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09Jan2018 Pre-Market Commentary: Wall Street To Open Fractionally Higher Led By Gains In International Markets, US Dollar Trends Higher, Gold Index Slips

Written by Gary

US stock futures edged higher today (SPY +0.2%), keeping alive Wall Street's 2018 winning streak that is powered by robust economic data and expectations of earnings boost from corporate tax cuts.


Here is the current market situation from CNN Money

European markets are higher today with shares in France leading the region. The CAC 40 is up 0.63% while London's FTSE 100 is up 0.46% and Germany's DAX is up 0.34%.

What Is Moving the Markets

Here are the headlines moving the markets.

IPhone addiction may be a virtue, not a vice for investors

NEW YORK (Reuters) - Apple Inc investors are shrugging off concerns raised by two shareholders about kids getting hooked on iPhones, saying that for now a little addiction might not be a bad thing for profits.

BOJ bond tweak buoys yen, stocks rally rumbles on

LONDON (Reuters) - A tweak to the Bank of Japan's bond-buying program shunted the yen higher on Tuesday, while gains from commodity stocks as oil hit its highest since 2015 helped world shares maintain their flying start to the year.

GM races to build a formula for profitable electric cars

DETROIT (Reuters) - General Motors Co Chief Executive Mary Barra has made a bold promise to investors that the Detroit automaker will make money selling electric cars by 2021.

Intel says Mobileye's autonomous driving tech to be used in two million vehicles

(Reuters) - Intel Corp Chief Executive Brian Krzanich said on Monday 2 million vehicles from BMW , Nissan Motor Co Ltd and Volkswagen AG would use its unit Mobileye's autonomous vehicle technology to crowdsource data for building maps that enable autonomous driving.

Futures edge up, S&P set for record open

(Reuters) - U.S. stock futures edged higher on Tuesday, keeping alive Wall Street's 2018 winning streak that is powered by robust economic data and expectations of earnings boost from corporate tax cuts.

Infosys signs agreement with U.S. IRS; sees lower tax rate

(Reuters) - Indian software services company Infosys Ltd on Tuesday said it has signed an agreement with the U.S. Internal Revenue Service (IRS), resulting in an effective tax rate of about 100 basis points lower going forward.

Target's holiday sales rise 3.4 percent, boosts profit forecast

(Reuters) - Target Corp on Tuesday said its comparable store sales for November and December rose 3.4 percent, driven by strong traffic growth and online sales, leading it to raise its fourth quarter profit forecast.

Airbus says to boost China assembly, but wins no new jet order

PARIS (Reuters) - European planemaker Airbus said it planned to boost the number of planes it makes in China under a deal signed in Beijing on Tuesday to expand co-operation at its Tianjin assembly plant.

Tesco top in UK Christmas trading battle: Kantar Worldpanel

LONDON (Reuters) - Britain's biggest supermarket group Tesco was the best performer over Christmas, Kantar Worldpanel said on Tuesday, with a 3.1 percent rise in sales in the past 12 weeks beating its "big four" rivals Sainsbury's, Asda and Morrisons.

Russia Defends Syrian Military Bases From Massive Drone Attack

Russian security forces of the Khmeimim air base and Russian Naval CSS point in the city of Tartus ,thwarted a terrorist attack "with massive application of unmanned aerial vehicles (UAVs) through the night of 5th - 6th January 2018," according to the Russian Ministry of Defence. The attack came just two days after an Islamic faction operating in the area launched a barrage of mortar rounds at the airbase severely damaging two planes.

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The Khmeimim airbase in Syria

As darkness fell, Russia air defense systems detected "13 unidentified small-size air targets at a significant distance" swarming towards the bases. Ten assault drones were fast approaching the Khmeimim air base, and another three were advancing towards the naval base. All attack drones had payloads of what appears to be mortar rounds.

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Photos believed to show damage to aircraft following a previous attack on New Year's Eve

As the drones approached both bases, Russia unleashed the Pantsir-S anti-aircraft missile and Electronic Warfare Units. Seven UAVs were destroyed by the Pantsir-S anti-aircraft missile system, and another six UAVs were hacked with radio equipment. Three of the UAVs landed in a safe ar ...

Frontrunning: January 9



North Korea, South Korea agree to hold military talks (Reuters), resolve issues through dialogue (Reuters)

North Korea Strikes Deal to Join Winter Olympics, Commits to Military Talks (WSJ)

Oil hits highest since May 2015 above $68 on tighter market (Reuters)

As Economy Strengthens, Fed Ponders New Approach (NYT)

Intel CEO Comments Indicate Chip Issue May Cause Bigger Slowdown (BBG)

Wall Street's Euphoria May Spell Trouble for Stocks (BBG)

Hedge Funds' Best Year Since 2013 Not as Great as It Sounds (BBG)

Microsoft halts some AMD chip Meltdown patches after PCs freeze (Reuters)

Silicon Valley Reconsiders the iPhone Era It Created (

Bond Market Breaks Above Key Inflation Threshold - What Next?

Federal Reserve Bank of Atlanta President Raphael Bostic said today that he's "comfortable continuing with a slow removal of policy accommodation," because his main concern "is that inflation expectations risk becoming anchored below 2 percent."

Which is ironic, since the 10-year inflation break-even rate, which reflects the yield premium on the 10-year U.S. Treasury note over the comparable Treasury inflation-protected security, topped 2% on Tuesday for the first time in more than nine months.

https://www.zerohedge.com/sites/default/files/inline-images/20180108_BE2.png

Just as stocks have soared in recent weeks, so WSJ notes that the measure of the bond market's expectations for inflation crossed a key threshold in the past week, highlighting investors' renewed economic enthusiasm.

https://www.zerohedge.com/sites/default/files/inline-images/20180108_BE1.png

The break-even rate hovered around 1.8% in November before gathering momentum as energy prices rose and as Congress moved forward with a plan to cut corporate taxes, which is expected to boost growth around 0.5% in 2018, according to ...

iPhone Battery "Explodes" In Zurich Apple Store

In an incident reminiscent of the panic surrounding the Samsung Galaxy 7, an iPhone reportedly exploded at the main Apple store in Zurich, on Bahnhofstrasse according to a report in Swiss press.

Apple

According to Blick magazine, an overheated iPhone battery exploded, burning an employee who was handling it at the time. As smoke emanated from the battery, someone inside the store called the fire department, which asked some 50 customers that were browsing in the store at the time of the incident to leave.

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Apple employees reacted quickly by sprinkling sand on the overheating battery. Seven people received medical care but did not have to be hospitalized.

Specialists from the Zurich Forensic Institute examined the battery and its associated device to determine what had caused the battery to overheat ...

The Price Gap That's Squeezing the Auto Market

The widening difference in prices between new and used cars augurs pain for auto-makers profits in the U.S.

Why Everything Is Still Awesome in Global Markets

The calendar has rolled over but global markets are still thriving on the 2017 playbook. That means that big questions over why growth and inflation are so out of whack with each other remain unanswered.

GoPro: Too Focused

Struggling camera maker's failed efforts at diversification leave investors with little to hang on.

'Fire and Fury' poses new risks to Trump and, in turn, the U.S. stock market rally

Nigam Arora says it's time for investors to diversify into emerging markets stocks.

Market Extra: Why U.S. inflation data will be a litmus test for bond buyers

December consumer-price index data on Friday will draw the attention of investors looking to see whether the bond market's expectations for price pressures will pan out

Why you don't need to worry about the new marijuana dispensary next door

Some retailers can cause neighborhood crime rates to increase, while others don't.

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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