Capital Goods Shipments Collapse Most Since 2009 As Durable Goods Orders Bounce In July (Thanks To Revisions)

Following June's disappointing relapse in Durable Goods Orders (which was revised drastically lower), July's preliminary headline rose 4.4% (ahead of 3.4% exp) - the biggest MoM gain since Oct 2015. However, due to the revisions durable goods orders fell 6.4% year-over-year - the second big annual drop in a row. Under the hood most of the headline data beat expectations MoM but we note that Capital Goods Shipments non-defense Ex-Aircraft fell 0.4% MoM... which led to a 9.5% collapse in year-over-year orders...

Deutsche Bank CEO Warns Of "Fatal Consequences" For Savers

The CEO of Deutsche Bank unveiled a striking warning, which however, in was not aimed at his old nemesis Mario Draghi, but at Germany itself, hinting that if Deutsche Bank goes down it is taking everyone down with it, when he warned of "fatal consequences" for savers and pension plans.

Frontrunning: August 25

  • Stock futures lower as countdown to Yellen speech begins (Reuters)
  • Italy quake death toll nears 250 as rescuers search demolished towns (Reuters)
  • Central bankers eye public spending to plug $1 trillion investment gap (Reuters)
  • Chelsea Clinton Plans to Stay on Board of Family Foundation (WSJ)
  • Bond Traders Are Desperate for Direction From Yellen in Jackson Hole (BBG)

Mylan Caves, Announces EpiPen Cost Cuts Up To 50%

Following a blitz campaign by Congress, one which saw Hillary Clinton announce yesterday that the Epipen price increases were "outrageous", moments ago Mylan caved and announced it would take immediate action to cut the cost of its EpiPen allergy treatment. In a press release issued moments ago, Mylan said it would expand already existing programs to help people with high out-of-pocket expenses, effectively reducing costs by 50 percent for some patients

Global Stocks Decline Along With The Dollar, As Jackson Hole Begins

Global stocks declined broadly, led by European equities which fell for the first time this week while currency markets continued their subdued tone even as the recent 4-day rally in the USD appears to have topped out, as investors took to sidelines ahead of the Jackson Hole meeting which begins tonight. Japanese and Chinese stocks had suffered modest drops in Asia.  S&P 500 Index futures slipped 0.2%, continuing yesterday's modest selloff.

Heading Down The J-Hole: "The Fed Isn't Hawkish"

The Fed isn’t hawkish. Beyond the consistent headlines talking up an imminent Fed hike or regurgitating the truism that every meeting is “live,” the substance of recent commentary from policy makers has been notable for its balance, and that’s a dovish shift... but with the economy sagging once again, is the market priced for such an outcome as Janet 'fesses up to the limits of monetary policy?

Cutting Through The Crap: The Ultimate Clinton-Trump Policy Cheatsheet

Amid the sound and fury of the presidential campaigns, one thing that is crucially unimportant appears to be policies... but in case you need to actually understand the actual differences between 'the crook' and 'hitler' actually are, HSBC has provided a handy cheatsheet...

Government Study Admits Fed Policies Have Deepened Downturn For Many

People, more and more of them, understand the impossibility of improving the economy by giving a handful of people the power to expand or contract the money stock at will. In simplest terms it is a ridiculous idea. It can’t work. It doesn’t work. And this analysis is further proof. And sooner or later the current system will not have the necessary popular support to survive.

Is Portugal The Next "Shoe To Drop" In Europe?

Portugal 10-year yields imply that investors are starting to get a little worried about an October ratings decision that could make Portugal the EU's next big bailout candidate.

Four More Mega-Banks Join The Anti-Dollar Alliance

Today, four of the world’s largest banks announced a brand new joint venture to create a new financial settlement protocol built on blockchain technology. Deutsche Bank from Germany, UBS from Switzerland, Santander from Spain, and Bank of New York Mellon have joined together to launch what they’re naming the very un-sexy “utility settlement coin”. If foreign banks are able to transact directly with one another without having to go through the US banking system, then why would they need to park trillions of dollars in the United States?

Globalism Is A Barbaric Relic - Voluntary Tribalism Is The Future

In the end, globalism is doomed to crash in a ball of flames, but not before the globalists attempt to take everyone else down with them.  It would behoove us to start constructing our tribes now, rather than after the situation has become grim in the absolute.  Through localized production, alternative trade models, local organization for mutual aid and defense, and the principles of liberty, America could become a network of tribes within a tribe; a self reliant system built around redundancy rather than interdependency.

5 Factors That Could Turn America Into Another Collapsed Empire

Many people have written about poor countries that have fallen apart. But rich nations fall apart, too. In fact, nations are just as likely to unravel after periods of prosperity as after periods of depression. The 2016 presidential campaign appears so bitter precisely because so many Americans worry that the “other” party’s candidate will annihilate the nation.

France To Deploy 3,000 Troops To Schools: "The Threat Is Real" Education Minister Says

France interior minister Bernard Cazeneuve announced France would deploy about 3,000 reserve troops, train school authorities and ramp up school anti-terror drills in case of attacks, its education and security ministers announced on Wednesday, a week before the start of a new academic year. "The threat is high, it is real," the French Education Minister Vallaud-Belkacem added.