North Korea

Why One Trader Thinks The "S&P 500 Just Topped Out For The Summer"

Summer market dynamics lend weight to the theory that the S&P 500 may have put in a multi-week high on Tuesday. The index’s price-to-book ratio is at its highest level since 2003. Yes, it’s been up here since June and it was way more elevated from 1996 to 2002, but it now matters because the mood has suddenly turned.

US "Confirms" N.Korea Has ICBM-Ready Nuclear Warheads

First thing this morning we reported that according to a 500-page report by the Japanese Defense Ministry, North Korea may now be in possession of a miniature nuclear warhead. That said, the report did not move the market because the Japanese report was largely inconclusive and did not claim with certainty that this is the case.

The Market Has Never Done This Before

"all you really need to know about markets at the moment is that yesterday's move in the S&P 500 (+0.16%) added to the record daily run of less than 0.3% moves in either direction. It’s now 13 days since we had a larger move using daily data back to 1927."

De-escalation: Canadian Envoy Arrives In North Korea

In the latest, and most tangible sign yet of ongoing attempts to de-escalate the conflict with North Korea, the state-run news agency KCNA reports that a special envoy of Canadian Prime Minister Justin Trudeau arrived in North Korea on Tuesday.

Now, A Trade War; Next A Shooting War?

A popular thesis since the 1930s is that a natural progression exists from currency wars to trade wars to shooting wars. Both history and analysis support this thesis. Is this pattern repeating itself today? Sadly, the answer appears to be yes.

North Korea May Be In Possession Of A Miniature Nuclear Warhead, Japan Warns

Japan's government has released a new 500-page report in which it warns that the threat from North Korean nuclear weapons has reached a “new stage” and that Pyongyang’s weapons programme had “advanced considerably,” to the point where it was possible that the regime had acquired the ability to miniaturise nuclear warheads.

Frontrunning: August 8

  • Tax Overhaul Effort Shaped by Debate Over Corporations (WSJ)
  • Funds target 'unknown' stocks as Wall Street cuts analyst jobs (Reuters)
  • GOP Plans Tax Compromise to Sidestep Democrats (BBG)
  • Few expect Trump's 15-percent corporate tax rate: Deloitte survey (Reuters)
  • Raid on Venezuelan Base Got Help From Active Officers (WSJ)
  • Hackers demand million in ransom for stolen HBO data (AP)