a Wednesday tweet, in which he said "Senator Mitch McConnell said I had "excessive expectations," but I don't think so. After 7 years of hearing Repeal & Replace, why not done?" Trump ramped up his criticism of McConnell on Thursday morning when in an early tweet, Trump again questioned why McConnell has not been able to pass a bill to repeal and replace ObamaCare.

"Can you believe that Mitch McConnell, who has screamed Repeal & Replace for 7 years, couldn't get it done," Trump tweeted. "Must Repeal & Replace ObamaCare!"

Can you believe that Mitch McConnell, who has screamed Repeal & Replace for 7 years, couldn't get it done. Must Repeal & Replace ObamaCare!

— Donald J. Trump (@realDonaldTrump) August 10, 2017

Earlier this week, McConnell vented his frustrations about the president's "excessive expectations" for his agenda when the Kentucky Republican criticized Trump's "artificial deadlines" during the healthcare debate.

"Now our new president has of course not been in this line of work before. And I think had excessive expectations about how quickly things happen in the democratic process," McConnell said.

Trump first pushed back against McConnell's characterizations yesterday, as noted above. He now appears to be taking the feud with both McConnell and the Senate to the next level, at precisely the wrong time: with the debt ceiling negotiation and potential government shutdown looming in under two months, Trump should be pushing for ...

"Great Disaster" Looms as Technology Disrupts White Collar Workers

David McWilliams: Great Disaster Looms as Technology Disrupts White Collar Workers

- Every era, every century, every generation has its massive technological disruption
- Taxi drivers being "disrupted" by technology of Uber
- History shows how "middle men" frequently made redundant
- Skill set of many professionals today can be replicated by machines and technology
- Technology may make lawyers, accountants, architects and doctors redundant
- We risk "cannabalising ourselves" with internet and emerging technologies

Jean-Luc Picard "assimilated" by the Borg in Star Trek

Looking out to sea at the huge winter waves crashing upon the Cape Town shore, it's hard to imagine what the first local tribesman thought when he saw, in the distance, Vasco De Gama's tiny Portuguese ship sail round the Cape of Good Hope, heading out towards the Indian Ocean in search of profit.

Chipotle Is a Recipe for Trouble

To justify its high stock price, Chipotle needs to keep growing like crazy while simultaneously regaining customers' trust. That will be difficult to pull off

A Reason to Cheer at OPEC

Crude stockpiles are down, yes, but what may really please oil exporters is the oil futures curve.

The Latest Victim of Falling Drug Prices

As promised, the Food and Drug Administration is bringing in more competition to the drug business. That means more pain for generic drug manufacturers.

05 August 2017 Initial Unemployment Claims Rolling Average Again Marginally Improved

The market expectations for weekly initial unemployment claims (from Bloomberg / Econoday) were 235 K to 245 K (consensus 241,000), and the Department of Labor reported 244,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 242,000 (reported last week as 241,750) to 241,000. The rolling averages generally have been equal to or under 300,000 since August 2014.

Economic Report: U.S. jobless claims rise by 3,000 to 244,000

Initial claims for state unemployment insurance rise 3,000 to 244,000 in the latest week, the Labor Department said Thursday.

Smart financial advice from a former Golden State Warrior: audit — and 'yell at' — your adviser

Former NBA player Adonal Foyle on how professional athletes should prepare for retirement.

The New York Post: Feud in White House heats up with Bannon, McMaster at odds

The fierce internal White House battle between two of President Trump's top aides shows no signs of letting up.

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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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