...German Economy Minister Sigmar Gabriel declared that [talks] were “de facto dead”. The French minister told the Handeslblatt newspaper that the United States had demanded too much and not compromised enough. "A crazy machine is moving here, the negotiations are a failure, nobody believes that they will come to a successful conclusion..."
With oil prices plunging after Saudis stole the jam out of the oil freeze hopers donut, US oil rig count (at seven month highs) rose 2 to 416 (the 13th week in a row) and the total rig count rose to 511.
Just in case the Fed needed an "out" to its "hawkishly holdish" December rate hike, it got it moments ago when the NY Fed slashed its Q3 and Q4 GDP estimates, and now expects just 2.3% annualized growth in Q3 and 1.2% Q4, down 0.5% each from the previous forecasts of 2.8% and 1.7%.
We hinted earlier and now Saudi Arabia has confirmed that it "doesn't expect any decision" next week when oil producers meet in Algiers. Oil's reaction was swift with WTI tumbling to a $44 handle very quickly. Losses extended when The Fed confirmed its crackdown on bank commodity holdings.
Building work has begun on a wall in the northern French city of Calais, a major transport hub on the edge of the English Channel, to prevent migrants from stowing away on cars, trucks, ferries and trains bound for Britain. Dubbed "The Great Wall of Calais," the concrete barrier — one kilometer (half a mile) long and four meters (13 feet) high on both sides of the two-lane highway approaching the harbor — will pass within a few hundred meters of a sprawling shanty town known as "The Jungle."
"...I believe my party has become the party of the elites and moneyed class and has deserted its historic mission as the party of the working class and disadvantaged.Given my level of discomfort with the current leftist orientation of the Democratic Party, I am now supporting Republican nominee Donald Trump for president. I urge my fellow Democrats to vote for Mr. Trump."
The brief July spike hopes of a rebound are officially dashed on the rocks of reality as Markit's Manufacturing PMI (preliminary) print for September missed expectations of 52.0, dropping to 3mo lows at 51.4. New orders and inventories declined but payrolls picked up modestly despite lsowing output. As Markit noted, "softer new order gains... alongside reports of subdued domestic demand" are the main concern.