24Nov2015 Pre-Market Commentary: Global Tension Elevated After Russian Warplane Shot Down By Turkey Armed Forces, Commodities Stable For Now As Futures Slip Fractionally

Written by Gary

U.S. stock future indexes are down fractionally along with European markets after a Russian warplane was shot down by Turkey armed forces causing global jitters among the investment community. Crude only melted up slightly from global tension and the US dollar steady in the high 99’s.

Here is the current market situation from CNN Money
	European markets are sharply lower today with shares in France off the most. The CAC 40 is down 2.16% while Germany’s DAX is off 1.90% and London’s FTSE 100 is lower by 1.20%.

European stocks slide as downing of Russian jet over Syria unsettles investors

LONDON (AP) — European stock markets slid Tuesday as jitters about instability in the Middle East intensified following the downing of a Russian jet by Turkey over Syria.

KEEPING SCORE: In Europe, France’s CAC 40 was down 1.8 percent at 4,801 while the FTSE 100 index of leading British shares fell 1 percent to 6,240. Germany’s DAX was 1.1 percent lower at 10,972. Wall Street was poised for a lower opening with both Dow futures and the broader S&P 500 futures 0.4 percent lower.

INSTABILITY RISK: Turkey shot down a Russian warplane that it said had violated Turkish airspace and ignored repeated warnings, ratcheting up geopolitical tensions and sending investors scrambling out of stocks in search of safe havens. Russia denied the plane crossed Syria’s border into Turkey and says the pilots parachuted but that there has been no contact with them. There are local reports that one of the pilots is dead. NATO, of which Turkey is a member, will hold an emergency meeting later.

