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22Aug2017 Pre-Market Commentary: Wall Street To Open Moderately Higher Primarily Due To Defense Stock Rising After Trumps Remarks, Crude At The Mid 47 Handle And Falling As The US Dollar Rises

Written by Gary

US stock market index futures are up moderately (SPY +0.4%) after Trump revised new strategies in Afghanistan, sending defense stocks skyrocketing.


Here is the current market situation from CNN Money

European markets are higher today with shares in Germany leading the region. The DAX is up 0.99% while London's FTSE 100 is up 0.72% and France's CAC 40 is up 0.52%.

What Is Moving the Markets

Here are the headlines moving the markets.

European stocks break three-day losing streak

LONDON (Reuters) - European stocks broke a three-day losing streak on Tuesday, building on gains in other markets and boosted by rising commodity prices.

Coca-Cola, PespiCo and others agree to cap sugar in drinks in Singapore

SINGAPORE (Reuters) - Seven major drinks companies including Coca-Cola and PepsiCo will limit the sugar content of drinks they sell in Singapore, as part of the city-state's campaign to fight diabetes.

Futures higher as traders pick up beaten-down stocks

(Reuters) - U.S. stock index futures were higher on Tuesday as investors picked up beaten-down stocks, while focus also shifts to speeches from central bankers later this week.

Great Wall Motor says it has not contacted Fiat Chrysler's board

HONG KONG (Reuters) - Chinese automaker Great Wall Motor Co Ltd has not contacted Fiat Chrysler Automobiles NV's board nor has it signed any agreements with the Italian-American automaker, it said on Tuesday.

Toll Brothers' revenue misses, cuts FY gross margin view

(Reuters) - Toll Brothers Inc's quarterly revenue missed Wall Street estimates as the U.S. luxury homebuilder sold homes at lower prices and the company cut the top end of its full-year gross margin forecast.

Ford, China's Zotye Auto plan JV to build electric vehicles

SHANGHAI (Reuters) - Ford Motor is exploring setting up a joint venture with Chinese firm Anhui Zotye Automobile Co to build electric passenger vehicles in China under a new brand, tapping into a boom for such vehicles in the world's top auto market.

South Korea, U.S. fail to reach agreement on possible revision to FTA deal

SEOUL (Reuters) - South Korean and U.S. officials failed to agree on Tuesday on how to move forward on discussions over their five-year-old free trade agreement that Washington is seeking to change to help cut its trade deficit with Asia's fourth-largest economy.

Nestle, Unilever, Tyson and others team with IBM on blockchain

CHICAGO/NEW YORK, (Reuters) - Nestle SA , Unilever Plc , Tyson Foods Inc and other large food and retail companies have joined IBM's project to explore how blockchain technology can help track food supply chains and improve safety, the companies said in a joint statement on Tuesday.

Exclusive: China's 'big four' banks raise billions for Belt and Road deals - sources

HONG KONG (Reuters) - China's largest state-owned commercial banks are raising billions to fund investment under Beijing's "Belt and Road" drive, people close to the matter said, bolstering ambitions to revive Silk Road trade routes and internationalize the yuan.

Are We Fiddling While Rome Burns?

Authored by Charles Hugh Smith via OfTwoMinds blog,

Solutions abound, but they require the retirement of obsolete systems that defend entrenched interests and soul-crushing inequalities.

It turns out Nero wasn't fiddling as Rome burned--he was 60 km away at the time. Did Nero Really Fiddle While Rome Burned?

The story has become short-hand for making light of a catastrophe, either out of self-interest (one theory had Nero clearing a site he desired for a palace with the fire) or out of a mad detachment from reality.

Are we fiddling while Rome burns? I would say yes--because we're not solving any of the structural problems that are dooming the status quo. Instead, we're allowing a corrupt, corporate mainstream media to distract us with fake "Russians hacked our election" hysteria, false "cultural war" mania, and a laughably Orwellian frenzy over fake news which magically avoids mentioning the propaganda narratives pushed 24/7 by the mainstream media--narratives that are the acme of fake news.

The media is only half the problem, of course; the audience doesn't want to hear about structural problems that can only be fixed by disrupting the status quo. If we don't accept that the financial system we inhabit is imploding, maybe all the problems will go away.

