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20Sep2017 Pre-Market Commentary: Wall Street To Open Flat Ahead Of Fed Policy Meeting, A FOMC Rate Hike Is Very Unlikely, WTI Crude Trading At The Mid 50 Handle

Written by Gary

US stock market index futures are in the green, but flat (SPY +0.02%) as investors awaited clues from the Fed's meeting on raising interest rates.


Here is the current market situation from CNN Money

European markets are mixed to lower. Shares in Germany are off as the DAX drops 0.10%. The FTSE 100 is down 0.01% while the CAC 40 in France is unchanged.

What Is Moving the Markets

Here are the headlines moving the markets.

Futures flat as investors focus on Fed meeting

(Reuters) - U.S. stock index futures were little changed on Wednesday as investors awaited clues from the Federal Reserve meeting on whether the central bank will raise interest rates for a third time this year.

T-Mobile U.S. explores takeover of Sprint: source

(Reuters) - U.S. wireless carrier T-Mobile US Inc is exploring taking over rival Sprint Corp in an all-stock deal, after SoftBank Group Corp offered to give up its majority ownership of Sprint, a person familiar with the matter said.

How $5 billion of debt caught up with Toys 'R' Us

(Reuters) - Toys "R" Us Inc has been making $400 million in interest payments on its debt every year, largely due to its $6.6 billion leveraged buyout in 2005. This week, it succumbed to its debt burden, leading to the biggest bankruptcy of a U.S. retailer since that of Kmart in 2004.

As Apple slows, fast-moving Chinese rivals gain in wealthy markets

HONG KONG/SINGAPORE (Reuters) - Slowing innovation at iPhone maker Apple gives Asian rivals their best chance yet to conquer developed markets, retailers and consumers say - thanks to better designs and lower prices.

Walmart, Target join call for 'Dreamer' legislation

(Reuters) - Wal-Mart Stores Inc, Target Corp and PepsiCo Inc on Wednesday joined an expanded group of nearly 800 companies calling in a letter for U.S. legislation to protect immigrants brought into the country illegally by their parents from deportation, according to organizer FWD.us.

Wells Fargo's lone outsider aims to clean up bank's reputation

NEW YORK (Reuters) - Before a sales scandal upended its reputation, Wells Fargo & Co was something of a proud outsider in Washington and on Wall Street compared to its big bank peers.

Uber reviews Asia business amid U.S. bribery probe: source

(Reuters) - Uber Technologies Inc [UBER.UL], which is the subject of a U.S. federal probe into whether it broke bribery laws, has started a review of its Asia operations and notified U.S. authorities about payments made by staff to police officers in Indonesia, a person familiar with the matter told Reuters.

Wal-Mart to give more hours to current staff this holiday season

(Reuters) - Wal-Mart Stores Inc said on Wednesday it would not hire temporary workers this holiday season and would instead offer the extra hours to its current employees.

At Deutsche Boerse, time and support dwindle for CEO Kengeter

FRANKFURT (Reuters) - Support for Deutsche Boerse CEO Carsten Kengeter on the exchange group's supervisory board is weakening as investigations into insider trading allegations drag on, according to a person with knowledge of the matter.

"We Are In A State Of Siege": Spanish Police Arrest Top Catalan Officials In Referendum Raids

Spanish police arrested top-ranking Catalan officials including the region's junior economy minister Josep Maria Jove, as Madrid launched a crackdown on Catalonia over the upcoming Independence referendum Reuters reported. Jove, who is a senior member of the Republican Left of Catalonia political party, was detained following a Wednesday morning raid carried out by Spain's Civil Guard, which has the authority of both the Interior and the Defence ministries.

At least a dozen high-ranking local officials were arrested, La Vanguardia newspaper said. Among those detained are Josue Sallent Rivas from the Centre of Telecommunications and Information Technology, Xavier Puig Farré from the Office of Social Affairs and Josep Maria Salvat Tenesa from the Ministry of Economics and Finance.

Police, acting under court orders, have stepped up raids on printers, newspaper offices and private delivery companies in recent days in a search for campaign literature, instruction manuals for manning voting stations and ballot boxes.

On Tuesday, Spain's Civil Guard, a national police force, seized more than 45,000 envelopes packed in cardboard boxes that the Catalan government was ready to send to notify people around the region about the referendum.

