The End Of Hillary? Teamsters "Snub" Clinton, Meet With Trump

As if the collapse of her poll numbers and trust factor were not already accelerating, it appears Hillary Clinton may have just seen yet another nail in the coffin of her run for Presidency 2.0. As Fox News reports, The Teamsters union’s general executive board voted unanimously Tuesday, 26-0, to hold off on endorsing Clinton at its meeting in Charleston, South Carolina. Furthermore, to rub further salt in that wound, the union is seeking a "sit-down" with Donald Trump.

Bob 'The Bear' Janjuah Warns "Fed 'Put' Unlikely Until S&P Hits 1500"

"financial markets are NOT yet pricing for a recession, rather they are merely flirting with the idea. I suspect this largely reflects faith/hope in policymakers within market participants. The events of the past few weeks, both going into and after the most recent BOJ and FOMC meetings, should give those heavily invested in policymaker faith/hope a lot of food for thought...  the next Fed “put” is not likely until the S&P 500 is trading in the 1500s at least (so more likely to be a Q1 2016 item rather than Q4 2015); and in terms of what the Fed could do, clearly QE4 has to be in the Fed’s toolkit"

JPY Surges, EUR Purges As Month-End Flows Spark FXnado

USDJPY is tumbling, cracking back below the 120.00 tractor beam (and catching down to Nikkei 225's decoupling). EURUSD is also plunging, down 100 pips in the last few hours... it appears it is not just EM FX that is seeing volatility increase as The Majors start flip-flopping ahead of Friday's payrolls data..

Stocks Explode Higher As Gartman Doubles Down On Bear Market Call

As of this moment the S&P is soaring and is set for the 8th best gain in 2015. Why? Here is one reason, from the latest Gartman letter: "Essentially repeating what we said here yesterday, there are still many who deny that this is a bear market, we fear that it has a good distance to the downside yet to travel. Merely to get to “The Box” shall take the S&P to 1420? 1550! Rallies are to be sold."

Crude Dumped-And-Pumped After DOE Reports Huge Inventory Build & Lowest Production Since Nov 2014

Confirming API's reported data last night, DOE reported an even bigger 3.955 million barrel inventory build last week. This is the 2nd biggest build since April and after rallying confidently all morning (on QE hopes and Middle East tensions), WTI Crude collapsed... We also note that total crude production also fell to its lowest since Nov 2014... and that has spareked rampant buying...

China Bought Gold With Proceeds From Record Sale Of US Treasurys

Overnight we got a second confirmation of China's golden appetite, when the PBOC announced that China's official gold holdings had risen again in August, increasing by 520,000 troy ounces, or 16.2 tons (which is more than 3 times the entire registered gold inventory in the Comex vault system), and bringing the new total to 54.5 million ounces, or 1,694 tons of gold. In dollar terms, Chinese gold holdings rose from $59.2 billion at the end of July to $61.8 billion. The punchline: in a month in which China sold a record $107 billion notional in Treasurys, it had no qualms about rotating the sale proceeds into gold.

Chicago PMI "Bounce" Is Dead - PMI Plunges Back To Recessionary Levels

The brief dead cat inventory-stacking bounce in Chicago PMI is over. With a print of 48.7, back below 50, (against hope-strewn expectations of 52.9) this was below the lowest economist estimate and the lowest since May. Aside from employment (which somehow rose), the components were ugly with New Orders and Prices Paid all tumbling, while Production was the lowest since 2009 at 43.6.

Dear Bill Dudley, Why Are You Lying?

The Fed is creating not just uncertainty but appears to be destroying any credibility it ever had along the way. This morning's spewing Fedspeak from Bill Dudley was full of unbelievable and explicit lies.

ECB Will Boost QE By 120% To €2.4 Trillion, S&P Predicts

When a lot of Keynesian cowbell doesn't work, the only cure for the deflationary fever must be more Keynesian cowbell which explains why Japan is about to double down on Abenomics, and why the ECB will almost invariably expand PSPP now that the deflationary boogeyman is back in Europe. Indeed, S&P is now out calling for ECB Q€ to last for nearly two years longer than originally planned and for the size of the program to be expanded to a Dr. Evil-ish €2,400,000,000,000.

Frontrunning: September 30

  • Asia shares rally, but on track for worst quarterly loss in four years (Reuters)
  • Global Rally Shows Relief at End of $11 Trillion Stocks Meltdown (BBG)
  • Glencore Extends Rebound as Turmoil Shows Signs of Easing (BBG)
  • Putin wins parliamentary backing for air strikes in Syria (Reuters)
  • China Cuts Minimum Home Down Payment for First-Time Buyers (BBG)
  • German Unemployment Unexpectedly Rises in Sign of Economic Risks (BBG)
  • Japan Industrial Output Slide Hints at Recession (WSJ)

Paul Craig Roberts: Obama Deifies American Hegemony

Obama’s speech at The UN made clear that Washington accepts no responsibility for the destruction of the lives and prospects of millions of Muslims. The refugees from Washington’s wars who are overflowing Europe are the fault of Assad, Obama declared. Obama’s claim to represent "international norms" was an assertion of US hegemony, and was recognized as such by the General Assembly. The presidents of Russia, China, and Iran did not accept Washington’s definition of "international norms." The lines are drawn. Unless the American people come to their senses and expel the Washington warmongers, war is our future.