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05Feb2018 Pre-Market Commentary: Wall Street Set To Slide Again, DOW Futures Down Over 300 Points, Bitcoin Trading Lower, WTI Trading In The 64 Handle, Gold Index Trending Higher

Written by Gary

US stock market major index's futures are pointing for another fresh selloff (SPY -0.4%) as stocks resume Friday's ugly sell-off as bond yields continue to rise.


Here is the current market situation from CNN Money

European markets are broadly lower today with shares in France off the most. The CAC 40 is down 1.46% while London's FTSE 100 is off 1.26% and Germany's DAX is lower by 0.97%.

What Is Moving the Markets

Here are the headlines moving the markets.

Bitcoin falls to fresh 2-1/2 month low

LONDON (Reuters) - Bitcoin, the world's best-known cryptocurrency, fell 7 percent on Monday to a fresh 2-1/2-month low of $7,599 on back of growing worries about a regulatory clampdown and bans on the purchase of the digital coins.

Dow futures drop over 300 points as bond yields continue to rise

(Reuters) - U.S. stock index futures extended their losses on Monday, with the Dow futures falling over 300 points, as bond yields continued to rise.

A decade after recession, a jump in U.S. states with wage gains

OAKLAND, Calif./CANTON, N.Y./WASHINGTON (Reuters) - The kind of pay raises for which American workers have waited years are now here for a broadening swath of the country, according to a Reuters analysis of state-by-state data that suggests falling unemployment has finally begun boosting wages.

Broadcom sweetens Qualcomm bid, calling it the final offer

(Reuters) - Chipmaker Broadcom Ltd on Monday raised its offer to buy Qualcomm Inc by 24 percent to more than $121 billion, sweetening the bid and putting more pressure on its rival to come to the table for negotiations.

Exclusive: U.S. consumer protection official puts Equifax probe on ice - sources

WASHINGTON (Reuters) - Mick Mulvaney, head of the Consumer Financial Protection Bureau, has pulled back from a full-scale probe of how Equifax Inc failed to protect the personal data of millions of consumers, according to people familiar with the matter.

Samsung scion Lee walks free after jail term suspended, faces leadership challenges

SEOUL (Reuters) - Samsung Group heir Jay Y. Lee left a South Korean jail a free man on Monday after a panel of judges suspended his sentence, a surprise decision that sent shockwaves through the country's political and business establishments.

Jury to hear opening statements in Waymo-Uber trial over autonomous car secrets

SAN FRANCISCO (Reuters) - A jury in a trade-secrets lawsuit will get its first earful Monday as opening statements begin in a bitter legal battle between Waymo and Uber Technologies Inc that has captivated Silicon Valley and could help determine who emerges in the forefront of the fast-growing field of autonomous cars.

Apple, Cisco team up with insurance companies to offer cyber policy discounts

(Reuters) - Apple Inc and Cisco Systems Inc have teamed up with insurer Allianz SE to offer discounts on cyber insurance to businesses that primarily use equipment from both technology companies, they said on Monday.

Belgian business rallies to Brussels Airlines in face of Lufthansa shift

BRUSSELS (Reuters) - Nearly 100 Belgian companies called on Monday for Germany's Lufthansa to keep Brussels Airlines based in Belgium and not to merge it with Eurowings, to protect jobs and business links.

Pilot Of Downed Russian Su-25 Detonated Grenade As Terrorists Advanced

A terrorist group operating near the Idlib de-escalation zone in northwest Syria on Saturday shot down a Russian Su-25 fighter - the first Russian plane downed in Syria since 2015. The pilot safely ejected and survived the crash - but was later killed by jihadists on the ground.

Video published by the Ebaa News Agency depicted the downing of the jet from the terrorists' perspective, showing what appears to be a MANPADS lock on and strike the jet, and - later - the terrorists swarming the wreckage, according to RT.

Su

Of course, the government of Russian President Vladimir Putin wasn't going to let this latest affront go unanswered: on Friday, it published footage of a series of precision missile strikes that were said to have killed 30 militants.

Meanwhile, new footage apparently depicting the pilot's last moments has surfaced on an Arab-language YouTube channel called IDLIB+. In the footage, a pack of terrorists can be seen advancing on what appears to be the pilot, later identified as Major Roman Philipov (pictured below).

