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19Sep2017 Pre-Market Commentary: Wall Street Poised To Open Higher Near Historic Highs, WTI Crude Trending Higher In The High 50 Handle, US Dollar Index Trading In The Mid 91 Level, Trump To Speak At UN General Assembly

Written by Gary

US stock market index futures are fractionally higher this morning (SPY +0.1%), ahead of the Fed's two-day policy meeting. Markets are near record highs and may post new highs again.


Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.17%, while Germany's DAX is off 0.10%. Shares in France are unchanged with the CAC 40 at 5,213.91.

What Is Moving the Markets

Here are the headlines moving the markets.

Futures slightly higher ahead of Federal Reserve meeting

(Reuters) - U.S. stock index futures were slightly higher on Tuesday, ahead of the Federal Reserve's two-day policy meeting, which would give investors clues on the timing of the next U.S. interest rate hike.

With new operating system, Apple revamps its money-making App Store

(Reuters) - Apple Inc's newest operating system for iPhones and iPads introduces changes to its marketplace for third-party software to satisfy app developers and add new so-called augmented reality apps.

Swiss shut down 'fake' E-Coin in latest cryptocurrency crackdown

ZURICH (Reuters) - Switzerland's financial watchdog has closed down what it said was the provider of a fake cryptocurrency and is investigating around a dozen other possible fraud cases, in the latest clamp-down on the risks involving virtual money.

Toys 'R' Us files for bankruptcy ahead of holiday season

(Reuters) - Toys 'R' Us Inc, the largest U.S. toy store chain, filed for bankruptcy protection late Monday, the latest sign of turmoil in the retail industry that is caught in a viselike grip of online shopping and discount chains.

Bayer says needs more time for Monsanto deal approval

MONHEIM, Germany (Reuters) - German drugs and pesticides group Bayer said it would likely take until early next year to complete the planned $66 billion takeover of U.S. seeds group Monsanto , which it had previously expected to be under wraps by the end of 2017.

Kohl's to accept Amazon returns in 82 stores

(Reuters) - Department store operator Kohl's Corp said on Tuesday that select merchandise bought from Amazon.com Inc can be returned at 82 Kohl's stores in Los Angeles and Chicago, starting October.

Nokia's French jobs cut plan suspended until October 2: French minister

PARIS (Reuters) - Nokia's plan to cut almost 600 jobs in France is suspended until Oct. 2, French junior economy minister Benjamin Griveaux said on Tuesday after meeting the head of the Finnish telecom equipment maker's French unit.

Alibaba-backed logistics firm Best slashes proposed U.S. IPO: IFR

HONG KONG (Reuters) - Chinese logistics firm Best Inc, backed by Alibaba Group Holding Ltd , cut the size of a proposed U.S. initial public offering (IPO) after receiving tepid investor response to its preliminary valuation, IFR reported on Tuesday citing people close to the deal.

Airbus looks to China for A380 jumbo amid sluggish global sales

BEIJING (Reuters) - Chinese airlines could need between 60 and 100 Airbus A380 jets over the next five or so years as passenger traffic grows, the plane maker's China head said on Tuesday, amid rising questions over future demand for the super jumbo.

Is This The Most Overpriced Asset In The World?

Authored by Kevin Muir via The Macro Tourist blog,

It's tough to be a hedge fund manager these days.

The investing community can flip from treating you like a super-guru whose every word is gospel, to a complete bum, almost overnight. Last week, with news that famed hedge fund manager Hugh Hendry was closing his macro hedge fund firm, Eclectica Asset Management, they turned on poor Hugh like a pack of rabid dogs. Thank goodness for decent individuals like Santiago Capital's, Brent Johnson, who reminded us of the enormous difficulties in this game we choose to play. Well said Brent, well said.

http://themacrotourist.com/images/2017/09/SantiagoSep1817.png

I have always enjoyed listening to Hugh. And even though I didn't agree with every trade, he made you think. It's been a couple of hundred years since my great, great Grandfather, Duncan Muir left Scotland for Canada, but his genes must still course through my veins, as I often found myself thoroughly enjoying Hugh's rascal-like Scottish demeanor as he poked his finger in the eye of conventional thinking.

