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Abenomics Crushes Sony: Electronics Giant Forced To Cancel Dividend For First Time Ever

Minutes ago the Yen hit another multi-year low against the dollar, which sure enough, is great for the nominal value of Japanese stocks, if horrible for the actual Japanese companies, the Japanese middle class, and pretty much everyone except for a few superrich people. Such as Sony. Because the (now former) electronic giant, which once upon a time was the target of an activist campaign by none other than Dan Loeb who mysteriouly saw value in the company, once again stunned everyone when it reported overnight that it expects its annual loss to swell to $2 billion, but, far worse, canceled the payment of its dividend for the first time ever after writing down the value of its troubled smartphone business.



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President Obama Delivers More Remarks - Live Feed

Another day, another Presidential address. We wonder, popcorn-drooling-mouth agape, what the warmonger-in-chief will be talking about today as he delivers remarks at MacDill Air Force Base... Will it be a Fed hint (economy's doing great but we need to do more), Scottish DEpendence support, Anti-ISIS coalition propaganda, Ray Rice, Ebola-battling benefits, or standard vote-grabbing populist rhetoric? We will have to wait and see...



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BofA Stopped Out Of EURUSD Short: Stolper 2.0 Strikes Again

There is no point in lamenting the disappearance of the gospel of that god among FX gods, Goldmans' Tom Stolper, whose fades generated anyone who did the opposite of his recos nearly 15,000 pips in profits over the years. It is time to move on... and start doing the same to his peer at Bank of America, the firm's head chartist, MacNeill Curry, aka Stolper 2.0, who incidentally was just stopped out of his EURUSD short.



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ISIS Releases New Video, Warns "Fighting Has Just Begun"

The Islamic State/ISIS/ISIL has released its initial 'rebuff' propaganda response to President Obama's declaration of war against the 'non-islamic' terrorist organization. The brief video entitled "Flames of War" is shot like a blockbuster-movie-style trailer and threatens US troops and the White House. As Politico reports, the militant terror group vows that the “fighting has just begun” in the minute-long video, which features clips of American military forces under fire and a wounded U.S. soldier being taken from the battlefield. The video concludes as the words "Flames of War" flash on the screen, followed by "Fighting has just begun" and ends ominously: "Coming Soon." Even more concerning perhaps is al-Qaeda branches calling for all jihadists to unite against the common threat from a US-led coalition.



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Why King Coal Will Keep Its Crown

For climate change activists and those hoping for an energy future dominated by renewables or even less-polluting natural gas, the death of coal cannot come quickly enough. But with coal still the dominant form of cheap electricity throughout the world, it is unlikely the bogeyman of climate change will disappear anytime soon.



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What The "Porsche Indicator" Tells Us About The Greek "Recovery"

As the "Big Mac Index" is to global purchase price parity levels of inflation, so when it comes to the state of the "recovery" if not for everyone, then certainly for the 0.1%, there is no better metric than the "Porsche Indicator." Recall: "Porsche Reports Record Sales in 2013; 21 Percent Increase Over 2012" which certainly didn't come on the back of yet another year of declines in real incomes for the middle class (spoiler alert: it came on the back of some $10 trillion in liquidty injections by the world's central banks). Yet one place where the "Porsche" recovery forgot to make landfall, is none other than the biggest casualty of Europe's artificial monetary, political and wealth-transferring union: insolvent Greece.



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Wall Street Responds To China's QE: Beijing Finds Lack Of Faith Disturbing

China warns "the outside world doesn't get it, we do," in a statement related to the "stealth QE" they unleashed yesterday, noting investorsd "do not realize that today's Chinese economy is moving towards "new normal" in the process," and "need to accept the volatility of economic data," during this transition. Crucially, PBOC adviser Chen Yulu clarifies what Western central banks simply cannot grasp: "Hoping for stimulus policies in the face of increased economic pressure is short-sighted and does no good to long-term economic development," warning investors should not expect "strong stimulus." Wall Street is less than exuberant about the liquidity injection, as the impact on real economy may be limited due to lenders' risk aversion.



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Homebuilder Sentiment Soars To 9 Year High (Mortgage Apps 14-Year Low)

Despite lagging mortgage applications and home sales, homebuilder sentiment surged for the 4th month in a row to 59 (against expectations of 56) to its highest since November 2005. Prospective Buyer Traffic (hope) soared to 47. The South region rose dramatically as Midwest fell. The disconnect between hard data in the housing market and soft survey guesses by the homebuilders grows ever wider...



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Not All That It Seems

“It’s a questionably unquestionable situation... Are the markets prepared for a shocking answer... Will Janet Yellen announce the final end to QE? Or electrify the bulls with more accommodation? Can Yellen’s eloquent elocution energize the markets…or will she magnetize the bears? Tune in next time Fed fans... Same Fed time... Same Fed channel”

The financial media has no concern of negative outcomes, Wall Street has growth priced in that has never occurred in history, and there is NO expectation of a recession built into any forward assumptions. We have indeed discovered financial “Utopia,” or at least that is what is currently believe.



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This Russian Trend Is Not Europe's Friend

The cold war is on, literally, because it will determine who will survive Europe's upcoming cold winter - a Europe with decreasing Russian gas supplies, or Russia now officially starved of Western sources of funding. The "Plan Bs" - Europe has record gas inventories in storage giving it hope it can last out an entire winter without any incremental Russian gas, while Russia is increasingly reliant and hoping on China-based sources of funding. While it remains to be seen just how Russian corporations will react to the recently imposed credit starvation, the chart below shows the steps Russia is now taking ahead of the European winter. Clearly, the trend in Russian gas supplies into Europe's core distribution hub, Slovakia, is not Europe's friend.



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Germany Issues 2Y Note At Record Low Yield Of -7bps

Germany sold EUR 3.34 billion 2-year notes to a desparate-for-collateral, safe-haven-seeking, ECB QE-front-running, deflation-pricing market (with exceptional demand - an elevated 2.26x bid-to-cover) for a stunning -0.07% yield... an all-time record low yield issuance for Germany. We have nothing to add...



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Bond Yields Slide As Core CPI Weakest In Over 4 Years

Following yesterday's stagnant PPI, today's CPI is a shocker. Core CPI rose a mere 0.01% MoM - its weakest gain since Jan 2010. The 'weakness' was driven by energy (-2.6%), airline fares (-4.7%), clothing (-0.2%), and used car prices (-0.3%) tumbling. The headline CPI dropped 0.2% MoM (against a 0.0% expectation) - its biggest drop since March 2013. The 1.7% YoY gain (missing expectations) is the weakest rise since March 2014.



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Hilsenrath Backs Away From His "Considerable Time" Prediction

Yesterday's exuberant equity market reaction has been largely defined by the mainstream media as driven by WSJ Hilsenrath's 'confirmation' that Yellen will keep the uber-dovish phrase "considerable time" in the FOMC statement today. So, we wonder, why did the Fed-whisperer, after markets had closed last night, issue a quasi-retraction of his prediction explaining that instead of some prohetical "I just know" statement, it was a "best guess," as he concluded, "will the Fed take these steps? Only the people in the room know that. The rest of us will see Wednesday afternoon." It appears the sell-side disagrees with him on the language...



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How FedEx Just Beat EPS By A Whopping 14 Cents

"During the quarter, the company acquired 5.3 million shares of FedEx  common stock. As of August 31, 2014, no shares remained under the existing share repurchase authorizations. Share repurchases benefited  earnings in the quarter by $0.15 per diluted share."



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