tyb
blah,blah,blah-eat a bag of dick's
Futures Jump On Apple Surge; Fed Looms In Holiday-Muted Session
AAPL Pre-Market
211.05 +10.38 (5.17%)
Pre-Market: 8:50AM EDT
https://finance.yahoo.com/quote/AAPL?p=AAPL&.tsrc=fin-tre-srch
The tremors unleashed by Google's earnings debacle and China's disappointing PMIs just over 24 hours ago are now long forgotten as trader focus shifts to Apple's strong guidance (if not 17% drop in iPhone sales and 22% plunge in China revenues), helping push the global rally into a fifth month and US equity futures to a fresh record high, even as potential disappointment looms should the FOMC come out more hawkish than expected. At least there will be fewer traders to be disappointed: most of Asia and Europe was shut for the May day holiday. Meanwhile, not all is well as treasury yields slumped below 2.50% again, while the dollar dipped ahead of the Federal Reserve’s policy decision.
The MSCI world equity index was up 0.1% in early trading after rising to its highest since early October, although May Day holidays across Asia and Europe meant trading was thinner than usual with China, Hong Kong, India, Japan, Singapore, South Korea and Taiwan all shut, and only the UK and Denmark open in Europe.
Apple's strong guidance which came against a disappointing background of the second consecutive revenue decline.
(and an announcement of a $75b share buyback plan)
All eyes turn to the Marriner Eccles building at 2pm today, and Powell's subsequent press conference following the U.S. rate decision. “The risk for this Fed meeting is that, unless the FOMC meets the market’s dovish expectation for their stance, we would expect another leg higher in USD,” Mizuho strategists said in a note. As we previewed last night, the Fed expected to leave US rates unchanged amid a "goldilocks" economy, although there is a modest chance of an IOER cut. That said, the market remains convinced a rate cut is coming by December 2019. (moar like September according to COMEX fed rate futures)-see cap#3 for the start of the bet's on rate rises.
https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html/
A call from U.S. President Donald Trump for a cut in interest rates will likely be unheeded when the results of the Fed’s two-day meeting are released, but the unorthodox comments made on Twitter will increase focus on Powell at his press conference shortly after.
Bullish investors are looking for fresh reasons to push the S&P 500 Index higher after it closed Tuesday at another record.
Market Snapshot
S&P 500 futures up 0.6% to 2,959.25
STOXX Europe 600 up 0.09% to 391.70
MXAP up 0.2% to 162.60
MXAPJ up 0.3% to 539.76
Nikkei down 0.2% to 22,258.73
Topix down 0.2% to 1,617.93
Hang Seng Index down 0.7% to 29,699.11
Shanghai Composite up 0.5% to 3,078.34
Sensex down 0.09% to 39,031.55
Australia S&P/ASX 200 up 0.8% to 6,375.89
Kospi down 0.6% to 2,203.59
German 10Y yield rose 1.0 bps to 0.013%
Euro up 0.1% to $1.1227
Brent Futures down 0.8% to $71.48/bbl
Italian 10Y yield fell 2.9 bps to 2.184%
Spanish 10Y yield fell 1.2 bps to 1.001%
Brent Futures down 1.8% to $71.48/bbl
Gold spot down 0.2% to $1,281.13
U.S. Dollar Index down 0.04% to 97.44
'''US Event Calendar
7am: MBA Mortgage Applications, prior
-7.3% '''(this is usually benign when released
but a forecast of this is pretty bad to start
with)'''-Look around your neighborhood-how
many houses have gone up for sale and not
sold?
8:15am: ADP Employment Change, est.
180,000, prior 129,000
9:45am: Markit US Manufacturing PMI, est.
52.4, prior 52.4
10am: ISM Manufacturing, est. 55, prior
55.3;
10am: Construction Spending MoM, est.
0.0%, prior 1.0%
2pm: FOMC Rate Decision (Upper Bound),
est. 2.5%, prior 2.5%
Wards Total Vehicle Sales, est. 17m, prior
17.5m
Looking at the day ahead, the obvious focus is on the aforementioned Fed meeting tonight however it’s also another busy day of data releases with March money and credit aggregates data due in the UK this morning along with the April manufacturing PMI, before we get the April ADP employment change reading in the US along with the April ISM and manufacturing PMI, March construction spending and April vehicle sales. Away from that we’re due to hear from the ECB’s Guindos while US Attorney General Barr is due to testify before the Senate on the 2016 election and specifically Russian interference. The earnings highlights today include Qualcomm, GlaxoSmithKline and Kraft Heinz.
https://www.zerohedge.com/news/2019-05-01/futures-jump-apple-surge-fed-looms-holiday-muted-session
https://www.bloomberg.com/markets/stocks/futures
French police fire tear gas at protesters in Paris May Day rally
PARIS (Reuters) - French police fired tear gas to push back masked demonstrators in central Paris on Wednesday as thousands of people used an annual May Day rally to protest against President Emmanuel Macron’s policies.
Labor unions and so-called “yellow vest” protesters were on the streets across France just days after Macron outlined policy proposals including tax cuts worth around 5 billion euros ($5.58 billion).
A Reuters witness said riot police used tear gas to disperse a group of hooded and masked protesters that had converged at the front of the traditional May Day union march.
Some protesters wearing hoods or yellow vests responded by throwing projectiles at the police. Television footage showed a van with its windows smashed.
French police had warned on Tuesday of possible May Day clashes with far-left anarchist groups, known as Black Blocs, after calls on social media for radicals to hit the streets.
Authorities said they expected some 2,000 Black Bloc protesters from France and across Europe to turn up on the sidelines of the traditional May Day union rallies. Police had already arrested 88 people on Wednesday morning.
The “yellow vest” protests, named after motorists’ high-visibility jackets, began in November over fuel tax increases but have evolved into a sometimes violent revolt against politicians and a government they see as out of touch.
Many in the grassroots movement, which lacks a leadership structure, have said Macron’s proposals do not go far enough and most of what he announced lacks details.
https://www.reuters.com/article/us-may-day-france-protests/french-police-fire-tear-gas-at-protesters-in-paris-may-day-rally-idUSKCN1S73QN?il=0
U.S. private sector adds 275,000 jobs in April -ADP
(this usually a better gauge of job's as it is not bound to the rolling averages that Commerce dept has with it's release's-it's less "noisey")
May 1 (Reuters) - U.S. private employers added 275,000 jobs in April, well above economists' expectations and the most since last July, a report by a payrolls processor showed on Wednesday.
Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs, with estimates ranging from 141,000 to 225,000.
Private payroll gains in the month earlier were revised up to 151,000 from an originally reported 129,000 increase.
The ADP figures come ahead of the U.S. Labor Department's more comprehensive non-farm payrolls report on Friday, which includes both public and private-sector employment.
Economists polled by Reuters are looking for U.S. private payroll employment to have grown by 180,000 jobs in April, down from 182,000 the month before. Total non-farm employment is expected to have changed by 185,000.
The unemployment rate is forecast to stay steady at the 3.8 percent recorded a month earlier.
https://www.nasdaq.com/article/us-private-sector-adds-275000-jobs-in-april-adp-20190501-00541
Graco
Raymond James Financial
not a good sign when your CEO and CFo sell this
https://www.secform4.com/
o7!
fuck yea LG you go baby!!!