Business

What a total farce. After Market News International reproted a dismal 4-month low drop in Chicago PMI this morning which sparked a decent reality check drop in stocks, they decided to change their mind.

0945ET - U.S. MAY MNI CHICAGO REPORT BUSINESS INDEX AT 55.2; EST 57.0 - lowest since Jan 2017

1121ET - CORRECT: U.S. MAY MNI CHICAGO REPORT BUSINESS INDEX AT 59.4 - highest since Nov 2014.

And so stocks are rebounding.

Crude oil prices have retraced 50% of their pre-OPEC-deal hope rally and dropped back below $48 as JBC Energy reports OPEC compliance dropping to 92% in May from 96% in April.

Additionally, Bloomberg notes: OPEC-14 OUTPUT ROSE 370K B/D TO 32.5M B/D IN MAY: JBC ENERGY

“There continues to be considerable skepticism about the effectiveness of the production cuts,” Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in a report.

 

Signed contracts in April tumbled 5.4% YoY (NSA). This is the biggest drop in pending home sales since August 2014 and comes on the back of last week's disappointing housing 'recovery' data as perhaps Fed- and Trump-driven mortgage-rate rises have finally hit the American 'pocketbook'.

This is the second monthly drop in a row (-1.3% MoM) and comes with downward revisions for the last few months.

Employment, new orders, and production all slowed notably in May according to the MNI Chicago PMI report. Printing at 55.2 - below the lowest expectation - this is the lowest level since January's collapse.

Forecast range 56 - 62 from 34 economists surveyed... oops!

Breakdown:

The collapse in volatility is finally trickling up to the big banks.

Moments ago, JPM CFO Marianne Lake speaking at a Deutsche Bank conference in New York, warned that contrary to expectations for an ongoing rebound in revenue and profits, the bank's second quarter revenue has been 15% lower from a year ago. And while she said that US economic figures are "solid, not stellar", she blamed the same thing that has been the nightmare of daytraders everywhere: collapsing volatility. 

From the newswires