16Sep2019 Pre-Market Commentary: Wall Street To Open Moderately Lower, DOW Futures Down 100 Points, WTI Reached 63 Earlier, Gold Above 1500, Empire State Manufacturing Index Little Changed

Here is the current market situation from CNN Money

European markets are lower today with shares in France off the most. The CAC 40 is down 0.59% while Germany’s DAX is off 0.53% and London’s FTSE 100 is lower by 0.20%.

Atlantia shares plunge as investors await Edizione board meeting

Shares in Atlantia fell sharply on Monday ahead of a board meeting of its top investor Edizione, which a source said was expected to discuss allegations of falsified safety reports at the group’s road operations.

Oil soars, stocks dip after Saudi supply shock

Oil prices hit four-month highs on Monday after attacks on crude facilities in Saudi Arabia fueled worries over the impact of an oil shock on economic growth, halting a positive run in world stocks and bolstering demand for safe-haven assets.

Apple takes fight against 13-billion-euro EU tax order to court

Apple will launch a legal challenge on Tuesday to a European Commission order to pay 13 billion euros ($14.4 billion) in Irish back taxes in a landmark case in the EU’s crackdown on tax avoidance by multinational companies.

Iraq says U.S. does not believe Iraqi territory used to launch attack on Saudi

Iraq said on Monday it had been told by the United States that Washington did not suspect an attack on Saudi Arabia had been launched from Iraqi territory.

Biggest oil price surge since 1991 as ‘locked and loaded’ U.S. points finger at Iran for attack

An attack on Saudi Arabia that shut 5% of global crude output caused the biggest surge in oil prices since 1991, after U.S. officials blamed Iran and President Donald Trump said Washington was “locked and loaded” to retaliate.

Pompeo told Iraqi PM U.S. information affirms Saudi not attacked from Iraq: Baghdad statement

U.S. Secretary of State Mike Pompeo told Iraqi Prime Minister Adel Abdul Mahdi that the United States has information confirming Baghdad’s denial that Iraqi territory was used to launch an attack on Saudi oil facilities, Iraq said on Monday.

Kremlin warns against ‘hasty conclusions’ over attacks in Saudi Arabia

Russia on Monday urged countries in the Middle East and outside the region not to draw “hasty conclusions” on who staged the attacks on Saudi oil facilities.

Trump pledges to help allies in Middle East after Saudi attacks

U.S. President Donald Trump said on Monday the United States would help its allies despite U.S. energy independence, after Washington blamed Iran for an attack on Saudi Arabia that has closed 5% of global crude output.

Futures down after Saudi attacks spark rush for safety

U.S. stock index futures slipped on Monday after the weekend attack on Saudi Arabian oil facilities knocked out 5% of the world’s supply, sparking concerns over global economic growth and heightening tensions in the Middle East.

Houthis Say It’s Not Over – Saudi Oil “Still Within Range”; Iraq Denies Its Territory Used

Houthis Say It’s Not Over – Saudi Oil “Still Within Range”; Iraq Denies Its Territory Used

While US officials were quick out of the gate to allege an Iranian attack on Saudi Aramco facilities launched from Iraq early Saturday, a theory which the WSJ said was focus of an ongoing US-Saudi investigation, Iraq’s government issued a firm denial on Sunday, which followed Iran’s own denial that condemned Washington’s “maximum lies”.Â

Saying there was no link to Iraqi soil and the attack which caused oil prices to spike to record levels the moment markets opened, initially surging to as much as 18% before retreating after President Trump authorized use of the Strategic Petroleum Reserve (SPR) to “keep the markets well-supplied,” the Iraqi government further vowed to œpunish anyone who intended to use Iraq as a launchpad for attacks in the region.

NFIB Survey Trips Economic Alarms

NFIB Survey Trips Economic Alarms

Authored by Lance Roberts via RealInvestmentAdvice.com,

Last week, I wrote an article discussing the August employment report, which clearly showed a slowdown in employment activity and an overall deterioration the trend of the data. To wit:

œWhile the recent employment report was slightly below expectations, the annual rate of growth is slowing at a faster pace. Therefore, by applying a 3-month average of the seasonally-adjusted employment report, we see the slowdown more clearly.

Global Markets Slide, S&P Futures Back Under 3000 On Oil Chaos, China Slowdown

Global Markets Slide, S&P Futures Back Under 3000 On Oil Chaos, China Slowdown

On the 11th anniversary of the Lehman default, global stock markets and US equity futures are broadly lower after this weekend’s drone attack on Saudi oil facilities resulted in the biggest oil price surge in history. State energy producer Saudi Aramco lost about 5.7 million barrels a day of output on Saturday after 10 unmanned aerial vehicles struck the world’s biggest crude-processing facility in Abqaiq and the kingdom’s second-largest oil field in Khurais.

Trump Praises US Energy Independence After Saudi Attack: “We Don’t Need Middle Eastern Oil”

Trump Praises US Energy Independence After Saudi Attack: “We Don’t Need Middle Eastern Oil”

With international oil prices soaring following this weekend’s attack in Saudi Arabia, which has indefinitely crippled as much as half of its oil-production capacity, President Trump sent a tweet Monday morning to try and reassure markets that the US is now energy independent and doesn’t need crude from the Middle East in what looks like an attempt to send prices lower.

“Because we have done so well with Energy over the last few years (thank you, Mr. President!), we are a net Energy Exporter, & now the Number One Energy Producer in the World. We don’t need Middle Eastern Oil & Gas, & in fact have very few tankers there, but will help our Allies!

Because we have done so well with Energy over the last few years (thank you, Mr. President!), we are a net Energy Exporter, & now the Number One Energy Producer in the World. We don’t need Middle Eastern Oil & Gas, & in fact have very few tankers there, but will help our Allies!

” Donald J. Trump (@realDonaldTrump) September 16, 2019

The takeaway from the tweet is that Trump’s threatening posture toward Iran, which Washington has blamed from the attack, is simply an example of the US standing up for Saudi Arabia since its a critical regional ally. The US’s energy supplies are not being threatened.

Trump has a point abo …

We didn’t see it coming: RBI governor on 5% growth

We didn’t see it coming: RBI governor on 5% growthRBI had recognised the slowdown in February, which led it to cut in policy rate by 25 bps.

‘Selfish’ private bank behind Altico mess?

‘Selfish’ private bank behind Altico mess?The default by Altico has resulted in concerns over the wider implications.

Decoding the biggest crude shock in 28 yrs

Decoding the biggest crude shock in 28 yrsOn Monday, Brent futures jumped nearly 19.5 % to trade at $71 a barrel in Asia.

September 2019 Empire State Manufacturing Index Little Changed

Written by Steven Hansen

The Empire State Manufacturing Survey index marginally declined but remains expansion. Overall this survey remains below values seen in the last 2+ years.

Economic Report: Empire State factory index remains barely above zero in September

The New York Fed’s Empire State business conditions index fell 2.8 points to 2 in September.

Behind the Storefront: Massive store closures are a strategy, not a sign of a ‘retail apocalypse,’ experts say

Store closures for the first half of 2019 have already exceeded all of 2018, but many of them are positive signs of a retail restructuring.

Need to Know: Don’t bottom-fish Apple when ‘inevitable’ declines rock tech sector, investor warns

While investors sift through the aftermath of the weekend attack that disrupted Saudi Arabia’s crude output, the Wall Street veteran who ran the world’s biggest tech fund during the dot-com days issued a stark warning for those looking to hitch their ride to the continued leadership of the tech sector. A near-term correction is œinevitable, Paul Meeks says.