Tuesday Watch

Evening Headlines

Bloomberg:

• Chinese Banks Hold Key Lending Rates After PBOC Signals Caution. 
• Amundi Says Yen Will Strengthen to 140 as Historic Weakness Ends.
• Asian Stocks Climb on Bullish Wall Street Cue.
• Oil Holds Decline as US Push for Gaza Cease-Fire Gains Momentum.
• Gold Bars Are Worth a Million Dollars for the First Time.
• Goldman’s Rubner Says the ‘Pain Trade’ for US Stocks Is Higher.
• Trump Defends Fed Criticism, Weighs Providing Aid to Home Buyers. 
• Central Bankers Diverge on Rates Path Ahead of Jackson Hole.

Zerohedge:  

• The Party Of Chaos Is "A Clique Of Scared-Stiff Tyrants Running Scams On Their Own People".
• Watch: Security Perimeter At DNC Breached By Protesters.
• Fire Rages At Large Russian State Oil Depot, Still Two Days After Ukraine Drone Attack.
• IRS Launches Initiative To Combat Growing Number Of Tax Scams.
• Democratic D.C Councilman Arrested & Charged With Bribery, Faces 15 Years In Jail.
• Into The Great Depression, Part 1: The Roaring '20s & The Creation Of The Fed.
• Harley-Davidson Hits Brakes On Woke Activism Amid Boycotts & Bud Light Treatment At Sturgis.
• 1,307 Days.
• For A Democrat, The American Heartland's Normalcy Is A Terrifying Dystopia.
• US stocks advanced and the dollar was sold in light newsflow ahead of key events - Newsquawk Asia-Pac Market Open.
• Forty Centuries Of Failure: Price Controls, Debasement, & Tyranny.
• Local Cop, Not Secret Service, Shot Trump Rally Shooter First. 
• Stocks and Treasuries bid, while Dollar slides as participants await risk events - Newsquawk US Market Wrap. 
• Stocks Extend Win-Streak Ahead Of J-Hole; Kam-unist Manifesto Accelerates Dollar-Collapse.

Wall Street Journal:

• A New Problem With Four-Year Degrees: The Surge in College Closures.
• Poor Unwanted Joe Biden. Democrats made him an offer he couldn’t refuse, and now there’s joy in Chicago.
• The Democratic Party’s Project 2025. Its platform offers a vision where the answer is always government.
• Tech Entrepreneur One of Seven Missing After Yacht Sinks in Italy.
• Collisions Tear Holes in U.S. Ally’s Ships as Tensions Flare in South China Sea.
• Carl Icahn Pays $2 Million to Settle SEC Investigation Tied to Short-Seller Report.
• Coming to a Cash-Strapped Company Near You: Creditor-on-Creditor Violence.
• Starbucks’s New Boss Gets an Unusual Perk: Remote Work.

CNBC.com:

• Harris proposes raising the corporate tax rate to 28%, rolling back a Trump law.
• Fed survey shows lows in employment, worries about finding work and dissatisfaction with pay.
• Trump to counter Harris with competing economic agenda rollout.

MarketWatch.com:

• Here’s how stocks historically perform around the Fed’s Jackson Hole gathering.
• Stock-buyback tax would quadruple under Democrats' plan.
• Elon Musk with a role in a second Trump administration? Trump’s open to it. 
• Palo Alto Networks beats on earnings, says hotly debated strategy is paying off.
• Sophisticated investors piled back into stocks last week — and could pour billions more.
• Nvidia’s stock is up 30% from August lows — and earnings could further its momentum.
• American workers haven’t been this worried about losing their jobs in a decade.

Fox News:

• DNC kicks off with controversial activist who laughed off 'f--- the white women' comment.
• Activist blasts antisemitism in Dem party, makes bold prediction on Jewish vote.
• Diners furious after they're cleared out of eatery for 'staged' VP Harris stop: 'This is BS'.
• Giant of the American auto industry laying off hundreds of employees in US heartland.
• Harley-Davidson renounces its woke behavior after bikers put pressure on American icon.

