01May2019 Pre-Market Commentary: Wall Street Futures Set To Open Higher, DOW To Open Up Triple Digits, SP 500 To Set New Historic Highs At The Opening

Here is the current market situation from CNN Money

Shares in London are lower today as the FTSE 100 falls 0.03%. The German and French stock markets are closed at this time.

Walmart-owned Flipkart in talks to buy Indian grocery chain: report

Walmart Inc-owned e-commerce firm Flipkart is in talks to buy Indian grocery chain Namdhari’s Fresh, CNBC-TV18 reported on Wednesday, citing sources.

How Russia contaminated $2.7 billion of oil exports to Europe

It was a quiet Easter holiday at the offices of major European oil companies and refiners when an email in Russian landed. “What the hell does it say?” one manager recalled thinking as he sent it to his Moscow office for translation.

The debate behind Trump’s move to tighten Iran oil sanctions

U.S. President Donald Trump’s unexpected decision to ban all Iranian oil purchases after May 1 – ending exemptions for eight nations – came after hawkish economic and security advisors allayed the president’s fears of an oil price hike, according to three sources familiar with the internal debate.

Nations using oil as a weapon threatens OPEC: Iran oil minister

Any country using oil as a weapon could cause the collapse of oil producer group OPEC, Iran’s Oil Minister Bijan Zanganeh said on Wednesday, according to SHANA, the news outlet of the oil ministry.

Futures bounce as investors cheer Apple results

U.S. stock index futures jumped on Wednesday, pointing to a strong open for Wall Street as Apple Inc’s stellar results and forecast allayed concerns about slowing growth in corporate profits.

Yum Brands same-store sales beat on KFC strength

Yum Brands Inc beat analysts’ estimates for quarterly sales at established outlets on Wednesday, boosted by strong growth at its KFC chain.

GSK first-quarter beats estimates on shingles vaccine surge

GlaxoSmithKline Plc reported better-than-expected first-quarter revenue and earnings on Wednesday, as sales of the British drugmaker’s fast-growing shingles vaccine surged another 60 percent.

CVS Health beats profit estimates, raises full-year forecast

CVS Health Corp beat estimates for quarterly earnings on Wednesday and raised its full-year adjusted profit forecast as it benefits from its $69 billion purchase of health insurer Aetna, sending its shares up 5 percent.

Pilgrimage to see Warren Buffett out of step with populist mood

When Warren Buffett takes the stage at Berkshire Hathaway Inc’s shareholders’ meeting on Saturday, the 88-year-old billionaire will be greeted, as usual, by tens of thousands of adoring followers from around the world.

“The Collateral Call Creeps Closer” – Bonds And Economists Are At It Again

Authored by Jeffrey Snider via Alhambra Investment Partners,

Federal funds is up again. As of yesterday, the 29th, the effective rate (EFF) is now 5 bps above IOER. That takes it to within 5 bps below the top of the Federal Reserve’s policy range. According to FRBNY, the 1st percentile in yesterday’s session was 2.40%, meaning that almost the entire federal funds market is paying more than IOER. Where are the dealers?

If a scramble for liquidity shows up here, what is it like everywhere else where it does matter? The federal funds market is nothing more than leftover pocket change of the FHLB’s. But with these rates, there should be more than that going on. There is opportunity for any enterprising dealer to take advantage of risk-free spreads, to make something more than what it is.

And the profit opportunities just sit there.

ADP’s Zandi Admits April Employment Gains “Overstates Economic Strength”

After March’s gravely disappointing miss (well below the March rebound in non-farm payrolls), ADP employment was expected to rebound to its somewhat flat forecast of 180k in April.

After last month’s +129k miss, ADP played catch up this month with a massive +275k (and upward revision to +151k for March) with Services adding 223k and Goods producers up 52k

$1 Billion In Iranian Crude Is Stranded At A Chinese Port

It’s no secret that Beijing has chafed at American audacity to try and dictate whom Chinese refineries can and can’t buy oil from. And in the latest example of just how aggravating the decision to end waivers for Iranian crude imports has been for the world’s second-largest economy, Reuters reported that some 20 million barrels of Iranian crude have been languishing at the northeastern port of Dalian for months, but because of the US’s decision to re-impose sanctions on Iran back in November, nobody wants to touch the oil.

Assange Sentenced To 50 Weeks In UK Prison For Skipping Bail

Julian Assange has been sentenced to 50 weeks in a UK prison – close to the maximum sentence – for skipping bail in 2012 to seek refuge in the Ecuadorian embassy, setting off a seven-year showdown with UK law enforcement and the US that ended with his arrest earlier this month, WSJ reports.

Judge Deborah Taylor said during the sentencing that it would be difficult to find a more serious example of the offense.

Need to Know: Here’s how Apple can reach $350 a share, according to this tech investor

Our call of the day, from the founder of Loup Ventures, Gene Munster, cautions investors against underestimating Apple’s ability to pull off future earnings success.

Treasury holds line on auction sizes, says extraordinary measures around debt limit will be exhausted sometime in second half of year

The Treasury Department will auction $84 billion in notes and bonds next week, keeping the size as in its prior offering, and said the debt limit needed to be raised sometime in the second half of the year, the government said Wednesday.

Market Extra: Sell the stock market in May and go away? Not so fast, say experts

U.S. equity indexes are on track to post their best start to a year in decades and the sharpest April gain in about 10 years. That doesn’t mean investors should “sell in May.”