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"This autumn is so far much busier than we expected."

Low unemployment (yay), slowing wage growth (boo), retail job losses continue (ugh)... sparked algos buying in stocks and the dollar and despite some vol in bonds, they are unchanged for now...

More bad news for the US economy: while payrolls could have been worse, it was the sudden collapse in wage growth that was the highlight.

The US employment report is about as hard as the data come. In our view, employment is challenged here and the onus is on the labor stats to pull a rabbit out of the hat...

"Without a resolution to the U.S.-China trade dispute, we see limited upside for stocks in the near-term, and given the risks of further escalation we hold a modest tactical underweight on equities."

If our forecast is right, be ready for a very negative market reaction and higher pressure on the Fed to cut rates this month.

After the surprisingly poor August payroll report, analysts expect the disappointing trend to continue and forecast a below-trend 145k nonfarm payrolls in September. While the risk is to the upside, the whisper number is for a sub-100K print.

...Rosneft has set the euro as the default currency for all new exports of crude oil and refined products...

...such an agreement would represent a new turning point in international currency policy...

We're already seeing signs of it with chatbots, and some people don't even know that they're chatting with an A.I. engine..." 

"Sales into the Americas market were mixed, decreasing significantly year-to-year..."

Meanwhile, McDonald's share of the US market has shrunk to 13.7% from 15.6% in 2013...

The consumer credit crisis is reaching a fever pitch...

"...at some point, you have to pay the piper."

Goldman eats a $260 million loss as unicorn IPO valuations implode. 

"As part of ongoing talent management, many store operating divisions are evaluating middle management..."