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The Permian Pitfall: A Race To The Bottom For Tight Oil

Remember the shale gale and Saudi America? The scale of those outlandish delusions has now dwindled to plays in a few counties in West Texas and southeastern New Mexico. Saudi Permian. It’s a race to the bottom as investors double down on the tight oil companies that can still tell a growth story.

Clinton Health Questions: Off-Limits Or Legitimate Issue?

Hillary Clinton is 68 years old. She's been diagnosed with cerebral venous thrombosis; head trauma, pregnancy, cancer, brain infection, autoimmune diseases and inborn clotting abnormalities are all predisposing factors, per the Washington Post. She's currently taking blood thinners. Four years ago, Clinton fainted, hit her head and suffered a concussion. But lately many in the media have become outraged that Clinton's health is being broached at all.

Stocks Creep Higher As Dollar Resumes Falling, Oil Slides For Second Day

While the summer doldrums continue, with little market-moving newsflow overnight and zombified volumes, US futures crept higher and European shares rose after EU PMIs printed modestly better than expected, while a return to dollar weakness pushed emerging markets higher, even if it failed to boost oil which as we noted last night was downgraded by Goldman on various fundamental reasons.

Frontrunning: August 16

  • World stocks edge away from one-year peak, dollar on defensive (Reuters)
  • Central Banks Could Be This Market’s Pets.com (WSJ)
  • Clinton announces transition leadership should she win in November (Reuters)
  • Oil Trades Near $46 a Barrel as Nigeria Sees OPEC Cuts Unlikely (BBG)
  • BHP Billiton Reports Worst-Ever Annual Loss (WSJ)

Tumbling Dollar Sends USDJPY Under 100, Oil Over $46 As Gold Spikes; Futures Flat

Overnight, John Williams' latest uberdovish paper "Monetary Policy in a Low R-star World", which we profiled yesterday, and which suggests lower rates for far longer, made the rounds and has led to a steep 0.8% drop in the Bloomberg Dollar spot Index, which sank to its weakest since June while the yen strengthened 1.2 percent, slipping briefly below 100 against the greenback for the first time since June 24, pushing oil and gold higher, and Asian shares lower.

Frontrunning: August 15

  • China shares hit seven-month high; world yields keep falling (Reuters)
  • Dollar pinned down by easing Fed rate hike expectations (Reuters)
  • Russia says oil market talks with Saudi developing (Reuters)
  • Secret Ledger in Ukraine Lists Cash for Donald Trump’s Campaign Chief (NYT)
  • The No-Pivot Election: Clinton and Trump Make No Policy Concessions (BBG)

Here's Why Wages Have Stagnated (And Will Continue To Stagnate)

The only way to reverse declines in labor participation and stagnation in wages is to make it easier to start enterprises and hire people, and dramatically lower the cost basis of the entire economy. There is scant evidence that policymakers have any real interest in either of these goals or any knowledge of how to make them happen, despite the abundance of lip-service paid to "business-friendly" strategies.

Paranoia-Peddling Pentagon Bans Pokemon GO

The U.S. government just threw another log on the fire, adding to the blaze of paranoia it’s been generating around the nation’s newest threat — foreign cyber attacks. In a recent memo, Pentagon employees were told to keep Pokemon Go off their phones to prevent spying by foreign countries.

Just How Bad Is (Social) Media Bias In This Election?

They take away the hashtag that has negative tweets for Clinton and replace it with something that doesn’t so the average person doesn’t see what was really trending... This happens every day.”

Frontrunning: August 12

  • Stocks Hit New Highs, and That Could Be Just the Start (WSJ)
  • China Slows as Stimulus Impact Wanes (WSJ)
  • How the China Shock, Deep and Swift, Spurred the Rise of Trump (WSJ)
  • Italian Economy Unexpectedly Stagnates in Threat to Renzi (BBG)
  • Clinton disparages Trump's economic plan, vows to help workers (Reuters)