Mexico

Trump Returns To Form With Fiery Immigration Speech, Vowing "We Will Build A Great Wall, Mexico Will Pay For It"

Just hours after delivering subdued comments and striking a conciliatory tone alongside Mexico's president, Donald Trump returned to form in his fiery immigration speech in Phoenix last night, which laid out the presidential candidate's immigration plan which definitively ruled out legal status for undocumented immigrants and once again promised to build a wall on the southern border: "We will build a great wall, and Mexico will pay for the wall. One hundred percent. They don't know it yet, but they're going to pay for it.”

Global Stocks Rise, Metals Jump On Strong Chinese Data; Pound Surges On Record UK Mfg Spike

After a muted end to August, September started off on the strong foot overnight following a surprising beat in China's official manufacturing PMI print, which rose above 50 to the highest level in almost two years. That, together with a record rebound in the UK PMI, bolstered investor confidence, fueling gains in stocks and industrial metals. The dollar advanced against most of its peers while bonds retreated before Friday’s payrolls report.

Trump In Mexico Dials Back Criticism, Did Not Discuss Who "Will Pay For The Wall"

During his surprising meeting with Mexico's president , Donald Trump called for the end to the "humanitarian disaster" of illegal immigration as he sought to strike - and according to many achieved - a presidential tone during a visit to Mexico on Wednesday.  "This is a humanitarian disaster — the dangerous treks, the abuse by gangs and cartels and the extreme physical dangers — and it must be solved."

Frontrunning: August 31

  • Treasuries Extend Drop in August on Fed Outlook as Dollar Gains (BBG)
  • Oil slips on dollar strength, still set for monthly gain (Reuters)
  • Trump to make dramatic trip to Mexico before immigration speech (Reuters)
  • Rep. Debbie Wasserman Schultz Beats Back Florida Primary Challenge (WSJ)
  • Ban cash because... SWIFT discloses more cyber thefts, pressures banks on security (Reuters)

Futures Flat, Global Stocks Rise As Treasury Yields See Biggest Monthly Jump In Over A Year

The August market doldrums were on display on the last day of the month as S&P futures were fractionally lower on non-existent volume, while both Europe and Asia were modestly in the green; ten-year Treasury yields headed for the biggest monthly jump in more than a year while the dhe dollar gained for a sixth day against the yen in the longest winning streak since March. European stocks advanced for a second day, adding to a monthly gain as oil trimmed its advance in the best month since April.

"Will Yellen Shock Today?"

Well, we made it. It’s finally Janet Yellen day. Has a speech by a Fed Chair ever been anticipated, dissected and stressed over to this extent? It’s partially down to the fact that she has largely, even unprecedentedly, made herself unavailable for public comment. Sending her minions out to confuse us. But more distressingly, they have put themselves in a situation where a measly 25 basis points looms like a life-changing event. 

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)