14May2019 Pre-Market Commentary: An Up Day?

Here is the current market situation from CNN Money

European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.11% while London’s FTSE 100 is up 0.88% and Germany’s DAX is up 0.55%.

Goldman Sachs bought Commerzbank’s claim in Saudi’s biggest debt saga: sources

Goldman Sachs has bought a claim against The International Bank Corporation (TIBC), a Bahraini bank whose default 10 years ago triggered the biggest financial crisis in Saudi Arabia, three sources familiar with the matter said.

Nissan flags the weakest profit in 11 years, Ghosn woes, bleak sales weigh

Nissan Motor Co forecast a 28% plunge in its annual operating profit, setting it up for the weakest earnings in 11 years and underscoring its struggle to turn the page after the ouster of former Chairman Carlos Ghosn.

Record level of funds hedge against stock market tumble: BAML survey

Global investors’ equity allocations fell 6 percentage points in May and over a third of fund managers have taken out protection against sharp stock market falls in coming months, Bank of America Merrill Lynch’s latest monthly survey found.

Fed’s Williams says policymakers need to better prepare for lower interest rate world

Torturously slow recoveries from recessions and low inflation are here to stay unless policymakers can get a better grip on how to stabilize the global economy in an era of lower interest rates, a top Federal Reserve policymaker said on Tuesday.

Fed’s Williams says tariffs boost U.S. inflation

Tariffs imposed by President Donald Trump on Chinese goods in the escalating trade war between the two countries will likely increase the U.S. rate of inflation, a top Federal Reserve policymaker said on Tuesday.

EU regulators to investigate Insurance Ireland data pooling system

EU antitrust regulators opened an investigation on Tuesday into Insurance Ireland’s data pooling system, concerned that conditions set by the association to access the system may block rivals in violation of EU competition rules.

The U.S. faces hurdles in a push to build electric vehicle supply chain

The United States faces stiff challenges as it moves to create its own electric vehicle supply chain, industry analysts say, with the extent of the country’s metal reserves largely unknown and only a few facilities to process minerals and produce batteries.

Volkswagen shares rise on truck listing plans

Volkswagen shares rose on Tuesday after the group said it would press ahead with listing its Traton trucks unit, in what is set to be Germany’s biggest share offering so far this year.

China says agreed with U.S. to keep talking over trade war

China and the United States have agreed to keep talking about their trade dispute, the Chinese government said on Tuesday, as U.S. President Donald Trump said he thought recent discussions in Beijing would be successful.

Trump To China: No More ‘Raiding’ American Piggy Bank

As US markets struggled to shake off Monday’s punishing selloff, President Trump – who said last night that he expects the trade war to be resolved within three or four weeks – tweeted early Tuesday about how tariffs “rebuilt” the American steel industry.

In one year Tariffs have rebuilt our Steel Industry – it is booming! We placed a 25% Tariff on “dumped” steel from China & other countries, and we now have a big and growing industry. We had to save Steel for our defense and auto industries, both of which are coming back strong!

— Donald J. Trump (@realDonaldTrump) May 14, 2019

Trump’s tweet about the steel tariff comes as more Republicans in Congress press Trump to abandon the tariffs on steel and aluminum that were his first major step in the trade war, with some arguing that US consumers and businesses are paying more than $900,000 a year for every job saved or created by Trump’s steel tariffs. But as Trump sees it, metals tariffs are necessary to preserve the domestic steel industry for national security reasons, as well as for creating well-paying manufacturing jobs.

Leaked Pentagon Plan Calls For 120,000 Troops To Counter Iran

As Michael Pompeo travels to Brussels to discuss the Iranian threat amid a flare-up in tensions that have brought the US to the brink of an armed conflict, the New York Times has published details from a confidential military plan presented to top national security officials that envisions sending as many as 120,000 troops to the Middle East should Iran attack American forces or start ramping up work on nuclear weapons (something it has promised to do if its European partners don’t meet their commitments under the Iran deal).

Barr Appoints US Attorney To Investigate FBI/DOJ Spying On Trump; Has Investigated FBI Before

Attorney General William Barr has appointed US Attorney John H. Durham of Connecticut to examine the origins of the Trump-Russia investigation to determine if the FBI’s spying on the Trump campaign was “lawful and appropriate,” according to Fox News.

The Re-Opening Of The Swedish Assange Case Should Be Welcomed

Authored by Craig Murray,

That the Swedish investigation into the rape allegation against Julian Assange is being re-opened is something that ought to be welcomed. The alternative would be for this accusation to hang unresolved over Julian’s head forever. The Swedish prosecutors now need finally, as my father used to say, either to piss or get off the pot. They need to decide whether there is sufficient evidence to charge or not.

Indians not working hard enough feels China’s state media

Indians not working hard enough feels China’s state media. India will have to turn its culture around with things like 996 if it hopes to compete with China, Global Times says.

Airtel hangs up on low-paying subscribers

Airtel hangs up on low-paying subscribersThe Sunil Mittal-led mobile operator has now made Rs 499 the entry price point for its postpaid customers.

D-Mart’s elusive CEO on the retail churn

D-Mart’s elusive CEO on the retail churn This is a business that will need multiple players with multiple formats, says Noronha

April 2019 Small Business Optimism Remaining at a Historically Strong Level

from the National Federation of Independent Business

The NFIB Small Business Optimism Index increased 1.7 points to 103.5. Sales improved in April, the inventory soft spot seen in last month’s report rebounded, and profit trends posted a very solid advance. Job creation plans gained, hiring remained strong, and expectations for sales, business conditions, and credit conditions all improved.

Stocks Weaken And Gold Rallies As Expected

Written by Jim Welsh

Macro Tides Weekly Technical Review 13 May 2019

Gold Rallies as Expected

As discussed last week the current decline in Gold from its February peak at $1347 is wave (e) of the triangle that has been forming since Gold topped in July 2016 at $1375. Wave (e) of the triangle ‘should’ take a down, up, down pattern from $1347. After peaking at $1347 Gold fell $81 to a low of $1266 on April 23 which is likely wave a of wave (e).

The Wall Street Journal: Payday lenders mobilize behind rule repeal, including with duplicate supportive comments: consumer group

Payday lenders have been mobilizing their customers to push the federal government to ease Obama-era regulations of the industry, according to research by a consumer advocacy group that favors the rules.

Market Snapshot: U.S. stock futures point to bounce on heels of a trade-related selloff

U.S. stock futures rose Tuesday, but investors remain cautious as ever escalating trade tensions took a heavy toll on stocks Monday.

Violent gang created fake profiles on Tinder to lure men — then allegedly beat and robbed them at gunpoint

Police say five teenagers staged a series of violent crimes by setting up dates with unsuspecting men on a secluded street at night.