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14Nov2017 Pre-Market Commentary: Wall Street To Open Fractionally Lower, WTI Crude Becoming Volatile, US Dollar Dropping Like A Rock, America Will Become ‘undisputed Global Oil And Gas Leader For Decades'

Written by Gary

US stock market index futures are point to another lackluster start this morning (SPY -0.2%) as investors continued to watch the tax-reform front. US crude output set to rocket, says IEA.

Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.19%, while the CAC 40 is leading the DAX lower. They are down 0.39% and 0.16% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

German growth surprise lifts euro as China subdues Asia

LONDON (Reuters) - Strong German economic growth data drove the euro to a three-week high and its biggest rise in a month on Tuesday, though it dented European stocks again as they shuffled back to a two-month low.

Home Depot lifts full-year forecasts on boost from hurricanes

(Reuters) - Home Depot Inc , the largest U.S. home improvement chain, on Tuesday raised its full-year profit and sales forecast again after hurricanes Harvey and Irma spurred demand for generators, flashlights and rebuilding materials.

SoftBank says considering investment in Uber but no final agreement reached

TOKYO (Reuters) - Japan's SoftBank Group Corp said on Tuesday it was considering investing in Uber Technologies Inc but there was no final agreement at this stage.

Shrinking GE rattles investors, shares hit 5-year low

(Reuters) - General Electric Co's new Chief Executive John Flannery on Monday outlined steps that will turn the biggest U.S. industrial conglomerate into a smaller, more focused company, surprising some investors who sold the company's shares to a five-year low.

China's foreign ownership cap change may stir interest in smaller banks: Fitch

BEIJING (Reuters) - Beijing's landmark move to ease or remove limits on foreign ownership in China's financial sector will likely stoke acquisition interest in smaller banks, Fitch Ratings said.

Fed chief says policy guidance beneficial but must be conditional

FRANKFURT (Reuters) - The U.S. Federal Reserve's guidance about its likely future policy path is beneficial but should always be viewed as conditional on how the economy actually develops, Fed Chair Janet Yellen said on Tuesday.

Silicon Valley blasts Senate proposal to tax startup options

SAN FRANCISCO (Reuters) - A proposal by the U.S. Senate to change the way shares in startup companies are taxed incited panic and dread in Silicon Valley on Monday, with startup founders and investors warning of nothing less than the demise of their industry should the proposal become law.

GE says plans new wind farms in Finland, Sweden

HELSINKI (Reuters) - General Electric's power generation unit is planning to build new wind farms in Finland and Sweden, a company executive said on Tuesday.

Tesco wins UK regulator's provisional approval for Booker takeover

LONDON (Reuters) - Tesco won provisional approval for its 3.7 billion pound ($4.9 billion) takeover of wholesaler Booker from the UK competition regulator on Tuesday, moving Britain's biggest retailer closer to securing a new avenue of growth.

Producer Prices Surge At Fastest Rate In Almost 6 Years

Following September's hotter-than-expected Core PPI (and 5Y high in PPI), October was expected to see a modest slowdown but headline PPI printed a massive 2.8% YoY (smashing the 2.4% exp). This is the hottest PPI since Jan 2012, driven by surges in fuel prices and drugs.

Core PPI also beat expectations, rising 2.4% YoY (vs 2.2% exp) - also the highest since Feb 2012...

Under the hood...

Nearly half of the increase in prices for final demand services can be attributed to margins for fuels and lubricants retailing, which surged 24.9 percent.

Almost half of the rise in the final demand goods index was the result of higher prices for pharmaceutical preparations, which increased 2.1 percent.

December rate-hike odds were at 97.1% right before the PPI print.

Some Non-Hyperbolic Junk Talk

Authored by Kevin Muir via The Macro Tourist blog,

If you are looking for some breathless post about the recent collapse of the junk and high-yield market over the past couple of weeks, then click somewhere else.

