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25Oct2017 Pre-Market Commentary: Wall Street Set To Open Flat After Downbeat Earnings, Business Investment Surges Again In September, Durable-goods Report Shows

Written by Gary

US stock market index futures are down fractionally (SPY -0.1%) as investors pause for breath amid an extremely busy week for corporate earnings.


Here is the current market situation from CNN Money

European markets are mixed. The CAC 40 is higher by 0.20%, while London's FTSE 100 is off 0.45%. Shares in Germany are unchanged with the DAX at 13,012.70.

What Is Moving the Markets

Here are the headlines moving the markets.

Stock futures flat after downbeat earnings

(Reuters) - Wall Street looked set to open flat on Wednesday as the U.S. corporate earnings season hit its peak, with lackluster results for a handful of companies overnight including Chipotle Mexican Grill and AMD.

Exclusive: Canada pushed for Airbus deal as Bombardier courted China

MONTREAL/PARIS (Reuters) - The Canadian government encouraged Bombardier to make a deal with Airbus SE for its CSeries planes to thwart a potential venture with Chinese investors, according to five sources familiar with the matter.

Republicans, Wall Street score victory in dismantling class-action rule

WASHINGTON (Reuters) - Banks, credit card issuers and other financial companies will be able to block customers from banding together to sue over disputes, after the U.S. Senate on Tuesday narrowly killed a rule banning the firms from using "forced arbitration" clauses.

Carlyle Group unveils new leadership as founders step back

(Reuters) - Carlyle Group LP said on Wednesday that Glenn Youngkin and Kewsong Lee would become its co-chief executives, in the U.S. private equity firm's biggest shakeup since it was founded by David Rubenstein, William Conway and Daniel D'Aniello 30 years ago.

Coca-Cola beats on higher U.S. sales of Sprite, non-soda drinks

(Reuters) - Coca-Cola Co reported better-than-expected profit and revenue for the third quarter as North America sales rose 3 percent on higher demand for Sprite, tea and coffee.

T-Mobile, Sprint ready board committees to decide on merger: sources

(Reuters) - T-Mobile US Inc and Sprint Corp are laying the groundwork for special committees of their board of directors to decide on a merger between the third and fourth largest U.S. wireless carriers, according to people familiar with the matter.

Boeing ups forecasts, takes further air tanker charge

(Reuters) - Boeing Co raised its full-year earnings and cash flow forecasts on Wednesday despite taking a $329 million charge related to its troubled KC-46 aerial refueling tanker.

Volkswagen CEO denies price fixing by German carmakers

STUTTGART, Germany (Reuters) - German carmakers being investigated over possible collusion did not engage in price fixing or an illegal cartel, Volkswagen's chief executive Matthias Mueller said on Wednesday.

Apple reduced Face ID accuracy to ease production: Bloomberg

The Face ID system - among the $999 iPhone X's most talked about features - uses a mathematical model of users' faces to allow them to sign on to their phones or pay for goods with a steady glance at their phones.

Gold Is Valuable Due to "Extreme Rarity" - Must See CNN Video

- Gold's value is due to exceptional rarity: Only 0.00000002% of earth's crust is gold
- Gold's allure and psychology behind it are steeped in history and human psychology
- Gold's colour and texture appeals to basic human survival instincts
- Gold's sheen resembles water and "humans need water in order to survive"
- Gold remains a sign of wealth but today is also a sign of prudence

Editor Mark O'Byrne


Source: Colorscope via CNN

Why do we love gold?

There are so many given reasons. From its presence throughout history, to its role as money, to its status as a symbol of wealth. But what is the psychology behind the human race's ever-present love for gold? How did it begin, why has it survived for so long?

Founding Trio Of $158 PE Titan Carlyle Is Stepping Down From Day To Day Operations

Carlyle, the favorite private equity firm of Washington D.C. and the "military industrial complex", has named two executives as successors to the ageing founders of the $158 billion fund, the latest rare move in an industry where similar succession plans are not usually telegraphed in advance. Kewsong Lee and Glenn Youngkin have been appointed as co-chief executive officers, while Peter Clare will become co-chief investment officer alongside one of the founders.

Rubenstein, right, and Conway, left, will give up their CEO roles while Daniel
D'Aniello, will relinquish chairmanship.

