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13Sep2017 Pre-Market Commentary: Global Markets Mixed, USA Markets Look To Open Up

Written by Gary

The USA markets are set to open up with global markets mixed. Gold and oil up marginally overnight. There are concerns that third quarter GDP will be weak.


Here is the current market situation from CNN Money

European markets are mixed today. The DAX is up 0.04% while the CAC 40 gains 0.02%. The FTSE 100 is off 0.24%.

What Is Moving the Markets

Here are the headlines moving the markets.

WhatsApp co-founder Brian Acton to leave company

(Reuters) - Brian Acton, co-founder of WhatsApp, now owned by Facebook Inc , will leave the messaging service company to start a new foundation, he said in a Facebook post on Tuesday.

Apple launches $999 iPhone X in bid to regain innovation lead

CUPERTINO, Calif. (Reuters) - Apple Inc on Tuesday rolled out its much-anticipated iPhone X, a glass and stainless steel device with an edge-to-edge display that Chief Executive Tim Cook called "the biggest leap forward since the original iPhone."

Apple: Will a $1,000 phone deliver a $1 trillion company?

(Reuters) - At around $830 billion, Apple Inc's stock market value on the day of its newest iPhone launch towers over its next-largest rival and has Wall Street asking: Will it be the first listed company to crack the Big T?

Apple takes shine off global stocks rally

LONDON (Reuters) - Disappointment over the timing of Apple's iPhone X release hampered further gains for world stock markets on Wednesday after an easing of concerns about North Korea sent indices to record highs.

JPMorgan's Dimon says bitcoin 'is a fraud'

NEW YORK (Reuters) - Bitcoin "is a fraud" and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co , said on Tuesday.

HSBC's incoming chairman set to face CEO succession questions

LONDON (Reuters) - Mark Tucker, the incoming chairman of HSBC , will likely face questions over who will take over as CEO when he meets investors in Europe's biggest bank ahead of taking up his post at the lender in October.

VW wants European industry to back push for EV battery cells

FRANKFURT (Reuters) - Volkswagen wants industrial players in Germany and Europe to help shoulder the costs for battery technology needed to power carmakers' electric-vehicle offerings, the head of its core autos division said.

Viacom's MTV sees first summer ratings growth in six years

(Reuters) - Viacom Inc's MTV network had its first summer of ratings growth in six years, the network told Reuters this week, a sign that the company is seeing progress wooing back coveted younger viewers who watch shows online.

Wall Street executives have gloomy outlook on third-quarter trading results

(Reuters) - Executives from JPMorgan Chase & Co , Bank of America Corp and Goldman Sachs Group Inc warned on Tuesday that trading conditions during the third quarter were likely to be poor for their banks.

World Stocks Pull Back Amid Rising Concerns Of A Market Correction

For the first day in three S&P futures have pulled back modestly from record levels as some investors cautioned that gains had gone too far, too fast, European shares are mixed while Asian equities extended their longest rising streak in almost two months as continued gains in Japan and India offset the losses in Hong Kong. The dollar ended a two-day advance as TSY yields dropped in what has become a close correlation trade (see below) while oil and gold rose, perhaps in response to the ongoing plunge in bitcoin.

Following yesterday's main, and largely disappointing events - the unveiling of the new iPhone(s) - European shares have faltered as a global equity rally showed signs of flagging, with Apple suppliers struggling after the new iPhone release disappointed with a later than expected shipping date. Chipmakers supplying to Apple were among the worst performers, with AMS down 3.9 percent, while Dialog Semiconductor slipped 1.7 percent and STMicro fell 1.1 percent.

Traders said their shares were under pressure due to Apple's new $999 iPhone X shipping later than expected, on November 3. The price tag could also dent demand for the device in markets such as China. "With the iPhone coming in around $1,000 it will be interesting to see how healthy demand is," said Mike Bell, global market strategist at JP Morgan Asset Management. "If it's relatively healthy I think it shows that there is still quite a lot of pricing power for U.S. companies and that consumers have confidence."

Bill Blain: "This Is What Terrifies Draghi And Other Central Bankers"

Submitted by Bill Blain of Mint Parnters

Austria 2% for 100 year bond will go down as "financial moment". Wake up and smell the coffee of economic reality

Blain's Morning Porridge - September 13th 2017

"Hey Satan, paid my dues, playing in a rocking band..."

This morning dawns bright and hopeful. After the Caribbean hurricanes, London survived a storm last night which ruffled the waters of the Thames, and caused some mild distress in terms of leaves blown off trees. Do your worst Mother Nature! England is ready!

