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28Sep2017 Pre-Market Commentary: US Markets Look To Open Up

Written by Gary

US markets look to open up, with oil prices mixed and gold down. Global markets overnight are mixed. Get the factors below which are affecting the markets.


Here is the current market situation from CNN Money

European markets are mixed today. The DAX is up 0.33% while the CAC 40 gains 0.15%. The FTSE 100 is off 0.21%.

What Is Moving the Markets

Here are the headlines moving the markets.

Trump tax plan sends dollar, bond yields higher

LONDON (Reuters) - The dollar and global borrowing costs rose on Thursday after President Donald Trump proposed the biggest shake-up of the U.S. tax system in three decades and strong data supported the case for another Federal Reserve rate hike later this year.

Toshiba $18 billion sale of chip unit finally signed, legal challenges remain

TOKYO (Reuters) - Japan's Toshiba Corp said on Thursday it had signed an $18 billion deal to sell its chip unit to a consortium led by Bain Capital LP, overcoming a key - albeit not its last - hurdle as it scrambles for funds to stave off a potential delisting.

Wealthy financiers could gain from Trump's proposed tax cut for small businesses

WASHINGTON (Reuters) - High-income Wall Street financiers could be unintended winners from a section of U.S. President Donald Trump's tax-cut plan that is meant to help mostly small, "mom-and-pop" businesses.

Exclusive: Lyft close to selecting IPO adviser - sources

SAN FRANCISCO (Reuters) - Lyft Inc is close to hiring an initial public offering (IPO) advisory firm, in the first concrete step by the second biggest U.S. ride service company to become publicly listed, according to people familiar with the matter.

Bitcoin blow as fund drops U.S. exchange application

(Reuters) - An effort to allow investors to trade digital currencies as easily as stocks in the United States stumbled when the backer of a bitcoin fund said an application to list on an exchange had been withdrawn.

Mexico opens way for NAFTA talks to run into 2018

OTTAWA (Reuters) - Mexico on Wednesday opened the possibility that talks to revamp the NAFTA trade agreement were so complex that they could run into 2018, beyond an end-December deadline designed to avoid Mexico's presidential election campaign which kicks off in March.

PM May warns Boeing its relationship with the UK is being undermined by Bombardier row

LONDON (Reuters) - British Prime Minister Theresa May said on Thursday that Boeing was undermining its relationship with Britain by its behavior in a dispute with Canadian rival Bombardier that has put 4,200 jobs at risk in Northern Ireland.

Ford's Welsh engine plant to lose JLR business in 2020

LONDON (Reuters) - Jaguar Land Rover will stop sourcing petrol engines from Ford's plant in Bridgend, Wales, and end its current contract earlier than expected in 2020.

UBS says not target of German tax evasion investigation

ZURICH (Reuters) - Swiss bank UBS said on Thursday it was not the subject of a German investigation into suspected tax evasion following a search of its Frankfurt site a day earlier.

Blain: "The Bond Market Has Become A Series Of Crashes Followed By Rallies"

Submitted by Bill Blain of Mint Partners

Blain's Morning Porridge - Why Bond markets are going down and Markets have no memory

"And everything around her is a silver pool of light, the people who surround her feel the benefit of it. It makes you calm..."

Before delving into the collapse in global bonds on tightening speak, the improving prospects for real policy drivers and tax-cuts out of the US, wondering what the stock market is trying to tell us, and all the other madness likely to dominate our trading day.. I have to admit to an ever-so-slightly fuzzy head.

I'm not a Chelsea fan, but one of my clients is. Since he didn't have time for a trip to Madrid for last night's game, we watched it at Stamford Bridge instead. Yep, a gang of us were the only people in the stadium last night (which, to be honest, is a most enjoyable alternative to being surrounded by a pack of ravening Chelsea fans!) Although I'm a closet Gunner, it was a marvellous evening - made better by the last kick of the ball victory! (And that is absolutely the last time ever, and I mean ever, I will ever write something nice about Chelsea! )

Back in the real world, it's a combination of the recent Yellen hawk-talk on a December hike and the prospects Trump will get his tax-cuts and modest reforms passed that have pushed down Treasuries and hiked up the dollar. Rest of global bond market is following in their wake on anticipated global recovery.