TheGatewayPundit.com:

• BREAKING: Chaos Erupts After Far-Left Protestors BREAK DOWN DNC Wall – Projectiles Fly – Police in Riot Gear Rush In (VIDEO).
• Victor Reacts: Democrats Bring Back Segregation? (VIDEO)
• SOCIALISM 101: Kamala Harris Confirms Plan For Massive Tax Hikes, Will Roll Back Trump’s Signature Legislation.
• “Thank You For Being the People’s President!” – President Trump Greeted by Supporters in Pennsylvania (VIDEO).
• Cuz They Can’t Cheat! — NY Times Admits Democrats Will Not Likely Win Red State Georgia with the New Election Integrity Laws in Place.
• Who’s Running the Country? Joe and Jill Shuffle Off to DNC – Then Will Head to California for Vacation the Rest of the Week…Then Off to Rehoboth Beach For ANOTHER Vacation! (VIDEO).
• Media Move Into Election-Interference Mode: Massive Difference in Positive and Negative Reports.
• Ahead of DNC Kickoff, Black Chicago Voters Signal Shift Towards GOP (Video).
• Kevin O’Leary on Harris’ Inflationary Economic Agenda “We’re All Shocked. We Can’t Believe This is the Platform”(Video).
• Will the Radical NY Judge Put Trump Behind Bars? Rep. Lauren Boebert Issues a Warning! (VIDEO).
• National Public Data Admits Hackers Allegedly Stole Social Security Numbers in Massive Breach of Nearly ALL Americans.
• Kamala’s Plan for Economic Destruction Unveiled.
• Rep. Elise M. Stefanik- Numbers Don’t Lie: Women Thrived Under Trump, Suffered Under Harris.
• Former NIH Head Francis Collins Confronted on Behalf of COVID Vaccine Victim Who Tells Him He and Fauci ‘Deserve to be in Prison for the Rest of Your Lives’ (Video).
• Joe Biden Will Deliver Farewell Speech Tonight After He Was Tossed from the Ticket – Will Then Leave the DNC Convention in Chicago and Skip Kamala’s Acceptance Speech.

The Epoch Times:

• Progress on Diversifying From Chinese-Backed Copper Sources Slow: Research.
• US Treasury, China’s Central Bank Agree to Cooperate During ‘Times of Financial Stress’.

Around X:

• @ImMeme0

• BREAKING: Georgia State Election Board votes 3-2 to approve new rule reconciling the TOTAL NUMBER OF VOTES with the TOTAL NUMBER OF VOTERS. If any DISCREPANCIES are identified, they should be INVESTIGATED and resolved before certification.

• @MarioNawful

• CHICAGO: POLICE PUSH BACK "SHUT DOWN DNC" PROTESTERS AFTER FENCE BREACH. (video)

• @mgEyesOpen
  

• Harris passed up on Josh Shapiro, her strongest VP option, to avoid massive antisemitic protests at the DNC convention and hide the radical elements of the Democratic Party from the nation. Anyone have an update on how that plan is working out?

• @MJTruthUltra
  

• General Flynn Talks about how the Government has Two Sets of Books, Dark Money Programs Nearly a Trillion Dollars Annually - Trump Didn’t Know About It. (video)

• @DC_Draino

• In 2018, Senator Rick Scott and Gov. DeSantis barely won their elections by less than 1 point in Florida. After DeSantis took office, he passed election reform laws, fired corrupt Broward County election officials, and created an election police force. In 2022, DeSantis, Rubio, and other Republicans won by almost *20 points* against well known Democrat candidates like former Governor Charlie Crist. Yes DeSantis has done a great job and lots of Patriots moved to FL during Covid, but FL did not magically become a 20 point red state in only 4 years. This happened b/c we now have (mostly) clean elections, voter ID, and no mass mail-in ballots. (pic)

• @sdemarcoii

• lol! For Kamala Harris’s visit to Primanti’s this afternoon they kicked out all the customers at 4pm so they could bring in their own audience. look at all the white vans. Keep that in mind as you see video of them interacting inside. Kudos to the Trump supporters who welcomed them to Allegheny County! (video)
  

• @ShadowofEzra
  

• Updated GPS data reveals that over 88,000 foreign and domestic Antifa members are in Chicago to protest the DNC—61,000 foreign and over 27,000 domestic. Some of these Antifa members have been linked to past riots and have also accessed keycard-required FBI/DOJ parking garages. (video)

• @TimRunsHisMouth

• Kamala is asked how she'll pay for all of the handouts she's promising... After long-winded word salad, she doesn't come up with an answer. She thinks Americans are stupid. (video)
• Democrats want to defund the police... Unless the police are surrounding the DNC to protect them. (video)

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 1,013,375 Reports(+481 from prior report) Through August 2nd, 2024.

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 

• Asian equity indices are unch. to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 92.75 -3.5 basis points.

• China Sovereign CDS 58.75 -1.0 basis point.
  
• China Iron Ore Spot 94.5 USD/Metric Tonne -.1%

• Bloomberg Emerging Markets Currency Index 39.2 +.01%.
• Bloomberg Global Risk-On/Risk Off Index 55.5 +3.5%.
• Volatility Index(VIX) futures 15.5 +.8%.
• Euro Stoxx 50 futures +.02%.

• S&P 500 futures -.01%.

• NASDAQ 100 futures +.05%.  

Morning Preview Links

BOTTOM LINE: Asian indices are modestly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.