As we reported earlier this morning, at the “request” of Vladimir Putin, Russian lawmakers have approved airstrikes in Syria and unlike the rather deliberate pace of Washington’s efforts to rout ISIS, Moscow doesn’t appear to be wasting any time.
For The First Time During This Business Cycle, The US Hasn't Added A Single Manufacturing Job This YearSubmitted by Tyler Durden on 09/30/2015 - 14:31
According to ADP, for the first time this decade, the US hasn't created a single manufacturing job for the entire year. In fact, it has lost some 6,600 jobs. But don't worry: we hear "economic recoveries" driven by hiring of minimum wage retailers, low-wage teachers, and of course, waiters and bartenders, are all the rage in this business cycle.
With Japan's economy already sliding into its 5th recession of the past decade, once pensioners open their retirement statements in a few weeks and find a 15% plunge in their purchasing power, Japan can skip recession and proceed straight to a consumer-driven recession. But wait, there's more: because if pensioners are angry now, wait until they learn that they have lost everything, after buying all those junk bonds that Carl Icahn is now actively selling with both hands and feet, because: JAPAN PENSION FUND TO INVEST IN JUNK BONDS, NIKKEI SAYS. And just like that, with or without Krugman's active economic advice, Japan's fate is sealed because much to Japan's dismay, "junk" bonds are called that for a reason.
After all that...
*TWITTER SAID TO NAME JACK DORSEY CEO, RE/CODE SAYS
Did no one else want the job? And TWTR stocks jumped to run stops above 1-week highs as we presume this removes some uncertainty...
During the "recovery" from the Great Recession, the land of Lincoln had more people enter the food-stamps program than start jobs. Food-stamps growth in Illinois has outpaced jobs creation by a 5-4 margin... and stunningly, has put 25 people on food stamps for every manufacturing job created during the recession recovery.
Germany has long been a pioneer in the field of renewable energy, generating a record 78 percent of its power consumption from renewables in July of this year. In fact, Germany is one of the very few countries in the world that is actually struggling with too much renewable energy. The latest testimony to this fact is the new issue of decommissioning its old wind farms... and that is a growing problem (for The US too).
As if the collapse of her poll numbers and trust factor were not already accelerating, it appears Hillary Clinton may have just seen yet another nail in the coffin of her run for Presidency 2.0. As Fox News reports, The Teamsters union’s general executive board voted unanimously Tuesday, 26-0, to hold off on endorsing Clinton at its meeting in Charleston, South Carolina. Furthermore, to rub further salt in that wound, the union is seeking a "sit-down" with Donald Trump.
In a tragic, if very odd coincidence, a day after we postulated that the real "commodity-trader" risk may not be Glencore after all, but its just as vast, if even more levered competitor, Trafigura, moments ago the privately-held company (with publicly traded bonds), announced that its founder and biggest shareholder, french billionaire Claude Dauphin has died at the age of 64.
"financial markets are NOT yet pricing for a recession, rather they are merely flirting with the idea. I suspect this largely reflects faith/hope in policymakers within market participants. The events of the past few weeks, both going into and after the most recent BOJ and FOMC meetings, should give those heavily invested in policymaker faith/hope a lot of food for thought... the next Fed “put” is not likely until the S&P 500 is trading in the 1500s at least (so more likely to be a Q1 2016 item rather than Q4 2015); and in terms of what the Fed could do, clearly QE4 has to be in the Fed’s toolkit"
USDJPY is tumbling, cracking back below the 120.00 tractor beam (and catching down to Nikkei 225's decoupling). EURUSD is also plunging, down 100 pips in the last few hours... it appears it is not just EM FX that is seeing volatility increase as The Majors start flip-flopping ahead of Friday's payrolls data..
As of this moment the S&P is soaring and is set for the 8th best gain in 2015. Why? Here is one reason, from the latest Gartman letter: "Essentially repeating what we said here yesterday, there are still many who deny that this is a bear market, we fear that it has a good distance to the downside yet to travel. Merely to get to “The Box” shall take the S&P to 1420? 1550! Rallies are to be sold."
Confirming API's reported data last night, DOE reported an even bigger 3.955 million barrel inventory build last week. This is the 2nd biggest build since April and after rallying confidently all morning (on QE hopes and Middle East tensions), WTI Crude collapsed... We also note that total crude production also fell to its lowest since Nov 2014... and that has spareked rampant buying...