Portugal

Global Stocks Rise Amid Unexpected ECB "Trial Balloon"; Dollar Flat Ahead Of Fed Minutes

European markets continued their risk-on trend in early trading, rising to the highest in over a week and rallying from the open led by mining stocks as industrial metals spike higher after zinc forwards hit highest level since 2007. The EUR sold off sharply, boosting local bond and risk prices after the previously discussed Reuters "trial balloon" report that Draghi's speech at Jackson Hole would not announce the start of the ECB's taper.

Euro Turmoils After ECB Walks Back Draghi Jackson Hole Appearance

The Euro whipsawed after Reuters "Trial ballooned" that contrary to a previous report by theWSJ, the ECB's Mario Draghi will not deliver a new policy message at the upcoming Jackson Hole conference, tempering expectations for the bank to start charting the course out of stimulus, and rallying European bonds as fears of an imminent taper have been pushed back once again.

Pat Buchanan Asks "If We Erase Our History, Who Are We?"

"We have condemned and renounced the scarlet sins of the men who made America and embraced diversity, inclusivity and equality. Our new America is to be a land where all races, tribes, creeds and cultures congregate, all are treated equally, and all move ever closer to an equality of results through the regular redistribution of opportunity, wealth and power."

VIX Tumbles, Global Stocks And Dollar Rally As Korea Tensions Ease

Global stocks and US futures are up for a second day, with the VIX sliding 0.58 vols to 11.75 (-4.7%) and haven assets dropping, after a KCNA report report suggested North Korea had pulled back its threat to attack Guam after days of increasingly bellicose "fire and fury" rhetoric with President Trump, and hours after China took its toughest steps to support U.N. sanctions against Pyongyang.

Frontrunning: August 14

  • Korea tensions ease slightly as U.S. officials play down war risks (Reuters)
  • Pence Plays Down Trump Threat on Venezuela (WSJ)
  • Trump Pressed to Reject White Nationalist Groups (WSJ)
  • Charlottesville, and the World, Take Stock of Violent Episode (NYT)
  • Car Attack Suspect Had Shown Troubling Behavior (NYT)

Europe: Burkini War Continues

Those in favor of the burkini argue that women should be allowed to wear whatever they choose. Critics of the garment say it is an Islamic religious and political symbol which impedes integration and is incompatible with the liberal principles of secularism and gender equality. In recent months, the debate has added another dimension: public health and hygiene.

Foxconn To Get $230,000 In Incentives For Every Wisconsin Job Created

The "incentive package" for the Foxconn deal will total $3 billion over 15 years, including $1.5 billion in state income tax credits for job creation; up to $1.35 billion in state income tax credits for capital investment and up to $150 million for the sales and use tax exemption. In other words, just over $230,000 for each new job that Foxconn may (or may not) create.

World Stocks Hit Record High For 10th Consecutive Day In "No-Vol Nirvana"

Traders, so mostly algos, are riding a global risk "high" in stocks as Asia's and then Europe's early 0.4 percent gains ensured MSCI's 47-country All World index was up for a 10th straight session. This is the longest winning streak in global stocks since February 2015 and shows little sign of fatigue even as bond yields edged modestly higher again.