Frontrunning: February 5



U.S. Stocks Set for Sharp Drop at Open (WSJ)

Bitcoin Drops 10% as Cryptocurrencies Sink (BBG)

A decade after recession, a jump in U.S. states with wage gains (Reuters)

Democrats See Campaign Issue in House GOP Memo Alleging Bias (BBG)

Trump accuses House intel panel's top Democrat of leaking information (Reuters)

Tech Giants Are in No Rush to Spend Overseas Cash (WSJ)

Here's the Trump Tax Loophole Your Accountant Can Blow Wide Open (BBG)

Senators Aim to End Budget Impasse With 'Dreamers' Bill (WSJ)

Warring Conservatives Force May Into New Red Line on Brexit (BBG)

Merkel, SPD Push Ahead in Government Talks After Missed Deadline (BBG ...

Bitcoin Tumbles Below $8,000 As China Launches New Crypto-Crackdown

After surging to $20,000 less than three weeks ago, Bitcoin tumbled below $8,000 again overnight following a report from Chinese media that China will block all websites related to cryptocurrency trading and initial coin offerings (ICOs) - including foreign platforms - in a bid to finally quash the market completely, according to Sina.

On February 4, 2018, according to the Financial Times newspaper run by the People's Bank of China, a series of regulatory measures will be taken against ICO and virtual currency transactions at home and abroad, including banning the existence of relevant businesses and banning and disposing of domestic and foreign virtual currency exchange websites. -Sina (translated)

As SCMP adds, quoting an article published on Sunday night by Financial News, a publication affiliated to the People's Bank of China (PBOC), "To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs."

Meanwhile, reports are rolling in that crypto-related content are being actively blocked by Chinese search engines.

Largest Ever Tech Deal Just Got Bigger: Broadcom Raises Qualcomm Bid To $82

In what it claims to be its "final offer", Broadcom on Monday confirmed that it had raised its price for fellow chip maker Qualcomm by about 17% to $82 a share, up from $70 previously - swelling the size of what would be the largest tech deal in history to about $121 billion.

According to the Wall Street Journal, which reported early today that Broadcom planned to raise its bid, investors and Wall Street analysts had expected Broadcom to submit a higher bid. Qualcomm shares closed at $66.07 on Friday, up 5.7% from their close on Nov. 6, when Broadcom made its first offer.

Speaking to WSJ, the price is reasonable, said Stacy Rasgon, an analyst with Bernstein Research.

"Even when the deal was first announced, many Broadcom shareholders - and I'd guess a lot of Qualcomm shareholders - had in mind a number with an '8' in front of it," he said of the per-share bid. Qualcomm didn't immediately respond to a request for comment. Combined, the two companies would form the No. 3 chip maker by revenue, behind Intel Corp. and Samsung Electronics Co.

Qualcomm CEO Steve Mollenkopf had dismissed Broadcom's earlier proposal of $70 per share, and the company has argued that, even if it accepted Broadcom's bid, the deal would almost certainly be quashed by international regul ...

Bond Market Says, 'What Europe Crisis?'

Rising yields and shrinking ECB bond purchases were supposed to be bad for bonds from indebted southern European governments. So far, at least, it isn't working out like that: southern Europe is the place to be.

Is Google Losing to Amazon?

Amazon's accelerating growth wins favor over Google's much bigger bottom line.

On Wage Growth, You Ain't Seen Nothing Yet

If wages have finally started a sustained rise, imagine what will happen to the economy when businesses and consumers start spending their tax cut windfalls. And imagine how the Federal Reserve will respond.

Need to Know: Buckle up! This 'ultimate bear chart' signals a pivotal moment for investors

Alan Greenspan's thoughts from last week: "There are two bubbles: We have a stock market bubble, and we have a bond market bubble." Here's one blogger who says the former Fed chair has it right.

Currencies: Dollar extends slight gains as global equity markets slump

The U.S. dollar on Monday trades slightly higher against its major rivals, strengthening tepidly versus the euro and pound, as the currency looked set to extend a recent comeback after employment data on Friday indicated a pickup in stubbornly low wages and inflation.

Market Snapshot: Dow futures slide nearly 300 points as U.S. stocks poised to extend selloff

Selling of U.S. stocks was set for a reboot on Monday, as stock futures pointed to fresh losses for American equity gauges.

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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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