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07Nov2017 Pre-Market Commentary: World Stocks Break 500 Barrier, Oil Camps At Two-and-a-half Year High, New Historic Highs Expected Again Today, Gold Index Slips Fractionally

Written by Gary

US stock market index futures are down and flat (SPY -0.02%), but the global rally in equities is showing no signs of letting up, as investors drive stocks to all-time highs as it sailed past the 500-point barrier.


Here is the current market situation from CNN Money

European markets are lower today with shares in London off the most. The FTSE 100 is down 0.27% while France's CAC 40 is off 0.09% and Germany's DAX is lower by 0.03%.

What Is Moving the Markets

Here are the headlines moving the markets.

World stocks break 500 barrier, oil camps at two-and-a-half year high

LONDON (Reuters) - The global rally in stocks showed no sign of slowing on Tuesday, as upbeat investors pushed the most widely-tracked index of world stocks up for a ninth straight day and it sailed past the 500-point barrier.

Ackman's ADP proxy battle nears climax with investor vote tally

ROSELAND, N.J. (Reuters) - The fierce proxy battle between activist hedge fund manager William Ackman and the leadership of Automatic Data Processing Inc will come to a close on Tuesday when an official vote tally is announced at the payroll processor's annual shareholder meeting.

China plans easing foreign holding, partner choice for securities ventures: sources

HONG KONG (Reuters) - China plans to allow global banks to take a stake of up to 51 percent in their onshore securities ventures for the first time and tie up with local non-financial firms, people familiar with the matter said.

Exclusive: General Electric explores options for aircraft leasing unit - sources

SINGAPORE/NEW YORK (Reuters) - General Electric Co is weighing options for its aircraft leasing operations, including the sale of all or part of the business, as Chief Executive John Flannery searches for new divestitures, according to people familiar with the matter.

One-year since Trump's win, U.S. funds enjoy strong growth

LONDON (Reuters) - Assets managed by U.S.-based funds have grown substantially, led by equity funds, since Donald Trump won the U.S. presidential elections a year ago.

U.S. investors target 'buyback stocks' in bet on Trump tax plan

NEW YORK (Reuters) - Rather than waiting to see how the Republican tax bill will fare in Congress, some investors are already picking out gingerly technology, healthcare and consumer companies they expect to use potential tax savings to buy back more of their own stock.

Sky falls as report of Disney-Fox talks increase deal uncertainty

LONDON (Reuters) - A report that Rupert Murdoch held talks about selling film and television assets to Walt Disney Co added another layer of uncertainty to his $14.5 billion bid to buy all of Britain's Sky .

Uber bullish on Africa despite opposition from local taxi firms

CAPE TOWN (Reuters) - Ride-hailing service Uber Technologies Inc. [UBER.UL] is growing rapidly in sub-Saharan Africa and considering moves into more markets, despite sometimes violent opposition from metered taxi drivers, a senior executive said on Tuesday.

Tesla buys automation equipment maker Perbix

(Reuters) - Electric car maker Tesla Inc said on Tuesday it agreed to buy privately held Perbix Machine Co Inc, which designs automated manufacturing equipment.

Peak Gold - Another Sign As Chinese Gold Production Falls 10%

World's Largest Gold Producer China Sees Production Fall 10%

- Gold mining production in China fell by 9.8% in H1 2017
- Decreasing mine supply in world's largest gold producer and across the globe
- GFMS World Gold Survey predicts mine production to contract year-on-year
- Peak gold production being seen in Australia, world's no 2 producer
- Peak gold production globally while global gold demand remains robust

Editor Mark O'Byrne

Frontrunning: November 7



U.S. Allies Fear Trump Will Pull a Nixon in China (WSJ)

Partisan Tensions Flare as GOP Revises Tax Bill (BBG)

Tax Overhaul Faces Major Hurdles (WSJ)

Multinationals Scurry to Defuse House Tax Bill's 'Atomic Bomb' (BBG)

Parties Watch New Jersey, Virginia Votes for Wider Signals (WSJ)

Trump Softens Tone on North Korea, Urges Deal on Nuclear Weapons (BBG)

Saudi Crackdown Widens as More Bank Accounts Said Frozen (BBG)

Texas Gunman's Violent Past Didn't Prevent Him From Buying Guns (WSJ)

New Delhi pollution hits dangerous level, putting runners at risk (Reuters)

Amazon's Price Left Alleged Trail of Harassment (WSJ)

Broadcom Bid Marks Upheaval in Chip Industry (

Bridgewater Paid $1 Million To Settle Sexual Harassment Charge Against Former CEO

Embarrassing revelations about sexual harassment in the workplace continue to emerge in the media as the national conversation about sexual misconduct has spread from tech, to entertainment and media to the constantly surveilled halls of one of America's most successful and most controversial hedge fund firms.

