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Key Events In The Coming Week: iPhone 6 Release And Other Less Relevant Happenings





One of the more amusing comments overnight came from Bank of America, which now predicts that China's export growth will be boosted by iPhone 6 by 1% per month through year-end. Whether or not this is accurate is irrelevant, but we are happy that unlike before, BofA has finally figured out that iPhone sales are positive for Chinese GDP, not US, which was the case with the release of the iPhone 4 and 5, when clueless strategists all came out boosting their US (!) GDP forecasts on the iPhone release. We note this because the long-awaited release of Apple's new iPhone will certainly grab some attention tomorrow. According to a BofA poll last week and of the 124 respondents surveyed, 66% of those have noted that they are going to buy the new iPhone and of those planning to buy 75% of those will be replacing their iPhone 5/5s.

 
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Ken Rogoff Warns Of The Exaggerated Death Of Inflation





Today, high inflation seems so remote that many analysts treat it as little more than a theoretical curiosity. They are wrong to do so. No matter how much central banks may wish to present the level of inflation as a mere technocratic decision, it is ultimately a social choice. And some of the very pressures that helped to contain inflation for the past two decades have been retreating. Modern central banking has worked wonders to bring down inflation. Ultimately, however, a central bank's anti-inflation policies can work only within the context of a macroeconomic and political framework that is consistent with price stability. Inflation may be dormant, but it is certainly not dead.

 
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Europe Needs A New Source Of Oil And Gas, Fast





Summer is over and many Europeans may have to keep warm this coming winter by thinking about their summer holidays while wrapped in blankets, praying for a short winter or for the world to come to its senses. It both cases, they may well be disappointed. The never-ending conflicts in the Middle East, mayhem in Libya, uncertainty in the Gulf and a war in Ukraine are all going to take a toll on the energy supplies this winter. Result? Many cold Europeans, many angry Europeans and many very pissed off Europeans. And what does history tell us about cold, angry, pissed-off Europeans?

 
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3 Things Worth Thinking About





Market reversions, when the occur, are extremely rapid and tend to leave a rather brutal "scar" on investment portfolios. There is clear evidence that economic growth is being impacted by deflationary pressures on a global scale. This suggests that the sustainability of current and projected growth rates of profits is questionable given the magnitude to which leverage has been used to boost margins through share repurchases. Here are three things to consider that may help you question your faith.

 
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David Tepper Is Back, Sees "Beginning Of The End" Of Bond Bubble





It has been a while since Tepper warned of "nervous time" and told his hedge fund pals "don't be too freakin' long." Since then the manipulated equity market bubble has gone straight up with every single dip bought massively by the algos, in the process surely eliminating any nervous thoughts Tepper may have had. So in a world starved for pundit philosophy, Bloomberg just reported that the bond market bubble is about to pop, at least according to the folicularly challenged billionaire. The reason, paradoxically enough, the ECB's decision to monetize private assets and cut rates.

 
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Frontrunning: September 4





  • Global stocks bounce on sign ECB could launch ABS program (Reuters)
  • Putin unveils Ukraine ceasefire plan, France halts warship (Reuters)
  • Poroshenko Flummoxes Investors With About-Face on Truce (BBG)
  • No Free Lunch for Companies as IRS Weighs Meal Tax Rules (BBG)
  • Turkey Struggles to Halt Islamic State 'Jihadist Highway' (WSJ)
  • Lego Becomes World's Largest Toy Maker on Movie Success (WSJ)
  • U.N. says $600 million needed to tackle Ebola as deaths top 1,900 (Reuters)
  • Goldman Sachs Named 'Stabilization Agent' for Alibaba Stock Offering (WSJ)
 
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Memo To Washington: Iraq Is Not A Nation And You Can’t Build One There With Bombs





Washington’s strategy in Iraq is in shambles, but not just because America’s spanker-in-chief is really a wimp at heart. The problem is far more generic. To wit, the geographic territory of Iraq is not a nation; it is an arbitrary series of lines on a map drawn 100 years ago by dandies in the foreign offices of two fading empires (the British and the French) - which lines encircled numerous tribes, ethnicities and religious confessions which had no interest in sharing a common statehood.

 
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The Manufacturing World Suddenly Goes Into Reverse: Global August PMI Summary





While yesterday everyone was focusing on the ongoing escalation in Ukraine, or BBQing, the real story was the sudden and quite dramatic collapse, or as we called it, "bloodbath" in global manufacturing as tracked by various PMI indices. Here is the summary.