Markets are enthused, boosted by talk of a US tax-reform roadshow, stock markets hitting new highs because the Norte Koreans haven't found a match to light the fuse on their next firework, and Apple looking likely to get away with pushing the price of a new bright shinny thing past $1000.

I read a great line yesterday I suspect someone is going to ultimately regret: "We have solid global growth and some of the easiest financial conditions in history... hooray!"

US Threatens To Cut Off China From SWIFT If It Violates North Korea Sanctions

In an unexpectedly strong diplomatic escalation, one day after China agreed to vote alongside the US (and Russia) during Monday's United National Security Council vote in passing the watered down North Korea sanctions, the US warned that if China were to violate or fail to comply with the newly imposed sanctions against Kim's regime, it could cut off Beijing's access to both the US financial system as well as the "international dollar system."

Speaking at CNBC's Delivering Alpha conference on Tuesday, Steven Mnuchin said that China had agreed to "historic" North Korean sanctions during Monday's United Nations vote. "We worked very closely with the U.N. I'm very pleased with the resolution that was just passed. This is some of the strongest items. We now have more tools in our toolbox, and we will continue to use them and put additional sanctions on North Korea until they stop this behavior."

In response, Andrew Ross Sorkin countered that "we haven't been able to move the needle on China, which seems to be the real mover on this, in terms of being able to apply the real pressure. What do you think the issue is? What is the problem?"

The stunner was revealed in Mnuchin's answer: "I think we have absolutely moved the needle on China. I think what they agreed to yesterday was historic. I'd also say I put sanctions on a major Chinese bank. That's the first time that's ever been done. And if China doesn't follow these sanctions, we will put additional sanctions on them and prevent them from accessing the U.S. and international dollar system. And that's quite meaningful."

Did This Oil & Gas Deal Just Change The Global Energy Balance?

Authored by Dave Forest via OilPrice.com,

One of the biggest energy stories this year has been Russia's Rosneft buying India's Essar Oil - giving the Russian company a firm grip on one of the world's biggest emerging oil and gas markets.

And this past week, that story got more complex. With Rosneft striking another big deal — drawing in another heavyweight energy nation.

China.

Rosneft announced Friday it is selling a significant chunk of its equity to Chinese investors. In this case, little-known exploration and production firm CEFC China Energy.

Although few investors know CEFC, the company is bringing significant capital to the deal. With the firm agreeing to pay $9 billion to acquire a 14.16 percent stake in Rosneft.

The deal is historic in being the first major buy-in by China into the Russian oil and gas sector (although Chinese firms have been involved in financing LNG export projects in the Russian Arctic).

Heard on the Street Summer Stock Picks

This summer, Heard on the Street's scribes pulled a seat up to the pundits' table, slapping a "buy" or "sell" on 22 investments ranging from blue chip U.S. and European stocks to entire currencies or national stock markets.

An Inflation Surprise Could Leave Bond Investors Aching

After a two-month run in which government bond yields fell around the world, the start of this week brought a sharp reversal—and investors may be wise to get used to the latest direction.

China's Next Debt Addiction---Credit Cards

Interest in credit cards is growing fast in China, but penetration remains low. That could be a rare bright spot for the country's banks

Central And Eastern Europe's Crisis Of Convergence

from STRATFOR

-- this post authored by Adriano Bosoni

As the European Union braces for reform, the countries of Central and Eastern Europe are approaching a crossroads. Some are interested in drawing closer to the bloc: The leaders of Slovakia and the Czech Republic recently said that their countries belong in the "core" of the union, and a minister from Romania spoke about joining the eurozone within five years. But others are keeping their distance: The Hungarian and Polish governments insist that the European Union has no right to interfere in their domestic affairs. These developments show an increasing awareness in the region that strategic decisions are fast approaching.

Government Debt In Domestic Hands During A Crisis

from the Philadelphia Fed

-- this post authored by Burcu Eyigungor

When banks load up on their government's bonds, lending to firms and households can get crowded out. But when the sovereign debt market is in turmoil, such concentrations may play a surprising role.

Deep Dive: Why it pays to take a second look at this year's worst-performing Dividend Aristocrat stocks

These companies' shares may have fallen this year, but many are able to keep raising their payouts, says Phil van Doorn.

Deep Dive: These four fund managers' secret to success: Don't go with your gut on stocks

What investors need is 'second-level thinking' to avoid making mistakes, writes Phil van Doorn.

Deep Dive: Analysts have raised, or lowered, their price targets the most on these U.S. stocks

They're bullish on Vertex Pharmaceuticals, Boeing and Nvidia, and bearish on Foot Locker, Chipotle and Advance Auto Parts.

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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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