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21Nov2017 Pre-Market Commentary: Wall Street To Open Moderately Higher, WTI Crude Trading In The Mid 56 Handle, JPMorgan Predicts More Investment Banking Pain Before Christmas

Written by Gary

US stock market index futures point to a moderate rise at the opening (SPY +0.3%) as investors prepare for the Thanksgiving holiday. Crude and the US dollar trend higher as gold slips.


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 0.86% while France's CAC 40 is up 0.78% and London's FTSE 100 is up 0.31%.

What Is Moving the Markets

Here are the headlines moving the markets.

Law likely on AT&T's side in Time Warner battle: analysts

(Reuters) - AT&T Inc is likely to emerge victorious from a legal fight with the United States Department of Justice over its $85.4 billion acquisition of Time Warner Inc , analysts said in a series of research notes on Tuesday.

Tencent's stellar share rally sees it surpass Facebook in market value

HONG KONG (Reuters) - Tencent Holdings Ltd has racked up some impressive gains this week - becoming the first Chinese firm to be worth more than $500 billion and surpassing Facebook to be the world's fifth-most valuable company.

World stocks pare gains as German political impasse hits Europe

LONDON (Reuters) - European stocks opened lower on Tuesday and the euro hit an eight-day low against sterling as a governing crisis in Germany weighed on markets.

NAFTA nations lock horns on U.S. auto demands as fifth round ends

MEXICO CITY (Reuters) - Negotiators from the United States, Mexico and Canada square off on Tuesday for the last time in a fifth round of talks to rework the North American Free Trade Agreement, with stalemate brewing on a contentious proposal to ramp up regional content for autos.

Broadcom eyes big changes for Qualcomm's patent practices

SAN FRANCISCO (Reuters) - As part of its $103 billion bid to buy Qualcomm Inc , Broadcom Ltd has hinted that it would make big changes to Qualcomm's patent licensing business, a major cash-cow for the company but a source of bitter conflict with regulators and key customers including Apple Inc .

Exclusive: Westinghouse discussing group bid for Saudi nuclear tender - sources

RIYADH/PARIS (Reuters) - Toshiba-owned Westinghouse is in talks with other U.S-based companies to form a consortium to bid in a multi-billion-dollar tender for two nuclear power reactors in Saudi Arabia, three industry sources said.

SoftBank funding may spur Uber to re-think tough Southeast Asian market

SINGAPORE(Reuters) - SoftBank Group's multi-billion dollar investment in Uber Technologies Inc opens up the possibility of combining it with other ride-hailing assets the Japanese group owns in a consolidation of a rapidly growing business across Asia, industry sources say.

Auchan/Alibaba deal turns up the heat on Carrefour in China

PARIS (Reuters) - A partnership between French retailer Auchan [AUCH.UL] and internet giant Alibaba risks pushing Carrefour further behind in China and could persuade its new boss to sell out of the country.

Indonesia court rules against Goldman in Hanson share ownership dispute

JAKARTA (Reuters) - An Indonesian court ruled on Tuesday that Goldman Sachs should return shares in property developer PT Hanson International Tbk to tycoon Benny Tjokrosaputro in a legal tussle over ownership.

Frontrunning: November 21



U.S. sues to stop AT&T buying Time Warner, says would hike rates (Reuters)

Merkel Tells Her Rivals: Back Me or Face Voters (BBG)

German Turmoil Threatens Europe (WSJ)

European Giants Are Making a Bad Month Worse for Stock Market (BBG)

Taylor Swift Is Building a Wall (VF)

Balance of Power: Putin Reaches for Prize with Syrian Victory (BBG)

Iran's president declares end of Islamic State (Reuters)

At the Riyadh Ritz, Detained Saudis Negotiate for Freedom (WSJ)

Iraq Is Giving OPEC a Big Headache (BBG)

Brexit-Hit Banks to Start Moving Staff in Early 2018 (BBG)

