General Electric

• No Happy Ending for Investors in Central Bank Fairy Tale (BBG)
• Ebola Response Strains Hospitals (WSJ)
• Obama, foreign military chiefs, to thrash out Islamic State plans (Reuters)
• Draghi’s ‘Whatever It Takes’ Plan on Trial at EU Court (BBG)
• Too-Big-to-Fail Banks Face Up to $870 Billion Capital Gap (BBG)
• Iran’s Message to World: You Need Us to Fight Islamists (BBG)
• Facing new oil glut, Saudis avoid 1980s mistakes to halt price slide (Reuters)
• Ukraine Grannies Outprice Banks on Hryvnia Black Market (BBG)
• HK police use sledgehammers, chainsaws to clear protest barriers, open road (Reuters)
• Gazprom Quarterly Net Rises 13%, Misses Estimate on Ukraine Debt (BBG)

• How you know it is all a lie: Pelosi Presses Obama to Talk Up Stronger U.S. Economy (BBG)
• Secret Goldman Sachs Tapes Put Pressure on New York Fed (NYT), Uh, no they don't
• Clashes Break Out at Hong Kong Protest Site (WSJ)
• N.Y. Fed Lawyer Says AIG Got Billions Without Paperwork (BBG)
• Ebola’s Disease Detectives Race to Track Others Exposed (BBG)
• UPS, FedEx Want Retailers to Get Real on Holiday Shipping (WSJ)
• No more mailman at the door under U.S. Postal Service plan (Reuters)

• Quid pro quo Clarice: Iran seeks give and take on Islamic State militants, nuclear program (Reuters)
• Alibaba’s Banks Said to Boost IPO Size to Record $25 Billion (BBG)
• European Stocks Fall Amid China Concern as Tesco Slides (BBG)
• Tesco Suspends Executives, Probes Error That Triggers New Profit Warning (WSJ)
• Kurds say they have halted Islamic State advance on Syrian town (Reuters)
• Because luck and managing money is genetic: Financial Elite's Offspring Start Their Own Hedge Funds (WSJ)
• Islamic State Onslaught Spurs Mass Exodus of Syrian Kurds (BBG)
• Rockefellers, Heirs to an Oil Fortune, Will Divest Charity From Fossil Fuels (NYT)

The moment everyone had been waiting for just arrived and moments ago BABA broke for trading at $92.70 after its $68 IPO, and promptly traded over $99.50, which means its market cap is now above that of Chevron, and is about to catch up to Walmart's $246 billion. BABA just broke below it's opening print.

• -0.07%: Germany Secures Record Low Funding Cost at Bond Auction (WSJ)
• Pentagon Sees Possible Role for U.S. Ground Forces Against Islamic State Militants (WSJ)
• China Joins ECB in Adding Stimulus as Fed Scales Back (BBG)
• Stealthy or Normal? Analysts Diverge on PBOC’s Action (BBG)
• Sony Forecasts Massive $2B Loss as Smartphones Lag (AP)
• Islamic State campaign tests Obama's commitment to Mideast allies (Reuters)
• Brent Crude Rebounds as Libya’s Sharara Oilfield Shut (BBG)
• Market calm over Scottish vote at odds with disaster warnings (Reuters)

What’s the easiest way to make a 500x return on investment?

• Showtime for Apple: Big phones, smart watches and high expectations (Reuters)
• Bank of England Gov. Mark Carney Signals Spring Rate Rise (WSJ)
• Quebec Shows Scots Question Returns Even If Answer Is No (BBG)
• Hush money with a 9 year vesting period: Ex-SAC Fund Manager Martoma Sentenced to Nine Years in Prison (BBG)
• Dreams on hold, Brazil's 'new middle class' turns on Rousseff (Reuters)
• Fed to Hit Biggest U.S. Banks With Tougher Capital Surcharge (WSJ)
• Egypt court sentences Brotherhood leader, cleric to 20 years in jail (Reuters)

• Scotland split jitters send sterling to 10-month low (Reuters)
• S&P 500 Beating World Most Since 1969 Doesn’t Spark Flows (BBG)
• Happy ending guaranteed: Vietnam building deterrent against China in disputed seas with submarines (Reuters)
• China Posts Record Surplus as Exports-Imports Diverge (Bloomberg)
• Russia, U.S. to hold talks on 1987 arms accord (Reuters)
• Halcon’s Wilson Drills More Debt Than Oil in Shale Bet (BBG)
• Deadly Disappointment Awaits at Ebola Clinics Due to Lack of Space (WSJ)
• Latinos furious at Obama on immigration delay, vow more pressure (Reuters)
• Japan GDP Shrinks at Fastest Pace in More Than Five Years (WSJ)

