Earnings Bonanza Sparks Dow Buying Panic As VIX Nears 8 Handle

Thanks to 'beats' by MCD, CAT, and UTX, The Dow is soaring in the pre-market - up over 110 points, back near record highs. Despite GOOGL hovering near post-earnings lows (-2.8%), Nasdaq Futs are levitating along with S&P Futs as VIX is clubbed like a baby seal to 9.12...

Frontrunning: July 25

  • Dollar slumps to 13-month lows before Fed; euro up (Reuters)
  • Overwhelming approval likely for Russia bill (Reuters)
  • Trump to study tougher Russia sanctions bill: White House (Reuters)
  • Unrest bubbles among Trump's key foreign policy aides (Reuters)
  • Abe Overtaken by Rival as Top Choice for Japan Premier in Poll (BBG)

S&P Futures Bounce As VIX Hammered, Europe "Euphoric"

After sliding to 3 month lows on "car cartel" concerns yesterday, European stocks have rebounded after three days of declines, while oil extended gains after Saudi export cuts, with Brent rising above $49 and WTI just shy of $47. Asian stocks fell while S&P futures rose 0.2% to 2,473, helped by a tumbling VIX which was hammered early by 3% in early Tuesday trading, down to 9.17.

Michael Kors Buys Jimmy Choo For $1.2 Billion

Michael Kors announced it has agreed to acquire iconic shoemaker Jimmy Choo for £896 million ($1.17 billion), as the US company seeks to offset slower growth in its core handbag business. As part of the recommended all cash acquisition the entire issued and to be issued ordinary share capital of Jimmy Choo will be acquired by JAG Acquisitions (Michael Kors Bidco), a wholly-owned subsidiary of Michael Kors.

Can Britain Afford To Be A Hard Power?

"Britain can have a significant role to play within the soft power sphere. But as a hard power - taking part in massive American led military interventions whether it be in Iraq, Afghanistan, Libya - allowing an incompetent and poorly governed Ministry of Defense to continually waste so much taxpayers money as if they had a guaranteed government/taxpayer 'Magic Money Tree' must be brought to an end."

Hero Imams?

More than 60 Islamic leaders and imams - from France, Belgium, Britain, Tunisia, and of different Islamic faiths - in a move that may be unprecedented, are touring Europe to denounce Islamic terrorism and to pay homage to the victims of terror...

Trump's Slide Into Endless-War Syndrome

"In sum, Trump should avoid getting co-opted by the U.S. military and honor his campaign rhetoric, which implied staying out of non-strategic brushfire wars."

Russia's Real Endgame

"Russia’s Putin has never taken his eye off the ball. His ambition is not global hegemony or European conquest. Putin seeks what Russia has always sought: regional hegemony and a set of buffer states in eastern Europe and central Asia that can add to Russia’s strategic depth."