01Apr2016 Pre-Market Commentary: US Futures Fractionally Lower, WTI Crude Continues Slipping To Support

Written by Gary

U.S. stock index futures are lower by about 0.4% across the board after a 3.55% overnight tumble in Japan following weak economic data there. Europe’s Stoxx 600 is down 1.8%. Markets remain in an overbought condition with possible indications of topping out. NFP came in at 5%, up from 4.9%, creating some volatility that is pushing pre-markets down fractionally. Expect Wall Street to open fractionally lower.

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 2.57% while Germany’s DAX is off 2.22% and London’s FTSE 100 is lower by 1.22%.

What Is Moving the Markets

Here are the headlines moving the markets.
	U.S. nonfarm payrolls increase solidly, wages rebound WASHINGTON (Reuters) – U.S. employment increased solidly in March and wages rebounded, signs of economic resilience that could allow a cautious Federal Reserve to gradually raise interest rates this year.
	BlackBerry revenue drops more than expected, shares fall 7 percent TORONTO (Reuters) – BlackBerry Ltd reported a larger-than-expected slide in fourth-quarter revenue on Friday amid weakness in hardware sales, sending its shares down 7 percent in early trading.
	Broad base can support extension of S&P 500 rally NEW YORK (Reuters) – The seven-week U.S. stock market rally still has some room to run and could punch through the record high set by the S&P 500 last May, based on a number of indicators that are pointing the way higher.
	Tesla unveils $35,000-Model 3 with range of 215 miles HAWTHORNE, Calif. (Reuters) – Tesla Motors gave a sneak preview Thursday of its Model 3 sedan, saying more than 130,000 people had ordered the car, even though it is more than a year away from production.
	Hillary Clinton to propose $10 billion manufacturing investment WASHINGTON (Reuters) – Democratic presidential candidate Hillary Clinton on Friday will propose a $10 billion investment in partnerships to encourage the growth of the U.S. manufacturing sector as part of a national push to discourage outsourcing in the industry.
	China factories scent hint of spring, Europe still chilly LONDON/SYDNEY (Reuters) – Activity in China’s vast factory sector grew for the first time in nine months during March to bring a hint of spring to the global economy, although growth remained weak in Europe, leading to a muted response in financial markets.
	China’s Anbang abandons $14 billion bid to buy Starwood Hotels (Reuters) – China’s Anbang Insurance Group Co said on Thursday it has abandoned its $14 billion bid for Starwood Hotels & Resorts Worldwide Inc , paving the way for Marriott International Inc to buy the Sheraton and Westin hotels operator.
	Brands seek Rio gold in new advertising playing field NEW YORK (Reuters) – Dozens of major companies and specialty brands that are not official Olympics sponsors have applied to run advertising campaigns featuring athletes ahead of the Rio 2016 Olympic Games, taking advantage of new rules that are shaking up the business of marketing surrounding the event.
	Saudi Arabia is Freezing Oil Production By Default (Video) By EconMatters When you are already pumping as much oil as you possibly can – by default – you are forced to freeze production, or agreeing to a production freeze. Â© EconMatters All Rights Reserved \| Facebook \| Twitter \| YouTube \| Email Digest \|
	Market Breaks – AMZN, GOOG Trading Suspended On NYSE ARCA Who could have seen that coming? Ahead of potentially the most important data point of the year – now that The Fed lost its China excuse overnight – NYSE Arca reports a ‘glitch’ NYSE ARCA CITES TECHNICAL ISSUE ON TRADING SYMBOLS SUSPENDED NYSE ARCA TICKERS AFFECTED: AMZN, AZO, GOOG, GOOGL, ISRG, MKL We are sure it will all be fixed by the time the market opens and the ramping algos have taken back control. Source: NYSE Interestingly, futures markets are falling after this ‘break’…
	Police Raid Offices Of Monaco Firm Accused Of Bribing World’s Oil Producers Two days ago we brought you excerpts from a Huffington Post investigative report on Unaoil, a previously obscure Monaco company that allegedly functions as a kind of Bribery Incorporated for state actors looking to curry favor with the world’s oil exporters. A treasure trove comprising œhundreds of thousands of leaked e-mails and documents led Huff Post and Fairfax Media to publish an expose on the œjet-setting Ahsani clan which apparently has links to nearly every producing country on the planet and knows just which palms to grease when Western governments need to make inroads.”They rub shoulders with royalty, party in style, mock anti-corruption agencies and operate a secret network of fixers and middlemen throughout the world’s oil producing nations,” Huff Post wrote, on the way to documenting the Ahsani family’s connections to Bashar al-Assad, Muammar Gaddafi, and the regime in Tehran, among other governments. Pictured below are Ata Ahsani and his two sons, Cyrus and Saman. Apparently, the family is worth more than $200 million which Huff Post reckons makes them part of the “global elite.” The shady family business has been certified by anti-corruption agency Trace International which the Post rightly says “raises serious questions about the worth of such international accreditation.” On Friday, we learn that the Ahsanis’ …
	Why Oil and Gas Companies Are Bracing for Bad News From Banks The onset of redetermination season in the oil patch will bring bad news for dozens of energy companies as low prices lead to pared credit.
	How Insurers Are Bolstered by Phantom Capital New European capital rules for insurers include a kind of tax relief that will make your head spin.
	Why China’s Buffett Wannabe Is Taking an M&A Pause Fosun International may have its balance sheet, more than value investing, in mind as it pares back acquisitions. Either way, though, shareholders benefit.
	Fed’s Balance Sheet 30 March 2016 Slightly Declines Total Fed Balance Sheet: Fed’s Balance Sheet week ending balance sheet was $4,442 trillion. Over the last 7 weeks, changes have been relatively minor.
	Economic Report: U.S. adds 215,000 new jobs in March as more workers enter labor force The U.S. created 215,000 new jobs in March in another show of strength for the economy.
	Metals Stocks: Gold futures lose speed, momentum rides on jobs report Gold futures were heading lower Friday as investors awaited a key employment report that could set the tone for the yellow metal after it wrapped up its best quarterly gain in nearly 30 years.