Even The NYT Says Clintons Should Ban Foreign Donations

"The Clinton Foundation has become a symbol of the Clintons’ laudable ambitions, but also of their tangled alliances and operational opacity. If Mrs. Clinton wins, it could prove a target for her political adversaries. Achieving true distance from the foundation is not only necessary to ensure its effectiveness, it is an ethical imperative for Mrs. Clinton."

Consumer Confidence Soars To 11-Month Highs (With 5 Standard Deviation Beat)

Slumping economic growth and rising gas prices don't matter. US Consumer Confidence jumped to 101.1 in August - highest since Sept 2015 - smashing expectations by almost 5 standard deviations as stocks hit record highs. Notably 'current expectations' rose to their highest since Aug 2007.

Why Millennials Can't & Won't Grow The US Out Of Trouble

As the Millennials are making their way into adulthood, countless economists and nervous Boomers have pinned their hopes on this generation to kickstart the moribund US economy.  There are 3 basic sources of consumptive growth in a nation with twin budget and trade deficits... population growth, wage growth, and/or credit growth and population growth the greatest among these to drive greater demand.  So, the growth of the population, and the Millennials in particular, is worth a pretty close look.

Record Low Yields On Deck? Abe Advisor Urges Japan To Buy US Treasuries

 "Japan's monetary authorities should intervene in the currency market not to change the yen's general course but to discourage speculators" Koichi Hamada, an emeritus professor of economics at Yale University, told Reuters in an interview. "If Japan's currency intervention is considered manipulation of exchange rates, BOJ buying of foreign bonds is an option for the same objective in a moderate form."

US Home Prices Suffer 3rd Consecutive Decline For First Time Since 2012

For the first time since Feb 2012, S&P CoreLogic's 20-City Composite price index declined for 3 straight months (dropping 0.07% in August, in line with expectations). The non-seasonally-adjusted annual growth rate of home prices rose just 5.13% - the slowest since since Aug 2015. San Francisco and San Diego showed the weakest growth of the 20-City composite while Portland and Seattle rose the most MoM, and Atlanta and Chicago saw the largest declines in price MoM.

Wake Up America - It's Time To Eliminate The 'Pusher'

Central banks can only do one thing, and that's provide monetary welfare for the wealthy. Wake up, America. The only way to stop widening wealth and income inequality and kick your smack addiction is to eliminate the pusher.

"The Americans Give Us Nothing": France Effectively Kills TTIP, Calls For End To Negotiations

The French trade minister on Tuesday called for an end to trade negotiations between the European Union and the U.S., the firmest sign yet of opposition in Europe to what would be the most ambitious trade deal in decades. Matthias Fekl said on French radio that “France no longer politically supports these negotiations,” adding that “The Americans are giving us nothing. This is not how allies should be negotiating.”

Germans "Lose Faith In Banks", Rush To Buy Safes

First Japan, now German savers are leaving the "security" of savings banks for the true safety of paper cash parked inside home safes, where the central bank's negative rates can never reach. As a result safes across Germany are selling out as German savers finally "lose faith in banks."

Frontrunning: August 30

  • EU demands Apple pay Ireland up to 13 billion euros in tax (Reuters)
  • Dollar Advances as Treasuries Drop on Rate Outlook; Stocks Rise (BBG)
  • Chinese embassy in Kyrgyzstan hit by suspected suicide car bomb (Reuters)
  • France, joining German Economy Minister, urges halt to trade talks with U.S. (Reuters)
  • Euro zone monthly economic sentiment falls more than expected (Reuters)

For The First Time Since The Recession, Boeing Won't Raise Airplane Prices Due To Plunge In Demand

As part of the US economic slowdown, many have observed the sharp drop in demand for heavy trucking, coupled with the steep dropoff in train and intermodal traffic. Now, a third major red flag has emerged in the sky, where the slowdown in sales and new orders for airplanes is now so acute that US plane giatn, Boeing, announced on Monday it would refrain from increasing jetliner prices for the coming year, the first time it has held prices steady since 2009.

French Economy Minister To Resign On Tuesday

In a move that is seen as the launchpad for a presidential run by the youngest, and ostensibly most popular, member of Francois Hollande's cabinet, Reuters reports that France's Economy Minister Emmanuel Macron is set to resign on Tuesday, citing a source close to the former investment banker said.

Fed's Fischer Speaks, Says Rate Decision Not "One And Done" As He "Takes Markets Into Account"

The most anticipated Fed speaker of the day, and perhaps the week, was Fed vice chairman Stanley Fischer, who caused ripples on Friday with his follow up speech on Friday, and who spoke moments ago on Bloomberg TV, although judging by the modest pick up in Treasuries, the market's interpretation is that Fischer did not make any particularly hawkish announcement. Among the thing he said is that "the work of the central bank is never done, and I don’t think you can say one and done and that’s it."

Futures Flat, Global Stocks Higher As Dollar Resumes Rise

The quiet overnight market had been focused on the upcoming comments by Stanley Fischer, who is set to give a Bloomberg TV interview at 6:30am ET, where he was expected to expand on his recent hawkish comments. Heading into Fischer's appearance, the dollar strengthened, global stocks rose, oil hovered around $47, while US index futures were largely flat and Treasuries fell.

Apple Ordered To Repay $14.5 Billion In "Illegal" Tax Benefits, Stock Falls 2%

As the FT reported first yesterday, the EU has judged that the Irish government granted Apple "undue tax benefits" and moments ago announced the specific size of the penalty when it ordered the tech giant repay up to €13 billion ($14.5 billion) plus interest. According to the EU, the Irish deal slashed Apple taxes from 2003 to 2014, and allowed Apple to avoid tax on almost all EU profit.

Norway Raids Sovereign Wealth Fund To Cover Government Expenses

Norway's $890 billion sovereign wealth fund has long acted as a backstop for global equity markets due to it's ability to measure risk over the long-term.  But that may be coming to an end as Deputy Governor at Norway’s Central Bank, Egil Matsen, warns that withdrawals are "relevant for how we think about the risk-bearing capacity of the fund."

When 'Whatever It Takes' Fails: 37% Of Italians Give Up Job Hunt As Welfare State Grows

With France calling for the EU's budget limits to be lifted and everyone breaking every rule of fiscal responsibility - because Draghi has killed the market's signal - the fear of ever deepening deficits is (for now) removed. Enabling governments to do "whatever it takes" to get re-elected, because reforms are vote-killers, has incentivized an ever-growing group of Europeans to simply give up the job search... with Italians at the top of the list...

Greek 'Thought Police' Prosecute Bishop For (Accurately) Calling 'Refugees', "Illegal Migrants"

Greece is presently in the "coalmine" of an endless economic and immigration crisis. This month, for the first time, there was a request to activate an anti-racist law, passed in September 2014, against a Greek citizen who also has institutional status. The government asked the district attorney to prosecute the Bishop of Chios Island, Markos Vasilakis, because he dared to say, during a sermon, that the thousands of people who recently arrived from Turkey on the island of Chios are illegal migrants, and not Syrian refugees.