29Jun2018 Pre-Market Commentary: Wall Street’s Major Stock Index Futures Gained Today, DOW Futures Rise As Financials Prepare To Climb On Last Day Of 2nd Quarter, WTI Crude Trading In The Mid 73 Handle

Here is the current market situation from CNN Money

European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.26% while France’s CAC 40 is up 1.17% and London’s FTSE 100 is up 0.66%.

China’s penetration of Silicon Valley creates risks for startups

SAN FRANCISCO (Reuters) – Danhua Capital has invested in some of Silicon Valley’s most promising startups in areas like drones, artificial intelligence and cyber security. The venture capital firm is based just outside Stanford University, the epicenter of U.S. technology entrepreneurship.

Stock futures jump as Nike, financial stocks gains

(Reuters) – U.S. stock index futures gained on Friday, as Nike jumped after strong results and as bank stocks rose after clearing the Federal Reserve’s stress tests.

China says U.S. should tell airlines to change websites in Taiwan row

BEIJING (Reuters) – China said on Friday that the United States should tell its airlines to change their websites to refer to self-ruled Taiwan as Chinese territory, after the United States said China had rejected requests for talks on the matter.

Trump says SoftBank Son’s U.S. investment hitting $72 billion

MT. PLEASANT, Wis. – U.S. President Donald Trump said on Thursday SoftBank Group Corp Chief Executive Masayoshi Son is increasing his investment in the United States to $72 billion, significantly more than the $50 billion he had previously pledged.

Deutsche Bank investors unshaken by U.S. stress test failure

FRANKFURT (Reuters) – Deutsche Bank investors took a largely long view on its failure in this year’s U.S. stress tests, with its shares recovering on Friday from a record low hit earlier this week.

Bitcoin skids below $6,000, hits lowest level since November

LONDON (Reuters) – Bitcoin’s value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals.

Spooked by Trump, Europe’s Iranian oil purchases set to plummet

LONDON (Reuters) – European refiners are cutting purchases of Iranian oil faster than expected as the U.S. prepares to reimpose sanctions on Iran, threatening a more severe impact than the last round of punitive measures in 2012 even though the EU has not joined in.

Nike shares soar as investors applaud North America sales rebound

(Reuters) – Nike Inc shares on Friday rose 10 percent premarket and were set to open at a record high, after the world’s largest shoe maker saw a major sales rebound at its North America business and forecast strong growth for 2019.

Embattled ZTE expected to unveil new board in push for U.S. ban lift

SHENZHEN, China/HONG KONG (Reuters) – Chinese telecoms giant ZTE Corp is expected to announce a radical management overhaul following a shareholder meeting on Friday, in line with conditions laid out in a $1.4 billion settlement deal to lift a crippling U.S. supplier ban.

“Failing” Deutsche Bank May Be Kicked Out Of Key European Index

One day after Deutsche Bank’s US operations failed the Fed’s “stress test”, it appears that this outcome had been priced in by the market as DB’s stock price rose as much as 3% in early Friday trading…

… although looking slightly higher in the capital structure reveals ongoing skepticism, with the yield on DB’s 6% contingent convertibles rising, and set to hit 10% any moment.

However, much to the chagrin of investors in the biggest European lender, the barrage of bad news facing Deutsche Bank is not nearly over, and as the

Futures Rebound As Mnuchin Denies WTO Exit Story

For the second time in a few days, Treasury Secretary Mnuchin has had to come galloping to the rescue of markets over ‘fake news’ reports.

US equity futures tumbled in early trading after Axios reported that the Trump administration was planning to withdraw from WTO.

But have now erased that drop Steve-the-savior rescues markets into month-end.

Treasury Secretary Mnuchin has just appeared on Fox Business to deny the story, saying that the “Axios story is not true” and is an “exaggerations” adding that Trump “has concerns about the WTO, he thinks there’s aspects of it that aren’t fair.”

Finally, Mnuchin added – in yet another attempt to clam markets – that “U.S. is not in trade war with China, it is a trade dispute.”

Semantics Steve…

Maxine Waters Cancels Events Following “Very Serious” Death Threats

Congresswoman Maxine Waters – who earlier this week urged her supporters to accost members of the Trump administration at restaurants and other public venues – has been forced to cancel a pair of public events after receiving a “very serious death threat.” The Congresswoman told CNN on Thursday that she’s seen an increase in threats since she made the controversial comments.

Waters canceled appearances in Alabama and Texas this week after receiving “threatening messages” and “hostile mail” at her office, including “one very serious death threat” from an individual from Texas.

“As the President has continued to lie and falsely claim that I encouraged people to assault his supporters, while also offering a veiled threat that I should ‘be careful’, even more individuals are leaving (threatening) messages and sending hostile mail to my office,” Waters said in a statement.

“There was one very serious death threat made against me on Monday from an individual in Texas which is why my planned speaking engagements in Texas and Alaba …

Blain: Half Way Through 2018, One Theme Describes This Market

Submitted by Bill Blain of Mint Advisors

“Some is rich, and some is poor, that’s the way the world is, but I don’t believe in lying back, saying how bad your luck is…”

End of the second quarter.. and how you doing? Half way through 2018 and where have we got? The numbers: as US rates rise, 10 year US Treasury yields have climbed from 2.45% to 2.85%, Bunds have been more volatile – falling from 0.42% to 0.34% while spiking to 0.77% in Feb. The S&P started the year at 2695, and is now 2716… Stunning? Not! The numbers don’t tell the story.

There is definitely a changed mood in markets. Stock markets are uncertain – unconvinced on valuations and tech weightings, but equally unconvinced the market is about to tumble. However, thin trading has many experienced market watchers convinced we’re running out of buyers willing to buy the next dip.

Bond markets are no better: as the Fed normalises, the BoE dithers, and the ECB angsts about ending its buyback programmes – supposedly by year-end – the crutch is tumbling from the market. Corporate spreads are ambling wider – new issues are struggling to catch the same fire as previously – especially as the ECB’s heat comes out the market. While rising US rates have caused many to declare the end of the 30 year bond bull market – as many are saying Treasuries look a great buy around 3%. What do they know that we don’t?

Many analysts fear recession and flat curves, fearing central banks don’t have anything left in the armoury to fight with. I’m sure they’ll think of something.. If it happens.. listen for the sound of helicopters.

Its’ the “noise” engulfing markets that’s been most interesting. If there has been a theme to 2018 thus far, I’d characterise it as “Contradictory Bluster” (and …

Bank Stress Tests Don’t Instill Confidence

Setbacks are minor for Morgan Stanley and Goldman Sachs, but gaps with the Fed’s view raise concerns.

The Trans-Atlantic Catch-Up Trade Has Gone Awry

This was supposed to be the year global markets moved in sync, Europe following the U.S. with higher bond yields and stock prices. But at halftime things don’t look so simple.

How Amazon Made Pharmacies Ill

Amazon’s purchase of online pharmacy PillPack sparked a sharp selloff in drug supply chain stocks, as the deal shows the retailing behemoth is serious about entering the pharmacy business.

The Tell: The stock market is days away from setting a bearish record

The U.S. stock market is a few days from hitting a notable milestone, but it isn’t one that investors will feel particularly good about.

Bond Report: Treasury yields struggle for direction after strong first-half rise

Treasury yields trade little changed Friday, but are up significantly on 2018 as investors prepare to close the books on the second quarter and the first half.

Market Snapshot: Dow futures rise as financials prepare to climb on last day of 2nd quarter

U.S. stock futures pointed to a higher start Friday, with investors soothed by news that major political risk has been removed from Europe for now, while also inspired by gains for banking stocks.