Evening Headlines
Bloomberg:
- China Sets Cornerstone Rules to Scale Up National Power Trading.
- China’s Equity Rout Puts at Risk $5 Billion Worth of Derivatives Held by Koreans.
- China’s Copper Industry Is Struggling When It Should Be Booming.
- Trudeau Accuses India of Involvement in Sikh Leader’s Murder.
- Roubini Says BOE, ECB Must Raise Rates to Avoid Stagflation,
- World Disappointed by the UN Now Looks Elsewhere for Answers.
- Asia Stocks Face Mixed Open With Focus on Rates: Markets Wrap.
- Surging Physical Oil Market Brings $100 Crude Back in Sight.
- Corporations Are Picking Sides in the New Era of Economic Upheaval.
- What ‘Friend-Shoring’ Means for the Future of Trade.
- How Auto Executives Misread the UAW Ahead of Historic Strike.
- US Steel Blast Furnace ‘Saved’ by Trump Now Idled on UAW Strike.
- Carrier Explores Listing Commercial, Home-Fire Units.
- Trillion-Dollar Industry Powering Chicago at Risk of Leaving.
- Americans Can Barely Afford Homes — and That’s a Problem for Biden.
- Microsoft AI Researchers Accidentally Exposed Big Cache of Data.
- Oaktree's Wayne Dahl on Risks in the Credit Market.
- Walmart, Costco to Work on Plan to Curb Food Inflation, Canada Minister Says.
Zero Hedge:
- Military Finds F-35 Debris 80 Miles From Pilot's Ejection Area.
- California Gov. Newsom Boosts AI "Misinformation" Fears, Complains Of "Micro-Cults" Around Jordan Peterson, Joe Rogan.
- "They Were Laughing": Rogue Gang Of Teens Brutally Beat Gas Station Clerk In Lawless Seattle.
- US Debt Rises Above $33 Trillion For The First Time, Soars By $1 Trillion In 3 Months.
- Sullivan's 'Secret Talks' With China Were Set Against Backdrop Of Turnover, Upheaval In Xi's Cabinet.
- How Far Are We From Revolution?
- Your WiFi Can See You.
- US stocks finished flat as participants await a profusion of central bank activity - Newsquawk Asia-Pac Market Open.
- $250 Million NYC Condo Sees Price Slashed To $195 Million After A Year Without Selling.
- Schumer Blasts House GOP Stopgap As "Hard-Right Screed" That Won't Pass Senate.
- High conviction neutral.
- Illinois, Chicago Set To Become More Dangerous As Cash Bail Ends.
- Here's How The Market Will React To Next Week's Government Shutdown: Lessons From The Past.
- Markets chop in the calm before the central bank storm - Newsquawk US Market Wrap.
- Kunstler: Party Of Chaos Is "Certainly Trying To Provoke Something Like Civil War".
- Bitcoin & Big-Tech Pump-And-Dump; Gold Gains As Yield-Curve Crushed.
Wall Street Journal:
- An Even Bigger Housing Crisis Threatens China’s Economy.
- The U.S. Colleges Offering the Best Value.
- Fed Isn’t Getting the Economy It Expected.
- Iran Releases U.S. Prisoners in Deal for Frozen Energy Revenue.
- Clorox Says Cyberattack Hurt Product Availability, Will Weigh on Quarter.
- Instacart prices IPO at $30 a share, valuing grocery-delivery company at about $10 billion.
- Oracle CEO touts demand for cloud business after the company’s stock tumbled.
- Striking unions are impacting the economy at level not seen in decades.
- Salesforce turns to ‘boomerangs,’ luring back former execs to help reignite growth.
- Stellantis could close 18 facilities under UAW deal — here are the full details of its latest offer.
- FBI director urges private sector to lend government more support in cyber intelligence.
- Ford could face strike in Canada, adding to U.S. labor pressure.
MarketWatch.com:
- What the ‘mysterious shrinking’ of Wall Street’s fear gauge means for stocks, according to DataTrek.
- Tesla’s stock turns lower again as UAW strike fails to provide support.
- Investors should stick to the ‘late cycle playbook’ and buy these sectors, says Morgan Stanley’s Mike Wilson.
- Will Nvidia’s stock follow the path of Apple or Cisco as the AI era for tech begins?
- U.S. News adds economics degree programs to its college rankings — and these 7 schools tied for No. 1.
Fox News:
TheGatewayPundit.com:
- Massive Win for Criminals: Illinois Sets Risky Precedent by Becoming First State to Abolish Cash Bail.
- EXCLUSIVE: Washington University Exploits Divorcing Families by Mining Public Records for Child Study Involving MRI Scans and Blood Sample Collection.
- Victor Reacts: 70+ Year-Old Pro-Life Advocates Face up to 11 Years in Prison, Antifa Rioters Walk Free (VIDEO).
- Marine Corps Issues 2-Day Stand Down Order for All Jets After F-35 Mysteriously Goes Missing.
- ‘Paws Patrol’ Snacks Recalled After Parents Discover Website on Packaging Sent Kids to Porn Site.
- OUTRAGEOUS! Two 70+ Year-Old Pro-Life Activists Convicted for Blocking Entrance to Abortion Clinic – Now Face 11 Years in Prison.
- HERE WE GO: Clinton Global Initiative to Launch Network to Provide ‘Humanitarian Aid’ to War-Torn Ukraine.
- “I’m Going to Die”- Virginia Democratic Congresswoman Won’t Seek Re-Election After Being Diagnosed with Rare, Fatal Neurological Disorder.
- Pelosi Refused to Hand Over Communications Surrounding Jan. 6, Democrats Destroyed Evidence from Jan. 6 Committee, Refused to Call in National Guard, and Pelosi Hired Camera Crew to Follow Her That Day.
- BORDER INVASION UPDATE: Record Crowds of Illegal Migrants Flood Across Open Border in Eagle Pass, Texas as Thousands Stream Through Panama on Way to US (VIDEO).
- It Begins: Australia’s Fifth-Largest Bank Announces Digital-Only Transactions – Will Phase Out Cash, Cheque, and Phone Payments in All 80 Branches Starting Next Year.
- Murdoch Happens to Run Disgusting Hit Piece on Russell Brand as RFK Tells Brand: “Covid was a Military Project from the Beginning”.
The Epoch Times:
- The CCP’s Political Struggles Destabilize China’s Foreign Policy: Experts.
- Robots From China Don’t Strike.
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 985,418 Reports(+1,625 from prior week) Through September 8th, 2023.
SKirsch.com:
- Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.
Night Trading
Morning Preview Links
BOTTOM LINE: Asian indices are modestly lower, weighed down by technology and financial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.
- Asian equity indices are -.75% to -.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 117.75 +2.0 basis points.
- China Sovereign CDS 70.0 unch.
- China Iron Ore Spot 122.0 USD/Metric Tonne +.24%.
- Bloomberg Emerging Markets Currency Index 42.3 +.07%.
- Bloomberg Global Risk-On/Risk Off Index 74.3 +1.7%.
- Bloomberg US Financial Conditions Index 46.0 -3.0 basis points.
- Volatility Index(VIX) futures 15.6 -.7%.
- Euro Stoxx 50 futures +.14%.
- S&P 500 futures +.03%.
- NASDAQ 100 futures +.06%.
BOTTOM LINE: Asian indices are modestly lower, weighed down by technology and financial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.
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