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10Oct2017 Pre-Market Commentary: Wall Street To Open Higher, Expect New Historical Highs To Be Set Again Today, WTI Crude Climbs Back Into The Low 50 Handle, US Dollar Slips Further

Written by Gary

US stock market indexes are looking to open fractionally higher this morning (SPY +0.2%). General Electric tumbled nearly 4% yesterday en route to its lowest level since August 2015.


Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.30%, while the DAX is leading the CAC 40 lower. They are down 0.16% and 0.08% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Honeywell spins off units worth $7.5 billion in sales, keeps aerospace

(Reuters) - U.S. manufacturer Honeywell International Inc will spin off its home and ADI global distribution business and transportation systems into two independent, publicly-traded companies by the end of 2018, the company said on Tuesday.

Wal-Mart launches $20 billion buyback plan

(Reuters) - Wal-Mart Stores Inc on Tuesday unveiled a $20 billion share buyback plan and forecast U.S. online sales to increase by about 40 percent in the fiscal year ending January 2019.

OPEC Secretary General urges U.S. shale oil producers to help cap global supply

NEW DELHI (Reuters) - OPEC's Secretary General Mohammed Barkindo on Tuesday called on U.S. shale oil producers to help curtail global oil supply, warning extraordinary measures might be needed next year to sustain the rebalanced market in the medium to long term.

Trian's Peltz to face close Procter & Gamble shareholder vote

(Reuters) - Procter & Gamble Co on Tuesday will become the biggest ever company to face a shareholder vote over a proxy contest, seeking to prevent activist hedge fund Trian Fund Management LP CEO Nelson Peltz from securing a seat on its board of directors.

Uber says giving UK drivers worker rights would cost tens of millions of pounds

LONDON (Reuters) - Uber said on Tuesday that treating its British drivers as workers, entitling them to rights such as the minimum wage and holiday pay, would add tens of millions of pounds to the taxi app's costs.

Netflix fends off criticism over Canada investment

(Reuters) - Netflix Inc said on Tuesday it had received formal approval to start a C$500 million production unit in Canada and sought to quell talk that it had asked for special tax benefits for investing in its first such unit outside the United States.

Pfizer mulls options for consumer healthcare business

(Reuters) - Pfizer Inc said on Tuesday it was reviewing options for its consumer healthcare business, including a full or partial separation of the unit.

Exclusive: EU regulators to approve Atlantia, Abertis deal - sources

MILAN/BRUSSELS (Reuters) - EU antitrust regulators are expected to clear without conditions Italian infrastructure group Atlantia's bid for Spanish Abertis to create the world's largest toll-road operator, three sources with knowledge of the matter said on Tuesday.

UK business minister to make statement on Bombardier after 1130 GMT

LONDON (Reuters) - British business minister Greg Clark will make a statement to parliament on Canadian aerospace manufacturer Bombardier on Tuesday sometime after 1130 GMT, parliament announced.

Bitcoin Flash-Crashes On Russia 'Ban' Headlines

After weeks of uncertainty surrpunding Russia's plans for cryptocurrencies, local news outlet RBC reports overnight that Bank of Russia is working with the country's general prosecutor to block all exchanges offering Russians the opportunity to buy and sell cryptocurrency.

As CoinTelegraph reports, first deputy of the central bank, Sergey Shvetsov, said during an international finance forum in Moscow:

"It's obvious that when a pyramid (scheme) grows, interest in this pyramid hots up with the high rate of return." Echoing previous comments, Shvetsov added that the pyramid description is a result of "eyeing Bitcoin's price dynamics over the past two years."

The move is the most sweeping yet from Russian authorities regarding cryptocurrency access for citizens, and echoes the less coordinated bans of various industry resources common until last year. The debate as to how to handle cryptocurrency has raged throughout 2017 in Russia, with various high-profile entities giving conflicting views as to what the future will hold in terms of regulation.