I know it makes for exciting writing, but I won't do it. There is already more than enough hyperbolic rhetoric filling the financial airwaves.

But the really amusing part? Have any of these doomdayers actually had a look at the return of these bond markets over the past year?

I hate to use ETFs to generalize an asset class' returns, but the HYG and JNK ETFs seem to be on everyone's lips as the epicenter of the recent terrible high yield "rout." Heck, even newly crowned Bond King Jeffrey Gu ...

Senate Begins "Marking Up" Tax Reform Plan As Post-Thanksgiving Vote Looms

The House is expected to vote on and, hopefully, pass its tax reform package on Thursday, but the Senate's plan still hasn't made it out of committee. Luckily for the Trump administration - which badly needs this legislative victory to stave off a donor mutiny - this could soon change: To wit, the Finance Committee has started the process of 'marking up' the bill, that is, the process of adding amendments and making alterations. But the process still needs to run smoothly if McConnell is to meet his deadline of starting floor consideration the week after Thanksgiving.

Every day, the chances that the bill will pass by the administration's year-end deadline appear to dim, something evidenced by the murmurs about trying to convince a Democrat or two to break ranks and support the Trump plan.

"The first day of the Senate Finance Committee hearing featured Republicans and Democrats exchanging jabs over the proposal to slash corporate taxes and reduce individual rates, while closing some tax breaks.

The House is expected to pass its version of the bill Thursday as Republicans seek to put a bill on President Trump's desk by year's end.

It's a heavy lift, given the tight time frame and differences between the chamber's bills, though so far Republicans are hitting their marks.

Senate Finance Committee Chairman Orrin Hatch (R-Utah) sought to highlight aspects of the measure that Democrats have supported in the past, including its preservation of some individual tax breaks and changes to the international tax system.

"Long story short: Our proposed international reforms are not just a Republican wish list or some sort of favor to big companie ...

Frontrunning: November 14

Top central bankers vow to talk investors out of easy money (Reuters)

Sessions Considers Probe to Evaluate Clinton-Russia Ties (WSJ)

Trump Jr. Exchanged Messages With WikiLeaks (WSJ)

German growth surprise lifts Europe as China subdues Asia (Reuters)

Kremlin tells companies to deliver good news (Reuters)

Venezuela's Bondholder Meeting Is a Bust as S&P Declares Default (BBG)

GOP megadonor Adelson publicly breaks with Bannon (Politico)

Trump Kept One Eye on Re-Election With His Push for Deals in Asia (BBG)

Japan's PM says North Korea still developing missiles despite launch pause (Reuters)

Wall Street Fines Fall In Trump's First Year, Research Shows (

The Real 'War on Coal' Is in China

China's president Xi Jinping has made a commitment to a "better" - not just richer - life for Chinese citizens. That, combined with slowing industry in China, spells trouble for the dirtiest type of fuel.

With a Tweak, Earnings Look Even Better

Take away the losses that insurers suffered from hurricanes and earthquakes, and S&P 500 earnings grew at a double-digit rate in the third quarter.

Break Up And Die: Why Spinoff Fever Can't Last Forever

General Electric and other industrial conglomerates are under pressure to slim down, but big will likely become beautiful again when markets turn sour.

The Wall Street Journal: Entertainment channels launch $16-a-month TV bundle called Philo — with no sports

There's a new way to get about three dozen entertainment-oriented cable channels for $16 a month, so long as you can live without watching the big game.

Market Snapshot: Stock-market futures sag as investors await progress on taxes, watch central bankers

U.S. stock futures pointed to a lackluster start for Wall Street on Tuesday, as investors continued to watch for progress on the tax-reform front, as the heads of the world's biggest central banks gathered at a conference in Frankfurt.

Roku short sellers getting killed as stock soars

Roku Inc. has boomed since its September initial public offering, more than tripling in value and costing short sellers more than $100 million as of Monday, according to an estimate from S3 Partners.

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