Kazakhstan

Suddenly, "De-Dollarization" Is A Thing

"For what seems like decades, other countries have been tiptoeing away from their dependence on the US dollar. These were challenges to the dollar’s dominance, but they weren’t mortal threats. What’s happening lately, however, is a lot more serious. "

"What Did They Expect?" Turkey Pivots From NATO, Signs Russia Missile Deal

"What do you expect? Should we wait for you? We take care of ourselves in every security point. We are taking precautions and we will continue to do so," Turkey's president Erdogan said addressing Western opposition to Turkey's just concluded deal to buy Russian advanced surface to air missiles.

IEA Forecasts Fastest Oil Demand Growth In Two Years

The International Energy Agency, which advises most major economies on energy policy, forecast that global oil demand will climb this year by the most in two years amid stronger-than-expected consumption in Europe and the U.S. although it was unclear just how this will offset fading demand by the two biggest marginal consumers, China and India.

Norway’s Big Fish Story

The greatest consequences of Nordic socialism are how it instills a lack of courage and imagination when facing global problems. For such a system to work, people must be mostly compliant and amicable. Currently, Norway can manage the economic shift by drawing from The Fund but I would hope that they want to do more than just get by. It is obvious that betting on fish is a bad idea.

Israel Threatens To Bomb Assad's Presidential Palace

A senior Israeli official threatened to assassinate Syrian President Assad by bombing his palace in Damascus, while further adding that Israel will seek to derail the US-Russia brokered de-escalation deal reached in Astana, Kazakhstan earlier this summer.

Frontrunning: August 29

  • Stocks Drop, Gold Leads Haven Rally on Korea Fears (BBG)
  • Trump heads for Texas as flood waters rise (Reuters)
  • Destruction Tests U.S. Shale (WSJ)
  • Gulf Coast Faces Billions in Damage (WSJ)
  • Harvey Recharges as Crippled Houston Counts the Cost (BBG)

Key Events In The Coming Week: All Eyes On The (Jackson) Hole

Absent any major geopolitical shocks, it is set to be a quiet summer week ahead with focus on the Jackson Hole conference. On the data front the key releases will be US durable goods and Eurozone PMIs, as well as Japan inflation & UK and Norway GDP.

US Crude Production At Cycle Highs As Rig Count Stabilizes; Desperate Saudis Jawbone Deeper Cuts To Come

A tough week for crude oil, which tumbled after algos tagged $50 stops yesterday following the biggest gasoline inventory build in 7 months. While the US oil rig count has stopped rising in the last few weeks, production continues to hit cycle highs stalling prices, but the Saudis are not giving up on their incessant jawboning - hinting that "deeper cuts" are still on the table.