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22Sep2017 Pre-Market Commentary: Wall Street To Open Lower, Some Analysts Say 'All Good Things Must Come To An End', WTI Crude Trending Down From High 50's, Investors Moving To Safe-haven Assets

Written by Gary

US stock market index futures are moderately lower this morning (SPY -0.1%, SP 500 -0.2%) after tensions with NOKO's H-bomb threat.


Here is the current market situation from CNN Money

European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.27% while London's FTSE 100 is up 0.11% and Germany's DAX is up 0.01%.

What Is Moving the Markets

Here are the headlines moving the markets.

Uber stripped of London license

LONDON (Reuters) - London stripped Uber [UBER.UL] on Friday of its license to operate from the end of September in a huge blow to the taxi app that will affect more than 40,000 drivers in one of the world's biggest cities.

Without U.S., 11 nations in TPP inch closer to a deal

TOKYO (Reuters) - The 11 nations remaining in the Trans-Pacific Partnership after the United States withdrew have inched closer to a comprehensive deal, offering hope that major countries can maintain free trade in the face of U.S. protectionism, a negotiator said on Friday.

Exclusive: T-Mobile, Sprint close to agreeing deal terms - sources

(Reuters) - T-Mobile US Inc is close to agreeing tentative terms on a deal to merge with peer Sprint Corp , people familiar with the matter said, a major breakthrough in efforts to merge the third and fourth largest U.S. wireless carriers.

GE nears sale of its industrial unit to ABB: Bloomberg

(Reuters) - General Electric Co is nearing a deal to sell its industrial solutions unit to Swiss engineering company ABB Ltd in a deal valued at $2.5 billion to $3 billion, Bloomberg reported, citing people with knowledge of the matter.

Time Inc in talks to sell assets; warns on third-quarter ad revenue softness

(Reuters) - Time Inc said on Friday it was looking to sell several assets, including Time Inc UK, and warned it experienced more-than-anticipated softness in both print and advertising revenue during the current quarter.

Futures slightly lower as U.S.-North Korea tensions escalate

(Reuters) - U.S. stock index futures were slightly lower on Friday after tensions between North Korea and the United States escalated again, pushing investors to safe-haven assets.

Despite tough talk, Canada seen unlikely to walk away from NAFTA

OTTAWA (Reuters) - Despite Canada's threats to walk away from NAFTA talks if necessary, its limited success in diversifying exports leaves the nation too reliant on U.S. markets to play hardball, government insiders and trade experts say.

Apple's iPhone 8 sees muted launch in Asia

SYDNEY/TOKYO (Reuters) - Apple Inc's launch of iPhone 8 kicked off in a less lively mood in Asia, versus previous debuts, as fans held out for the premium iPhone X due out in early November.

Phillips 66 Partners to buy Phillips 66 assets in $2.4 billion deal

(Reuters) - Phillips 66 Partners LP said on Friday it would buy assets from refiner Phillips 66 in a deal valued at $2.4 billion, including debt.

Bitcoin Slides After Dimon Doubles Down On Cryptocurrency Concerns: "It Will End Badly"

Just a week after Jamie Dimon first attacked Bitcoin for being a "fraud," the self-interested JPMorgan CEO has doubled down on his anti-crypto-currency tirade, somewhat exposing just how concerned he is at the potential for disruption within his industry.

To paraphrase, here's what Dimon said last week...

"It's a fraud. It's making stupid people, such as my daughter, feel like they're geniuses. It's going to get somebody killed. I'll fire anyone who touches it."

And now, as CNBC reports, JPMorgan Chief Executive Jamie Dimon has laid into bitcoin and digital currencies once again, labeling it a "novelty" that is likely to end badly.

Eventually governments will close down cryptocurrencies: JPMorgan CEO from CNBC.

Shiller Warns Against Complacency: "Today's Market Looks Like It Did At The Peaks Before Last 13 Bear Markets"

Authored by Robert Shiller via MarketWatch.com,

The US stock market today looks a lot like it did at the peak before all 13 previous price collapses. That doesn't mean that a bear market is imminent, but it does amount to a stark warning against complacency.

