General Electric

"Today, The Music Stops..."

"Today the Fed should formally announce that after nearly a decade, it’s going to start vacuuming up a lot of that money it printed in 2008...Bottom line: they’re going to start cutting the lights and turning off the music...And given the enormous impact that this policy had on asset prices, it would be foolish to think its reversal will be consequence-free."

Frontrunning: September 13

  • Apple takes shine off global stocks rally (Reuters)
  • Apple’s New iPhones Gamble on Allure of Premium Pricing (WSJ)
  • North Korea defiant over U.N. sanctions as Trump says tougher steps needed (Reuters)
  • Crews Face Herculean Task Restoring Power in Florida (WSJ)
  • Supreme Court Reinstates Travel Ban’s Refugee Restrictions (WSJ)

Next Up For Venezuela: PDVSA's Inevitable Default

"By cutting access to an essential source of funding, the Trump administration is precipitating the default of PDVSA and, given the key economic role of the company, of Venezuela."

How The CIA Made Google

Inside the secret network behind mass surveillance, endless war, and Skynet...

Frontrunning: August 28

  • European shares hit two-week low as euro surges (Reuters)
  • Harvey Pounds Texas as Epic Flooding Paralyzes Houston (BBG)
  • Oil markets roiled as Harvey hits U.S. petroleum industry (Reuters)
  • Harvey Shuts Two of the Largest U.S. Ports (BBG)
  • Trump’s Pardon of Joe Arpaio Widens Republican Split (WSJ)

Frontrunning: August 15

  • White House Risks a Backfire Over China and North Korea (WSJ)
  • Three More CEOs Turn Their Backs on Trump (BBG)
  • Cities ramp up removal of Confederate statues (Reuters)
  • Moon Vents Korea Frustration by Asserting Right to Veto U.S. War (BBG)
  • Iran says its drones near U.S. vessels are safe, following rules (Reuters)

Global Markets, Futures Slide Spooked By Poor Amazon Earnings, US Politics

S&P futures have tracked both European and Asian markets lower, which were dragged down by the big EPS miss and guidance cut reported by Amazon on Thursday. Meanwhile, the pounding of the dollar has resumed with the euro and sterling strengthening against the dollar due to renewed political concerns

EU To Retaliate "Within Days" If US Imposes New Sanctions On Russia

According to an internal memo leaked to the press, Brussles said it should act "within days" if new sanctions the US plans to impose on Russia prove to be damaging to Europe’s trade ties with Moscow. Retaliatory measures may include limiting US jurisdiction over EU companies.

EU "Sounds Alarm" Over New US Sanctions On Russia; Germany Threatens Retaliation

The European Union "sounded an alarm on Saturday" about moves in the U.S. Congress to step up U.S. sanctions on Russia, urging Washington to keep coordinating with its G7 partners. In a statement by a spokeswoman after Republicans and Democrats in the U.S. Congress reached a deal that could see new legislation pass, the European Commission warned of possibly "wide and indiscriminate" "unintended consequences."

Euro Surges To 2-Year High In "Bipolar" Draghi Reaction; Futures Flat

"Draghi tried to talk the Euro down, even going so far as to suggest that ECB’s quantitative easing could be increased and prolonged," said Swissquote Bank's Yann Quelenn. "But the currency markets were not buying Draghi’s line, and neither are we. Available bonds are too scarce, and turn to a taper is too clear to disguise."