09Mar2018 Pre-Market Commentary: Wall Street To Open Moderately Higher, Dow Futures Jump 200 Points After Better-than-expected Jobs Report, Crude Prices In The High 60 Handle

Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.46% while London’s FTSE 100 is off 0.13% and France’s CAC 40 is lower by 0.06%.

U.S. allies line up for exemptions from Trump’s tariffs

BRUSSELS/SHANGHAI/TOKYO (Reuters) – From Japan and South Korea to Australia and Europe, officials lined up on Friday to seek exemptions from President Donald Trump’s tariffs on U.S. steel and aluminum imports, while Chinese producers called on Beijing to retaliate in kind.

Strong U.S. job growth forecast; unemployment rate seen at 4 percent

WASHINGTON (Reuters) – U.S. job growth likely rose at a brisk clip in February and probably pushed down the unemployment rate to a more than 17-year low of 4.0 percent, but wage gains are expected to have slowed after three straight months of strong increases.

‘Pharma Bro’ Shkreli to be sentenced for defrauding investors

NEW YORK (Reuters) – Martin Shkreli, the former drug company executive who made headlines by jacking up the price of a lifesaving drug before he was found guilty of defrauding investors, is scheduled to be sentenced on Friday.

Exclusive: Boeing has ‘cash horsepower’ for targeted acquisitions – CEO

CHICAGO (Reuters) – The head of Boeing Co said on Thursday the U.S. planemaker can absorb transactions on the scale of a proposed tie-up with Brazil’s Embraer without putting at risk internal investments in its business or returning cash to shareholders.

Comcast and Murdoch in regulatory race for Sky approval

LONDON (Reuters) – Comcast’s gatecrashing of Rupert Murdoch’s eight-year campaign to buy pay-TV group Sky has sparked a regulatory race with 21st Century Fox .

Wall Street has never been so far behind on Netflix

(Reuters) – Netflix Inc’s 65 percent jump so far in 2018 has been so fast that Wall Street analysts earlier this week were as much as $60 behind the curve on a stock most say is a buy.

Broadcom says will not sell national security assets to foreign firms

(Reuters) – Broadcom Ltd said in a letter to U.S. Congress on Friday that it will not sell any critical national security assets to any foreign companies if its $117 billion deal to buy chipmaker Qualcomm Inc is approved.

Rising cross-asset correlation shows more fuel for sell-off

(Reuters) – At a time when volatility in financial markets is creeping up on rising bond yields and fears of U.S trade protectionism, one modern leading indicator of trouble ahead suggests stock market losses could intensify going forward.

Crypto Carnage Continues – Bitcoin Below $9000

After a triple whammy of FUD this week (SEC crackdown, Mt.Gox overhang, and Japan shutdowns), cryptocurrencies are seeing broad-based selling pressure (majors down around 20-25%) with Bitcoin back under $9000.

Correlation has picked up once again as cryptos push lower…

And Bitcoin quickly broke through $10k and $9k barriers…

But it’s a sea of red across the crypto-space…

Frontrunning: March 9

Economists Forecasting Jobless Rate of 4%, the First Time Since 2000 (WSJ)

Trump Launches Global Race for Exclusion From Steel Tariffs (BBG)

China, Europe Slam as U.S. Metalworkers Cheer (WSJ)

Trump’s Historic Bet on Kim Summit Shatters Decades of Orthodoxy (BBG)

Over hotpot and soju, North Korea’s Kim Jong Un joked about himself (Reuters)

Trump Faces Prospect of Embarrassing GOP Loss in Pennsylvania (BBG)

Blown Earnings Calls Started the Bull Market. One Day They’ll End It (BBG)

Japan fears being sidelined (Reuters)

NJ Transit Trains Delayed After Rush-Hour Disruption (BBG)

Boeing has ‘cash horsepower’ for targeted acquisitions (

Gary Cohn Tells Trump To Pick Knight As Replacement

Gary Cohn may have been the “Last Jedi” (according to Citi), but he has picked a Knight to replace him.

Confirming rumors that emerged earlier in the week, Politico reports that the now former White House chief economic adviser Gary Cohn is focusing on one more thing he wants to do before he leaves his post: help President Donald Trump pick his successor, and it appears he is eager to preserve the continuity set by his short, tax-free tenure.

According to Politico sources, the candidate Cohn is pushing for is his deputy director of domestic policy, Shahira Knight — a former Hill staffer and ex-lobbyist — as his replacement as National Economic Council director.

Shahira Knight

Best known for her May 2017 Bloomberg profile as “The Economist Who Helped Write Trump’s Tax Plan in Five Days”, Knight is the NEC’s resident tax expert, who was integral to working wit …

Trade Spat Just Noise as ECB Edges to Exit

The past few weeks have seen financial markets swing to and fro sharply, with fears around trade and protectionism now added to the mix. But central banks like the European Central Bank aren’t changing direction.

Cigna’s Cure Risks Dangerous Side Effects

The $54 billion purchase of Express Scripts likely increases risks instead of lowering them.

Snap’s Nip and Tuck

Snapchat’s parent plans layoffs as growth slows. But the main question remains whether its young service has true long-term potential or is a fad that will burn out as fickle teens move on.

Capitol Report: Here are the states most impacted by steel tariffs

Here’s a state-by-state rundown on jobs that could be at risk if Donald Trump follows through on across-the-board tariffs on steel and aluminum.

Bond Report: Treasury yields tick up as Wall Street focuses on jobs report

Treasury yields edge higher on Friday ahead of a closely watched jobs report, which could help bond-market investors gauge the pace of rising prices and inflation in the U.S.

The Wall Street Journal: China fast-tracks IPO approval for Foxconn unit

A fledgling unit of Taiwanese electronics manufacturer Foxconn Technology Group jumped to the front of the queue of Chinese companies waiting to go public, showing how China is moving quickly to allow select technology stalwarts to list at home.