Hong Kong

Frontrunning: August 26

  • Global equities set 2-week low before Yellen speech, dollar dips (BBG)
  • Lochte signs new endorsement deal, legal woes persist in Brazil (Reuters)
  • Blackstone Unleashes Cash Hoard in Texas Shale Oil Land Grab (BBG)
  • China to prosecute former statistics bureau chief for corruption (Reuters)
  • Turkey fires on U.S.-backed Kurdish militia in Syria offensive (Reuters)

Global Stocks Decline Along With The Dollar, As Jackson Hole Begins

Global stocks declined broadly, led by European equities which fell for the first time this week while currency markets continued their subdued tone even as the recent 4-day rally in the USD appears to have topped out, as investors took to sidelines ahead of the Jackson Hole meeting which begins tonight. Japanese and Chinese stocks had suffered modest drops in Asia.  S&P 500 Index futures slipped 0.2%, continuing yesterday's modest selloff.

S&P Set For New Record Highs As Futures, Dollar Rise; Oil Slides

In a rerun of yesterday's overnight session, European indexes trade higher while US index futures were modestly in the green, set to propel the S&P 500 to new all time highs. Emerging Market dropped the most in three weeks alongside commodities, as today the market was predisposed hawkishly on a US rate hike ahead of Yellen's Friday speech, pushing the US dollar higher and oil resumed its pre "anonymous sources" headlines slide.

Frontrunning: August 23

  • Dollar Drops on Rate Outlook as European Stocks Rise, Oil Falls (BBG)
  • Bank of Japan's rush into stocks raises fears of market distortions (Reuters)
  • With Moderate Drinking Under Fire, Alcohol Companies Go on Offensive (WSJ)
  • Merkel Says Brexit Is U.K.’s Loss While Pledging EU Results (BBG)
  • Turkey cuts rates for sixth straight month amid ratings worries (Reuters)

"Evidence Points To Another Snowden At The NSA"

"Rather than the NSA hacking tools being snatched as a result of a sophisticated cyber operation by Russia or some other nation, it seems more likely that an employee stole them. If Snowden could not have stolen the hacking tools, there are indications that after he departed in May 2013, someone else did, possibly someone assigned to the agency’s highly sensitive Tailored Access Operations."

Frontrunning: August 22

  • Oil falls as China fuel exports jump, U.S. rigs rise (Reuters)
  • Fischer Signals 2016 Rate Hike With Economy Nearing Fed Goals (BBG)
  • Show of European unity: Merkel, Hollande, Renzi meet to discuss gameplan (Reuters)
  • Rainy Rio wraps up challenging Games on upbeat tropical note (Reuters)
  • Japan's Abe Plays Super Mario in Rio to Promote 2020 Tokyo Games (BBG)
  • Donald Trump the Mortgage Broker Was in Trouble From Moment One (BBG)

Spectacular Chinese Gold Demand Fully Denied By GFMS And Mainstream Media

Gold investors around the world continue to be fooled about Chinese gold demand. For some reason GFMS is restrained in disclosing that any individual or institution in China can directly buy and withdraw gold at the Shanghai Gold Exchange, which is the most significant reason for the discrepancy in question. According to calculations, true Chinese gold demand in 2015 must have been north of 2,250 tonnes.

Gartman Is Shorting Bonds, Would "Err Bearishly Of Oil"

Over the last week, there has been little guidance from one of the market's most steadfast directional beacons, Dennis Gartman. Luckily, he provided some much needed insight into what asset classes may  not  do in the coming days, targeting not one but two key products: oil, where we would "err bearishly" and bonds, which he is now shorting.

European Stocks Drop, Futures Flat As Rising Dollar Pressures Oil, EMs: All Eyes On The Fed Minutes

European stocks are down led by tech, chemicals, alongside EM stocks which retreated from near a one-year high and oil fell for the first time in a week after hawkish comments from Federal Reserve officials revived bets on U.S. interest rate rises this year, and pushed the dollar higher from 7 week lows ahead of today's Fed Minutes. S&P 500 futures were little changed following yesterday's drop from record highs