13Jul2018 Pre-Market Commentary: Wall Street Will Be Off To A Choppy Start, Wells Fargo Misses Expectations. JPMorgan And Citigroup Beat, WTI Crude Jumped From The 69 To The 70 Handle

Here is the current market situation from CNN Money

European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.37% while France’s CAC 40 is up 0.37% and Germany’s DAX is up 0.33%.

Air France-KLM chairman blames Accor over CEO search delay

Anne-Marie Couderc, the interim chairman of Air France KLM , has blamed AccorHotels for complicating and delaying the airline’s search for a new chief executive, according to an internal memo seen by Reuters.

Thyssenkrupp names finance chief Kerkhoff as interim CEO

Chief Financial Officer Guido Kerkhoff was named interim CEO of Thyssenkrupp on Friday and won the backing of the German industrial group’s biggest shareholder, as the search began for a permanent replacement for Heinrich Hiesinger.

Bosch must hand over e-mails in VW emissions suit: court

Supplier Robert Bosch [ROBG.UL] must hand over e-mails in connection with lawsuits brought by investors against Porsche SE in connection with the Volkswagen (VW) diesel scandal, a Stuttgart regional court ruled on Friday.

AT&T shares skid as Justice Department says to appeal Time Warner case

Shares of AT&T Inc fell 1.8 percent in trading before the bell on Friday after the U.S. Justice Department said it would appeal a federal judge’s approval of the telecommunication network’s acquisition of Time Warner.

Wells Fargo profit falls 12 percent

Wells Fargo & Co on Friday posted a 12 percent decline in second-quarter profit, as loans fell and expenses rose.

Citigroup profit rises 16 percent on lower taxes, higher fee income

Citigroup Inc reported a 16 percent increase in quarterly profit on Friday, as the Wall Street bank benefited from lower taxes, higher fee income and strength in its consumer banking business in Mexico.

Euro, yuan dip as U.S.-China trade fears boost dollar

The euro fell to a nine-day low on Friday and the Chinese yuan slid again after data showing a record Chinese trade surplus stirred worries about the U.S.-China trade row, encouraging investors to buy into the safety of the dollar.

Oil falls for second week as supply concerns ease

Oil prices fell on Friday and were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.

JPMorgan profit beats on better-than-expected trading, loan growth

JPMorgan Chase & Co’s quarterly profit topped Wall Street’s expectations on Friday, as trading revenue came in much higher than expected and demand for loans increased on the back of a strengthening U.S. economy.

Import Prices Tumble In June As Export Prices Surge Most Since 2011

Don’t blame China…

US Import prices tumbled 0.4% MoM (against expectations of a 0.1% rise) – the biggest drop since Feb 2016’s global growth scare – thanks to a plunge in EU (-0.3%), Mexico (-0.5%), and Canada (-0.3%), but export prices rose 0.3% MoM (more than the expected 0.2%).

Foods and Beverages import prices fell 2.6% MoM. Capital goods prices fell 0.1% after falling 0.1% in May. Auto prices fell 0.1% after falling 0.1% in May

And on a YoY basis, while import price gains slowed to 4.3% (Import prices ex-food and fuel rose 1.8% YoY in June), export prices surge by 5.3% – the most since Oct 2011…

Watch Live: Trump, May Hold Joint Press Conference In London

This should be sufficiently awkward.

Hours after President Trump slammed Theresa May in an interview with the Sun, a popular Murdoch-owned tabloid (doing further damage to the prime minister’s already battered credibility), the two leader are set to meet in London, where we imagine May will put on a happy face and assure the world that the UK’s “special relationship” with the US remains intact (they might even negotiate a new trade deal!).

Of course, Trump has already said that if May goes ahead with her proposed “soft Brexit” the US will be taking its trade-deal talk to the European Union and deal with them instead of the UK. In a line that will be remembered in the history of US-UK relations, Trump told his interviewer that while he likes May, she didn’t take his advice on Brexit, and that her approach “isn’t what the UK voted for.”

