Summary
Overnight markets saw a reversal in Metals and a rise in Chinese Stocks on strong PMI out of China. In the UK, the Pound Sterling rallied on a record Mfg number in the face of Bexit Cassandras from 2 months ago. PMI jumped far higher than estimates, printing 53.3 with expectations in the 49 area. EU stocks rallied strongly lead by banks, Commodity shares did well with Glencore bouncing over 1%. Domestically, S&P futures remain relatively flat as the market awaits the Aug jobs number made more important by Fed "Hawk" Fischer's tough talk in J-Hole last week. There are a slew of minor data releases today in preview to tomorrow's jobs number and players will likely be waching them closer than usual for tea leave clues on Jobs. Apple is upset, Elon Musk is caught in a web of "mistakes" as new cash crunches arise, and Chinese gaming rebounds.
If it is consumed in industry, it benefitted last night
-interactive charts HERE
In Focus: UK post Brexit thus Far
Gives momentum to PM Theresa's push ot use Executive orders to trigger article 50 and make the EU exit complete
Global News
- Global Stocks Rise, Metals Jump On Strong Chinese Data; Pound Surges On Record UK Mfg Spike-ZH- Just the facts, a clean read
- GLOBAL ECONOMY-Manufacturing falters as global demand weakens: RTRS- Good piece, notes the UK as exception
- Macau Gaming Snaps Two-Year Drop to Rise 1.1% on New Resorts- so money out of grains and into blackjack?
Market News
- Gold ETFs, Stocks Risk Meltdown As Strong Dollar, Data And Fed Weigh- by meltdown, that means a dip to buy. A Fed hike is likely a fade into a QE event
- Case for buying gold in a flat market: CNBC- made by a floor local we traded against, and with ,back in the day. Good guy. Italian based on his hand motions?
- Elon Musk Faces Cash Squeeze at Tesla, SolarCity-WSJ- given their corporate structure we are not surprised
- Tesla-SolarCity deal included $400M valuation mistake- "mistake"- res ipse loquitor? more like taurus excretum*- SK
- Apple CEO Tim Cook calls EU tax ruling 'total political crap,' :APPLE- -dont you think the US had something to do with this, getting offshore money to come to Daddy? We do.-SK
- Crude Price Slumps 2% Following Large Supply Increase- but but the FREEZE?-SK
- Keep An Eye On This Key Technical Level For Oil Heading Into The Election- We will be checking with our own Oil Technical Guru today on this-SK
- Time To Reassess at Benzinga- Elliottwavetrader.com opines on Gold. Will remain in this list until it is proven right, wrong or until courtesy is shown by its owner-SK
Soren's WatchList
- list comprised of reader suggestions and markets traded
PRICECHANGE% CHG GC=F1,309.20-2.20-0.17% SI=F18.73+0.02+0.12% PL=F1,059.60+3.50+0.33% HG=F2.08+0.01+0.34% NG=F2.98-0.02-0.77% CL=F45.22-0.09-0.20% GLD124.78-0.25-0.20% USO10.36-0.37-3.45%On MarketSlant
- Why a Fed Hike is good for Trump now, Gold Later
- If Gold Eats its Dinner- it Gets a QE4 Treat
- Elliott Wave Trader: "Time to Reassess"?
- Technical Brief: Get a Grip
- Jim Rogers Sees Future Fortunes in… North Korea
- He Stands So You Don't Have To
- The Fed Can Raise Rates 10x in a Row- and other Yellen fantasies
- Technical Brief: Gold Today and 5 Years from now
- Abolish Cash"- KC Fed paper
Global Markets
Shanghai 3,063.31-22.19 (-0.72%)Nikkei 225 16,926.84+39.44 (0.23%)Hang Seng Index 23,162.34+185.46 (0.81%)TSEC 9,001.15-67.70 (-0.75%)FTSE 100 6,785.41+3.90 (0.06%)EURO STOXX 50 3,050.49+27.36 (0.91%)CAC 40 4,484.08+45.86 (1.03%)Currencies
EUR/USD1.1150-0.0008 (-0.08%)USD/JPY103.6685+0.3605 (0.35%)GBP/USD1.3241+0.0109 (0.83%)USD/CAD1.3118+0.0007 (0.05%)USD/HKD7.7572+0.0007 (0.01%)USD/CNY6.6798+0.0011 (0.02%)AUD/USD0.7538+0.0019 (0.25%Economic Calendar
DateTime (ET)StatisticForActualBriefing ForecastMarket ExpectsPriorRevised FromAug 298:30 AMPersonal IncomeJul0.4%0.4%0.4%0.3%0.2%Aug 298:30 AMPersonal SpendingJul0.3%0.2%0.3%0.5%0.4%Aug 298:30 AMCore PCE PricesJul0.1%0.1%0.1%0.1%--Aug 309:00 AMCase-Shiller 20-city IndexJun5.1%5.3%5.1%5.3%5.2%Aug 3010:00 AMConsumer ConfidenceAug101.197.597.096.797.3Aug 317:00 AMMBA Mortgage Index08/272.8%NANA-2.1%-Aug 318:15 AMADP Employment ChangeAug177K190K170K194K179KAug 319:45 AMChicago PMIAug51.554.054.555.8--Aug 3110:00 AMPending Home SalesJul1.3%0.7%0.7%-0.8%0.2%Aug 3110:30 AMCrude Inventories08/272.276MNANA2.501M-Sep 17:30 AMChallenger Job CutsAug-NANA-57.1%-Sep 18:30 AMInitial Claims08/27-267K265K261K-Sep 18:30 AMContinuing Claims08/20-NANA2145K-Sep 18:30 AMProductivity-Rev.Q2--0.6%-0.6%-0.5%-Sep 18:30 AMUnit Labor Costs - Rev.Q2-2.5%2.1%2.0%-Sep 110:00 AMConstruction SpendingJul-1.0%0.6%-0.6%-Sep 110:00 AMISM IndexAug-52.052.252.6-Sep 110:30 AMNatural Gas Inventories08/27-NANA11 bcf-Sep 12:00 PMAuto SalesAug-NANA5.16M-Sep 12:00 PMTruck SalesAug-NANA9.10M-Sep 28:30 AMNonfarm PayrollsAug-200K180K255K-Sep 28:30 AMNonfarm Private PayrollsAug-190K175K217K-Sep 28:30 AMUnemployment RateAug-4.9%4.8%4.9%-Sep 28:30 AMAverage Hourly EarningsAug-0.2%0.2%0.3%-Sep 28:30 AMHourly EarningsAug-NANA0.3%-Sep 28:30 AMAverage WorkweekAug-34.534.534.5-Sep 28:30 AMTrade BalanceJul--$40.0B-$43.0B-$44.5B-Sep 210:00 AMFactory OrdersJul-2.2%2.0%-1.5%-
Good Luck
Sorenk@marketslant.com
All tips treated as confidential and rumour until we get outside confirmation. We recommend using a proxy email account for sensitive information- SK
*Taurus Excretum=Bullshit in Latin
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