Crude Crashes Into Bear Market To April Doha Lows

WTI Crude (Sept 16) futures are within a hair of trading with a $40 handle - something that has not happened since the lows after the failed Doha talks in April. From the June highs at almost $53, oil is down 22% - a bear market -as inventories, rig counts, and production all rise.

Islamist Terrorism, European Denial

"The concept of the rule of law means that the citizen is protected from the arbitrariness of the State... Currently, the rule of law protects the attackers above all."

Atlanta Fed Just Slashed its Q2 GDP Estimate To 1.8%, Cycle Low

Just hours before tomorrow's official GDP print, the Atlanta Fed just took an axe to its GDPNow US economic growth forecast. Despite the record-breaking streak of positive economic surprises, following yesterday's durable goods data and today's advance economic indicators report, GDPNow has crashed from over 2.4% to 1.8% growth for Q2.

Erdogan Closes 130 Media Organizations, Arrests CEO Of Oil Company

As Europe's "democratic institutions" continue to stick their collective heads in the sand, pretending to ignore Erdogan's unprecedented crackdown against every political opponent as well as tens of thousands of people who have nothing to do with politics, Turkey’s post-putsch purge of dissent reached deeper into the economy as authorities shuttered 130 media outlets, detained the head of a major oil company and banned the chief strategist of a leading brokerage.

Wikileaks Releases Hacked DNC Voicemails During Convention Speeches

Last night, just ahead of the Democratic National Convention's prime time event as president Obama was set to begin his speech praising Hillary and slamming Trump, WIkileaks released another batch of leaked data from the DNC, this time in the form of hacked voicemails from top Democratic officials. However, a cursory skim of the release underwhelmed, suggesting no major developments would emerge as a result of this particular disclosure.

German Special Forces Raid Mosque, Apartments In Crackdown On Salafists

In a pro- instead of reactive move that many will say was long overdue, if quite ironic considering it was Germany's lax immigration policy for most of 2015 that is the reason for Europe's soaring "radical Islam" crisis, overnight German police and special forces raided a mosque and eight apartments in Hildesheim, said to be a hotbed of a radical Salafist community, the interior minister of the northern state of Lower Saxony said on Thursday.

Oil Industry About To Be Burned Again By Fall In Oil Prices

The current oil-price rally led many to believe that a full price recovery was underway. But inventories have been too large for that to happen short of epic supply interruptions. U.S. rig counts have surged as oil prices sink. Capital is driving the oil markets and it enables bad behavior by producers. That is why oil prices will stay low. The oil-price rally that began in February is over.

Democrats Skewer Trump With Barrage Of "Burns" Which He Brushes Off As "Empty Rhetoric"

Democrats launched an all out offensive against Donald Trump on day 3 of the DNC as a host of celebrities and politicians attempted to brand the republican nominee as dangerous, xenophobic, a demagogue and a fraud. Trump was quick to respond dismissing the attacks as "a night of empty rhetoric" and accusing Obama and others of being delusional about the state of the country.

Don't Show President Obama This Chart

If everything is so awesome (as initial claims hovering at 43 year lows suggests) then why are consumer confidence expectations (otherwise known as 'hope') tumbling?

M&A Rush Continues: Oracle Buys "Very First Cloud Company" NetSuite For $9.3 Billion

Today the debt-funded M&A scramble continued, when moments ago software giant Oracle announced it would acquire the "very first cloud company" NetSuite,  a deal that some analysts thought was inevitable while panned by others. The transaction price of $109 represents a nearly 20% premium to yesterday's closing print, and is expected to be immediately accretive to Oracle.

Frontrunning: July 28

  • Fed caution hits dollar as Japan anticipation builds (Reuters)
  • Obama asks U.S. voters to 'carry' Clinton to White House, defeat Trump (Reuters)
  • Democrats skewer Trump (Politico)
  • Obama, Biden Toss Barbs at Trump and Say Clinton Is Only Choice (BBG)
  • Did Donald Trump’s Executives Violate the Cuban Embargo? (BBG)

US Futures Rise With All Eyes On Kuroda As Global Stocks Tread Water

Following yesterday's Fed decision and ahead of tonight's far more important BOJ announcement, European stocks have posted modest declines, Asian shares rise toward 9-month highs, while U.S. equity index futures are fractionally in the green in the aftermath of Facebook's blowout earnings. The dollar has extended on losses after Yellen reiterated a gradual approach to raising interest rates, and was down 0.5% in early trading.

IRS Launches Investigation Of Clinton Foundation

Lawmakers charged the Clinton Foundation is a “lawless ‘pay-to-play’ enterprise that has been operating under a cloak of philanthropy for years and should be investigated.”

Germany Admits "Islamist Terror Has Arrived" As It Prepares To Deploy Army In "Crisis" Situations

Officials in Germany are considering deploying the army inside the country in the wake of multiple attacks, while the governor of Bavaria says Islamic terror has already arrived. "Each attack, each act of terrorism, is one too many. Islamist terrorism has arrived in Germany,” Horst Seehofer, the governor of the German state of Bavaria, told reporters on Tuesday. The official gave a joint news conference with Bavaria’s interior minister, Joachim Hermann, following a summit of the local government, where security issues dominated the agenda."