...now they're just taking the piss...

• US President Trump said that he will be making a decision on Iran; Iran said the Strait of Hormuz will not reopen until its conditions are met.
• APAC stocks began the week mostly higher in holiday-thinned conditions; US equity futures pared early upside in the absence of major fresh catalysts.
• DXY strengthened to start the week; EUR/USD weakened overnight to its lowest since May last year, with the single currency not helped by the unrest in France.
• Crude futures ultimately retreated despite the ini

The new "cordon sanitaire" that Trump 2.0 assembled around Russia is among Putin's biggest problems...

"However, if the marking is designed to be representative, it most resembles a Kilo class submarine. "

Individuals can get up to $1,700 in tax credits for donating under the program...

Farmers in several provinces reported herd clearances and rapid pig deaths, while authorities offered no confirmation of the outbreaks.

Super Intelligent pick?

"... negative long-run returns were great entry points for stocks in 1939, 1974, 2009, commodities in 1933, 2018; long-run Treasury returns worst in past 100 years = entry point."

To recap: the data centers are delayed, the financing is delayed, the IPO is delayed, the power plants are delayed, and now the auction to pay for the power plants is delayed until at least the end of February. The only thing arriving on schedule is the electric bill.

Earnings up 38%, multiples down 8%, oil now driving the bond market, and French spreads back at 2012 levels.... Morgan Stanley sums up an "extraordinary" quarter in ten numbers, and it gets stranger the further down the list you go.

'Most people like having an hour of extra sunlight in the evening, rather than in the morning,' the president said. The House passed the bill in July.

The variable that decides which way the market movex next is the one which nobody, including Warsh, appears to control right now: the bond market. If the MOVE doesn't calm down, the index is going to have to meet breadth halfway..

"Assuming no new scandals, always possible, and Bolsonaro is set to win the runoff, I think local assets can continue to rally into the second round."

Behind the curtain...

For every dollar of leverage Meta shows you, there's another $5.60 sitting in the footnotes.

Among the records was a 2018 email exchange in which Lutnick and Epstein discussed a startup in which both men had an interest...

Headwinds clearly raise the bar for both EM local markets and sovereign credit. But stronger fundamentals, resilient global growth and, importantly, still-low market volatility lead us to think the more likely outcome from here is subdued returns rather than a disorderly sell-off