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06Sep2017 Market Update: Wall Street Trending Fractionally Higher, DOW Up 80 Points, WTI Volatile In The Low 49 Handle

Written by Gary

US stock markets are moderately higher in early afternoon trading today (SPY +0.4%), helped by a rise in energy stocks. Gains are being limited over worries about KK (Krazy Kim) a potential U.S. landfall of Hurricane Irma.


Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.68% while Mexico's IPC is up 0.66% and U.S.'s S&P 500 is up 0.33%.

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. services sector growth accelerates; trade deficit edges up

WASHINGTON (Reuters) - U.S. services sector activity accelerated in August amid strong gains in new orders and employment, suggesting that a slowdown in job growth last month was probably temporary.

Wall St. higher as energy stocks gain, but North Korea weighs

(Reuters) - U.S. stocks were higher in early afternoon trading on Wednesday, helped by a bounce in energy stocks, but gains were limited due to worries over tensions on the Korean peninsula and a potential U.S. landfall of Hurricane Irma.

Goldman suspends work on U.S. IPO of HNA's Pactera unit: sources

HONG KONG (Reuters) - Goldman Sachs has suspended its preliminary work on a planned U.S. initial public offering (IPO) for Chinese conglomerate HNA Group's IT outsourcing unit Pactera, four people familiar with the matter told Reuters.

Ackman's hedge fund to sell out of Nomad Foods after two-year run

BOSTON/LONDON (Reuters) - Billionaire investor William Ackman has decided to exit his large stake in Nomad Foods, selling out of one of his handful of investments at a time he is waging a proxy fight to push for change at another portfolio company.

U.S. Senate panel to look at self-driving commercial trucks

WASHINGTON (Reuters) - The U.S. Senate Commerce Committee plans a hearing next Wednesday on the future of self-driving commercial trucks that will include the chief executive of Navistar International Corp and safety advocates.

China's Anbang, HNA had sights set on insurer Allianz: sources

HONG KONG (Reuters) - China's Anbang Insurance Group and HNA Group both considered buying into German insurer Allianz SE this year as part of plans to become global financial powerhouses, people with direct knowledge of the matter said.

Lower Saxony premier candidate calls for outsider as next VW boss

HANOVER, Germany (Reuters) - Someone from outside the auto industry should succeed Volkswagen chief executive Matthias Mueller, the man expected to lead the German state which is the carmaker's second-biggest shareholder told Reuters on Wednesday.

Exclusive: Saudi Arabia's Ma'aden asks banks to refinance nearly $3 billion of debt - sources

DUBAI (Reuters) - Saudi Arabian Mining Co (Ma'aden) , the Gulf's largest mining company, has asked banks to submit proposals for a loan which would refinance some $2.88 billion of existing debt, sources familiar with the matter said on Wednesday.

Kohl's to sell Amazon devices at 10 LA, Chicago stores

(Reuters) - U.S. department store operator Kohl's Corp said on Wednesday it would sell Amazon.com Inc devices at 10 stores in Los Angeles and Chicago starting in October.

House Approves $8 Billion In Harvey Hurricane Relief Aid

With a several month debt ceiling extension now practically guaranteed absent some last minute diplomatic fiasco, moments ago the US House approved an $8 billion in Hurricane Harvey relief aid.

U.S. HOUSE OF REPRESENTATIVES APPROVES $8 BILLION IN AID FOR HURRICANE HARVEY RELIEF: RTRS

Check out that new @cspan chyron. Also, the House is voting on Harvey aid. pic.twitter.com/24VIoOdSGe

— Katherine Scott (@KatherineBScott) September 6, 2017

Now the decision moves to the Senate where it will be likewise approved.

As a reminder earlier in the day Trump was non-commital to the Democrats' debt-ceiling olive branch:


ASKED IF HE WOULD ACCEPT A SHORT DEBT CEILING INCREASE TIED TO HARVEY FUNDING, TRUMP SAYS "WE'LL SEE"

... although without any better prospects on the table, the president will likely accept anything the democrats offer.

EURUSD Dumps'n'Pumps After ECB QE Decision Delay, Inflation Cut Leaks Reported

Last week Reuters provided the outlet for leaked comments from The ECB (regarding QE) that sparked chaos in EURUSD. This week it is Bloomber who reports sources suggesting The ECB will cut inflation outlooks (pouring cold water on Draghi's "reflationary forces" hoopla) and seemingly confirming The ECB will kick the can on the decision to taper QE into 2018.

