A month ago the US economy was said to have grown only 1.5%, driven by a long-overdue and perhaps welcome correction to inventories. Moments ago we got the first revision to the Q3 GDP, which as consensus expected rose from 1.5% to 2.1%, however for all the wrong reasons because while personal consumption actually decline from a 3.2% increase, and a 2.19% contribution to the GDP bottom line, it is now said to have grown only 3.0%, adding 2.05% to the final GDP print.
Update: Alleged footage of the crash site inside.
"If the strike is confirmed, the TOW missile was most likely supplied through the same US and Turkey-backed logistics programme that has reportedly been supplying Alwiya al-Ashar."
PUTIN SAYS LOSS OF RUSSIAN WARPLANE TODAY DUE TO BACKSTABBING
PUTIN SAYS INCIDENT TO HAVE SERIOUS CONSQUENCES FOR TURKEY TIES
PUTIN: OIL FROM ISLAMIC STATE IS BEING SHIPPED TO TURKEY
PUTIN SAYS ISLAMIC STATE GETS CASH BY SELLING OIL TO TURKEY
- Turkey downs Russian warplane near Syria border, Moscow denies airspace violation (Reuters)
- Investors seek safety in bonds, yen after Turkey downs Russian jet (Reuters)
- Donald Trump Is Not Backing Down (BBG)
- Uber's Exposure May Grow as U.S. Drivers Seek 57.5 Cents a Mile (BBG)
- U.S. issues global travel alert as manhunt continues for Paris attackers (Reuters)
- Stung by Oil, Distressed-Debt Traders See Worst Losses Since '08 (BBG)
Everyone has been waiting to hear the official Russian response to the Turkish downing of a Russian warplane next the the Syria border. So here it is, straight form the horse's mouth: Vladimir Putin who is now speaking with the King of Jordan, is expected to make a statement over the downed plane.
Tiffany Tumbles After Missing EPS, Slashing Guidance; Blames Strong Dollar, "Volatile, Uncertain Conditions"Submitted by Tyler Durden on 11/24/2015 - 07:25
Once upon a time, luxury jewelry retailer Tiffany was seen as the bellwether for the global market, however not so much in the New Paranormal when as a result of the company over-reliance on China, and a new focus on aspirational middle-class consumers, the stock had recently been trading at levels not seen in over two years. Things went from bad to worse this morning when the company reported its latest disappointing earning, in which it also slashed full year guidance, blaming a strong dollar, lower tourist spending, as well as "volatile, uncertain economic and market conditions in the U.S. and other regions."
It had been a relatively quiet session overnight when as reported previously, the geopolitical situation in the middle east changed dramatically in a moment, when NATO-member country Turkey downed a Russian fighter jet allegedly over Turkish territory even though the plane crashed in Syria, and whose pilots may have been captured by local rebel forces. The news promptly slammed Turkish assets and FX, sending the Lira tumbling, pushing lower European stocks and US equity futures while sending 2 Year German Bunds to record negative yields.
"Warning: airstrikes are coming. Oil trucks will be destroyed. Get away from your oil trucks immediately. Get out of your trucks and run away. Do not risk your life."
"This Is The Most Dangerous Time Ever" Ex-CIA Boss Says US To Blame For "Scourge Without Parallel" ISISSubmitted by Tyler Durden on 11/23/2015 - 22:30
"I have never felt more uncomfortable than I do today," warns former CIA Director Jack Devine, saying that, with "frankly uncivilized" ISIS, there is a greater risk of violence worldwide than ever before."When you have a small group of people who are willing to lose their lives and kill anyone they can, we’re all vulnerable."
There exists a common theme amidst these signs of societal decay: The super-rich keep taking from the middle class as the middle class becomes a massive lower class. Yet the myth persists that we should all look up with admiration at the “self-made” takers who are ripping our society apart.
Brooks, who wanted to turn Syria into Iran's Vietnam, has changed to turning it into America's Second Vietnam! Brooks wants American troops in there fighting both ISIS and Assad. He's come to the conclusion that it is America that should "waste money and effort"! But wait! There's more: The grand strategy of American policy in the Middle East, therefore, should be to do what we can to revive and reform Arab nations, to help them become functioning governing units. The "grand strategy"?
As we noted recently, BofAML fears "a depeg of the Saudi riyal is the number one black-swan event for the global oil market in 2016," adding that it is "a highly unlikely but highly impactful risk." Given the recent action in Saudi Riyal forwards - the market's best guess at where the oil-ruch nation's currency will trade in the future - the chance of the black swan 'de-peg' is its highest since 2002. Besides this morning's "whatever it takes" moment, which oil markets quickly shrugged off, amid heavy subsidies to keep the people calm and the costs of wars in Yemen (and more in Syria), weak oil revenues leave The Sauds with few options (outside of the load the nation with ever more debt program): It's either stop it with the whole flooding an oversupplied market strategy, or let the peg fall before reserves runs dry.
These developments in terrorism are textbook Hegelian Dialectic, using problem-reaction-solution to justify a greater military presence in Syria and Iraq, despite nearly a decade and a half of fighting jihad, civil war and supporting “frenemies” across the region with arms, training and financial support. The founding fathers warned of this, but could scarcely foresee the cynical nature of today’s police state – where the terrorists created by the state have become the population’s worst nightmare.