Is Britain Destroying Its Military To Appease Enemies?

Elements of the British establishment in Whitehall think their own soldiers are "bad," and terrorists are "freedom fighters," according to General Lord Richards, former Chief of the Defence Staff and the UK's most senior military officer. Over several years these ministers, permanent secretaries, generals, admirals and air marshals have been swept aside in pursuit of a corrosive drive to discredit our troops. It is the first time in history that any government has turned on its own armed forces in such a way.

The Boredom Before The Storm

With all the surprising and/or disturbing things going on – Brexit, China’s soaring debt, US/Russia/China saber rattling, the, um, unique US presidential race, the cyber attack that shut down big parts of the US Internet – you’d think that an unsettled world would be reflected in skittish financial markets. Instead we’re getting the opposite...

Deutsche Bank Probing "Misstated" Derivative Valuations After Finding "Divergences"

Deutsche Bank is probing whether it misstated the value of derivatives in its interest-rate trading business, and is sharing its findings with U.S. authorities. The reason for the probe is that, as has been a recurring case with many of its peers of the last few years, the bank found valuations that "diverged from internal models" at which point it began questioning traders.

Rajoy To Form Minority Government Thanks To Abstentions: Expect No Stability

Mariano Rajoy is headed for another term as Spanish prime minister following two inconclusive elections. However, should the socialists reorganize, Rajoy could easily find himself facing a vote of no confidence in a year or so. Rajoy is corrupt as they come. Ciudadanos had to hold its nose to enter this fragile minority coalition. There is nothing at all stable about this setup.


New Home Sales Rise But Miss After Dramatic Downward Revision

Thanks to a dramatic downward revision for August (from 609k to 575k), September's 593k new home sales rose more than expected (but was below expectations of 600k). The pickup in September demand was helped by an 8.6% gain in the Midwest and a 3.4% increase in the South, but sales fell 4.5% in the West.

Services PMI Spikes To 11-Month Highs But Employers Remain "Cautious On Hiring"

Following October's flash Manufacturing PMI spike (to 12-month highs), today's Services PMI surged to 54.8 (its highest since Nov 2015) led by the highest level of new orders in 2016. It appears the extraordinary surge in government spending in the last quarter has rippled through and spiked these surveys, notably divergen from the declines in regional Fed surveys.

Wall Street Reacts To Apple's Disappointing Earnings

Having had a chance to digest AAPL's results, Wall Street's sellside analysts chimed in this morning, and the prevailing sentiment was neutral to negative, with Stifel's Aaron Raker most disappointed, downgrading the stock from Buy to Hold, and lowering his price target to $115.

Wholesale Inventories Growth Weakest Since 2010 Even As Auto Stocks Soar

Wholesale Inventories were unchanged year-over-year for the first time since June 2010 (up 0.2% MoM). However, below the surface things are worrisome with motor vehicle inventories up again MoM and up a shocking 9.0% YoY. Wholesale inventories-to-sales ratios are improving modestly but remain deep in recessionary territory.

It's Still The Media, Stupid!

For anyone to seriously challenge the American Leviathan, it must be understood that the mainstream media is a part of that despotic structure and it too must be neutered.  Donald Trump has done more than any Presidential candidate to expose the treachery of the mainstream media, now others must take up the cause.