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State-run Chinese papers said the number of warships assembled “the largest of its kind in 600 years.”

President Xi Jinping declared on Thursday that the task of building a strong navy "has never been as urgent as present"...

• Russia Points Finger at Israel as Missiles Strike Base in Syria (WSJ)
• Russian stock indexes, the ruble tumble on U.S. sanctions (Reuters)
• Deripaska's Rusal Roiled by Sanctions as Aluminum Prices Jump (BBG)
• Stocks Point Higher as Trade Concerns Ease (WSJ)
• Appointing New CEO Only Fixes One Crisis at Deutsche Bank (BBG)

On a nine-block stretch of what’s arguably the world’s most famous avenue, steps south of the bustling Time Warner Center and the planned new Nordstrom department store, lies a shopping wasteland.

It’s alive! Much like Frankenstein’s monster, the automobile market has been jolted back to life by an external shock, this one in the form of the hurricanes which pounded large swaths of the United States last summer.

"Not only was the hurricane distortion temporary, we are also likely seeing the emerging second part of Frederic Bastiat’s broken windows fallacy..."

2017 was a perfect storm for "brick and mortar" retailers wit no less than 30 retail chains filing for bankruptcy in a year in which the CEO of Urban Outfitters said the "retail bubble has now burst."  Unfortunately, what is coming may be far worse...