As Bloomberg reports, ECB Governing Council has been presented with documents outlining multiple scenarios for adjusting quantitative easing, according to euro-area officials familiar with the matter.



Papers were put together by the ECB's technical committees for the two-day meeting that starts Wednesday, and include different combinations for the size and duration of asset purchases, the people say

Documents don't identify a preferred scenario and aren't intended as formal policy proposals, people say

A decision doesn't currently look likely before the Governing Council's Oct. 26 meeting, people say

Governing Council will also look at the parameters of QE, including constraints dictated by European law and the ECB's self-imposed choice of asset classes, to gauge how much room they have for purchases, people say

Officials may also talk about altering their forward guidance on interest rates, one person says

Draft economic projections show 2017 growth forecast revised up, 2018 and 2019 inflation forecasts revised slightly lower, separate euro-area official says, citing document distributed to national central banks

ECB spokesman declines to comment

People ask not to be named because the Governing Council&r ...

Central Bank Balance Sheets Are About to Hit $20 TRILLION

We just hit a new record high.

No, I'm not talking about the stock market. I'm talking about Central Bank balance sheets. While everyone is talking about the Federal Reserve's proposal to shrink its balance sheet, globally other banks have been cranking up the printing presses.

As a result of this, the G-4 Central Banks balance sheets (Japan, the US, the ECB, and the UK) are closing in on an astounding $20 trillion.

H/T Dimit.

This is truly astonishing. And what's worse is that we're only going up from here. When the next Crisis hits, Central Banks will unveil truly NUCLEAR levels of QE and money printing.

Gold has already figured this out, having broken out of a massive triangle pattern. Gold knows that Central Banks have rigged the market and will never fully walk away from the bubble rig. No matter what happens the printing presses will keep making currency confetti.

If you're not taking steps to actively profit from this, it's time to get a move on.

We just published a Special Investment Report concerning a secret back-door play on Gold that gives you access to 25 million ounces of Gold that the market is currently valuing at just $273 per ounce.

The report is titled The Gold Mountain: How to Buy Gold at $273 Per Ounce

We are giving away just 100 copies for FREE to the public.

As I write this, there are 39 left.

To pick up yours, swing by:

https://www.phoenixcapitalmarketing.com/goldmount ...

Live Stream From St. Martin As Hurricane Irma Barrels Overhead

This morning we reported that the small Caribbean island of St. Martin has been one of the first casualties of the "monstrous" Hurricane Irma, after the French government said that the four "most solid" buildings on the Caribbean island were destroyed by Irma.

French interior minister Gerard Collomb told reporters said that "the four most solid buildings on the island have been destroyed which means that more rustic structures have probably been completely or partially destroyed." The French government also said that there are electrical blackouts and widespread flooding on the islands of St Barthélemy and St Martin.

Now, to get a sense of just how powerful this storm is, here is a live feed from St. Martin showing "devastating images" as Hurricane Irma barrels overhead with maximum sustained winds of over 185 mph.

Harvey's Destroyed Cars Give Auto Industry Hope

Why insurers' losses from Hurricanes Harvey and Irma could be Detroit car makers' gains.

China's Most Dangerous Bank

Investors love China Merchants but the bank looks vulnerable as Beijing cracks down on aggressive tactics.

United Technologies's Big Bet Leaves Investors on the Runway

United Technologies' deal to buy Rockwell Collins will create an airplane parts supermarket. Benefits to shareholders aren't clear.

August 2017 ISM and Markit Services Improved.

Written by Steven Hansen

The ISM non-manufacturing (aka ISM Services) index continues its growth cycle and improved. Markit PMI Services Index improved also.

July 2017 Trade Balance Insignificantly Worsened

Written by Steven Hansen

Trade data headlines show the trade balance insignificantly worsened from last month.

As Ryanair tightens its carry-on policy, will other airlines follow?

The Irish airline will now only allow each passenger one small carry-on.

Hurricane Irma heads toward Virgin Islands as a 'potentially catastrophic' storm

One of the most powerful storms to ever build in the Atlantic is still on a track that could take it to Florida or other parts of the southeastern U.S. later this week. .

Harry Boxer: 4 breakout charts to watch

Two biotech stocks, a gold miner ETF and a technology play make the list.

Earnings Summary for Today

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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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