U.S. Seeks Oil Embargo On North Korea, Freeze Of Kim’s Assets: Draft Resolution
It looks like the Trump administration is going to push the “nuclear” option re: North Korea.
No, not that nuclear option.
Trump, Democrats Agree On Debt Limit Extension – Highlights, Reaction
DEMOCRATS, TRUMP AGREE TO DEBT LIMIT EXTENSION
TRUMP, CONGRESSIONAL LEADERS AGREED ON HARVEY, DEBT LIMIT, CR
SCHUMER, PELOSI: GOVT FUNDING, DEBT LIMIT EXTENSION TO DEC. 15
TRUMP, CONGRESS AGREE ON HARVEY AID, DEBT LIMIT, CR THRU DEC.15
House Passes Harvey Aid Package As Irma Approaches
HOUSE PASSES FIRST HARVEY ASSISTANCE PACKAGE OF $7.85B
HOUSE PASSES BILL TO FUND FIRST TRANCHE OF HURRICANE HARVEY AID
ECB Said To Study QE ‘Scenarios’ For 2018 – Decision Not Expected Before October
Now you can assume that “adjusting” means winding down, but then again, it could also mean changing the parameters to get around capital key constraints in the event they find themselves breaching technical limits.Â
Chart Of The Day: So Is That The 50Y Or The 2Y Yield?
We’re going to keep writing about today’s BoC rate hike because as noted earlier, it’s more important than most stories that contain the word “Canada.”
Goldman: S&P To Fall To 2,400 By Year-End
Ok, Goldman is out on Wednesday with a visual update on their outlook for stocks
American Apathy
There’s still quite a bit of confusion out there with regard to exactly what it
Stanley Fischer Resigns As Fed Vice-Chair
FED VICE CHAIRMAN FISCHER RESIGNS, EFFECTIVE MID-OCTOBER
Consider This A Preview: Don’t Ignore Canada’s Rate Hike
The BoC hike is important. Poloz is effectively being used as a guinea pig by DM central bankers to see what happens when you hike rates in the post-crisis era. And if you’re a market watcher in the U.S. or Europe, you should take note of what the TSX did as soon as the decision came down.
Bank Of Canada Hikes Rates, Loonie Surges To Fresh Two-Year High
This wasn’t entirely unexpected given the hot economic data that’s been coming in fast and furious over the past couple of months, but it is extremely notable coming after the July hike.
North Korea Promises ‘More Gift Packages’ As South Korean Shares Fall For 5th Day
“The recent self-defense measures by my country, DPRK, are a gift package addressed to none other than the U.S. The U.S. will receive more ‘gift packages’ from my country as long as its relies on reckless provocations and futile attempts to put pressure on the DPRK.”
Twitter Accuses British Geological Survey Of ‘Market Manipulation!’ As Algos Trade North Korea Tweet
To all the Twitter users who are angry at the British Geological Survey for posting an assessment of an earthquake and roiling markets, we would gently suggest that you consider the fact that earth science research is what they are supposed to be doing.
That is, it is their job to study geological events. It is supposed to be your job and the job of the robots “manning” the trading desks to decide what those events mean for markets.Â
Key Calls (Wednesday): Upgrades, Downgrades & Initiations
You need an upgrade.
Which Bubble Got Off To The ‘Bubbliest’ Start?
And so, having already grown faster in its initial stages than every other notable bubble on the list (and they probably should have included housing in Canada and Sweden), the only question now is whether it will continue to rise and ultimately surpass the 2+ year, exponential rally in BitCoin.Â
If it does, Seth Golden will be one of the richest people on the planet
PBoC Strengthens Yuan Fix For 8th Day – Longest Streak Since 2015
We still maintain that it’s just a matter of time before one of these fixings comes in much, much weaker than expected. That’s not to say the medium-term trend won’t be a stronger yuan and it’s certainly not to suggest that the PBoC is eager to upset any apple carts ahead of the Party Congress next month. It’s just to say that if there’s anything the PBoC hates, it’s the idea that market participants think the currency is a one way trade. And this is becoming a one-way trade.
A Short’s Desperate Attempt To Put A Bearish Spin On A Manic Squeeze
“Therefore, if you believe the North Korean situation will escalate from here, then, by all means, load up on treasuries. That’s the right trade. Yet, I just don’t see war breaking out, and I suspect North Korea will slip off the front page before you know it. There are no real military options, so the idea of Trump and the rest of the world doing anything more than increasing sanctions is a non-starter. Kim Junior will keep testing his missiles, Trump will keep warning him that he will face severe consequences, and nothing will change.”
FEMA Down To Last $1 Billion As Lawmakers Dither
Well, in case lawmakers needed a little extra incentive to get the legislative ball rolling
Death By A Thousand Cuts.
The bottom line is that between another powerful hurricane approaching the U.S. mainland, U.S. markets catching up with their global counterparts in terms of pricing in North Korea after the long weekend, the DACA decision which portends more bickering in Washington, and the looming debt ceiling debate (with the specter of a technical default showing up in today’s decidedly poor 4-week bill auction), it was death by a thousand cuts.
Behold The Story Count Death Cross: ‘Deflation’ Edition
“But in April the reflation story began to lose steam (as Trump trades faltered). Such has been the reversal that last month, ‘deflation’ once again surpassed ‘reflation’ as the trending story.”
Yields Tumble, Yen Surges As Perfect Storm Hits Markets
There’s a confluence of factors at play here including Hurricane Irma, Hurricane Brainard (dovish this morning), legislative gridlock that’s likely to be more acute after the DACA decision, and speculation that another provocation from North Korea could come at any time.Â
Stocks Fall, VIX Spikes As DACA News Adds To List Of Worries
It’s safe to say that the market is pricing in some kind of political risk
DACA Decision Immediately Met With Furious Rebuke From All Corners
But as we put it on Monday, Trump is a man who has made a habit out of doing his best Plaxico Burress impression.
Florida Insurers Hit Hard Tuesday As Investors ‘Shelter In Place’ Ahead Of Irma
Shell-shocked from the catastrophic damage inflicted by Harvey, traders are rushing to price in the expected impact from Hurricane Irma, which is now a Cat. 5 storm barreling towards Florida.Â
Thank God For Harvey? How A Natural Disaster May Have Averted A Fiscal Disaster
Whatever the case, the assumption here is that this will get done come hell or high water (with the latter having already arrived in Texas and the former well on its way between North Korea and Irma).
Orange Juice Skyrockets, Cotton Surges As Cat. 5 Irma Threatens Crops
Well, now that Hurricane Irma has become a Category 5 storm and remains on track to make landfall in the U.S. later this week, folks are getting worried about the impact it could have on crops.
And nowhere is that more apparent than in frozen orange juice futures…
One Trader Wishes You’d ‘Stop Pretending That You Care The World’s Ending’
“Just to be clear, nothing moved enough to indicate any panic or identify where safety can really be found. And that isn’t all good. Asset prices pretend to be consumed with issues politic, but in fact trivialize everything.”
Goldman On Gold: North Korea And ‘The True Hedge Of Last Resort’
Last night, we asked if gold might be overbought amid all the fretting over whether North Korea will or won’t pick a nuclear fight with Donald Trump (which is a lot like arming yourself with a butter knife and jabbing it into the ribs of a coked-out chimpanzee waving an M4A1 carbine).
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