Volkswagen

Frontrunning: August 26

  • Global equities set 2-week low before Yellen speech, dollar dips (BBG)
  • Lochte signs new endorsement deal, legal woes persist in Brazil (Reuters)
  • Blackstone Unleashes Cash Hoard in Texas Shale Oil Land Grab (BBG)
  • China to prosecute former statistics bureau chief for corruption (Reuters)
  • Turkey fires on U.S.-backed Kurdish militia in Syria offensive (Reuters)

Frontrunning: August 23

  • Dollar Drops on Rate Outlook as European Stocks Rise, Oil Falls (BBG)
  • Bank of Japan's rush into stocks raises fears of market distortions (Reuters)
  • With Moderate Drinking Under Fire, Alcohol Companies Go on Offensive (WSJ)
  • Merkel Says Brexit Is U.K.’s Loss While Pledging EU Results (BBG)
  • Turkey cuts rates for sixth straight month amid ratings worries (Reuters)

Stocks Creep Higher As Dollar Resumes Falling, Oil Slides For Second Day

While the summer doldrums continue, with little market-moving newsflow overnight and zombified volumes, US futures crept higher and European shares rose after EU PMIs printed modestly better than expected, while a return to dollar weakness pushed emerging markets higher, even if it failed to boost oil which as we noted last night was downgraded by Goldman on various fundamental reasons.

Frontrunning: August 22

  • Oil falls as China fuel exports jump, U.S. rigs rise (Reuters)
  • Fischer Signals 2016 Rate Hike With Economy Nearing Fed Goals (BBG)
  • Show of European unity: Merkel, Hollande, Renzi meet to discuss gameplan (Reuters)
  • Rainy Rio wraps up challenging Games on upbeat tropical note (Reuters)
  • Japan's Abe Plays Super Mario in Rio to Promote 2020 Tokyo Games (BBG)
  • Donald Trump the Mortgage Broker Was in Trouble From Moment One (BBG)

Frontrunning: August 19

  • European shares, oil ease as markets return to Fed-watching (Reuters)
  • Brent crude slides, but on track for third week of gains (Reuters)
  • Rio 2016: Lochte’s Teammates, USOC Join With Police in Discrediting Robbery Story (WSJ)
  • OPEC Freeze Wouldn’t Be So Potent as Gulf Rivals Pump More (BBG)
  • Hackers targeted Trump campaign, Republican Party groups (Reuters)

HOG Slaughtered: Harley Davidson Tumbles After US Accuses It Of Evading Emissions Requirements

Until now, the emissions scandal revealed one year ago involving first Volkswagen and then countless other companies using "defeat devices" to evade emissions requirements, was contained to the car space. That changed moments ago when the U.S. government alleged in a lawsuit that Harley-Davidson “Screamin’ Eagle” after-market engine tuners are emissions-control defeat devices, and accused the motorcycle maker of violating federal air pollution laws.

Frontrunning: August 16

  • World stocks edge away from one-year peak, dollar on defensive (Reuters)
  • Central Banks Could Be This Market’s Pets.com (WSJ)
  • Clinton announces transition leadership should she win in November (Reuters)
  • Oil Trades Near $46 a Barrel as Nigeria Sees OPEC Cuts Unlikely (BBG)
  • BHP Billiton Reports Worst-Ever Annual Loss (WSJ)

Global Stocks Rise, US Futures Near All Time Highs As Flood Into Emerging Markets Continues

European shares advanced, with gains in automakers  helping Germany’s benchmark DAX Index turn positive for the year for the first time. Stocks rose around the world, led by emerging-markets, as oil climbed further after its best week since April and traders pushed back bets on higher U.S. interest rates. S&P futures advance and Asian stocks little changed as rising oil prices bolstered investor sentiment.

Frontrunning: August 9

  • Search for yield drives stocks higher, pound falls vs dollar (Reuters)
  • China's slowing wholesale deflation takes pressure off central bank (Reuters)
  • Rajan Holds India Rates in Final Move as Inflation Quickens (BBG)
  • Brent above $45 on U.S. inventories, producer action speculation (Reuters)
  • Republican national security experts: Trump would be 'dangerous' president (Reuters)

Frontrunning: July 25

  • Democrats in disarray on eve of convention to nominate Clinton (Reuters); After Gloating, Democrats Face Unity Problem of Their Own (BBG)
  • Florida nightclub shooting leaves two dead, up to 16 wounded (Reuters)
  • Yellen Still Waiting for Overwhelming Evidence to Warrant Hike (BBG)
  • Oil Trades Near Two-Month Low as Drilling Increases Amid Surplus (BBG)
  • Fraud Investigation Ricochets Through Hedge Fund Known for Ties to Jewish Community (WSJ)

Frontrunning: July 21

  • Global stocks nurse nine-month highs before ECB meeting (Reuters)
  • Kuroda Says No Need and No Possibility for Helicopter Money (BBG)
  • As Republican Party tries to heal wounds, discord rules at convention (Reuters)
  • GOP Divided as Cruz Snubs Trump (WSJ)
  • Trump Chooses War With Cruz at Convention Aimed at Unification (BBG)

Yen Soars, Stocks Slide After Kuroda Says "No Need Or Possibility For Helicopter Money"

In a surprising rejection of Ben Bernanke, BOJ governor Haruhiko Kuroda said that there will be no helicopter money in Japan, amid increasing speculation over monetary and fiscal policy in the world’s third-largest economy. Given the current institutional setting, there is "no need and no possibility for helicopter money," Kuroda said in a BBC Radio 4 program that was broadcast Thursday. “At this moment, the Bank of Japan has three options with quantitative and qualitative easing with negative interest rates."

Frontrunning: July 20

  • Trump Goes on Offense as Republicans Try to Move Past Missteps (BBG)
  • Trump could seek new law to purge government of Obama appointees (Reuters)
  • Behind the scenes, Ryan touts his agenda in Cleveland, not Trump's (Reuters)
  • U.S. Set to Seize $1 Billion in Assets Tied to Malaysian Fund 1MDB (WSJ)
  • 21st Century Fox Negotiating Exit of Fox News Chief Roger Ailes (WSJ)

Frontrunning: July 18

  • Global stocks rise on SoftBank bid for ARM, dollar up vs yen after Turkey crushes coup (Reuters)
  • U.S. backs justice for coup plotters but urges Turkey to keep rule of law (Reuters)
  • Law and Order Will Be a Big Republican Convention Them (WSJ)
  • SoftBank to buy UK chip designer ARM in $32 billion cash deal (Reuters)
  • Rate-starved U.S. banks happily gobble mortgage business (Reuters)

Frontrunning: July 6

  • For Hillary Clinton, Political Fight Over Emails Is Far From Over (WSJ)
  • More "Extreme carelessness" - Iraq inquiry slams Blair over legal basis for war (Reuters)
  • FBI Director Rebukes State Department Over Security Practices (WSJ)
  • Gold Climbs to Two-Year High as UBS Sees Start of New Bull Run (BBG)
  • Stocks and bond yields sink as growth fears set in (Reuters)