Toyota

Frontrunning: September 1

  • August Jobs Report Expected to Show a Slowdown in Hiring (WSJ)
  • Emotions Swell as Houston Begins Cleanup (WSJ)
  • Fuel shortages to hamper Labor Day travel (Reuters)
  • Harvey’s Made the World’s Most Important Chemical a Rare Commodity (BBG)
  • Economists Consistently Overestimate U.S. August Payrolls (BBG)

Frontrunning: August 31

  • Katrina Survivors Relive Nightmare (WSJ)
  • Harvey drenches Louisiana, sparks blast at Texas chemical plant (Reuters)
  • Immigration crackdown could slow rebuilding efforts (Reuters)
  • Kushners’ China Deal Flop Was Part of Much Bigger Hunt for Cash  (BBG)
  • U.S. bombers drill over Korean peninsula after latest North Korea launch (Reuters)

World Stocks Hit Another All-Time High As Crude, Treasurys Drop

World stocks hit a new record high on Monday, as U.S. index futures followed Asian stocks on better-than-expected company earnings and strong US jobs data deflected attention from the rising geopolitical tension over North Korea's nuclear program. European stocks traded near session lows while Crude oil prices fall. The Bloomberg Dollar Spot Index was little changed.

Frontrunning: August 4

  • July’s U.S. Labor-Market Numbers Will Probably Look Familiar (BBG)
  • Paul Singer Says Passive Investing Is ‘Devouring Capitalism’ (BBG)
  • Tesla short sellers lose almost $800 million as stock rallies after earnings (MW)
  • Beyond Bankruptcy: How Failed Stores Come Back Online (WSJ)
  • EU to impose more Russia sanctions over Siemens case on Friday (Reuters)
  • Trouble Comes in Threes for Germany’s DAX Losing European Crown (BBG)

Futures Flat As Payrolls Loom, Dollar Slide Continues

It took stocks only a few minute to "price in" the latest political shock out of Washington, with the Emini trading 0.07% higher this morning on news that Mueller now has a grand jury, while European and Asian shares are little changed as investors await the looming July jobs report.

Global Stocks Rise On "Growth Optimism", Ignore Political Turmoil; Dollar, Oil Creep Higher

S&P futures rose 0.1% on the last trading day of the month, trailing European and Asian markets boosted by China's July Mfg. PMI, which despite declining from from 51.7 to 51.4, and missing expecations  of 51.5, saw the construction index rise to its highest level since December 13, sending Chinese iron ore futures surging and the European commodity sector broadly higher.

Bank Of England Warns Of "Spiral Of Complacency" Over Soaring Consumer Debt

"Ten years ago, an unsafe financial system caused financial crisis and economic disaster.  Complacency gave way to crisis. The result was economic disaster. Lenders have not entered, but they may be dicing with the spiral of complacency.  The spiral continues, and borrowers rack up more and more debt. Lending standards can go from responsible to reckless very quickly."

Global Bond Rout Sends S&P Futures, European Stocks Sliding

S&P futures are sliding this morning, down 0.4% and tracking the accelerating decline in European and Asian stocks, driven by a move higher in global interest rates, which started with Japanese 10Y yields rising to 0.1% for the first time since February, but mostly Bund yields which spiked after tripping stops, and jumped as high as 0.53% for the first time since early 2016.