Judge in California blocks Trump's order on sanctuary cities (

Why Cryptos Will Not Replace Gold As A Store Of Value

Why Cryptos Will Not Replace Gold As A Store Of Value

- Gold versus Bitcoin: The pro-gold argument takes shape
- Why cryptocurrencies will not replace gold as a store of value
- Similarities between crypto and gold but that does not make them substitutes
- Gold remains a highly liquid market, cryptocurrencies continue to be fragmented and difficult to spend
- Bitcoin does not make it an effective hedge against stocks
- Gold coins and bars cannot be hacked and vaults are insured

Lebanese Army On "Full Combat Readiness" At Southern Border To Counter "Israeli Enemy"

Two days after Israel provided the first ever official confirmation of covert ties with Saudi Arabia, a step many analysts see as a precursor to future conflict in the Middle East involving adversaries Iran and Lebanon, on Tuesday the head of the Lebanese Army told the military to be at "full combat readiness" to face "the Israeli enemy" at the country's southern border. The announcement comes as Arab nations, including Saudi Arabia, vow to tighten their grip on Lebanon's Hezbollah militia.

"The army needs to be prepared to "confront the threats and violations of the Israeli enemy and its hostile intentions against Lebanon," Joseph Aoun said on Tuesday, while urging the army to cooperate with United Nations forces in Lebanon under UN Security Council Resolution 1701, adopted to resolve the 2006 Israel-Lebanon conflict. The statement came after Lebanese President Michel Aoun said that "Israeli targeting still continues and it is the right of the Lebanese to resist it and foil its plans by all available means," according to Reuters.

Bonds, Futures, Global Stocks All Rise, Boosted By "Germany's Brexit Moment"; TSY Curve Collapse Continues

S&P 500 futures are higher, continuing on yesterday's momentum, after European and Asian shares also rose alongside a rebound in oil, as the year-end performance chase appears to be accelerating. There were several different moving parts in a mixed European session, in which early Euro strength gave way to weakness...

... which in turn pushed the Stoxx 600 and US index futures higher, rising above yesterday's session high on negligible volumes.

Global equity futures rallied with Hang Seng futures outperforming and flash smashing to close the session, after a strong finish for Chinese equities following a report out of MNI that Chinese deleveraging may not be as stringent next year.

European stocks rose this morning (Stoxx 600 +0.3%) as the Euro sank, helped by positive notes out from Goldman Sachs, who are overweight European automakers. Goldman said in a Europe strategy note that "deep value sectors" (autos, oil, and utilities) will help Stoxx Europe to return 12% in next 12 months. As a result, European automakers outperform led by VW for a second straight day, with the SXAP index advancing as much as 1.9%, best of 19 groups on the Stoxx Europe 600 benchmark (Volkswagen +3.8%, Porsche +2.7%, BMW +2%, Daimler +1.7%). Additionally, Imperial Brand shares rallied after their CEO change, as analysts speculate that this could increase the likelihood that the company will be taken over by Japan Tobacco. Airliner EasyJet is flyi ...

Tencent Still Has a Bit to Learn From Facebook

Chinese tech giant Tencent has surpassed Facebook in market cap, but it needs to earn money like the U.S. social-media behemoth.

Commodity Bulls Ignoring a Few Large Elephants

Rising prices for growth-sensitive commodities have been one factor assuaging investors' fears about richly valued stocks. But investors have been ignoring warning signs in metal and energy markets too.

Wall Street Will See Washington in Court

AT&T's deal for Time Warner may be going to the courts where deal makers have a decent shot at challenging the Trump administration's suit against the media deal.

Amazon wants to disrupt the neighborhood pharmacy. But its sketchy health products could get in the way

The online retailer sells supplements making grandiose health claims and at least one medical device without government oversight.

Mark Hulbert: This chart on research productivity is bad news for the stock market

"Just to sustain constant growth in GDP per person," the professors behind this chart argue, "the U.S. must double the amount of research effort searching for new ideas every 13 years to offset the increased difficulty of finding new ideas."

Called to Account: U.K. ruling on Uber drivers may lead SEC to re-examine company's revenue approach

A recent U.K appeals court decision that gives Uber drivers the right to be paid the national minimum wage and other benefits may prompt the Securities and Exchange Commission to take another look at Uber's recent decision to leave driver revenue and costs out of its financial filings.

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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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