In a report that further tarnishes the workplace culture at Bridgewater Associates - the world's biggest hedge fund - just as its founder, Ray Dalio, is embarking on a book tour to tout the publication of "Principles", his book about the various aphoristic imperatives meant to govern Bridgewater employees' behavior if not the fund's buying/selling signals, the Wall Street Journal's Rob Copeland has discovered that the firm paid $1 million to settle allegations of inappropriate sexual conduct against former co-CEO Greg Jensen, whom Dalio had briefly anointed as his successor, left the firm under a haze of acrimony a few years back.

Jensen was pushed out a few years back, purportedly after having a falling out with Dalio after reportedly criticizing his boss behind his back.

Jensen, who is married with three children, also allegedly had an affair with a female employee who was junior to him, a controversy which contributed to him leaving the firm.

Neither of the women are named by the Journal. However, in a surprising twist, WSJ reported that Dalio was personally involved in mediating Jensen's disputes with both women - even negotiating a $1 million settlement with famed feminist attorney Gloria Allred, whom one of the women hired to represent her after being pushed out of the company after accusing Jensen of groping.

Global Stock Meltup Sends Nikkei To 25 Year High

The global risk levitation continues, sending Asian stocks just shy of records, to the highest since November 2007 and Japan's Nikkei topped 22,750 - a level last seen in 1992 - while European shares and US equity futures were mixed, and the dollar rose across the board, gains accelerating through the European session with EURUSD sumping below 1.16 shortly German industrial output shrank more than forecast, eventually dropping to the lowest point since last month's ECB meeting. Meanwhile soaring iron-ore prices couldn't provide relief to the Aussie as the RBA held rates unchanged as expected; Oil traded unchanged at 2.5 year highs, while TSY 10-year yields rose while the German curve bear steepened, both driven by selling from global investors.

The Stoxx Europe 600 Index edged lower, erasing an early advance, despite earlier euphoria in stocks from Japan to Sydney, which reached fresh milestones. Disappointing reports from BMW AG and Associated British Foods Plc weighed on the European index as third-quarter earnings season continued. Earlier, the Stoxx Europe 600 Index rose as much as 0.3%, just shy of a 2-year high it reached last week. Maersk was among the worst performers after posting a quarterly loss, saying a cyberattack in the summer cost more than previously predicted. Spain's IBEX 35 gains crossed back above its 200 day moving average. European bank stocks trimmed gains after European Central Bank President Mario Draghi said that the problem of non-performing loans isn't solved yet, though supervision has improved the resilience of the banking sector in the euro region. Draghi was speaking at a conference in Frankfurt.

Over in Asia, equities rose to a decade high, with energy and commodities stocks leading gains as oil and metals prices rallied. The MSCI Asia Pacific Index gained 0.8 percent to 171.40, advancing for a second consecutive session. Oil-related shares advanced the most among sub-indexes as Inpex ...

Saudi Crackdown Doesn't Guarantee Aramco IPO -- Or Higher Oil

Oil markets are rising after the Saudi heir apparent - a big proponent of state oil firm Aramco's planned IPO - rounded up a swathe of potential rivals on Saturday night. Investors should be careful not to interpret this as the all-clear for oil prices or Aramco.

SoftBank's Blurry Vision

The Japanese tech giant's boss Masayoshi Son likes control. The collapse of the Sprint/T-Mobile deal talks suggests that is slipping from his grasp.

Broadcom's Very Risky Bet on Qualcomm

Broadcom's bold offer may not be enough to net Qualcomm, but time may not be on Qualcomm's side either.

September 2017 CoreLogic Home Prices Reveal Nearly Half of the Nation's Largest 50 Markets are Overvalued

Written by Steven Hansen

CoreLogic's Home Price Index (HPI) shows that home prices in the USA are up 7.0 % year-over-year year-over-year (reported up 0.9 % month-over-month). CoreLogic HPI is used in the Federal Reserves' Flow of Funds to calculate the values of residential real estate.

Key Words: Apple's gimme shelter tax moves go on 'endlessly,' says legal expert

The "Paradise Papers" leak has put a spotlight on how the rich use offshore tax havens, with the revelations touching Apple Inc. One legal expert has offered his take on the tech titan's approach.

Capitol Report: How Medicare could see a cut thanks to the House tax bill

The tax bill that congressional Republicans and President Donald Trump are pushing may do more than cut taxes — it could also wind up cutting spending for programs including Medicare and student loans.

The Ratings Game: Broadcom-Qualcomm deal could smooth Apple beef, but bid may fail, analysts say

Broadcom Ltd.'s unsolicited bid of more than $100 billion for rival Qualcomm Inc. is unlikely to go through at the offered price, but a completed deal could smooth out Qualcomm's fractured relationship with Apple Inc., analysts said Monday.

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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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