• Just how many rats are there? Steven Cohen's Firm Loses Another Top Executive (WSJ)
• Iceland Sees a Potential Volcanic Eruption, and Airlines Cower (Bloomberg)
• Iraqi forces battle to drive jihadists from Saddam's home town (Reuters)
• Israel, Palestinians Agree to Extend Gaza Truce for 24 Hours (BBG)
• Pimco now buying junk (BusinessWeek)
• Pakistan arrests 147 in Punjab towns as protests in capital continue (Reuters)
• Ex-Rabobank Employee Pleads Guilty in Libor-Rigging Probe (BBG)
• Ebola Orphans Targeted by Aid Groups as Newest Victims (BBG)
• Two California youths accused of plotting high school shooting spree (Reuters)
• Only Rich Know Wage Gains With No Raises for U.S Workers (BBG)

• Barack Obama's 'vacation from hell' (Politico)
• Russian aid convoy checked; military vehicles mass near Ukraine (Reuters)
• Ukraine Says APCs Entered From Russia to Aid Insurgents (BBG)
• Islamic State Said to Challenge Al-Qaeda for Leadership (BBG)
• Missouri protests calmer after governor puts black police captain in charge (Reuters)
• Finally someone will prove the US is a pyramid scheme (in a 1000 page presentation): Ackman’s Pershing Square Sues U.S. Over Fannie, Freddie (BBG)
• Banks, Financial Firms Load Up on Cheap Debt (WSJ)
• Putin to Meet Finnish President as Threat of Cold War Grows (BBG)

• So that's what Obama meant by "costs" - Italy Recession, German Orders Signal Euro-Area Struggle (BBG)
• Russia worries, weak German data weigh on Europe (Reuters)
• Hedge Funds Betting Against Banco Espírito Santo in Line for Big Gains (WSJ)
• Bankers Called Up for Ukraine War as Rolls-Royce for Sale (BBG)
• Double Punch for 'Inversion' Deals (WSJ)
• Statist Strongmen Putin-Xi See History’s Capitalism Clash (BBG)
• China bans beards, veils from Xinjiang city's buses (Reuters)
• BATS to Settle High-Speed Trading Case (WSJ)
• Second Ebola patient wheeled into Atlanta hospital for treatment (Reuters)

• As we predicted yesterday, the "big" Gaza ceasefire lasted all of a few hours (Reuters)
• To Lift Sales, G.M. Turns to Discounts (NYT)
• Espirito Santo Family’s Swift Fall From Grace Jolts Portugal (BBG)
• Argentine Debt Feud Finds Much Fault, Few Fixes (WSJ)
• Fiat Says Ciao to Italy as Merger With Chrysler Ends Era (BBG)
• Euro zone factory growth eases in July as inflation fades away (Reuters)
• CIA concedes it spied on U.S. Senate investigators, apologizes (Reuters)
• Ukraine Reports Losses After Pro-Russian Ambush Near Malaysia Airlines Flight 17 Crash Area (WSJ)
• U.S. says India refusal on WTO deal a wrong signal (Reuters)
• Why Putin Has 2006 Flash Before His Eyes After Sanctions (BBG)

• EU finalises Russian sanctions as BP warns of impact on business (FT)
• Geopolitical Risk Rises for Global Investors (BBG)
• Jaded Argentines brace for looming debt default (Reuters)
• In Argentina, Mix of Money and Politics Stirs Intrigue Around Kirchner (WSJ)
• Mom ‘Trusting God’ for Ebola-Infected U.S. Doctor’s Life (BBG)
• Thanks NSA: Tech Companies Reel as NSA's Spying Tarnishes Reputations (BBG)
• Goldman unit eyes foray into China amid metals financing scandal (Reuters)
• Cash out time: London’s Gherkin Tower Offered for Sale by Its Lenders (BBG)
• Apenomics strikes again: McDonald’s Japan axes profit guidance amid food safety scandal (FT)
• Do you see what happens Larry when you are the only USDJPY bid? Nomura Profit Falls More Than Estimated on Broking Slump (BBG)

• Ukraine Says Malaysian Airliner Shot Down Near Russian Border (BBG)
• Downing of airliner seen as pivotal moment in Ukraine crisis (Reuters)
• Malaysian Air Flight Took Route Avoided by Qantas, Asiana (BBG)
• Russian-Made Missile Hit Malaysia Jet, U.S. Officials Say (BBG)
• Netanyahu Orders Military to Ready Wider Gaza Incursion (BBG)
• Silvio Berlusconi Underage Sex Conviction Overturned (WSJ)
• But... but... "economic patriotism" - AbbVie to Buy Shire for $54.8 Billion as Drug Deals Surge (BBG)
• SEC targets 10 firms in high frequency trading probe - SEC document (Reuters)
• Art bubble pop: Sotheby's to Lay Off 'Modest' Number of Employees (WSJ)
• Moar Abenomics: Hermes Sales Trail Estimates as Japanese Revenue Declines (BBG)

For a centrally-planned market that has long since lost the ability to discount the future, and certainly respond appropriately to geopolitical events, yesterday was a rough wake up call with a two punch stunner of not only the MH 17 crash pushing the Ukraine escalation into overdrive, but Israel's just as shocking land invasion of Gaza officially marking the start of a ground war, finally dragging global stocks out of their hypnotized slumber and pushing risk broadly lower across the globe, even if the now traditional USDJPY and AUDJPY ramp algos have woken up in the past few minutes and will be eager to pretend as if nothing ever happened.