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20Nov2017 Pre-Market Commentary: Wall Street Set For Flat Opening, WTI Slips From High 56 Handle, US Dollar Volatile, Some Analysts Are Questioning 'top Of The Market'

Written by Gary

US stock market index futures point to a green, but flat opening (SPY +0.01%) as Thanksgiving holiday investors are thinning out. European stocks have slipped as German coalition collapses.


Here is the current market situation from CNN Money

European markets are higher today with shares in Germany leading the region. The DAX is up 0.18% while France's CAC 40 is up 0.16% and London's FTSE 100 is up 0.08%.

What Is Moving the Markets

Here are the headlines moving the markets.

Canada, Mexico to question U.S. auto content demands at NAFTA talks

MEXICO CITY (Reuters) - Canada and Mexico will not make counterproposals to U.S. demands for tougher NAFTA automotive content rules but instead will offer rebuttals and pepper American negotiators with technical questions on Monday, people familiar with the talks said.

European markets jarred by German coalition collapse

LONDON (Reuters) - European stocks slipped and safe haven government bonds were in demand early on Monday as the collapse of coalition talks in Germany served as a reminder of political risk that still runs as an undercurrent in Europe.

Marvell Technology to buy Cavium for $6 billion

(Reuters) - Chipmaker Marvell Technology Group Ltd said on Monday it would buy smaller rival Cavium Inc in a deal valued at about $6 billion, as it seeks to gain scale in a semiconductor industry that is rapidly consolidating.

Nebraska to decide fate of controversial Keystone XL pipeline

LINCOLN, Nebraska/WASHINGTON (Reuters) - Nebraska regulators will announce their decision on Monday on whether to approve TransCanada Corp's Keystone XL pipeline route through the state, the last big hurdle for the long-delayed project.

Alibaba goes offline with $2.9 billion stake in China's top grocer

(This story corrects title of Weiwen Han in paragraph 9 from analyst to managing partner for Greater China.)

Toshiba gains breathing room with $5.4 billion share issue to overseas investors

TOKYO/HONG KONG (Reuters) - Toshiba Corp's planned $5.4 billion new share issue to overseas investors is set to provide it with most of the funds it needs to avoid a delisting - a quickly arranged deal that underscores both the weakness of its finances and the allure of its chips unit.

Goldman to have two EU hubs post-Brexit: Frankfurt and Paris: report

PARIS (Reuters) - Goldman Sachs Chief Executive Lloyd Blankfein said the bank would have hubs in Frankfurt and Paris after Brexit and that it would be up to the staff to decide where they want to move to from London, he told French newspaper Le Figaro.

Battered GE shares lure some buyers but worst may not be over

NEW YORK (Reuters) - General Electric Co shares stabilized after a brutal slide last week sent the stock near six-year lows, but the worst may not be over.

Retailer Auchan says it has not been approached by Amazon in Europe

PARIS (Reuters) - French retailer Auchan [AUCH.UL] said on Monday it had not been approached by E-commerce giant Amazon about deals or partnerships in Europe, with speculation still rife that Amazon may be eyeing European transactions.

A "New Era" In Chinese Regulation Means Turmoil For $15 Trillion In China's "Shadows"

The post-Party Congress attempts to deleverage and crack down on the worst abuses in China's horrific credit bubble - especially the country's $15 trillion in wealth-management products - saw China's authorities turn their sights on shadow banking and wealth management products (WMPs) specifically. On their way out are "guaranteed returns" and "capital pools", which had turned the wealth management sector into a Ponzi scheme. In a radical and "shocking" departure from the historic norm, financial institutions will have to offer yields based on the risks and returns of the underlying assets.

As Citic' Ming Ming summarized China's shadow reform to Bloomberg, this is "the most comprehensive and most profound regulatory document ever. This marks the beginning of a new era in financial regulation as it implies the end of a 'big leap' in the asset management industry. Going forward, it means more compliance requirements, tighter risk control, and thus slower but better-quality growth."

This might go down like a cup of cold sick with Chinese savers who have become accustomed to circumventing financial repression via these products. However - and this is significant - the new regime doesn't take effect until the end of June 2019. We can only guess the delay reflects the enormity of the problems discovered by China's regulators when they finally looked under the hood.

