Reuters

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US & China Stocks Are Plunging After PMI Hits 6.5-Year Low, PBOC Strengthens Yuan Most Since Nov 2014





Following China's official PMI print at a 3-year low, Caixin's PMI collapsed to 47.3 - the lowest sinec March 2009. Despite another CNY150bn liquidity injection (but the biggest strengthening of Yuan since Nov 2014 and a financial conditions tightening in FX trading), China, US, and Japanese stocks are plunging... SHCOMP -4%, Dow -280, NKY -340

 
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Is This Man Responsible For China's Stock Market Crash?





Meet Wang Xiaolu, the journalist detained by Chinese authorities is being held responsible for the “chaos” in China’s stock market.

 
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Brazil Throws In Towel On Budget; Citi Compares Fiscal Outlook To "Bloody Terror Film"





"In the meantime, in our (un)beloved country, there is something scarier than Freddy Krueger: our growth / fiscal outlook."

 
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Citi Slams Today's Historic Oil Surge: "Another False Start, Time To Fade The Rally"





Moments ago Citi's Edward Morse who, together with Goldman, has been bearish on oil for a good part of the past year, just slammed today's crude breakout and doubled down on his double-dead cat skepticism, when he released a report titled "Another False Start…Time to Fade the Rally" whose punchline is that "Citi foresees that WTI and Brent prices should post another fresh leg lower—perhaps making new 2015 lows—before year-end."

 
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Saudi Arabia's Stock Market Just Logged Its Worst Month Since Lehman





"A cloudy fiscal policy along with unattractive economic data and oil prices continuing to decline fueled negative sentiment about the market which exaggerated fears among investors."

 
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Why So Much Oil Price Volatility? Blame The Speculators





On the face of it, the crash and massive rebound makes little sense, with many oil market analysts undoubtedly left shaking their heads. But there is a logic to what unfolded, just not the logic of the physical market for crude.

 
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Gold Set for Best Month Since January as Stock Market Rout Lifts Safe Haven





Premiums on silver coins have risen again - from 22% on Friday to 28% today.

 
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WTI Crude Tumbles To $43 Handle Despite EIA Lowering Production Estimates





After last week's epic squeeze in crude, overnight weakness has accelerated dragging WTI back to a $43 handle. This comes after EIA (based on improved reporting) reduced the H1 2015 production data by 130,000 barrels per day.

 
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Frontrunning: August 31





  • Hilsenrath: Fed Appears to Hold Line on Rate Plan (WSJ)
  • Europe, Asia stocks set for worst monthly drop in three years on China, Fed (Reuters)
  • Beijing abandons large-scale share purchases (FT), if only for a few hours
  • China’s Next Problem: Paying for Its Stock-Market Bailout (WSJ)
  • Crises Put First Dents in Xi Jinping’s Power (WSJ)
  • Man Group’s China Chief Said to Assist Police in Probe (BBG)
 
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80 Year Old Woman Trampled To Death In Venezuela Supermarket Stampede





With 30% of Venzuelans eating two or fewer meals per day, social unrest is mounting rapidly in President Nicolas Maduro's socialist utopia. As WSJ reports, soldiers have now been deployed to stem rampant food smuggling and price speculation, which Maduro blames for triple-digit inflation and scarcity. "Due to the shortage of food... the desperation is enormous," local opposition politician Andres Camejo said, and nowhere is that more evident than the trampling death of an 80-year-old woman outside a state-subsidized supermarket.

 
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Illinois Pays Lottery Winners In IOUs After $30K/Month Budget "Guru" Fails To Produce Deal





"You know what's funny? If we owed the state money, they'd come take it and they don't care whether we have a roof over our head. Our budget wouldn't be a factor. You can't say (to the state), 'Can you wait until I get my budget under control?'"

 
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Greece - Now What





Here are some modestly optimistic musings on what may be next in the cards for Greece...

 
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Here's How Long Saudi Arabia's US Treasury Stash Will Last Under $30, $40, And $50 Crude





Late last year, Saudi Arabia "Plaxico'd" itself and the petrodollar when, in an effort to "preserve market share" and bankrupt US shale producers, the kingdom endeavored to purposefully suppress crude prices. Nine months and billions in liquidated FX reserves later, Saudi Arabia is facing a budget crisis of epic proportions. 

 
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Demand Surge and Shortages of Bullion as Stocks Fall Sharply





Demand Surge and Shortages of Bullion as Stocks Fall Sharply, Gold Outperforms All Assets In August

 
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