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.
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 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.
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.
Following API's reportedly large crude build last night, DOE reports a very divergent draw of 553k barrels (2mm bbl build exp). In fact the entire crude complex saw major drawdowns, sneding WTI Crude back above $50. Production rose back above 8.5mm b/d (by the most in over 2 months).
Having been exposed for lying to the public, it appears (two weeks before the election) that The Pentagon has backed off its demands for repayments of re-enlistment bonuses from tens of thousands of California National Guardsmen.
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.
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.
Momentum may be shifting Trump's way after the latest poll from Bloomberg showed that Donald Trump has regained a slim advantage in one of the most important battleground states, Florida, as key independent voters narrowly broke his way.
Now voters are finally seeing what happens when the planners try to design a single health-care solution for a large and diverse country. Mr. Obama called ObamaCare “a starter home” in Miami. Republicans ought to campaign as the bulldozer.
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.
With less than 2 weeks left until the November 8 presidential election, and perhaps to celebrate Hillary Clinton's birthday, Wikileaks continued its ongoing Podesta dump by unveiling another 1,508 emails in the latest Part 19 of its release, bringing the total emails released so far to exactly 33,042.
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.
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.