Eager to move on from Friday's disinformation fiasco, Ukrainian military spokesmen said the bus convoy had been in an area of fierce fighting between government forces and the separatists. As Reuters reports, it had come under fire from rebel Grad and mortar launchers, they said, causing an unknown number of casualties. And in keeping with the endless flow of BS emanating from east Ukraine, where civilians are merely collateral damage to an epic information war, and just to confuse everyone if not the algos which today are stricly in "de-escalation" mode, the separatists promptly accused Ukraine of the attack, when a rebel leader denied his forces had the military capability to conduct such an attack, and accused Kiev forces of regularly attacking the area and also using Russian-made Grad missiles.
Fifteen months ago we reported China's stealth invasion of India's Ladakh region, and now, as PTI reports, Chinese troops are reported to have entered deep into Indian territory in Burtse area in Ladakh where they had pitched their tents last year. Indian troops spotted Chinese personnel 25 to 30 km from the perceived Line of Actual Control (LAC). PLA personnel carried flags reading "this is Chinese territory, go back" in their hands and they refused to move after being confronted by India's quick response team.
The main event of the week will be Yellen's long awaited speech at the Jackson Hole 3-day symposium taking place August 21-23. The theme of this year's symposium is entitled "Re-Evaluating Labour Market Dynamics" and Yellen is expected to deliver her keynote address on Friday morning US time. Consensus is that she will likely highlight that the alternative measures of labour market slack in evaluating the ongoing significant under-utilisation of labour resources (eg, duration of employment, quit rate in JOLTS data) have yet to normalise relative to 2002-2007 levels. Any sound bite that touches on the debate of cyclical versus structural drivers of labour force participation will also be closely followed. Unlike some of the previous Jackson Hole symposiums, this is probably not one that will serve as a precursor of any monetary policy changes but the tone of Yellen's speech may still have a market impact and set the mood for busier times ahead in September.
Friday's main event, Ukraine's alleged attack of a Russian military convoy, has come and gone, and as we mused on Friday has promptly faded into the memory of all other fabricated headlines released by the country engaged in a major civil war and an even more major disinformation war. To be sure, Germany's DAX has recovered virtually all losses, US futures are up about 9 points, and the 10 Year is back to 2.37%. One wonders what algo-slamming headline amusement Ukraine has in stock for us today, although anyone hoping for a quick "de-escalation" (there's that word again) will have to wait following yesterday's meeting of Russian, Ukraine, German and French ministers in Berlin where Russia's Lavrov said he saw no progress on Ukraine cease-fire, Foreign Minister Sergei Lavrov says in Berlin, adding that a cease-fire should be unconditional.
The humanitarian situation was cynically manipulated by the Obama administration -- and echoed by the US media -- to provide a reason for the president to attack Iraq again. This time it was about yet another regime change, breaking Kurdistan away from Iraq and protection of the rich oil reserves there, and acceptance of a new US military presence on the ground in the country. President Obama has started another war in Iraq and Congress is completely silent. No declaration, no authorization, not even a debate. After 24 years we are back where we started. Isn’t it about time to re-think this failed interventionist policy? Isn’t it time to stop trusting the government and its war propaganda? Isn’t it time to leave Iraq alone?
Earlier we joked that "it is rumored, although unlikely, that a city devolving into a state of emergency and actual curfew, will be enough for the president to take a break from his golf game and make a teleprompted statement later today." Just a few short hours later, in a stunning development and in what may well be a first for the president, Obama announced he planned to take a break in the middle of his Martha's Vineyard vacation and return to Washington on Sunday night for "unspecified meetings with Vice President Joe Biden and other advisers."
Non-ideologically laden overview of the key issues shaping the investment climate in the week ahead.
It’s a funny world when stocks can soar on a -6.8% Japanese GDP print but stumble when a Russian armored personnel carrier finds itself on the wrong end of a Ukrainian howitzer shell. That’s what you get, though, in the Golden Age of the Central Banker, as all events are filtered through the narrative of central bank control.
Traders and market participants are pretty bad at decision making as it is, the last thing they need is inaccurate information via sensationalized and overhyped TMZ Style News reports to base their decision making process on.
The Queen of the Debt, I mean Steppe...
"Anti-Putin" Alliance Fraying: Germany, Slovakia, Greece, Czech Republic Urge End To Russian SanctionsSubmitted by Tyler Durden on 08/16/2014 11:04 -0400
Greece, Slovakia, Czech Republic, Germany... the chorus of voices demanding an end to Russian sanctions is starting to drown out the neocon warmongering efforts of the west...
After a day of relative peace, things turned ugly again in Ferguson when shortly after midnight crowds again resorted to looting and vandalism in multiple businesses along West Florissant Ave with the focal point being the QuikTrip convenience store which Mike Brown allegedly robbed. The incidents seemed to gather steam after 12:00am. According to KTVI, at least 200 St. Louis County Police officers were on scene and helping handle the situation. They confirm the Domino’s Pizza on West Florissant was set fire and burned. They also confirm multiple businesses vandalized and looted. But the shocker happened when county Police told Fox 2 News that its officers were at the Ferguson Market earlier when looters showed up, but were ordered to “Stand down” by Missouri State Highway Patrol incident commanders at the scene and basically withdrew and allowed the looters to have their way with the store.
Today's story of the day just took a major turn for the bizarre...
If you don’t understand the concept of “order out of chaos,” then you’ll never understand a thing. Each supposed disintegration of global unity has eventually led to greater centralization, and this is something the skeptics seem to forget. The progression of crises suggests that the next war will lead to total globalization under the dominance of a minority of elitists posing as "wise men" who only wish to bring peace and harmony to the masses. In the meantime, the skeptics will continue to mindlessly debate in the face of all reason that the whole thing was a fluke, an act of random mathematical chance, leading coincidentally to the one thing the establishment rulers crave: total global totalitarian micromanagement.
High yield mutual funds and ETFs reported a small $0.71bn inflow (of knife catchers) last week (ending on August 13th) after four straight weeks of outflows including a record $6.7bn outflow in the prior week. As BofAML notes, the turn in flows follows a strong rebound in high yield bond prices (drop in spreads), which (before the Ukraine news) had reversed more than half of the losses incurred in July. However, European high-yield funds saw further significant outflows, $3bn more compared to $4bn last week and European equities saw massive outflows. Furthermore, modest equity inflows hide the fact that the only buyer of stocks in the US remain corporates (buybacks) as institutional sellers dominate.