 
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Key Events In The Coming Week





The US may be closed on Monday, but after a summer lull that has seen trading volumes plunge to CYNKian lows, activity is set to come back with a bang (if only for the sake of banks' flow desk revenue) with both a key ECB decision due later this week, as well as the August Nonfarm Payrolls print set for Friday. Among the other events, in the US we have the ISM manufacturing on Tuesday, with markets expecting a broadly unchanged reading of 57.0 for August although prices paid are expecting to decline modestly. Then it is ADP on Thursday (a day later than usual) ahead of Payrolls Friday. The Payrolls print is again one of those "most important ever" number since it comes ahead of the the September 16-17 FOMC meeting and on the heels of the moderation of several key data series (retail sales, personal consumption, inflation). Consensus expects a +225K number and this time it is unclear if a big miss will be great news for stocks or finally bad, as 5 years into ZIRP the US economy should be roaring on all cylinders and not sputtering every other month invoking "hopes" of even more central bank intervention.

 
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Middle-East 'Frenemies'





The enemy of your enemy is your... frenemy; and so it is across the Middle East as the WSJ notes the spread of The Islamic State has united many parties once at odds with each other to become 'strange bedfellows'.

 
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Libya May Be Focus Of Major Rift Between US And Regional Allies





The US is moving closer to alienating key regional allies (Egypt, Saudi Arabia, and the UAE) in order to support Turkey’s and Qatar’s objectives in Libya, without defining the strategic goals for the US and the West.

 
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Rand Paul Slams US Interventionists' "Unhinged Foreign Policy" For Abetting The Rise Of ISIS





"As the murderous, terrorist Islamic State continues to threaten Iraq, the region and potentially the United States, it is vitally important that we examine how this problem arose. Any actions we take today must be informed by what we've already done in the past, and how effective our actions have been... The Islamic State represents a threat that should be taken seriously. But we should also recall how recent foreign-policy decisions have helped these extremists so that we don't make the same mistake of potentially aiding our enemies again."

 
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S&P Futures Surge Over 2000, At Record High, On Collapsing Japanese, European Economic Data, Ukraine Escalations





Following Wednesday's laughable tape painting close where an algo, supposedly that of Citadel under the usual instructions of the NY Fed, ramped futures just over 2,000 to preserve faith in central planning, yesterday everyone was expecting a comparable rigged move... and got it, only this time milliseconds after the close, when futures moved from solidly in the red, to a fresh record high in seconds on no news - although some speculate that Obama not announcing Syrian air strikes yesterday was somehow the bullish catalyst - and purely on another bout of algo buying whose only purpose was to preserve the overnight momentum. Sure enough, this morning we find that even as bond yields around the world continue to probe 2014 lows, and with the Ruble sinking to fresh record lows as the Ukraine situation has deteriorated to unprecedented lows, so US equity futures have once, driven by the now generic USDJPY spike just after the European open, again soared overnight, well above 2000 and are now at all time highs, driven likely by the ongoing deflationary collapse in Europe where August inflation printed 0.3%, the lowest since 2009 while the unemployment remained close to record high, while the Japanese economic abemination is now fully featured for every Keynesian professor to see, with the latest Japanese data basically continuing the pattern of sheer horror as we reported yesterday.

 
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Ukraine Accuses Russia Of Launching Invasion, Then Promptly Retracts





Ukraine accused Russia on Thursday of mounting an invasion in the southeast of the country in support of pro-Moscow separatist rebels. Ukraine's security and defense council said the border town of Novoazovsk and other parts of Ukraine's south-east had fallen under the control of Russian forces who together with rebels were staging a counter-offensive. "A counter-offensive by Russian troops and separatist units is continuing in south-east Ukraine," the council said in a post on Twitter. ... and then everything was promptly denied: CORRECTED-UKRAINIAN PRESIDENT POROSHENKO SAYS RUSSIAN TROOPS HAVE BEEN BROUGHT INTO UKRAINE (NOT 'RUSSIAN MILITARY INVASION HAS TAKEN PLACE')

 
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Merkel Slams US Hegemony? "America Can't Solve All The World's Problems Anymore"





First Russia and China, then UAE, Egypt, and Turkey... and now it appears Germany (following a phone call with Putin) is pulling the rug out from under US hegemony - just as Obama's warmongery ramps up...

*MERKEL SAYS U.S. CAN'T SOLVE ALL THE WORLD'S PROBLEMS ANYMORE

Which is odd because just yesterday, President Obama (who never lies) stated "The United States is and will remain the one indispensable nation in the world..." adding that "no other nation can do what we do." Perhaps he is wrong?

 
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