Reuters

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Amid Escalating Violence In Turkey, Erdogan Says Putin Ready To "Give Up On Assad"





As opposition lawmakers accuse Tayyip Erdogan of blocking efforts to form a coalition government, Ankara says the PKK orchestrated a suicide attack that killed three Turkish soldiers. Meanwhile, Erdogan says Vladimir Putin is ready to "give up on" Bashar al-Assad in Syria.

 
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Greek Stocks, Economy Collapse, Suffer Worst Declines In History





The Athens Stock Exchange reopened on Monday after a five-week hiatus. Stocks fell nearly 23% out of the gate with the country's insolvent banks trading limit-down. Meanwhile, Markit confirmed that the Greek economy has for all intents and purposes collapsed, with Greece's manufacturing PMI printing at 30.2. New orders plunged to just 17.9, betraying a contraction of unprecedented depth.

 
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Frontrunning: August 3





  • Deadline Draws Near for Puerto Rico (WSJ)
  • U.S. to defend Syrian rebels with airpower, including from Assad (Reuters)
  • Alpha Natural Resources to Seek Chapter 11 (WSJ)
  • Iran’s Rouhani Says Nuclear Deal ‘More Than What Was Imagined’ (BBG)
  • Cables Show Hillary Clinton's State Department Deeply Involved in Trans-Pacific Partnership (IBTimes)
  • Win or Lose, U.S. Stocks Get Biggest Earnings Bang Since ’12 (BBG)
  • Weaker China factories argue for more policy support as stocks swoon (Reuters)
 
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Something Just Snapped: Container Freight Rates From Asia To Europe Crash 23% In One Week





It appears that the recent spike in shipping rates was analogous to the dead cat bounce in crude oil prices: a speculator-driven anticipation for a sustainable rebound that never took place. And now, just like with crude prices, it is all crashing down.... again.  According to Reuters, shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 22.8 per cent to $400 per 20-foot container (TEU) in the week ended last Friday, data from the Shanghai Containerized Freight Index showed.

 
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Russian Military Helicopter Crashes During Air Show Celebrating Airborne Forces Day, One Pilot Dead





August 2 is the day when Russia celebrates its Airborne Forces, only this year something went very wrong, and it was all caught on tape.

 
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As China Admits It Lied About Its Local Debt Levels, Local Billionaires Are Quietly Liquidating Their Assets





Overnight something unexpected happened: Sheng Songcheng, the director of the statistics division of the People's Bank of China (PBOC), was quoted by the National Business Daily on Saturday whereby he essentially admitted China had been lying about not only its local debt exposure but the level of NPLs across the economy.  The punchline: Sheng warned about the risks of local government debt, saying that 2 trillion yuan in bond swaps may not be able to fully cover maturing debt, according to the report. What he really said, as paraphrased by Bloomberg, is that "local govt's tended to not report all their debts when audited in June 2013, thus the 2 trillion yuan debt swap plan arranged this year may not cover all debts due, Sheng cited as saying."

Oops.

 
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Al-Qaeda Attacks CIA-Trained Syrian "Freedom Fighters"; Commander Captured





"We warn soldiers of (Division 30) against proceeding in the American project. We, and the Sunni people in Syria, will not allow their sacrifices to be offered on a golden platter to the American side."

 
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"We Want The Names Of Anyone Who Sold" - China's Market Witch Hunt Enters Twilight Zone





Having claimed 'foreign interests' were "waging an economic war" against China, it was ironic that the most outspoken of Chinese SOEs is now under investigation for 'selling' shares when it was told not to. As Reuters reports, China is extending its dragnet for "malicious sellers" to Hong Kong and Singapore as the witchhunt blame-mongery continues, Rather ominously, the China Securities Regulatory Commission (CSRC) has demanded trading records to try to identify those with net short positions who would profit in case of further falls in China-listed shares, three sources at Chinese brokerages and two at foreign financial institutions said. Even more incredibly, as Bloomberg reports, despite total ignorance by US regulators, China is 'daring' to crackdown on market manipulation via 'spoofing'.

 
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Will FTC Probe Of Largest For-Profit College Lead To Another Billion Dollar Taxpayer Bailout?





Earlier this week, the largest for-profit college in the country disclosed that the FTC is investigating whether the school adopted "deceptive or unfair practices" in the course of recruiting students. Now that the closure of Corinthian Colleges has set a $3.6 billion precedent, will the government investigation of Apollo Education put taxpayers on the hook again?

 
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Spot The Greek Referendum





When fiat fragility shows its fecklessness, it appears people turn to the alternatives...

 
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Frontrunning: July 31





  • U.S. stock futures slip amid lukewarm earnings, fall in commodities (Reuters)
  • Stressful times for low-polling Republicans who may miss debate stage (Reuters)
  • Trump shows staying power with surge ahead of first debate (Reuters)
  • China Market Manipulation Probe Targets Spoofers After Crash (BBG)
  • Beijing Chosen to Host 2022 Winter Olympics (WSJ)
  • Obama Warns Support on Iran Deal ’Getting Squishy’ Amid Pressure (BBG)
  • Pacific trade negotiators chase elusive final deal in tough talks (Reuters)
 
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Chinese Stocks Drop, End Worst Month Since August 2009; US Equity Futures Flat





In a repeat of Thursday's action, Chinese stocks which had opened about 1% lower, remained underwater for most of the session before attempting a feeble bounce which took the Shanghai Composite fractionally into the green, before the now traditional last hour action which this time failed to maintain the upward momentum and the last day of the month saw a surge in volume which dragged the market to its lows before closing roughly where it opened, -1.13% lower.  This caps the worst month for Chinese stocks since since August 2009, as the government struggles to rekindle investor interest amid a $3.5 trillion rout, one which has sent the Shanghai market lower by 15% - the biggest loss among 93 global benchmark gauges tracked by Bloomberg.

 
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China Says US "Militarization" Of South China Sea Shows Washington "Wants Nothing Better Than Chaos"





"China is extremely concerned at the United States' pushing of the militarization of the South China Sea region. "What they are doing can't help but make people wonder whether they want nothing better than chaos."

 
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Now It's Personal: Koch Brothers "Freeze Out" Donald Trump





With everyone asking 'what can derail this?', perhaps, there is something. As Politico reports, the massively influential Koch brothers are freezing out Donald Trump from their influential political operation - denying him access to their state-of-the-art data and refusing to let him speak to their gatherings of grass-roots activists or major donors.

 
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