The U.S. stock market today is characterized by a seemingly unusual combination of very high valuations, following a period of strong earnings growth, and very low volatility.

What do these ostensibly conflicting messages imply about the likelihood that the United States is headed toward a bear market in stocks?

To answer that question, we must look to past bear markets. And that requires us to define precisely what a bear market entails. The media nowadays delineate a "classic" or "traditional" bear market as a 20% decline in stock prices.

That definition does not appear in any media outlet before the 1990s, and there has been no indication of who established it. It may be rooted in the experience of Oct. 19, 1987, when the stock market dropped by just over 20% in a single day. Attempts to tie the term to the "Black Monday" story may have resulted in the 20% definition, which journalists and editors probably simply copied from one another.

Origin of the '20%' figure

In any case, that 20% figure is now widely accepted as an indicator of a bear market. Where there seems to be less overt consensus is on the time period for tha ...

Pensions and Debt Time Bomb In UK: £1 Trillion Crisis Looms

Pensions and Debt Time Bomb In UK: £1 Trillion Crisis Looms

- £1 trillion crisis looms as pensions deficit and consumer loans snowball out of control
- UK pensions deficit soared by £100B to £710B, last month
- £200B unsecured consumer credit "time bomb" warn FCA
- 8.3 million people in UK with debt problems
- 2.2 million people in UK are in financial distress
- 'President Trump land' there is a savings gap of $70 trillion

Trump: Madman Kim "Will Be Tested Like Never Before"

Following Kim Jong-Un's televized response to Trump's UN speech, in which he called the US president a "mentally deranged dotard" and vowed to "tame the U. S. dotard with fire", Donald Trump took to twitter this morning, responding in kind that "Kim Jong Un of North Korea, who is obviously a madman who doesn't mind starving or killing his people, will be tested like never before!"

Kim Jong Un of North Korea, who is obviously a madman who doesn't mind starving or killing his people, will be tested like never before!

— Donald J. Trump (@realDonaldTrump) September 22, 2017

As a reminder, Kim's last jawboning effort deserved a solid A+ for vivid tragicomic imagery and hollow threats:

"[Trump's] remarks remind me of such words as "political layman" and "political heretic" which were in vogue in reference to Trump during his presidential election campaign."

The mentally deranged behavior of the U.S. president openly expressing on the UN arena the unethical will to "totally destroy" a sovereign state, beyond the boundary of threats of regime change or overturn of social system, makes even those with normal thinking faculty think about discretion and composure.

"After taking office Trump has rendered the world restless through threats and blackmail against all countries in the world. He is unfit to hold the prerogative of supreme command of a country, and he is surely a rogue and a gangster fond of playing with fire, rather than a politician."

What If Apple's Supercycle Isn't So Super

Early concerns about Apple's iPhone 8 and cell-connected watch provide a rough start to what needs to be a big year

Nintendo Switches on the Growth

Japanese videogame maker Nintendo is having another renaissance, but execution remains an obstacle to realizing investors' lofty expectations.

Fed Paves the Way for the ECB to Follow

The Federal Reserve's persistence in signaling rising interest rates may help the European Central Bank by tempering the euro's strength.

Joe Sixpack's Situation in 2Q2017: The Average Joe Is Better Off

Written by Steven Hansen

The Federal Reserve data release (Z.1 Flow of Funds) - which provides insight into the finances of the average household - shows improvement in average household net worth. Our modeled "Joe Sixpack" - who owns a house and has a job, and essentially no other asset - is better off than he was last quarter (and his growth rate of improvement improved).

Uber stripped of right to operate in London in latest blow to ride-sharing app

Transport for London, the body responsible for Greater London transport, said a review found Uber demonstrated a lack of corporate responsibility on a number of issues, including its approach to reporting serious criminal offenses.

Once German risk passes, China and the EU are waiting in the wings

After Germans vote in their general election, what's next for investors to watch? A major meeting of China's top politicians and wrangling over U.S. tax cuts are among the events and issues that analysts say have the potential to make markets sit up and listen.

The Tell: That'll do, Dow: The average's 9-day rally is over—but still historic

All good things must come to an end, but they've been taking unusually long to do so this year.

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gary@econintersect.com

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