As one Twitter user gently put it…

The only way Theresa May comes out of this Trump visit with any sort of credibility is if she decks him live on camera.

— i.am.eletrick ï¸ & friends (@TallAsHerEyes) July 13, 2018

…And May will have an opportunity to do just that in a few minutes, when, at 8:45 ET, she joins Trump for a joint press conference.

Watch it live below:

5 Of The Most Controversial Moments From Peter Strzok’s Chaotic Testimony To Congress

Authored by Michael Snyder via The American Dream blog,

On Thursday, Peter Strzok finally received his well-deserved congressional grilling, and it was quite a chaotic affair. Over nearly ten hours, there were shouting matches between Strzok and congressional Republicans, there were shouting matches between Republicans and Democrats, and there were quite a few moments that none of us will ever forget. It was a joint hearing of the House Judiciary and Oversight Committees, and the meeting room was absolutely packed. More than 70 members of the House were in attendance, and many came ready with some very pointed questions.

The following are five of the most controversial moments from Peter Strzok’s ten hour testimony to Congress…

#5 Bob Goodlatte asks Strzok how he can “smell” Trump supporters at a Wal-Mart in southern Virginia…

#4 John Ratcliffe confronts Strzok about using “official FBI ph …

London Mayor Slams Trump For “Normalizing” Far-Right Groups

While President Trump and First Lady Melania Trump met the Queen for tea, London Mayor Sadiq Khan bashed the president in an interview and accused him of “normalizing far right groups” in an interview with Bloomberg.

Asked why Trump singles him out for criticism instead of other mayors of cities in the UK and elsewhere in Europe where there have been terror attacks, Khan said it’s for Trump to explain why he singles Khan out for criticism.

“It’s for President Trump to explain why he singles me out in the way that he does in tweets and interviews he gives,” Khan said.

Trump last tweeted about Khan more than a year ago following the June 2017 London Bridge attacks.

Pathetic excuse by London Mayor Sadiq Khan who had to think fast on his “no reason to be alarmed” statement. MSM is working hard to sell it!

— Donald J. Trump (@realDonaldTrump) June 5, 2017

Asked if he believes Trump’s criticisms are motivated by racism, Khan declined to answer the question directly, but said that Trump sometimes “normalizes and gives credibility to” far-right groups.

“Sometimes he can normalize and give credibility to some views that far right groups hold,” Khan said.

Still, Khan insisted that “here in London, we love America and we love Americans,” adding that some US citizens who’ve chosen to make their home in London would be joining in the protests against Trump, before insisting that “diversity is a strength, not a weakness.”

“Diversity is a strength not a weakness. I really enjoy the fact that here in London …

Drug Supply Chain Feels the Trump Effect

Pfizer’s decision to defer drug price increases could ripple through the drug supply chain, which benefits when drug prices go up.

Disney and Comcast Raise the Stakes in the Battle for Fox

It’s official: The battle for 21st Century Fox assets moved across the Atlantic with dueling bids for satellite-TV provider Sky.

When Will Trade Battles End? Watch Economies, Not Politicians

After a brief May hiatus, a full-fledged Sino-U.S. trade fight looks increasingly likely. The deciding factor might not be what you think.

June 2018 Import Price Year-over-Year Inflation Moderated

Written by Steven Hansen

Year-over-year import prices moderated whilst export price inflation grew again this month.

BookWatch: You may have to reapply for your job one day — here’s how to keep it

This restructuring practice can feel uncomfortable, so prepare by shifting your mindset.

Tim Mullaney: Here’s how Trump’s NATO kvetch stacks up

He’s given away 20 times as much money in tax and spending decisions, writes Tim Mullaney.

Market Snapshot: U.S. stock futures on pause with big bank earnings in focus

U.S. stock-index futures pointed to a flat open on Friday, as investors digested the first major reads on the second-quarter earnings season, which could start to provide clarity on whether corporate fundamentals are strong enough to offset the uncertainty surrounding trade policy and other potential headwinds.