What Is Moving the Markets

Here are the headlines moving the markets.
	Campbell Soup raises profit forecast as cost cuts boost margins (Reuters) – Campbell Soup Co reported a better-than-expected quarterly profit and raised its full-year earnings forecast on Tuesday as cost-saving steps start to produce chunkier margins.
	German prosecutors confirm launch of second probe at Volkswagen HAMBURG (Reuters) – German prosecutors in Braunschweig said they had launched a second formal probe related to the emissions scandal at Volkswagen , focusing on five VW employees in connection with suspected tax evasion.
	Dollar Tree sales beat estimates on Family Dollar acquisition (Reuters) – Discount retailer Dollar Tree Inc reported better-than-expected quarterly net sales as the company benefited from its $8.5 billion acquisition of Family Dollar.
	Tiffany’s profit forecast turns dimmer on strong dollar (Reuters) – Tiffany & Co reported a surprise drop in quarterly sales and forecast a bigger fall in full-year profit than it had expected earlier as a strong dollar hurt tourist spending in the United States and reduced the value of sales from other markets.
	Investors seek safety in bonds, yen after Turkey downs Russian jet LONDON (Reuters) – Investors sought safety in low-risk government debt on Tuesday after Turkish jets shot down a Russian warplane near the Syrian border, while European tourism-linked stocks fell after a U.S. travel warning due to “increased terrorist threats”.
	Futures lower ahead of GDP data (Reuters) – U.S. stock index futures were down on Tuesday ahead of third-quarter GDP data that could feed into the Federal Reserve’s decision on whether to raise interest rates next month.
	Pfizer to buy Allergan in $160 billion deal NEW YORK (Reuters) – Pfizer Inc on Monday said it would buy Botox maker Allergan Plc in a deal worth $160 billion to slash its U.S. tax bill, rekindling a fierce political debate over the financial maneuver.
	U.S. retailers hunt for attacks after warning on stealthy malware BOSTON (Reuters) – U.S. retailers are hunting for evidence of new breaches leading into the holiday shopping season after a cyber intelligence firm privately warned them about payment-card-stealing malware that it said evades almost all security software.
	Icahn takes stake in Xerox, calls shares ‘undervalued’ (Reuters) – Activist investor Carl Icahn disclosed a stake in Xerox Corp and called the printer and copier maker’s shares “undervalued,” sending the stock up 7.6 percent in extended trade.
	Russian Search Helicopter Downed Near Syrian Border By US-Made Anti-Tank Missile, Rebels Claim The news is coming fast and furious out of Syria on Tuesday where, earlier today, Turkey decided to shoot down a Russian Su-24 which Ankara says violated its airspace while conducting operations near the border. Russia says the fighter jet was in Syrian airspace for the duration of the mission while Turkey insists that the plane crossed the border and was warned several times before being engaged by two F-16s. For his part, Vladimir Putin has now called Turkey a â€œbackstabberâ€ on the way to accusing Ankara of funding ISIS and derailing the war on terror. Meanwhile, the FSA which is aligned with al-Nusra and is backed and funded by the US and Turkey released two videos depicting its fighters celebrating over the body of a dead Russian pilot. Just in case all of that wasnâ€™t enough, the FSA now claims to have shot down a Russian helicopter as it searched for the two missing pilots. SYRIAN OPPOSITION SAYS RUSSIAN HELICOPTER DOWNED: JAZEERA RUSSIAN HELICOPTER MAKES EMERGENCY LANDING IN SYRIA: SOHR SYRIAN OBSERVATORY SAYS RUSSIAN HELICOPTER HIT IN SYRIA, REBEL GROUP SAYS IT STRUCK IT WITH ANTI-TANK MISSILE And here’s The Tele …
	Putin Accuses Turkey Of “Backstabbing”, Funding ISIS, Sees “Serious Consequences” To Ties Moments ago Putin delivered a brief statement following the downing of the Russian jet by Turkish forces during a press conference with the King of Jordan. Here are the highlights: PUTIN SAYS LOSS OF RUSSIAN WARPLANE TODAY DUE TO BACKSTABBING PUTIN: DOWNED WARPLANE INCIDENT GOES BEYOND FIGHT VS TERROR RUSSIAN PRESIDENT PUTIN SAYS TURKEY BEHAVING AS IF RUSSIA SHOT DOWN ITS OWN PLANE PUTIN SAYS INCIDENT TO HAVE SERIOUS CONSQUENCES FOR TURKEY TIES PUTIN SAYS RUSSIAN WARPLANE IN NO WAY THREATENED TURKEY PUTIN SAYS RUSSIA HAS SIGNED AN ACCORD WITH THE US TO AVOID AIR INCIDENTS Putin makes it quite clear that Turkey, a NATO state, is responsible for ISIS funding: PUTIN: OIL FROM ISLAMIC STATE IS BEING SHIPPED TO TURKEY PUTIN SAYS ISLAMIC STATE GETS CASH BY SELLING OIL TO TURKEY PUTIN: ISLAMIC STATE GETS MILITARY SUPPORT FROM MANY STATES And the first official diplomatic escalation: TURKISH DEFENCE ATTACHE IN MOSCOW SUMMONED TO RUSSIAN DEFENSE MINISTRY – TASS Some more from Russia’s Gazeta: Russian President Vladimir Putin said that Turkey’s appeal to NATO partners to the incident with the Russian Su-24 looks like an attempt to put the alliance at the service of an “Islamic state.” “We will analyze everything that happened, the tragedy would have serious consequences, including for the Russian-Turkish relations. I do not know who needed what is done today, but in any case not to us. And instead of immediately establish the necessary contacts with us, the Turkish side asked its NATO partners to discuss the incident, as if it were we shot …
	Frontrunning: November 24 Turkey downs Russian warplane near Syria border, Moscow denies airspace violation (Reuters) Investors seek safety in bonds, yen after Turkey downs Russian jet (Reuters) Donald Trump Is Not Backing Down (BBG) Uber’s Exposure May Grow as U.S. Drivers Seek 57.5 Cents a Mile (BBG) U.S. issues global travel alert as manhunt continues for Paris attackers (Reuters) Stung by Oil, Distressed-Debt Traders See Worst Losses Since ’08 (BBG) Pfizer Weighs Splitting Up New Drug Behemoth (WSJ) Banker Who Sheltered in London During Greek Crisis Sues Firm (BBG) California Needs Snow to Start Falling Now for Drought Relief (BBG) Explosive Vest Examined for Clues as Brussels Stays on Lockdown (BBG) Go Ahead, Sell the Peso, Mexico Doesn’t Care What You Do Anymore (
	Stocks Fall as Turkey Downs Jet Global stock markets fell as the Turkish military shot down a jet fighter along the Syrian border, potentially raising geopolitical tensions.
	The Oxford Economist Running the Fed’s Interest-Rate Machine Simon Potter is charged with implementing the mechanisms that will raise interest rates when Federal Reserve policy makers make that call.
	Cheap Oil and Strong Dollar: Ecuador’s Twin Troubles Two of the most punishing trends in emerging markets are the rising dollar and falling oil. And caught between them is Ecuador.
	Early Headlines: Asia Stocks Wobble, US China Divorce, World Order Crisis, EZ At 4 Yr High, Tehran And Moscow Cozy Up And More Written by Econintersect Early Bird Headlines 24 November 2015 Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
	23 November 2015 Weather and Climate Report – NOAA Issues Updated Seasonal Outlook. Written by Sig Silber A new seasonal outlook was issued by NOAA but it is not very different from the prior seasonal outlook. There are some minor changes and they are discussed in this week’s report. Of interest, the transition out of El Nino conditions is now shown as reducing CONUS Southern Tier temperature cool anomalies in the February to May Period but does not impact the precipitation forecast until somewhat later in the April to June Period.
	Europe Markets: Turkish downing of jet fighter spurs deeper losses for European stocks The Turkish downing of a jet fighter near Syriaâ€™s border highlights worries about geopolitical risks world-wide.
	Trading Strategies: Buffett had it right about when people get too greedy Warren Buffett famously has advised investors to â€œbe fearful when others are greedy.â€ Mark Hulbert applies this advice to a group of stocks within the S&P 500 that are sporting the best year-to-date returns.
	Trading Strategies: It’s time to lighten the load on these 10 stocks There are plenty of reasons to sell a stock, but sometimes a reason is not necessarily one to unload an entire position, but just a good reason to take a few profits.