Eerie Calm Continues: Futures Flat Ahead Of Apple's Latest Product Launch

The unprecedented period of low volatility, in which the S&P hasn't moved more than 1% in either direction, is now well into its 40th day and the muted overnight session has done nothing to put this streak in jeopardy with S&P futures once again hugging the flatline ahead of the widely expected 3:30pm ramp. European stocks were likewise little changed while Asia was fractionally higher depite a modest dip in the Nikkei.

Frontrunning: September 6

  • G20 a success for China, but hard issues kicked down the road (Reuters)
  • Apple’s New iPhones Arrive, as Glow Fades (WSJ)
  • Philippines scrambles to soothe tensions after insult to Obama (Reuters)
  • CNN: Nine weeks out, a near even race (CNN)
  • More Records Releases Loom for Hillary Clinton (WSJ)

Want "Unlimited Access To A Target's Mobile Devices... Leaving No Trace"? Ask NSO Group

For the affordable price of $650,000, Israeli company NSO Group will enable you to invisibly spy on 10 iPhone owners without their knowledge. The cost is a little higher for Blackberry users (5 for $500,000).. and there is a 17% maintenance fee every thereafter to ensure "leaving no traces whatsoever." Welcome to the new world of private companies selling surveillance tools to the 'average joe'...

The Old Europe Versus The New Europe

"Europe’s history is not quite so rosy... everyone here knows that... However, somewhere along the line we confused enlightenment with passivity, self loathing and ignorance. I’d like to thank team Soros, the EU, the IMF et al and the myriad of cultural marxists that infest our schools for that..."

Doug Casey On Why You Shouldn't Take This Election Seriously

"...Trump is the desperate “last hurrah” of the old order. I don’t support Trump per se, even though, given the alternative, I hope he wins. It’s clear he has all kinds of dangerous authoritarian tendencies. And has all kinds of really silly economic notions. But the good news is that he may - to at least a degree - upset the Deep State’s apple cart, at least until he’s co-opted into the Deep State. No matter who wins, this election is going to be ugly. So try not to take it very seriously..."

Frontrunning: September 2

  • Donald Trump Revised Immigration Speech After Mexican Leader’s Tweet (WSJ)
  • Hillary Clinton Raised $143 Million in August for Democrats and Her Campaign (NYT)
  • Putin says he doesn't know who hacked U.S. Democratic Party (Reuters)
  • Samsung issues recall for Galaxy Note 7 after battery fires (Reuters)
  • Putin Joins "OPEC Headline" Fray, Pushes For Oil Production Freeze, Iran Exemption (ZH)

August Payrolls Loom: Futures Flat, Dollar Rises, Treasuries Slip

The much anticipated payrolls day, expected to provide at least some more clarity on future Fed policy, has arrived and heading into today's report both price action and newsflow has been muted. U.S. equity index futures were fractionally higher, as European stocks rise 0.6% while Asia was flat. Gold fell as the dollar rose, while comments by Vladimir Putin which endorsed an OPEC oil production freeze while granting Iran an exemption, have pushed oil higher.

Frontrunning: September 1

  • Global shares snap losing streak as oil ends its decline (Reuters)
  • Trump returns to hardline position on illegal immigration (Reuters)
  • U.S., others agreed to 'secret' exemptions for Iran after nuclear deal (Reuters)
  • China’s Factory Gauge Unexpectedly Rises to Highest Since 2014 (BBG)
  • Weak Pound Drives U.K. Factories Back From Brexit Shock (BBG)
  • Elon Musk Faces Cash Squeeze at Tesla, SolarCity (WSJ)

Global Stocks Rise, Metals Jump On Strong Chinese Data; Pound Surges On Record UK Mfg Spike

After a muted end to August, September started off on the strong foot overnight following a surprising beat in China's official manufacturing PMI print, which rose above 50 to the highest level in almost two years. That, together with a record rebound in the UK PMI, bolstered investor confidence, fueling gains in stocks and industrial metals. The dollar advanced against most of its peers while bonds retreated before Friday’s payrolls report.

Frontrunning: August 31

  • Treasuries Extend Drop in August on Fed Outlook as Dollar Gains (BBG)
  • Oil slips on dollar strength, still set for monthly gain (Reuters)
  • Trump to make dramatic trip to Mexico before immigration speech (Reuters)
  • Rep. Debbie Wasserman Schultz Beats Back Florida Primary Challenge (WSJ)
  • Ban cash because... SWIFT discloses more cyber thefts, pressures banks on security (Reuters)