This regulation is ostensibly

Our Protected, Predatory Oligarchy: Dirty Secrets, Dirty Lies

Authored by Charles Hugh Smith via OfTwoMinds blog,

If you want to understand why the status quo is unraveling, start by examining the feudal structure of our society, politics and economy.

The revelations coming to light about Hollywood Oligarch Harvey Weinstein perfectly capture the true nature of our status quo: a rotten-to-the-core, predatory, exploitive oligarchy of dirty secrets and dirty lies protected by an army of self-serving sycophants, servile toadies on the make and well-paid legal mercenaries. Predators aren't an aberration of the Establishment; they are the perfection of the Establishment, which protects abusive, exploitive predator-oligarchs lest the feudal injustices of life in America be revealed for all to see.

The predators reckon their aristocratic status in Hollywood/D.C. grants them a feudal-era droit du seigneur (rights of the lord) to take whatever gratifications they desire from any female who has the grave misfortune to enter their malefic orbit.

Anyone who protests or makes efforts to go public is threatened by the oligarch's thugs and discredited/smeared by the oligarch's take-no-prisoners legal mercenaries. (Recall the Clintons' Crisis Management Team tasked with crushing any Bimbo Eruptions, i.e. any eruptions of the truth about Bill's well-known-to-insiders predation of the peasantry.)

The dirty secret is that the oh-so-hypocritical power elites of Hollywood and Washington D.C. circle the wagons to protect One of Their Own from being unmasked. The first weapons of choice in this defense are (as noted above) threats from thugs, discrediting the exploited via the oligarchy's paid goons and lackeys in the mainstream media and dirty lies about what a great and good fellow the oligarch pred ...

Frontrunning: October 10



Thousands Flee as Deadly Fires Ravage California Wine Country (WSJ)

North Korean missiles will be able to reach U.S. after modernization: Ifax cites Russian lawmaker (Reuters)

Trump Allies Fear Corker Feud Threatens Tax Plan (BBG)

Spain Readies Forces Able to Seize Catalan Leader (BBG)

Catalans Face Day of Reckoning (BBG)

P&G Shareholder Vote on Peltz Seat Is Down to the Wire (WSJ)

Puerto Rico's $74 Billion Burden Left It Helpless When Maria Hit (BBG)

Brain Drain Index: The Smartest Americans Are Heading West (BBG)

Pfizer Explores Possible Sale, Spinoff of Consumer Healthcare Business (WSJ)

Russia accuses U.S. of pretending to fight Islamic State in Syria, Iraq (

London House Prices Are Falling - Time to Buckle Up

London House Prices Are Falling - Time to Buckle Up

- London house prices fall in September: first time in eight years
- High-end London property fell by 3.2% in year
- House sales down by over a very large one-third
- Global Real Estate Bubble Index - see table
- Brexit, rising inflation and political uncertainty causing many buyers to back away from market
- U.K. housing stock worth record £6.8 trillion, almost 1.5 times value of LSE and more than the value of all the gold in world
- Homeowners and property investors should diversify and inves ...

Why Richard Thaler Matters to Investors

Richard Thaler, the Nobel Prize winner, used psychological insights to explain why markets aren't always efficient.

Why Deutsche Bank Should Keep John Cryan

Deutsche Bank still has a long journey to good returns and it won't get there quicker by changing its chief executive.

A High-Quality Problem for Videogame Makers

Videogame publishers have been on a strong run this year. The transition of the business to digital distribution has boosted profit margins and allowed game makers to generate multi-year returns from games that once measured their shelf life in months.

Economic Report: Small-business sentiment sours as Washington dysfunction drags on

A tracker of small-business confidence declined in September as Washington failed to deliver the policies that owners wanted.

Nvidia wants to put license-plate-sized data centers into self-driving taxis

Nvidia Corp. unveiled license-plate-sized hardware Tuesday that harnesses the equivalent of 100 servers in a data center, which it hopes to use to advance self-driving taxis.

The high price of sexual harassment

As Harvey Weinstein was fired from the company he co-founded, here are some of the many ramifications of such behavior.

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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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