Reuters

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Obama Prepares To Send National Guard To Texas As Flood Of Immigrant Children Overwhelms US





With America's attention, diverted for the past week to events in the middle east and Ukraine, once again returning to domestic issues, Obama is coming under renewed pressure to address the immigration issues that has gripped the southern states as this will certainly be a hot topic issue during the midterm elections. Which is probably why the president has sent a team to Texas to assess whether a National Guard deployment would help to handle an immigration crisis at the Mexican border having so far resisted Republican calls for such a move, Reuters reports. Meanwhile, the underlying problem is getting from bad to worse, and as Bloomberg reported overnight, the flood of children at the border is now overwhelming the US, and as a result "President Obama and congressional Republicans have begun to offer the same simple-sounding solution for dealing with the flood of children crossing the U.S. border alone: Send the kids home."

 
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Frontrunning: July 24





  • EU to weigh extensive sanctions on Russia (FT)
  • U.S. lifts flight ban to Israel (Reuters)
  • Russia says will cooperate with MH17 probe led by Netherlands (Reuters)
  • Norway faces ‘concrete and credible’ terrorist threat (FT)
  • Don’t Tell Anybody About This Story on HFT Power Jump Trading (BBG)
  • But... but... PMI: Unilever Sales Growth Misses Estimates on Asian Slowdown (BBG)
  • World’s Biggest Wealth Fund Reviews $8 Billion Russian Stake (BBG)
  • Qualcomm latest US tech company to reverse in China (FT)
  • Hamptons Home Sales Rise as Buyers Find More Inventory (BBG)
 
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The "Gates" Are Closing: SEC Votes Through Money Market Reform





The Money Market "gates" which we predicted in January 2010 are coming, have finally arrived.

 
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Senate Democrats Push To Triple Israel's Iron-Dome Aid To $576 Million





U.S. Senate Democrats included $225 million for Israel's Iron Dome rocket interception system in an emergency funding bill on Tuesday, which, as Bloomberg reports, in addition to the $351 million that’s already under discussion for Iron Dome in fiscal 2015 would bring the potential new funding to $576 million, compared with the $176 million currently requested by the Pentagon. "Iron Dome has saved countless Israeli lives," Defense Secretary Chuck Hagel told Senate Majority Leader Harry Reid in a letter dated yesterday and while the Iron Dome system is built by Haifa-based Rafael Advanced Defense Systems Ltd, an agreement with Israel calls for more than half the funds the Pentagon provides for Iron Dome to be spent in the U.S..

 
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Head Doctor Fighting Africa's "Out Of Control" Ebola Epidemic Contracts The Virus





Tragically, the "out of control" epidemic has taken a major turn for the worse when the head doctor fighting the Ebola epidemic in Sierra Leone has himself caught the disease, the government said. According to Reuters, the 39-year-old Sheik Umar Khan, hailed as a "national hero" by the health ministry, was leading the fight to control an outbreak that has killed 206 people in the West African country. Ebola kills up to 90 percent of those infected and there is no cure or vaccine.  Khan told Reuters in late June that he was worried about contracting Ebola. "I am afraid for my life, I must say, because I cherish my life," he said in an interview, showing no signs of ill health at the time.

 
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A Revolving Door Farce: CFTC Commissioner Bails To Head Regulator's Biggest Opponent





There is no better way to describe what the recently departed CFTC commissioner Scott O'Malia just did when he bailed from the commodity watchdog to become the new head of the International Swaps and Derivatives Association, aka ISDA, the biggest banking group that has constantly opposed every intervention and attempt to regulate the swaps market by the CFTC since the Lehman crisis, than an epic farce.

 
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Rebels Shoot Down Two Ukraine Fighter Jets, Defense Ministry Reports - Video Coverage





At this point it is beyond any one (or countless number of) human beings to distinguish truth from lies from epic propaganda, so we won't even try. Here is the latest relevant news that just crossed the stream from Ukraine's defense ministry, according to which moments ago Pro-Russian rebels have shot down two Ukrainian fighter jets, a spokesman for Ukraine's military operations said on Wednesday. The spokesman said the two were downed near Savur Mogila in eastern Ukraine. No details were known about the pilots.

 
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Insolvent Chinese Construction Company Gets Last Minute Bailout, Avoids China's Second Bond Default





Those keeping track and hoping the second default would finally hit have to hold their breath again after yet another last minute bailout has now made a complete mockery of China's "deliberate" intentions to clear up the rot plaguing its bond market. As Reuters reports, Huatong avoided a "landmark bond default at the last minute on Wednesday, raising enough funds to pay off both principal and interest on a 400 million yuan ($64.51 million) bond." Who bailed it out? Why the same government which continues to say one thing and do something totally different.

