Twitter

• China economic growth seen slowing despite policy easing (Reuters)
• FBI, Justice Department Investigating Daily Fantasy Sports Business Model (WSJ)
• Obama to slow pace of withdrawal of U.S. troops from Afghanistan (Reuters)
• Corporate America's Epic Debt Binge Leaves $119 Billion Hangover (BBG)
• Islamic State battles insurgents as Syria army prepares assault (Reuters)
• Why Hillary Clinton Can’t Win by Going After the NRA (BBG)

Now that it is election season, we have all sorts of politicians running around proclaiming that America is the greatest nation on the entire planet. And just this week, Warren Buffett stated that “America’s great now — it’s never been greater“. But is it actually true? Is the United States still a great nation?

News That Matters

The "engine of our economy", the "cradle of innovation", the "land of tomorrow" -- whatever breathless hyperbole the fawning media is using this week -- is a sham. Silicon Valley has become a factory of hype, funneling gobs of early-stage capital into whatever half-credible concepts it can think of, and then pimping the artificially-inflated initial results of those tarted-up ventures to whichever "greater fool" is willing to acquire it or buy its IPO. Let that idiot figure out if it will ever turn a profit...

Do you see what happens Larry when Wal-mart succumbs to "progressive" pressure and hikes minimum wage? This:  WMT CFO: 2017 RISE IN WAGES TO COST $1.5B; WMT PLANS REDUCTION IN CAPITAL EXPENDITURES THROUGH FY19; WAL-MART SEES FY2017 EPS DECREASING 6-12% VS FY2016.  In other words, the company just slashed its 2017 earnings forecast by up to a whopping 12%: the reason - the recent increase in wages.  So did the American worker win for once? Alas, no...

Capital Economics "expects gold could hit $1,200 before the end of this year, rising to $1,400 by the end of 2016”

• Democratic rivals back Clinton on emails, but little else in scrappy debate (Reuters)
• Hillary Clinton Shows Relentless Efficiency in First Democratic Debate (WSJ)
• U.S. Examines Goldman Sachs Role in 1MDB Transactions (WSJ)
• JPMorgan Says Trading Pain Isn't Over After Third-Quarter Slump (BBG)
• Islamic State battles insurgents near Aleppo as army prepares assault (Reuters)
• Oil Slide Means `Almost Everything' for Sale as Deals Accelerate (BBG)

Sanders by a landslide...

News That Matters

"Sell the rumor, buy the news" appears to be the meme for now as TWTR delivers on the chatter:

*TWITTER CUTTING UP TO 8% OF JOBS, UP TO 336 JOBS
*TWTR SEES 3Q ADJ EBITDA AT/ABOVE TOP END $110-$115M,EST $116.7M

So drastic job cuts, lowered revenue and EBITDA guidance, and "tough but necessary" decisions - TWTR up 5% in the pre-market.

Marc Faber is an eloquent advocate of owning physical gold which he describes as being a way to become “your own central bank.”  He believes an allocation to physical gold will serve as vital financial insurance and that Singapore is the safest place to own gold in the world today.

News That Matters

As RT and others report, "a major fire broke out in a deposit in the Chinese city of Tianjin. The fire was caused by a leak of alcohol"

"There were too many wounded, tens of dead, body pieces scattered around, and people screaming. The state wasn’t able to prevent a massacre right in the middle of Ankara. Instead, it enabled it."