Trade Deficit

S&P To Open At New Record High As Commodities Rise, China Trade Disappoints

The meltup continues with the S&P500 set to open at new all time highs as futures rise 0.2% overnight, with European, Asian stocks higher, as job data pushed MSCI Asia Pacific Index towards highest close since Aug. 2015. Germany, U.K. economic data seen positive, with dollar, oil rising, and gold declining. The MSCI All-Country World Index rose 0.4% and was headed for its highest close in almost a year.

Saving The System: Exposing The 4 Fallacies Of Modern Monetary Policy

Monetary policy, we are told, is all about staving off recession and stimulating economic growth. However, not only is monetary debasement in any form counterproductive and destroys the personal wealth of the masses, but the economists who devised today’s monetarism have completely lost their way. The real reason for today’s global monetary policies is an ultimately futile attempt to prevent a systemic and economic crisis.

Preview Of Key Events In The Coming Week

After last week's central bank and GDP fireworks, we have another busy week on deck culminating with Friday's jobs report, the 100% priced in BOE rate cut, as well as a possible easing by the RBA.Here is the full breakdown.

Barack Obama Will Be The Only President In History To Never Have A Year Of 3% GDP Growth

Q2's US GDP growth data just crushed President Obama's 'fiction-peddling' that everything is awesome and those doom-and-gloom reality-pushers are cynical skeptics. Simply put, average annual growth rate during the current 'Obamanomics' business cycle remains the weakest of any expansion since at least 1949 leaving the orator-in-chief on track to be the only President in U.S. history to never have a single year when the economy grew by at least 3%.

Key Events And Earnings In The Coming Week

The key economic releases this week include consumer confidence on Tuesday, the durable goods report on Wednesday, and the advance release of 2nd quarter GDP on Friday. The July FOMC statement will be released on Wednesday at 2PM. There are several scheduled speeches from Fed officials this week. 197 S&P 500 companies are due to report (or 38% of the index market cap) with the notable names including Apple, Verizon, Facebook, Coca-Cola, Alphabet, Exxon Mobil and Chevron.

Full Text Of Donald Trump's Convention Speech

To all Americans tonight, in all our cities and towns, I make this promise: We Will Make America Strong Again.
We Will Make America Proud Again.
We Will Make America Safe Again.
And We Will Make America Great Again.
THANK YOU.

US Trade Deficit Jumps In May As Stronger Dollar Puts A Lid On Exports

Confirming once again that a rising dollar is not good for US trade, moments ago the dept of commerce announced that the goods and services deficit was $41.1 billion in May, up $3.8 billion from $37.4 billion in April, and worse than the $40 billion expected. In fact, this was the first miss on expectations (a bigger than expected deficit) since October 2015.

Yuan Tumbles, Stabilizes After Reuters Report China Willing To Weaken Currency To 6.80

The biggest macro event overnight was a report out of Reuters that China's central bank is willing to let the yuan fall to 6.8 per dollar in 2016 to support the economy, which would mean the currency matching last year's record decline of 4.5 percent. The report promptly sent the offshore yuan tumbling, sliding much as 0.72% to 6.7021 per dollar, the lowest since January 11, however it promptly recovered losses following significant PBOC intervention in the open market.

After Brexit, A Trump Path To Victory

The English wish to remain who they are, and they do not want their country to become, in Theodore Roosevelt’s phrase, “a polyglot boarding house” for the world. From patriots of all nations, congratulations are in order. It will all begin to unravel now, over there, and soon over here.

Key Events In The Coming Week: All About Brexit

With global markets gyrating on every piece of news surrounding the Brexit drama, what’s the timetable for UK-related (and all other macro) events this week and beyond?

Toward Freedom: Will The UK Write History?

It is a rare moment in history. The British haven’t had their say since they voted to join the European Community back in 1975. What was initially thought of as a project to unite Europe into one common market, with the benefits of free trade and great promises of increasing national wealth, has mutated into a completely different entity. The British have, instead, found themselves being dragged into a regional economy of zero growth, a weak currency and heavily indebted states. You may have come across the arguments of both camps, but here we wish to address what a “Brexit” or “Bremain” scenario would mean for Britain.

Futures Slide On Rising Dollar As Global Bond Yields Hit Fresh Record Lows

Please do not adjust your screens: that off-green color you are seeing, that is not a malfunction. Yes, for the first time in six days, global stocks are lower with the MSCI all-country world index dipping from a 6 month high dragged down by lower European and Japanese equity markets, as the USDJPY dropped to a fresh five-week low while Treasury yields continued to hit new record lows because, as Bloomberg explains, "traders assessed the outlook for the global economy."