Prudential

Dow Futures Over 23,000: Dollar, Global Stocks Jump As China Congress Begins

World stocks stayed near peaks and currencies moved in tight ranges on Wednesday as China’s 19th Communist Party Congress opened while focus in Europe turned to speeches from top euro zone central bankers before next week’s key policy meeting, as well as Catalonia's ultimatum due on Thursday.

Meet The Next Fed Chair: The Definitive Cheat Sheet

With the race for the next Fed chair in its final stretch, the three frontrunners to replace Yellen are Kevin Warsh, Jerome Powell, Gary Cohn. But what are their views? Here, courtesy of BofA is the definitive cheat sheet profiling the next Fed chair, whoever that may be.

Spanish Stocks, Bonds, Euro Sink After Catalan Referendum Fiasco; S&P Futures Rise

While S&P futures were modestly higher, rising 0.1% in a quiet session in which China, South Korea, India and Hong Kong were closed for holidays, the Euro, Spanish stocks and bonds were broadly lower as Spain faces its worst constitutional crisis in years following a dramatic, violent crackdown on Sunday's Catalan independence referendum in which 89% of the voters wanted to secede from Spain.

Economists Are The New Astrologers

"...because economics models are mostly useless and cannot predict the future with any sort of certainty, then centrally directing an economy would be effectively like flying blind... If economics is unable to provide bureaucrats with the ability to effectively guide and control an economy, the best alternative would be to turn it back over the market."

"A Volatile Autumn": Buckled Up For Structured Criticality

Structured criticality is a property of complex systems in which small events may trigger larger events due to subtle interdependencies between elements. This often gives rise to a form of stratified chaos where the general behavior of the system can be modeled on one scale while smaller- and larger-scale behaviors remain unpredictable.

Frontrunning: August 11

  • Trump: military solutions 'locked and loaded' against North Korea threat (Reuters)
  • Any Korean war could quickly escalate (Reuters)
  • Could a North Korean Nuclear Missile Hit the White House? (BBG)
  • Standoff Leaves China With Few Options (WSJ)
  • Trump and Kim's War of Words Has Asia Bracing for Conflict (BBG)

Europe's Banking Dysfunction Worsens

Investors who think that Europe is close to adopting an effective approach to dealing with failing banks may want to think again....

22 Troublesome Facts

Below are 22 troublesome facts explaining why the herd may, in fact, have it wrong.