08Mar2018 Pre-Market Commentary: Wall Street To Open Fractionally Higher, Investors Wait For More News On Tariffs, Initial Jobs Claims Slip Along With The US Dollar Index

Here is the current market situation from CNN Money

European markets are mixed today. The CAC 40 is up 0.45% while the FTSE 100 gains 0.06%. The DAX is off 0.33%.

Europe, China warn Trump of response if trade war with U.S. erupts

PARIS/BEIJING (Reuters) – Europe and China warned President Donald Trump on Thursday they would respond in the event of a trade war with the United States, with one Brussels official saying retaliation could also target goods from areas governed by his Republican Party.

Health insurer Cigna to buy Express Scripts for about $54 billion

(Reuters) – U.S. health insurer Cigna Corp said on Thursday it would buy pharmacy benefits manager Express Scripts Holding Co for about $54 billion, a tie-up that reflects pressure on healthcare companies to grow bigger to cut costs.

Stock futures edge up as White House talks tariff exemptions

(Reuters) – U.S. stock index futures edged higher on Thursday as investors were encouraged by signs that President Donald Trump’s proposed hefty import tariffs on steel and aluminum could exclude some key trading partners.

Supermarket chain Kroger’s sales beat, forecast disappoints

(Reuters) – Supermarket chain Kroger Co on Thursday reported quarterly net sales that beat analysts’ estimates, but issued a disappointing full-year profit forecast that sent its shares down 7 percent in premarket trading.

Southeast Asia’s Grab in talks to buy into Uber’s regional business: source

SINGAPORE (Reuters) – Southeast Asia’s biggest ride-hailing firm, Grab, is in advanced negotiations to buy parts of Uber Technologies Inc’s business in the region, said a source with knowledge of the talks, in what would be Uber’s second retreat from an Asian market.

ECB drops easing bias, taking baby step toward stimulus exit

FRANKFURT (Reuters) – The European Central Bank dropped a long-standing pledge on Thursday to increase bond buys if needed, taking another small step in weaning the euro zone economy off protracted stimulus.

With Venezuelan hyperinflation, multinationals buck price controls

VALENCIA, Venezuela/CARACAS (Reuters) – When Colgate-Palmolive Co’s Venezuelan unit in January raised the price of laundry detergent to keep up with inflation that hit 85 percent the month before, it drew a swift rebuke from the government of President Nicolas Maduro, which demanded a nearly 90 percent price cut.

Exclusive: China Resources Beer in talks to acquire Heineken’s China business – sources

HONG KONG (Reuters) – China Resources Beer (Holdings) Co Ltd is in talks to acquire Heineken NV’s China business in a deal that could be worth more than $1 billion, as the country’s largest brewer seeks new growth from premium brands, five people close to the discussions said.

Apple finds more serious supplier problems as its audits expand

(Reuters) – Apple Inc said on Wednesday it had found a higher number of serious violations of its labor and environmental policies for suppliers, such as falsifying work hours data, as it expanded the scope of its annual audit of conditions of workers making its iPhones and other products.

Gartman Covers His S&P Short

While correlation does not equal causation, first thing on Monday morning, just as the Dow Jones was reversing all of its overnight losses and was set to surge by up to 500 points, we highlighted one notably “correlating” catalyst: Dennis Gartman announced “we are net short via derivatives.”

Gartman: “we are net “short” of the market via derivatives in sufficient size to have taken us to a net short position”

— zerohedge (@zerohedge) March 5, 2018

Then in the aftermath of the recent ramp in stocks, a recurring question emerged among antsy shorters: has Gartman finally covered his (latest) short? As a reminder, the last time Gartman went short – just a few weeks ago – he was promptly stopped out just days later, as the market soared, only to crumble immediately thereafter.

So on Tuesday we delivered the bad news to the bears: as of 48 hours ago, Gartman no longer was net short simply via derivatives but had put on an outright short in the S&P.

