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18Oct2017 Pre-Market Commentary: Wall Street Rally To Continue, Crude Prices Pushing Towards Three-week Highs, While Investors Looked Ahead To U.S. Crude Inventory Data

Written by Gary

US stock market future indexes are once again pointing to new historical highs for today (SPY +0.2%). 82% of the 45 S&P firms reporting so far have beat consensus on profit while 73% have topped estimates on sales.


Here is the current market situation from CNN Money

European markets are higher today with shares in France leading the region. The CAC 40 is up 0.54% while Germany's DAX is up 0.52% and London's FTSE 100 is up 0.45%.

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. bankers hold onto hopes that Trump will boost profits

NEW YORK (Reuters) - Top U.S. bankers are still hoping the President Trump's administration will make policy changes to boost profits, but made clear in public comments in recent days that they are not seeing any signs of progress so far.

World markets steady as China congress starts and monetary policy gets back in focus

MILAN (Reuters) - World stocks stayed near peaks and currencies moved in tight ranges on Wednesday as China's Communist Party conference opened and the focus in Europe turned to speeches from top euro zone central bankers before next week's key policy meeting.

Taiwan ministry expresses 'deep concern' about Qualcomm's antitrust fine

TAIPEI (Reuters) - Taiwan's economics ministry said it is "deeply concerned" about the antitrust agency imposing a $775 million fine on Qualcomm Inc , in a rare public display of disagreement between authorities.

Dow set to open above 23,000 for the first time

(Reuters) - The Dow Jones Industrial Average was poised to open above 23,000 for the first time on Wednesday following a series of upbeat earnings reports from marquee companies.

Europe's aviation agency advises against using Kobe Steel products

PARIS/TOKYO (Reuters) - Europe's aviation regulator has advised aircraft manufacturers to stop using parts supplied by Kobe Steel until their safety can be verified, following product data manipulation by the Japanese company.

McDonald's South Korea office raided in burger probe: reports

SEOUL (Reuters) - South Korean investigators raided the Seoul office of McDonald's Corp on Wednesday, following a series of complaints that children fell ill after eating hamburger patties alleged to have been undercooked, Yonhap News Agency and other media said.

U.S. SEC charges Rio Tinto, former top executives with fraud

SYDNEY/NEW YORK (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday charged mining company Rio Tinto Plc and two of its former top executives with fraud, saying they inflated the value of coal assets in Mozambique and concealed critical information while tapping the market for billions of dollars.

Billionaire Branson targeted in $5 million scam 'straight out of le Carre'

LONDON (Reuters) - Richard Branson, billionaire founder of the Virgin group, has revealed he was targeted by a fraudster posing as Britain's defense minister who tried to get him to contribute $5 million to a supposed secret ransom payment.

Mitsubishi Motors checking how Kobe Steel parts affected by false data

TOKYO (Reuters) - Mitsubishi Motors Corp is investigating how components from suppliers containing Kobe Steel Ltd parts have been affected by the steelmaker's falsified data on product quality, the chief executive of the carmaker said on Wednesday.

In Tweetstorm, Trump Slams Comey Who "Lied And Leaked And Protected Hillary Clinton", Rips NFL, Democrats

In an early Wednesday tweetstorm, Trump blasted fired FBI Director James Comey and questioned the DOJ, following the FBI's confirmation that Comey began drafting his statement about Hillary Clinton's private email server use long before the investigation was complete.

"Wow, FBI confirms report that James Comey drafted letter exonerating Crooked Hillary Clinton long before investigation was complete. Many people not interviewed, including Clinton herself."

Trump then accused Comey of perjury, and asked why the DOJ has not addressed this yet: "Comey stated under oath that he didn't do this-obviously a fix? Where is Justice Dept?"

Wow, FBI confirms report that James Comey drafted letter exonerating Crooked Hillary Clinton long before investigation was complete. Many..

— Donald J. Trump (@realDonaldTrump) October 18, 2017

...people not interviewed, including Clinton herself. Comey stated under oath that he didn't do this-obviously a fix? Where is Justice Dept?

— Donald J. Trump (@realDonaldTrump) October 18, 2017

Trump also accused Comey of lying and leaking to protect Clinton. "He was the best thing that ever happened to her!"

As it has turned out, James Comey lied and leaked and totally protected Hillary Clinton. He was the best thing that ever happened to her!

— Donald J. Trump (@realDonaldTrump)

Degenerate Dutch Father Forces Family to Sell Everything So He Could Trade Cryptocurrencies

This is akin to a family of five selling their home, cars, and personal belongings, in order to finance Dad heading off to Vegas in order to play the fucking slot machines.

What can go wrong, after all? Bitcoins only go higher.

