28Jun2019 Pre-Market Commentary: US Consumer Spending Increases 0.4%, DOW Futures Up 85 Points, US Dollar Index Holds Weakness, Off 0.1% At 96.12

Here is the current market situation from CNN Money

European markets are higher today with shares in Germany leading the region. The DAX is up 0.52% while France’s CAC 40 is up 0.43% and London’s FTSE 100 is up 0.31%.

Trump prepares for ‘productive’ talks with Xi on trade war

U.S. President Donald Trump on Friday said he hoped for productive talks with Chinese President Xi Jinping on a trade war that is casting a shadow on global growth, but said he had not made any promises about a reprieve from escalating tariffs.

Oil prices hold near $67 per barrel ahead of G20 talks, OPEC

Brent crude oil held near $67 a barrel on Friday ahead of talks over the trade dispute between the U.S. and Chinese presidents this weekend and on production cuts from OPEC on Monday.

Exclusive: Google appears to have leveraged Android dominance – India watchdog

Google appears to have misused its dominant position in India and reduced the ability of device manufacturers to opt for alternate versions of its Android mobile operating system, Indian officials found before ordering a wider probe in an antitrust case.

Lego clan, Blackstone take Madame Tussauds owner Merlin private in $7.5 billion deal

Lego’s founding family and private equity firm Blackstone are taking Britain’s Merlin private again in an agreed deal valuing the Madame Tussauds and Legoland owner at $7.5 billion.

Nissan ex-chief Ghosn cancels hastily arranged Tokyo press conference

Former Nissan boss Carlos Ghosn abruptly canceled plans on Friday for what would have been his first press conference since his arrest in November, after his daughters expressed concern it could invite retaliation by Japanese authorities, his lawyers said.

Futures higher with G20 summit, inflation data in focus

U.S. equity futures rose on Friday amid growing caution ahead of a crucial meeting between Presidents Donald Trump and Xi Jinping and the release of inflation data that could feed into the Federal Reserve’s decision on interest rates next month.

Rent the Runway, Nordstrom team up to boost convenience, attract customers

Nordstrom Inc and Rent the Runway announced a partnership on Thursday that aims to draw more foot traffic into the department store while making the clothing rental service more convenient so it can improve service to existing customers and attract new ones.

Markets brace for crucial G20 signals

Stocks eked out meager gains on Friday before a meeting on trade between U.S. President Donald Trump and Chinese President Xi Jinping, capping gains on the best first half for global equities since 1997.

Deutsche lifted by Fed stress test pass in boost to Wall Street operation

Deutsche Bank’s shares rose by as much as 4.8% on Friday after Germany’s biggest bank passed an annual health check by the U.S. Federal Reserve, in a boost to its beleaguered Wall Street operations.

Trump Praising Today’s Stock Market Is Like Bush Praising Housing In 2006

Authored by Jesse Colombo via RealInvestmentAdvice.com,

Despite all of the controversies, drama, and staff turnover, one thing has been consistent throughout Trump’s presidency: his frequent praise of the stock market’s performance and taking credit for it. As someone who has been warning that our stock market boom is really a dangerous, debt-driven bubble that is going to end disastrously, I have been publicly cautioning that it is extremely unwise and irresponsible for President Trump to be encouraging and taking ownership of this irrational speculative boom. In this piece, I will explain why Trump’s praise of today’s stock market bubble would be like President George W. Bush praising the housing bubble in the mid-2000s before it crashed and sunk the country into a deep recession.

Trump uses the stock market as one of the main yardsticks of his administration’s performance, as the following tweets show:

Had the Fed not mistakenly raised interest rates, especially since there is very little inflation, and had they not done the ridiculously timed quantitative tightening, the 3.0% GDP, & Stock Market, would have both been much higher & World Markets would be in a better place!

— Donald J. Trump (@realDonaldTrump) March 29, 2019

If the Fed had done its job properly, which it has not, the Stock Market would have been up 5000 to 10,000 additional points, and GDP would have been …

Fed’s Favorite Inflation Indicator Stagnates As US Savings Rate Sits At 6 Year Lows

Echoing April’s data, Personal Income rose more than expected in May and Personal Spending rose less than expected.

Income rose 0.5% MoM (better than the 0.3% MoM expected)

Spending rose 0.3% MoM (worse than the 0.5% MoM expected)

Blain: “The Group Photo For The G20 Looks Line A Line Up For A Tarantino Film”

Blain’s Morning Porridge, submitted by Bill Blain

Sometimes you just have to laugh.. The news a planeload of Brazilian sherpas heading to the Osaka G20 meeting was carrying industrial quantities of cocaine says everything. That’ll spoil the Saturday night party..

Or how about hints EC President Jean-Claude Junker will stay on the Brussels Throne to oversee Brexit (because the EC blundership can’t agree on a successor.) The Putin interview in the FT is a must read – Liberalism is dead (actually he said “obsolete”), and Trump is a great populist. How about the group photo for the G20 – looks line a line up for a Tarantino film… Brad Pitt as MBS?

Tesla Admits Battery Malfunction Caused Spontaneous Combustion Of Model S In Shanghai Parking Garage

About 2 months after a Tesla Model S spontaneously combusted in a Shanghai parking garage, Tesla is finally admitting that the incident was caused by a “single battery module malfunction,” according to Bloomberg.

The company says the conclusion was based on an evaluation by experts from China and the U.S.

Tesla says it didn’t find a “systematic flaw” after its investigation into the car’s battery, software and manufacturing data (other than the car catching fire, unprovoked, randomly?)

Previously, Tesla had disputed the findings of a preliminary investigation that concluded that the fire was caused by a short circuit in the batter.

How Modi 1.0 managed to pull off a makeover for the Indian Railways

How Modi 1.0 managed to pull off a makeover for the Indian RailwaysThe first half of last five years saw the railways struggling with burgeoning staff and pension costs.

Anil Ambani has a new Rs 7,000 cr headache

Anil Ambani has a new Rs 7,000 cr headacheReliance Infra faced rating downgrades as the companies grapple with huge debt and muted cash flows.

Banks have been under-reporting frauds

Banks have been under-reporting fraudsThe RBI is now reviewing its master direction on frauds and considering additional measures for action.

May 2019 Headline Consumption Expenditures Growth Marginally Declined Year-over-Year

Written by Steven Hansen

The headline data shows a marginal improvement in year-over-year growth for income and a marginal decline in expenditures.

Legendary designer Jony Ive to leave Apple after 27 years

He was the design force behind Apple Inc.’s renaissance from the iMac up through the iPad and now he’s leaving the company after 27 years.

Economic Report: Consumers boost spending in May as incomes rise and inflation stays low

Consumer spending rose at a healthy clip in May for the third month in a row, suggesting the U.S. economy is still on solid ground even as growth has waned. Consumer spending increased 0.4% last month while the yearly rate of inflation slowed to 1.5%.

Outside the Box: How China could wrest global leadership from U.S. at the G-20

Donald Trump has called a meeting where the outcome is beyond his control. We expect Xi to exercise his unilateral power to refuse any concessions to the United States, writes Carl Weinberg.