Hong Kong

World Stocks Rebound, Dollar Rises As Korea Nuclear War Fears Recede

S&P futures are higher in early Wednesday trading, alongside Asian stocks and European bourses, both solidly in the green as the EURUSD drifts below the 1.20 "redline" while the dollar rebounds off a two and a half year low following the US "measured" response to North Korea’s missile test, which soothed jittery investors who now turn their focus to US economic data.

Chinese Shares Surge As Beijing "Plunge Protection Team" Boosts Stock Holdings

Overnight, Chinese stocks hit their highest level since December 2015, not due to strong and improving fundamentals, but because China's "National Team", aka Beijing's PPT, in this case state-backed investor China Securities Finance Corp, announced it had boosted its stake across the entire broker sector.

On The Coming Collapse Of China's Ponzi Scheme Economy

"You don’t see it right away. Any Ponzi scheme looks just fine as long as more people can be found to put their money in. But the end is inevitable and the longer it is delayed the more resounding the collapse..."

Global Stocks Rise Ahead Of Much Anticipated Speeches By Yellen, Draghi

Global markets are stuck in a holding pattern with S&P futures up modestly after fluctuating overnight, as European and Asian shares rise with oil while the dollar has dipped lower ahead of the biggest central bank event of the year: the Fed's Jackson Hole symposium where Janet Yellen and Mario Draghi will speak at 10am and 3pm ET, respectively.

Stocks Slide After Trump Threatens Government Shutdown Over Wall Funding, Killing NAFTA

US equity futures reversed early gains to slip as much as 0.3% following a fiery Trump campaign rally speech in which he threatened to shutdown government over border wall funding. Additionally, the yen strengthened, while the Mexican peso weakened 0.2 percent as the president also said he might terminate the North American Free Trade Agreement at some point.

Frontrunning: August 21

  • Trump to present vision for U.S. strategy in Afghanistan war (Reuters)
  • Trump Struggles to Move Past Bannon, Starting With Afghanistan (BBG)
  • Final Plans Under Way as Solar Eclipse Nears (WSJ)
  • Yellen, Draghi Head to Jackson Hole Amid Inflation Unease (BBG)
  • Cohn Solidifies Lead in Race to Replace Yellen, Economists Say (BBG)

Gavekal On The Coming Clash Of Empires: Russia's Role As A Global Game-Changer

Just when China is starting to offer an alternative—an alternative that the US should be trying to bury—the US is moving to “weaponize” the dollar and pound other nations—even those as geo-strategically vital as Russia—for simple domestic political reasons. It all seems so short-sighted.

Bitcoin Cash Soars 70% Overnight Amid Bitcoin Uncertainty & China Crackdown

Bitcoin Cash soared overnight, spiking as high as $569 (from below $300) as renewed uncertainty around Bitcoin re-forking, reports that the first 8mb block has been mined, and fears over further crackdowns in China on Bitcoin trading sparked demand for the forked currency, pushing it back up to the 3rd biggest cryptocurrency by market cap.