Source: CNBC

Didi Taihuttu, his wife, three kids and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own — from their 2,500-square-foot house, to their shoes - and trading it in for the popular cryptocurrency. They have moved to a campsite in the Netherlands, where they're waiting for bitcoin to really take off.

It's only been a few months, but the 39-year-old father of three says he doesn't regret a thing. "We were just like - sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life."

He once mined for bitcoin, but now only trades it, along with other cryptocurrencies like ether, ripple, neo, dogecoin and XLM. The family is still in the process of liquidating assets and investing the proceeds in cryptocurrencies as they go. The income from trading is enough for food and necessities, which the family says is all it needs right now.


He's a fucking degenerate, making believe all that matters is MUH happiness.

Taihuttu's brother, sister and in-laws call him crazy, but that hasn't stopped them from taking their experiment public. The Taihuttus are documenting their experience on social media, and they are even tak ...

Head of MI5: UK Facing Most Severe Terrorist Threat Ever

In the UK, it's extremely rare that interviews with members of the British intelligence, let alone the head of MI5, are broadcast on primetime news programs, yet this is what happened, when Andrew Parker, MI5's director general, warned that Britain was facing the most severe terrorist threat ever and further attacks are inevitable. Parker explained "That threat is multi-dimensional, evolving rapidly and operating at a scale and pace we've not seen before...It's at the highest tempo I have seen in my 34-year career. Today there is more terrorist activity, coming at us more quickly, and it can be harder to detect."

While Islamic State has been suffering heavy defeats in Iraq and Syria, MI5 estimates that 850 Britons who had travelled to its territory could return Britain. About 100 have died in fighting.

There's no question that Parker and his spying agency are under severe pressure, having failed to prevent four Islamist terror attacks which led to 36 deaths - Westminster Bridge, Manchester, London Bridge and Parsons Green tube station. More so, when Parker's staff is increasing 25% to 5,000. UK politicians are pushing for more oversight as The Guardian reports "This month the government will receive reports on whether chances to thwart the atrocities were missed and what lessons could be learned. Ministers and the National Security Council wanted independent oversight of the review, in essence not allowing MI5 or counter-terrorism police to assess themselves. Oversight is being provided by the barrister David A ...

Mnuchin: "Extraordinary" If Tax Reform Gets Done This Year; "No Question" Market Drops If Bill Fails

Barely a day after Gary Cohn told an audience at the annual meeting of the American Bankers Association that Congress has a "unique opportunity" to pass tax reform by the end of the year, Treasury Secretary Steven Mnuchin - who shares responsibility for the administration's tax agenda alongside Cohn - acknowledged the truth about Trump's No. 1 legislative priority: namely, that it would be "extraordinary" if the Republicans could pass tax reform by year's end.

At a Tuesday press conference, Mnuchin borrowed a line from his boss and reminded his audience that it took a couple of years for Ronald Reagan to pass tax reform, in the process risking the end of the bull run that yesterday carried the Dow above 23,000, a rally that has largely been predicated on investors' hopes for tax reform, according to the Hill.

"It took Ronald Reagan over two years on a bipartisan basis to get tax reform done," Mnuchin said during an interview on Fox News' Special Report with Bret Baier. "If we get it done this year, it will be extraordinary."

"Our objective is to get it on the President's desk by December to get him to sign it this year," Mnuchin added, but cautioned that there's "no artificial deadline."

"We are going to work on it as fast as we can," the Treasury secretary added.

Mnuchin called the GOP plan to reform the tax code critical to creating a "competi ...

China's Xi to World: Party First, Reform Second

The Chinese leader laid out a vision for a nation well on its way toward achieving "moderate prosperity"—one that is guided by the steady hand of the state.

Should You Buy Retailers for Christmas?

Retail stocks are, as the Wall Street cliché puts it, cheap for a reason. But are they too cheap?

Why It's Time to Get Back into Goldman

Wall Street's big two investment banks, Morgan Stanley and Goldman Sachs, have shown that they can perform reasonably well even when the environment is tough. What happens if things get better?

Market Extra: 30 years after Black Monday, could stock market crash again?

It has been three decades since the most disastrous single day in U.S. stock market history, and investors can be forgiven for wondering if Wall Street learned its lesson.

Market Snapshot: Dow industrials on track for push above 23,000, as IBM's rally provides a lift

U.S. stock futures on Wednesday point to a modest gain at the open, putting the Dow industrials on course to rise above 23,000 one day after they briefly traded above that big round number for the first time.

New leadership and earnings beat propel UnitedHealth stock to all-time high

Company stock surged 6.6% in extremely heavy trade, putting it on track for its biggest one-day price gain in 33 years.

Earnings Summary for Today

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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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