The US and Russia hailed a breakthrough deal on Saturday to put Syria's peace process back on track, including a nationwide truce effective from sundown on Monday. There was just one catch: the terms of the latest deal are a secret, and nobody knows what was actually decided, as both sides agreed not to release the documents publicly.
In his presentation titled appropriately "Turning Points" (presented below) Gundlach said that “this is a big, big moment," predicting that “interest rates have bottomed. He also said that the Fed "wants to show that they are not guided by the markets" and that "they can’t be replaced by WIRP." A Fed surprise would send rates spiking, and Gundlach warns the 10Y may close 2016 at 2% or higher.
European stocks, Asian shares and U.S. equity index futures decline. Selloff in global stocks and bonds deepened after signs central banks in Europe and Japan are starting to question the benefits of further monetary easing. North Korea nuclear test weakens the won.
In her first press conference for Hillary Clinton after 278 days of silence, the Democratic presidential candidate was never asked about her controversial private email server or her family's foundation. She also walked away from a question about FBI interview notes linking her memory lapses to a 2012 concussion, telling the reporter to "read the reports."
Following last night's API-reported 12mm barrel drawdown (the most since 1999) - attributed to last week's Gulf shut-ins due to tropical storm Hermine - EIA reported an even bigger 14.5 million barrel draw. Production fell for the 3rd week and Distillates saw a big inventory build but the headline crude build dominated algos which spiked WTI above $47.
“Given the backdrop of one of the most uncertain macroeconomic, systemic, geopolitical and monetary outlooks both the U.S. and the world have ever seen, we are likely to see gold do well in its traditionally seasonal strong period...”
Silver surged 3.5% yesterday rising 65 cents and closing at $20.04/oz and gold rose by 2% or by $23 to close at $1,348.80/oz after poor economic data in the U.S. underlined deepening concerns about the economic and indeed the monetary outlook.
Call it "Plan B"... It’s all being laid out, right at our feet . On Google and Facebook, during US late night shows, through CNN, MSNBC, the Washington Post and New York Times. It will be the final death of whatever was left of American democracy.
The IEX Group, which shocked market participants on August 19 when it became the first official exchange to offer a mechanism to bypass HFT predatory algos and frontrunning against all odds, including vocal complaints by established players like Nasdaq and Citadel, now seeks to revolutionize the more than $5 trillion-a-year gold market with a new exchange being created by its spinoff TradeWind Markets, Reuters reports.
Donald Trump delivers remarks on national security, military preparedness and veterans issues at a private event in Philadelphia, Pennsylvania on Wednesday, September 7, at The Union League of Philadelphia beginning at 11:00 a.m. EDT. Watch the event live here.