They replace current co-CEOs David Rubenstein and Bill Conway, both 68, who relinquish their roles and become co-executive chairmen of the board, according to the FT. Conway will continue in his role as co-chief investment officer while Daniel D'Aniello, 71, will relinquish his role as chairman and will become chairman emeritus. D'Aniello will continue to be on Carlyle's board and executive group. They will both continue to be members of Carlyle's executive group.

Lee will focus on the company's corporate private equity and global credit businesses, as well as corporate strategy and development, and capital markets. Youngkin will oversee Carlyle's real estate, energy and infrastructure businesses, the investment solutions segment as well as investor relations and external affairs.

The new appointees have been groomed for years by the founders and the succession planning has been in the works at Carlyle for months. The promotions follow a similar move by KKR

Hillary Clinton Lied, Paid For "Trump Dossier"

What was previously widely suspected has now been confirmed. In its latest bombshell report that - for once - doesn't include some nefarious allegations of wrongdoing or incompetence involving President Donald Trump or members of his administration, the Washington Post reported Tuesday that the Democratic National Committee and the Clinton campaign jointly financed the creation of the infamous "Trump dossier," which helped inspire the launch of the floundering investigations into whether the Trump campaign colluded with the Russians.

Though neither the DNC nor the Clinton campaign worked directly with former British spy Christopher Steele as he compiled the document, the fact that Democrats funded the dossier - which includes information primarily gleaned from sources in Russia - ironically suggests the Democrats indirectly leveraged Russian sources to try and spread information of dubious veracity about a political opponent to try and sway an election.

Sound familiar?

Even though the scandalous accusations contained within the dossier weren't made public until after the vote, presumably waiting to see what foot the shoe would end up on, this would've provided serious grist for the collusion narrative, which we imagine would've been stretched to include the entire Republican establishment as accomplices.

While it's impossible to determine exactly how muc ...

Bond Yields Break Out Around The World As Japan's Record Stock Rally Ends

S&P futures are fractionally in the red while traders await President Trump's pick for Fed chair and more clues on the fate of tax reform; Asian stocks slide, European shares are little changed ahead of tomorrow's ECB tapering announcement as US 10Y yields finally break out of their multi-month range below 2.40%...

... pushing wider to 2.45%, the highest since March, following a rout in Chinese government bonds markets, where the 10-year yield rose by 6 basis points, the most since May 10, to 3.79% the highest level since December 2014 as the central bank halted cash injections and after comparable U.S. yields surged 5 bps on Tuesday. Of note, traders were concerned about the sudden shift in the PBOC posture, which did not inject money on a net basis for the first time in 6 days.

In addition to China, in the US, 10Y yields climbed toward 2.45% , while those of most government bonds in Europe followed the move higher after data showed German Ifo business confidence unexpectedly rose to a record high in October.

The record jump in the Ifo prompted some to wonder if a Bund crash is imminent:

Bond bubble in one chart: 10y Bund yields remain at depressed levels despite Ifo business index at all-time high. Is a Bund crash imminent? pic.twitter.com/pyRY6ykQAA

— Holger Zschaepitz (@Schuldensuehner) < ...

Get Ready for an Imperial China

Xi Jinping, China's most powerful leader in decades, has failed to anoint a clear successor in a sharp break from previous convention.

WeWork's Lord & Taylor Deal: Savvy Move or Top of the Market?

Real estate startup WeWork is buying Lord & Taylor's flagship New York City location for $850 million and intends to convert the landmark building into its office headquarters. Heard on the Street examines the pros and the cons of the deal.

Reality Bites for Chipotle and Its Investors

Burrito chain has long promised fast growth, and now it is clear it can't deliver. Investors are catching up.

Economic Report: Business investment surges again in September, durable-goods report shows

Orders for durable goods rose in September and a key measure of business investment surged again, suggesting the U.S. economy might be poised for faster growth in the months ahead.

Top Celgene cancer drugs now 20% more expensive after latest price hikes

These are "the highest we have seen for these drugs," one Wall Street analyst said.

Is Amazon getting into the pharmacy business? This is what you need to know

The massive online retailer with a reputation for disruption could be coming for the notoriously complex, opaque drug industry.

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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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