NEW RECOMMENDATION: We have waited for strength into which to sell equities short and we got that strength yesterday when the President ‘Hinted” that he might actually move to exempt Canada and Mexico from steel and aluminium tariffs if they acquiesce on some demands to renegotiate the NAFTA. But again, the rally was on reduced volume compared to the volumes th …

Watch Live: Mario Draghi Reassures The World About ECB QE

Having spiked EURUSD and Bund yields with his statement, which dropped the explicit pledge to increase QE if necessary, we suspect Mario Draghi – in his usual baffle ’em with bullshit manner – will walk back this comment in some convoluted way.

The ECB dropped its pledge to “increase the asset purchase program in terms of size and/or duration” if necessary — suggesting they want to define a clearer path for the direction of stimulus. By removing the so-called easing bias on QE, they’re showing more confidence that they’ll be able to phase the program out.

Regarding non-standard monetary policy measures, the Governing Council confirms that the net asset purchases, at the new monthly pace of 30 billion, are intended to run until the end of September 2018, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim. If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the asset purchase programme (APP) in terms of size and/or duration. The Eurosystem will reinvest the principal payments from maturing securities purchased under the APP for an extended period of time after the end of its net asset purchases, and in any case for as long as necessary. This will contribute both to favourable liquidity conditions and to an appropriate monetary policy stance.

The ECB has left all three rates unchanged as expected but was overall hawkish, by tweaking the press release language and removing the easing bias on asset purchases.

The current timeline for stimulus removal is …

First US Real Estate Transaction In Blockchain Completed: What’s Next?

Authored by Mike Shedlock via MishTalk,

Vermont is headed towards blockchain-recording of real estate transactions. Other states will follow…

Stories have been circulating about Vermont testing blockchain for recording real estate transactions.

A contact at Propy informs me that the city of South Burlington, Vermont, just became a global blockchain leader by locking in the first US real estate deed completely on blockchain.

In October of 2017, Business Insider reported Propy Announces World’s First Real Estate Purchase on Ethereum Blockchain.

Natalia Karayaneva, CEO of Propy said, “This is only the beginning. With this transaction, we’ve broken first ground in putting the $217 trillion real estate market on the blockchain. We’re starting with Ukraine, but over the co …

Trump Confirms 330PM Tariffs Meeting, Hints At Carve-Outs

US equity markets stalled out this morning – after rallying on headlines that suggested today’s tariff meeting was postponed – following a tweet from President Trump seemingly confirming the meeting will happen:

“Looking forward to 3:30 P.M. meeting today at the White House.”

Trump then seemed to hint at carve-outs (flexibility)…

“We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military.”

Looking forward to 3:30 P.M. meeting today at the White House. We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military.

— Donald J. Trump (@realDonaldTrump) March 8, 2018

And the reaction was negative…

The Trade Deficit Trump Wants to Fix May Only Worsen

Despite protectionist measures, the net result of the Trump administration’s economic policies will be higher trade deficits.

FDA Puts Drug-Supply Chain on Notice

Scrutiny of prescription drug prices isn’t going away, no matter how badly investors wish that it might.

Gearing Up for More Chip Demand

Outlook from Lam Research suggests steady growth ahead for semiconductor manufacturing gear.

London Markets: FTSE 100 wobbles as investors look for clarity on Trump tariffs

U.K. blue-chip stocks wobbled Thursday as investors sifted through a round of corporate updates while awaiting more details about potential U.S. tariffs on steel imports that analysts have said could stoke a global trade war.

Europe Markets: European stocks trim gains after ECB removes easing bias from forward guidance

European stocks pared gains on Thursday after the European Central Bank kept interest rates at record lows, but turned more hawkish in its forward guidance.

Market Extra: More than 150 companies have added women to their previously all-male boards: State Street

Corporate America looks a little more equal than it did a year ago, but it still has a long way to go before it reaches parity in terms of gender representation, according to the investment bank that has made this issue a priority for the companies it invests in.