And you have to give Hugh credit for facing his fund's closing head-on. He could have quietly slipped into the sunset. But instead, Hugh laid out his investing soul for all to see. And Hugh didn't just do it with a farewell letter, but rather embarked on a short media blitz that I am sure he regretted at times.

...

Frontrunning: September 19



Markets Brace for Fed's Big Move: The End of Easy Money (WSJ)

Senate GOP Has 12 Days to Repeal Obamacare and No Room for Error (BBG)

Senate GOP Considers a Trillion-Dollar-Plus Tax Cut for Budget (WSJ)

In first speech at U.N., Trump to single out North Korea, Iran (Reuters)

Trump to Push Nationalist Policy in First U.N. Address (WSJ)

Trump Will Call for Action on North Korea, Iran in First UN Address (BBG)

A Guide to the Senate's Three Health-Care Proposals (WSJ)

Wall Street's Bond Gurus Have the Fed's Balance-Sheet Unwind All Wrong (BBG)

Maria Regains Category 5 Strength on Path to USVIs and Puerto Rico (BBG)

Mattis hints at military options on North Korea but offers no details (

Hurricane Maria Causes "Widespread Devastation" In Dominica As It Races Toward Puerto Rico

In less than two days, Hurricane Maria has strengthened from a tropical storm to a powerful category five hurricane, dubbed in no uncertain terms as "catastrophic" by the NHC. Though it has been downgraded to a category 4 overnight, the storm made landfall on the tiny Caribbean island of Dominica, leaving it utterly "devastated," according to the island's prime minister.

"We're just waiting for daybreak to do an assessment of the damage," Dominica Prime Minister Roosevelt Skerrit told CNN's Rosemary Church.

The storm, which made landfall Monday night, has maximum sustained winds of 155 mph, and remains on track to directly hit Puerto Rico, what would make it the first category four hurricane to directly hit the island in 85 years, according to CNN. Skerrit said the island's "first order of business" following the storm would be to make sure "every single citizen and resident is safe."

A statement from the National Hurricane Center said Maria's winds reached 160 miles per hour when it hit the island nation. In an update, the Center said that reports "indicate significant damage to structures has occurred in Dominica."

In a Facebook post, Skerrit said "initial reports are o ...

Global Debt Bubble Understated By $13 Trillion Warn BIS

Global Debt Bubble Understated By $13 Trillion Warn BIS

- Global debt bubble may be understated by $13 trillion: BIS
- 'Central banks central bank' warns enormous liabilities have accrued in FX swaps, currency swaps & 'forwards'
- Risk of new liquidity crunch and global debt crisis
- "The debt remains obscured from view..." warn BIS

Global debt may be under-reported by around $13 trillion because traditional accounting practices exclude foreign exchange derivatives used to hedge international trade and foreign currency bonds, the BIS said on Sunday.

Dear Apple: Thanks for the Memory

Little noticed amid the hype around the newest iPhones is the boon that the new wave of fancy phones means for the makers of memory chips inside.

A $15 Billion Merger at Risk From Shareholders Who Don't Vote

The merger of chemical giants Huntsman and Clariant could trip up on weak turnout in a Swiss shareholder vote.

Why P&G Investors Should Want Nelson Peltz on the Board

After some serious missteps, the once irreproachable consumer-goods giant has lost the right to say: Just trust me.

More bad news for American workers: Pay raises will be dismal next year

Employers are keeping a tight rein on base pay and incentives, despite an improving economy.

The Federal Reserve is peddling 'Tinker Bell economics'

The Fed is waiting for wages to push up prices, but that's not about to happen, writes Caroline Baum.

How Amazon's stock could rise to $3,000 — or fall to $400

Artificial intelligence will be a big catalyst, though the company's fast growth will eventually come to an end, says Nigam Arora.

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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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