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02Jan2018 Pre-Market Commentary: Wall Street To Open Higher, Oil Holds Near 2-year High With Eyes On Iran's Tensions, WTI Crude Has Reached $60.73, European Stocks Groggy

Written by Gary

US stock market index futures are pointing to a moderately higher opening (SPY +0.3%) which may turn negative by the closing bell. The ailing dollar has fallen to its lowest in over three months.


Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.71% while France's CAC 40 is off 0.65% and London's FTSE 100 is lower by 0.51%.

What Is Moving the Markets

Here are the headlines moving the markets.

Dollar starts 2018 in doldrums, European stocks groggy

LONDON (Reuters) - The ailing dollar fell to its lowest in over three months on Tuesday, while surprisingly upbeat Chinese manufacturing data ensured there was no serious new year hangover for world shares despite a groggy start for Europe.

As U.S. budget fight looms, Republicans flip their fiscal script

WASHINGTON (Reuters) - The head of a conservative Republican faction in the U.S. Congress, who voted this month for a huge expansion of the national debt to pay for tax cuts, called himself a "fiscal conservative" on Sunday and urged budget restraint in 2018.

Boeing talks not considering change of control at Embraer: paper

SAO PAULO (Reuters) - Tie-up talks between Boeing Co and Embraer SA do not contemplate a change of control at the Brazilian planemaker and are focused on joint ventures and joint business agreements, a Brazilian newspaper reported on Tuesday.

BP takes $1.5 billion charge over U.S tax changes, joining Shell

LONDON (Reuters) - BP will take a one-off $1.5 billion charge in its 2017 fourth quarter earnings as a result of new U.S. corporate income tax rules, joining rival Royal Dutch Shell.

LeEco founder defies China return order, stays in U.S. for car fundraising

SHANGHAI (Reuters) - The founder of debt-laden tech conglomerate LeEco has defied orders from Chinese regulators to return to the country before the end of 2017, saying he needed to stay in the United States as a fundraising for his electric car business was making progress.

Euro zone factory growth surges to record; more uneven in Asia

LONDON/HONG KONG (Reuters) - Euro zone factories ended 2017 growing at their fastest pace in more than two decades while performance in Asia was more uneven, with its third-largest economy India leading the field and manufacturing giant China unexpectedly resilient.

Hyundai Motor, Kia Motors flag slow sales recovery in 2018

SEOUL (Reuters) - South Korea's Hyundai Motor and Kia Motors on Tuesday flagged 4 percent sales growth in 2018, suggesting a slow recovery from a slump linked to their lack of SUVs in the United States and diplomatic tensions with China.

Oil trades near strongest levels since mid-2015 on Iranian unrest

SINGAPORE/LONDON (Reuters) - Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia.

UK may use taxes to get tech giants to do more to fight extremism, minister says

LONDON (Reuters) - Britain may impose new taxes on tech giants like Google and Facebook unless they do more to combat online extremism by taking down material aimed at radicalizing people or helping them to prepare attacks, the country's security minister said.

44 Numbers From 2017 That Are Almost Too Crazy To Believe

44 Numbers From 2017 That Are Almost Too Crazy To Believe Tyler Durden Tue, 01/02/2018 - 08:16

Huma Abedin Forwarded Top Secret Passwords To Yahoo Account Hacked By Russian With Odd Clinton Connection

Huma Abedin Forwarded Top Secret Passwords To Yahoo Account Hacked By Russian With Odd Clinton Connection Tyler Durden Tue, 01/02/2018 - 07:54

Nine Killed, Hundreds Arrested In 6th Day Of Iran Protests, Supreme Leader Blames "Foreign Enemies"

Nine Killed, Hundreds Arrested In 6th Day Of Iran Protests, Supreme Leader Blames "Foreign Enemies" Tyler Durden Tue, 01/02/2018 - 07:45

Welcome 2018: Asian Markets Hit All Time Highs, Europe Slides As Euro Surges

Welcome 2018: Asian Markets Hit All Time Highs, Europe Slides As Euro Surges Tyler Durden Tue, 01/02/2018 - 07:05

Eight Things to Watch in Markets in 2018

The Wall Street Journal's Heard on the Street team evaluates the year ahead in markets. Here's what you should watch, from wages to technology to the Chinese economy.

Games Growth Not a Given in China

Selling smartphone games in China has been one of the best businesses in the world in the past few years. But can the companies involved, like tech giant Tencent, keep hitting the high scores?

Boeing's Next Airliner Might Fly Investors Into Turbulence

Boeing Co. was the Dow's best performer in 2017, but investors could be right to worry about its plans to develop a new midsize airliner, which takes years and costs money.

The Wall Street Journal: The Alibaba browser no one's heard of is dethroning Google in Asia

A mobile browser rarely used in the West has outflanked Google's Chrome in some of Asia's fastest-growing markets, giving owner Alibaba Group Holding Ltd. an advantage in the race among technology giants to capture the next generation of internet users.

FA Center: Even academics are attacking index funds now

Critics say index funds can lead to anti-competitive behavior among companies they own. By Mark Hulbert.

Deep Dive: T. Rowe Price tech-fund manager says cloud stocks' big gains are yet to come

Cloud developers have big advantages, leading to higher profit margins, says Ken Allen. By Phil van Doorn.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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