Bloomberg News

Global Central Bank-Driven Stock Rally Fizzles; Crude Rebounds On Saudi Oil Production Cut Report

Until minutes ago, this week's rebound in global equities appeared to be running out of steam as oil retreated from a two-week high and a dollar slide ended.  However, as noted just around 6am, Reuters reported, citing as it usually does various "anonymous sources", that in a radical departure from its long-held policy of not cutting production, Saudi Arabia was prepared to cut production on condition that Iran freezes output, which led to an instant spike in crude.

With All Eyes On The ECB, Catatonic Global Markets Remain In State Of Near Paralysis

As the market's comatose trading range continues with no notable moves for nearly 40 consecutive days, there is some hope volatility may return after today's main event, the ECB's announcement due in just two hours, when Mario Draghi may surprise the market in either direction. As of today, the S&P500 has held in a band of 1.5% for 39 days, the narrowest ever for that length of time.

With US On Holiday, Global Stocks Rise As Dollar Sinks, While Fireworks Break Out In Crude

With the US taking the day off to celebrate the unofficial end of the summer, global markets have been relatively quiet, aside from the dramatic moves in the energy sector over the past few hours, where crude soared in early trading as reported previously on a much-hyped joint statement by the energy ministers of Saudi Arabia and Russia, only to see the spike fizzle.

53% Of Clinton Foundation Donors Would Be Barred Under Proposed Rule

More than half of the Clinton Foundation’s major donors would be prevented from contributing to the charity under the proposed self-imposed ban. The analysis, which examined donor lists posted on the foundation’s website, found that 53% of the donors who have given $1 million or more to the charity are corporations or foreign citizens, groups or governments. The list includes the governments of Saudi Arabia and Australia, the British bank Barclay’s, and major U.S. companies such as Coca-Cola and ExxonMobil.

Why Paul Krugman Should Go Back To 5th Grade

Economist Paul Krugman is whining for more fiscal stimulus, his favorite pastime by far. Krugman’s target this time is Japan... "The average 5th grader understands it’s absurd to pay money for something guaranteed to be useless, but the average Keynesian economist doesn’t."

Arianna Huffington Is Quitting The Huffington Post

Four years after selling the HuffPo to AOL Arianna Huffington has had enough, and as she announced moments ago, she is stepping down as Editor-in-Chief of the Huffington Post to run a new health and wellness venture. 

Goldman Fined 0.1% Of Revenue For "Criminal Theft" Of Confidential Fed Information

Today the story of Goldman's theft of confidential Fed information got its closure, when the Fed announced that Goldman Sachs has agreed to pay $36.3 million to settle allegations by the Federal Reserve that it obtained and used confidential regulatory materials from the central bank two years ago. This amounts to 0.1% of the firm's 2015 revenue of $33.8 billion.

Previewing The Day's Big Event: What To Expect From The Apple's Earnings Report

When it comes to AAPL, the company is truly in a class of its own. And while in the past it helped propel the S&P500 profitability almost singlehandedly (it was responsible for 7% of total S&P earnings in 2015), this has reverse, and now AAPL is set to be the single biggest detractor from S&P growth. Here is what to look for and what Wall Street expects when AAPL reports earnings at 1:30pm Pacific today...

Fiat Chrysler Shares Slide On Reports Of SEC Securities Fraud Probe

Fiat Chrysler is under investigation by the U.S. Justice Department for fraud, according to people familiar with the matter. As Bloomberg reports, prosecutors are scrutinizing whether the carmaker violated U.S. securities laws, they said. The inquiry is in early stages, according to two people, who asked not to be identified because the investigation is confidential and declined to specify what conduct is being investigated.

Boris Johnson Appointed British Foreign Secretary

While today's resignation of David Cameron and immediate appointment of Teresa May as his replacement was fully expected, moments ago May's cabinet served up her first major surprise when it was revealed that the man who led the Brexit campaign, Boris Johnson, and who many assumed would not hold a key role in the new UK cabinet, was just appointed to replace Philip Hammond in what may be the most prominent and important role as the UK prepares to negotiate its exit from the EU: that of foreign secretary.

Nomi Prins: Trump Wins (Even If He Loses)

Early on in his presidential bid, Donald Trump began touting his anti-establishment credentials. When it worked, he ran with it. It was a posture that proved pure gold in the Republican primaries, and was even, in one sense, true. After all, he’d never been part of the political establishment nor held public office, nor had any of his family members or wives. His actual relationship to the establishment is, however, complex in an opportunistic way.