"Catalonia is now in a state of siege ", Catalonia's Minister of Labor, Social Affairs and Family Dolors Bassa said on Twitter, confirming that the Civil Guard has also entered her department.

I ara,a nostre departament també , acaba d'entrar la Guardia Civil.Estem en un estat de setge ! Vergonyós !@govern .Votarem

"This Is Where The Next Financial Crisis Will Come From"

"This Is Where The Next Financial Crisis Will Come From"

By Zero Hedge

In an extensive, must-read report published on Monday by Deutsche Bank's Jim Reid, the credit strategist unveiled an extensive analysis of the "Next Financial Crisis", and specifically what may cause it, when it may happen, and how the world could respond assuming it still has means to counteract the next economic and financial crash.

In our first take on the report yesterday, we showed one key aspect of the "crash" calculus: between bonds and stocks, global asset prices are the most elevated they hav ...

Frontrunning: September 20



Fed Poised to Set Portfolio Reduction Plan in Motion (WSJ)

Dollar close to 2015 lows as conflicted Fed prepares policy update (WSJ)

The Risk of a New Economic Non-Order (El-Erian)

A last, last chance: Republicans strain for Obamacare repeal (AP)

McConnell Won't Promise Obamacare Repeal Vote as Foes Mobilize (BBG)

Jimmy Kimmel Rips Into GOP Health Bill for Failing 'Kimmel Test' (BBG)

Stress at UN Not Shared on Wall Street as Stocks Set Records (BBG)

Trump's North Korea threat leaves Asia struggling to explain (AP)

China offers support for strife-torn Venezuela at United Nations (Reuters)

States Need $645 Billion to Pay Full Health-Care Costs (

The Morning After: Mexican Earthquake Leaves Over 248 Dead, Millions Without Electricity

Across central Mexico, rescue workers including soldiers and volunteers worked late into the night Tuesday to free the living who were still trapped in the rubble of collapsed buildings following Mexico's deadliest earthquake in more than 30 years.

The death toll from the 7.1 magnitude quake - which bizarrely occurred on the anniversary of a 1985 quake that left 5,000 dead - has climbed to 248, with more than half of those deaths occurring in the Mexican capital city. It also comes two weeks after another powerful quake left nearly 100 dead in Mexico City. The quake was unusually close to Mexico City, located just 60 miles south of the capital in Chiautla de Tapia, a small town in neighboring Puebla state, according to Mexico's seismological service.

More are feared dead, including possibly dozens of teachers and schoolchildren feared buried in the rubble of a Mexico City school, one of hundreds of buildings that was destroyed by the quake, according to Reuters.

Additionally, several buildings collapsed in the chic neighborhoods of Roma and Condesa in central Mexico City, where many foreigners live. In Condesa, rescue workers scrambled to find eight to 10 people believed trapped under the debris of a building that ...

German Election: For Markets, Wages Are What Matter Most

Angela Merkel appears on course to win a fourth term as Germany's leader. For markets, the political stability allows a focus on more fundamental changes going on in Europe's most important economy.

The Hidden Obamacare Detail That Could Cost Hospitals Billions

A seemingly arcane detail of Obamacare could put significant cost pressure on hospital companies and eventually drug and medical device makers.

How to Make Money on the Chinese Internet

Activist investor Aristeia Capital shows the way for New York-listed Sina to unlock long-trapped value in subsidiary Weibo.

Market Snapshot: How much longer this stock-market bull lasts may depend on Fed's next move

Wall Street investors have shrugged off recent worries to carve out fresh all-time highs, but the Federal Reserve's policy meeting this week may provide investors the clearest sign yet about the health of the U.S. economy and how the central bank is construing stubbornly low inflation.

Europe Markets: European stocks mark time as investors stay focused on Fed decision

European stocks wavered Wednesday, with investors not making big moves before the U.S. Federal Reserve outlines its latest policy decision, but they did have deal news from Thyssenkrupp and other corporate updates to consider.

Need to Know: One more big push is coming for the S&P 500, thanks to these losers

The third quarter is winding down and the fourth quarter is straight ahead. Fear not, says our call of the day. This market is looking at a tailwind that will take the S&P 500 to 2,600.

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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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