Trump Goes Nuclear: NFL Will "Go To Hell"

It appears Moore's victory in Alabama last night has rekindled President Trump's more boisterous populist side - as many suspected it might - as he congratulated Roy Moore's "really great race."

In a brief discussion with reporters at The White House this morning, Trump pulled no punches urging "the toughest possible travel ban" and then took a serious swing at The NFL once again warning:

Kurdish Vote Won't Spark A Sustained Oil Price Rally

Authored by Nick Cunningham via OilPrice.com,

Turkey and Iraq have stepped up the pressure on Kurdistan after the semi-autonomous region of Iraq voted for independence. Turkey's President Recep Tayyip Erdogan threatened to block Kurdish oil exports through Turkish territory, while Baghdad called for an international boycott of Kurdish oil sales.

The Kurdish people appeared to have voted overwhelmingly for independence on Monday, pending final results. But the Kurdish Regional Government has said that the vote, which won't be recognized internationally, will be a starting point for negotiations with Baghdad, and not the culmination of real independence.

Teachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years

We have written frequently over the past couple of weeks about the disastrous public pension funds in Kentucky that are anywhere from $42 - $84 billion underfunded, depending on which discount rate you feel inclined to use. As we've argued before, these pensions, like the ones in Illinois and other states, are so hopelessly underfunded that they haven't a prayer of ever again being made whole.

That said, logic and math have never before stopped pissed off teachers and/or clueless legislators from throwing good money after bad in an effort to 'kick the can down the road' on their pension crises. As such, it should come as no surprise at all that the Lexington Herald Leader reported today that Kentucky's 365,000 teachers and other public employees are now demanding that taxpayers contribute a staggering $5.4 billion to their insolvent ponzi schemes over the next two years alone. To put that number in perspective, $5.4 billion is roughly $3,200 for each household in the state of Kentucky and 25% of the state's entire budget over a two-year period.

What Investors Don't Know About the Tax Plan

Investors can be sure the newly released Republican tax overhaul would improve companies' bottom lines. Whether it would benefit top lines is up in the air.

Amazon's Device Ambitions Speak Volumes

Despite heavy spending, Amazon has managed to boost its profitability over the last couple of years, thanks largely to its growing cloud business, and its investments fuel far more than the Echo devices.

Why Big, Bad Boeing Is Picking on Bombardier

Why is Boeing picking on the little guy? Because that is how you stay big and dominant.

Early Headlines: Asia Stocks Mixed, Oil Down, Dollar And Gold Up, Trump Tax Plan, Price In Dog House, UK Labour Rising, Schauble Is Out, Kurds Vote Independence, And More

Written by Econintersect

Early Bird Headlines 28 September 2017

Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.

early-bird-301-180

Documentary Of The Week: Michael Hudson - How Financialization Has Led To Debt-Deflation

Written by John Lounsbury

Econintersect: Michael Hudson explains the age of debt-deflation that encompasses much of the world today. The new paradigm is the product of the financialization of the economy which started more than 40 years ago.

MichaelHudson360x200

Ryanair threatened with court action after cancellation scandal

Ryanair Holdings PLC has been threatened with legal action for "persistently misleading passengers" about their rights following thousands of canceled flights that have impacted almost 750,000 passengers across Europe.

Asia Markets: Nikkei up, but Chinese stocks dip on profit-taking ahead of holiday

Asian equities lacked direction early Thursday, with rising bond yields boosting finance stocks in Japan and Australia, though Chinese markets experienced selling pressure ahead of a week-long holiday.

Europe Markets: European stocks seesaw around 10-week high as banks rise, H&M slides

European stocks wavered Thursday, potentially moving toward their first loss in six sessions, Swedish apparel retailer H&M sliding after a disappointing earnings report, but bank shares extended gains on rate-hike prospects.

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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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