 
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Frontrunning: July 23





  • Here come the gates which we predicted in 2010: SEC Is Set to Approve Money-Fund Rules (WSJ)
  • Dick's cuts 400 jobs as golf now less popular (MW)
  • Kerry arrives in Israel, pushes for peace (Reuters)
  • Pay Penalty Haunts Recession Grads as U.S. Economy Mends (BBG)
  • Appeals Courts Issue Conflicting Rulings on Health-Law Subsidies (WSJ)
  • Rebel Stronghold Donetsk Holds Breath as Shellfire Mounts (BBG)
  • Business executive wins Georgia Republican runoff in U.S. Senate race (Reuters)
  • Five held in China food scandal probe, including head of Shanghai Husi Food (Reuters)
  • Jobs Hold Sway Over Yellen-Carney as Central Banks Splinter (BBG)
 
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Senate Democrats Push To Triple Israel's Iron-Dome Aid To $576 Million





U.S. Senate Democrats included $225 million for Israel's Iron Dome rocket interception system in an emergency funding bill on Tuesday, which, as Bloomberg reports, in addition to the $351 million that’s already under discussion for Iron Dome in fiscal 2015 would bring the potential new funding to $576 million, compared with the $176 million currently requested by the Pentagon. "Iron Dome has saved countless Israeli lives," Defense Secretary Chuck Hagel told Senate Majority Leader Harry Reid in a letter dated yesterday and while the Iron Dome system is built by Haifa-based Rafael Advanced Defense Systems Ltd, an agreement with Israel calls for more than half the funds the Pentagon provides for Iron Dome to be spent in the U.S..

 
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Portugal President Admits Espirito Santo Failure Could Be Systemic As Another HoldCo Goes Bankrupt





As RioForte joins its parent ESI in bankruptcy, in a strangely honest turn of events from a European leader, Portugal's President Anibal Cavaco Silva warned on Monday that fallout from the financial troubles of the founding family of Banco Espirito Santo (BES) could affect the wider economy. With Portugal's hope-strewn GDP growth expectations at only 0.9% for 2014, they do not have much room for disappointment before the nation (whose yields remain near record lows) double- or triple-dips back into recession. Silva concluded, "We cannot ignore that there will be some impact on the real economy," which is odd given every talking-head has explained it is "contained" and "priced-in."

 
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As Gaza Death Toll Surpasses 600 Israel Ambassador Says IDF Deserve Nobel Peace Prize For "Unimaginable Restraint"





The situation in Gaza has crossed beyond the rabbit hole (or perhaps in this case, tunnel) and has entered the surreal zone.

 
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Putin Speaks: Will Respond "Adequately" To Ongoing NATO Buildup; "Wont Tighten Screws" In Response To Threats





Perhaps there were some concerns that Putin, following the Russian Security Council Meeting today, may lash out at the west with escalating retaliatory sanctions against the west of his own. He did not which may explain why futures just saw an algo-driven buying wave moments ago. Still, what he did say is hardly justification to declare an "all clear" for risk as Putin being Putin, he merely reiterated for the nth time the Russian party line: Ukraine should facilitate a cease fire, Russia won't "blink" no matter how intense western sanctions are, and Russia will retaliate in kind to any ongoing NATO build up on its borders. Oh, and Crimea is now Russia's to do as it sees fit.

 
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Frontrunning: July 22





  • EU Works to Punish Russia as MH17 Bodies Leave Rebel Area (BBG)
  • Bodies From Malaysia Airlines Flight Begin Long Trip to Netherlands (WSJ)
  • Israel pounds Gaza as Kerry arrives (Reuters)
  • U.S. judge dismisses Republican lawsuit over Obamacare subsidy for Congress (Reuters)
  • Israel Soldier Missing Amid Assault on Hamas in Gaza (WSJ)
  • Detroit Retirees Vote in Favor of Pension Cuts (WSJ)
  • Russia Axes 1st Bond Sale in 3 Months as Ukraine Drives Up Yield  (BBG)
  • Wall Street Cut From Guest List for Jackson Hole Fed Meeting (BBG)
  • Credit Suisse to Exit Commodities, Posts Big Quarter Loss (BBG)
  • Draghi Cedes Euro Control to Yellen on Fed Rate Wagers (BBG)
 
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Stocks Desperate To Put Ukraine In Rearview Mirror But More Russian Sanctions Loom





Following the overnight ramp in various JPY crosses (dragging equity futures higher, and the Nikkei up 0.8%) it is as if the market is desperate to put all of last week's geopolitical events in the rearview mirror, and while yesterday there were no economic events of note, today's CPI and existing home prints should provide at least some distraction from the relentless barrage of one-line updates on Ukraine and Gaza. Still, that is precisely where the biggest risk remains, with an emphasis on the possibility of more Russian sanctions, this time by Europe.

 
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