Dell

What Risk: Deutsche Bank Ramps Up Loans Business In Desperate Scramble For Profit

Our sense is that Cryan is under so much pressure to deliver revenue growth, his strategy is to close his eyes, hope for the best and go for it. After all, this was the man who last month said "We are now seeing signs of bubbles in more and more parts of the capital market where we wouldn't have expected to see them".

Frontrunning: September 21

  • Mark Zuckerberg’s Political Awakening (BBG)
  • Bank of Japan Sticks With Easy-Money Settings (WSJ)
  • Bank of Japan board member demands more stimulus (FT)
  • S&P downgrades China, says rising debt is stoking economic, financial risks (Reuters)
  • Boston’s Fate Lies With a Zombie Hurricane as Maria Moves North (BBG)

Frontrunning: September 14

  • Trump Says No Deal Reached on DACA (WSJ); Trump Denies Democrats’ Claim That They Made a Deal on ‘Dreamers’ (BBG)
  • Weak China data knocks global stocks off record highs (Reuters)
  • GOP to Release Tax Overhaul as Trump Says Rich Won’t Benefit (WSJ)
  • North Korea threatens to 'sink' Japan, reduce U.S. to 'ashes and darkness' (Reuters)
  • Saudi Arabia Clamps Down as Prince Consolidates Power (WSJ)

All Eyes On Draghi: Futures Flat, Euro Surges, Dollar Slides; Yuan Breaches 6.50

S&P futures are flat, still spooked by the WSJ's report that Gary Cohn will not be the next Fed chair, while both European stocks and Asian shares gain in a quiet overnight session in which everyone is looking forward to today's main risk event: the ECB meeting. The dollar continued to weaken against all of its peers with the Yuan breaching 6.50 for the first time since May 2016.

Will They Haul Off Trump's Statue, Too?

"We take for granted, too, that our officials are miracle workers... and that we live among the gods themselves in an economy that never takes a breather... a stock market that only goes up... and something for nothing until Hell freezes over...But a recession cannot be far off. When it comes, the stock market will go down in sympathy. Then, Mr. Trump’s statue might be hauled off, too, before it is ever put up."

"It Won't Be Long Now" - David Stockman Warns "Amazon Is The New Tech Crash"

"The Amazon business model is fatally flawed. It’s only a matter of the precise catalyst that will trigger the realization in the casino that this is another case of the proverbial naked emperor... I do not think AMZN is a freakish outlier. It’s actually the lens through which the entire stock market should be viewed because the whole enchilada is now in the grips of a pure mania."

Kunstler: "Decades From Now, They'll Say He Had 'The Tweets'"

"There’s also something satisfyingly Napoleonesque about Scaramucci. Here’s a guy who cuts through the odious blubber of US politics right to the bone of things with a flensing blade of profane righteousness. Personally, I’d like to see him take some whacks at a few more deserving targets..."