The system is coughing up blood and we still want to believe it is "recovering" from a cold.

Here's a short list of structural problems we should be tackling:

...

U.S. Treasury Secretary: I Assume Fort Knox Gold Is Still There

U.S. Treasury Secretary: I Assume Fort Knox Gold Is Still There


  • US Treasury Secretary Steve Mnuchin visits Fort Knox Gold

    Later tweeted 'Glad gold is safe!'

    Only the third Treasury Secretary to visit the fortified vault, last visit was 1948

    Last Congressional visit was 1974

    Speculation over existence of gold in Fort Knox is rife

    Concerns over Federal Reserves lack of interest in carrying to audit on gold

    Gold was last counted in 1953, nine years before Mnuchin was born

    Mnuchin may be looking to prevent countries and states from worrying about and repatriating their gold

    US Treasury Secretary 'assumes' the gold is still in Fort Knox, 64 years after it was audited.

Frontrunning: August 22



Trump commits to a 'fight to win' in Afghan war (Reuters)

Stay or Go? Some Trump Aides Are Pressed From All Sides (WSJ)

Futures higher as traders pick up beaten-down stocks (Reuters)

Divers Search Compartments of Ship for Missing Sailors (WSJ)

Why Do U.S. Navy Ships Keep Colliding? (BBG)

North Korea Threatens 'Absolute Force' as U.S., South Hold Drills (WSJ)

The Unintended Consequences of Quantitative Easing (BBG)

Ross Levinsohn Named CEO, Publisher of Los Angeles Times (WSJ)

Big protests expected as Trump plans Phoenix rally (Reuters)

Millennial Americans Are Moving to the 'Burbs, Buying Big SUVs (BBG)

Identity Thieves Hijack Cellphone Accounts to Go After Virtual Currency (NYT)

BHP Flags Exit From ...

"Blood On Your Hands": Protesters Blame City Council For Violence In Charlottesville

"Why did you think you could walk in here and it would be business as usual?"

That was one of many harshly worded questions and insults lobbed at the Charlottesville Va. city council during a Monday night meeting that was beset by protesters angrily demanding an explanation for what they alleged was the city's botched response to Aug. 11 "Unite the Right" rally. The rally, which revived a national conversation about the line between heritage and hate speech that continues to this day, devolved into violence as white nationalists, who had earlier marched through the University of Virginia's campus carrying torches, clashed with counterprotesters. The weekend ended in tragedy when one of the young men in attendance rammed his Dodge Charger into a crowd of counter protesters, killing a 32-year-old woman, and injuring dozens of others.

Protesters in Charlottesville, VA call for the resignation of city leaders during the first city council meeting since the deadly violence. pic.twitter.com/VnbzDeTqrg

— ABC World News Now (@abcWNN) August 22, 2017

At the council meeting, protesters "shouted down the mayor, "took over city council chambers," "broke out into furious chants of 'shame' and "gave four hours of impassioned testimony." Their efforts resulted in a small victory: The city authorized a third-party review of the city's planning and response to the rally, according to the New York Times.

The Price Isn't Right for Home Builders

Shares of home builders look pricey and vulnerable to a correction as costs rise and affordability is strained.

Why Monetary Policy Isn't the Only Game in Town Anymore

The Jackson Hole gathering of central bankers has been an opportunity for policy makers to pledge extraordinary support for economies, in particular via quantitative easing. But this year looks different.

Virtual Reality's Real Sticker Shock

High-end virtual reality headsets are getting a little cheaper with price cuts by Oculus and now HTC. But compelling games still needed to make a sustainable business.

Earnings Outlook: Salesforce earnings: Looking to e-commerce, AI for growth as Dreamforce approaches

Salesforce.com Inc. went on a buying spree last year, and the resulting products should be on full display this week ahead of the cloud-software pioneer's big annual party.

Market Snapshot: Dow, S&P 500 aim for 2nd day of gains as rebound continues

U.S. stock-index futures edge higher on Tuesday, putting the Dow industrials and the S&P 500 on track to rise for a second straight winning session after last week's selloff.

Outside the Box: U.S. stock valuations haven't been this extreme since 1929 and 2000

Indexing the S&P 500 is a speculative bet at these prices: GMO

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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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