The shadow banking measures, announced after Friday's close, hit Chinese equities when they opened Monday. However, the sharp fall in the Shanghai Composite miraculously turned around late in the day, closing up 0.3%. Either, "bargain hunters" saw a too-good-to-be-missed opportunity as Bloomberg TV implied, or the "National Team" was ordered off the bench late in the session. We think we know the answer and our sense is that the authorities are increasi ...

Frontrunning: November 20



Merkel faces worst political crisis of her career (FT)

Europe Faces a Hamstrung Germany as Merkel's Coalition Bid Fails (BBG)

Merkel's Failure Is Bad News for May (BBG)

What's Left For Noble Group Creditors: The Answer's in Jamaica (BBG)

Bitcoin's White-Knuckle Ride Continues as It Dashes Past $8,000 (BBG)

UK Preparing Enhanced Brexit Cash Offer (BBG)

Soros attacks 'hate-mongering' of Orban's Hungary (FT)

Soros Says Smear Campaign Is Based on Spies and Lies (BBG)

Putin plan to rejuvenate Russian politics makes slow progress (Reuters)

China Clampdown Signals 'New Era' for $15 Trillion in Funds (BBG)

Trump open to dropping healthcare provision in Senate tax bill: ai ...

Money and Markets Infographic Shows Silver Most Undervalued Asset

Money and Markets Infographic Shows Silver Most Undervalued Asset

- Silver remains severely under owned and under valued asset
- Entire silver market worth tiny $100 billion shown in one tiny square
- "All of the World's Money and Markets in One Visualization"
- Must see 'Money and Markets' infographic shows relative size of key markets: silver bullion, gold bullion, cryptocurrencies/ bitcoin, largest companies, 50 richest people, Fed balance sheet, currency, stocks, property, cash, debt & derivatives
- Small allocation by investors and world's richest will see silver surge like bitcoin

Click to enlarge. Source: Visual Capitalist

by

South Detects "Engine Test" At North Korean Nuclear Facility

More than two months have passed since North Korea held one of its missile tests - the longest period of tranquility this year, although it may be ending soon: South Korea's National Intelligence Service warned on Monday that it has detected suspicious activity at the North's missile research facility - the latest sign that another test may occur by the end of the year. South Korean intelligence has on more than one occasion captured spy satellite images of the North Korean military transporting equipment from the North's missile facility near Pyongyang. While security analysts speculated at the time that these movements could portend another missile test, none have materialized.

However, earlier today, Yonhap reported that South Korean intelligence believe the North recently carried out what's called a missile engine test. Spy satellites spotted vehicles briskly moving toward the facilities, according to Yi Wan-young, a member of South Korea's parliamentary intelligence committee, which was briefed by Seoul's National Intelligence Service. All of this suggests North Korea may conduct additional missile tests this year to help polish its long-range missile technology and ramp up the threat against the US. The South's spy agency said it's closely monitoring these developments.

As a reminder, the North hasn't tested a missile since Sept. 15, when it launched a medium-range missile over the Northern Japanese island of Hokkaido. The North conducted its sixth and most recent nuclear test on Sept. 3.

Top of the Market? That Could Be a Good Thing

When is it going to end? And how? In a year when asset prices have surged, those are questions that should be nagging at investors' minds.

How to Spot a Market Top

With central banks scaling back stimulus in a world filled with money, the current investing nirvana is facing its biggest threat in years. Heard on the Street walks through the risks and likely scenarios for markets in the coming months.

Life Is Suddenly Looking Up for Toshiba

After its $5.3 billion share sale, the world is suddenly a brighter place for Toshiba. If its deal to sell its memory-chip business fails, it could be brighter still.

Market Extra: Merkel's coalition talks fall apart — here's what analysts think will happen next

Germany is facing political uncertainty as the week kicks off, after talks to form a coalition government collapsed on Sunday. Here are some of the initial reactions from analyst.

Europe Markets: European stocks stage recovery in wake of German political turmoil

European equities turned higher Monday, with German equities recovering following the collapse of talks to form a coalition government for the eurozone's largest economy.

Market Snapshot: Will millennials give housing shares and the broader stock market a boost?

millennials are helping drive a pickup in homeownership rates. Will housing-related stocks benefit?

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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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